What is a Demo account and can I use it with BrozBot?
Just like flight simulators help recreate aircraft flight and the environment for pilot training, Demo account is a part of the learning curve that every novice trader is instructed to go through.
Not only is it necessary to learn basic strategies, but sometimes it helps professional traders to work on new strategies.
In order to start trading, investors normally set up an account with a certain platform, such as Pepperstone or FxPro to make simulated investments.
The aforementioned services are all software that simulates stop-losses, limit, market orders and so much more. Another terminology used for Demo account is “Paper Trading”. The initial meaning of a “Paper Trading” originated from a tradition to write down what was bought and sold on a piece of paper.
Paper trading with BrozBot
Currently there are two options for you to try BrozBot with a Demo account: Pepperstone and FxPro. The process is identical to the live-trading.
Simply open your account with Pepperstone or FxPro. Then create a DEMO account. Select CTRADER as platform type. Choose any leverage and USD.
Now that you have your trading account, you will also need the following credentials from CTRADER:
– cTrader Client ID
– cTrader Secret
– cTrader access_token
– cTrader Refresh_token
To get your cTrader “client ID”, “secret”, “token” and “refresh token” you need first to have a cTrader ID.
Sign Up at https://ctrader.com/ with the same email you created your Exchange Account (Pepperstone or FxPro).
Click on ‘Open API’ and you will be redirected to https://connect.spotware.com.
Click on ‘Applications’.
Then ‘Add New App’.
You will need to fill out the Application with all details.
– Give a name to your new APP
– Include your phone number
– Company Name: Include exchange name (example: Pepperstone)
– Company Website: Include exchange site (example http://pepperstone.com)
– On ‘Usages’, mark all options and allow all grant types.
– Then click on ‘Save’.
Now you can ‘View’ your Client ID and Secret by clicking on ‘Credentials’.
Wait until your status is ‘Active’ then click on ‘Playground’ to get your Access_Token and Refresh_Token.
Selecting ‘Trading’ scope will allow you to execute trading on behalf of the account. If you are worried by the fact that the Accounts scope radio button is selected after the token is generated, that is not an issue. If you have selected ‘Trading’ before then the token you got is for ‘Trading’ scope.
Now you are all set to create your first Robot to trade on your Demo Account.
If you have any obstacles on setting up your cTrader credentials please follow the instructions on the link below:
In conclusion
Paper trading is one of the basics any novice trader should try before advancing to a real-life trading process. No matter what you do, crypto, forex or traditional trading, a demo account might save you from serious mistakes.
Trading simulators can give you a slight idea of what it feels like to be in the game.
That’s why we at BrozBot encourage any client to use its Demo account to try our bots first.