Exante is a leading brokerage firm that specialises in offering trading services on many different kinds of financial instruments and products, namely options, futures, equities, bonds, and precious metals, to name a few. Established in 2011 by founders Anatoly Knyazev, GatisEglitis and Alexey Kirienko, the investment firm is headquartered in Malta, while also operating several offices around the globe. In this review, we explore how Exante’s demo account works, the features it offers, and what makes it different from Exante’s own live account.
Features in Exante’s demo account
When a trader registers at Exante, they automatically open a demo account with them. The demo account offers virtual 1,000,000 EUR so that users can practice their trading skills and test their strategies in a risk-free environment. It also gives users the chance to try out the functionalities and features of the platform before live trading so that they will not be unprepared when there are actual financial risks involved.
With a demo account, traders can have access to the same financial instruments and markets that live traders do. That means with Exante, users have access to over 600,000 instruments across 50 markets. Financial instruments include stocks and ETFs, currencies, precious metals, futures, options, funds, and bonds, with markets being based in the US, Europe, Asia, and Australia.
If traders run out of their virtual funds while paper trading in their demo account, there is no need to worry. The only thing they need to do is go to the Settings page in the Client’s area to create a new sub-account with default settings. This means everything will be reset, including their trading history, and users will be able to regain the original virtual 1,000,000 EUR in their demo account. This allows traders plenty of opportunities to try and optimise their trading strategies until they see positive results and apply them to live trading scenarios.
Exante further allows traders to share their charts and trading journey if they so wish. This can be done by creating a shareable link of price charts to be sent to friends. Aside from the instrument, the chart can also showcase the timeframe as well, and traders can further customise it by using different time intervals, adding indicators, or selecting a chart style in accordance with their preferences. If a friend does not have an account with Exante, traders have the option of sharing a link to a demo chart but bear in mind that the quotes in the demo chart are delayed by at least 30 minutes. Overall, not a bad feature to have in a trading community!
When a trader wishes to close a demo account, for whatever reason, Exante also provides that option. This can be done by also going to the Settings section in the Client’s area. First, a user needs to click Settings from the top toolbar, which will then reveal a drop-down menu showing their profile data. In the profile data, they can then click on the trash bin icon to delete their demo account. If a trader has any questions or needs assistance in any manner, they can further get in touch with Exante’s support team which will help to guide them through the process.
What is the difference between a demo and a live account?
On the whole, most demo accounts provided by investment companies have incredible similarities with their live counterparts, but they are not exact replicas, and they simply cannot be. This is because the main point of a demo account is that they only allow for paper trading, which means they do not provide live market rates. Execution speeds may also vary when it comes to placing trades in a simulated environment rather than actually trading in real-time. Below we have listed a few of the major ways Exante’s demo and live accounts differ and what traders should keep in mind.
Documents for verification
To open a demo account, Exante does not require any documents. Instead, a demo account can be automatically opened once a trader has registered at Exante. The only thing you need to do is sign up and set a password. Creating a live account however, is very different. It requires a separate list of documents, which will depend on whether you are creating an account for an individual trader or a corporate trader. For instance, to open an individual trading account one will need proof of identity (such as a valid passport or identity card) and proof of residence, while to open a corporate account a trader will need to provide proof of registration, incorporation documents and proof of active status, to name a few.
While the interface is identical to that of a live account, it is important to remember there are still a few slight differences. According to Exante’s website, the market data of their demo account is delayed by at least 30 minutes. This is not so for live accounts, which receive real-time market data that can assist traders in making better financial decisions. This is something that traders should keep in mind when they are paper trading in Exante’sdemo account.
Minimal account funding
When it comes to minimal account funding, there is zero funding required in Exante’s demo account. Instead, the demo account also offers a virtual 1,000,000 EUR for traders to get started with paper trading. Additionally, the amount of web currency can be adjusted by contacting Exante’s support team.
However, for Exante’s live accounts, opening one requires minimal initial funding. The minimal deposit will depend on the type of account being opened. For example, a Basic live account requires traders to deposit 10,000 EUR/GBP for individuals, whereas, for a corporate account, the minimal deposit is 50,000 EUR/GBP. That said, the deposit can be transferred in parts, but a trader will only receive access to live trader once they have reached the minimum deposit requirement in their trading account.
Monetary profit and loss
As suggested by its name, a demo account only allows for paper trading. This means that traders cannot gain profits from their trades, but conversely, it also means that they cannot suffer any financial losses either. This is why demo accounts are usually only used by traders trying out new trading strategies or wanting to get a better understanding of their account interface. On the other hand, a live account means that traders have the potential to generate profits, however, that comes with the potential for financial losses if the market happens to move in the opposite direction of their prediction.