MT4 Demo Spreadbetting Account - MT4 on Mac

[SixEight]

Hi All, 

I've managed to get MT4 working on my mac (using an MT4 version from another broker) main reason being I want to test a few strategies with lower amounts of money per trade - to get used to MT4 I am wanting to use the demo account rather than the live, what is the server for IG demo? Also, when going through Market Watch I noticed that despite me logging into my MT4 Live Spreadbet account, they all state the calculation is CFD?! Why is that?

Any help would be greatly appreciated.

Many thanks

[Caseynotes]

1 hour ago, SixEight said:

Hi All, 

I've managed to get MT4 working on my mac (using an MT4 version from another broker) main reason being I want to test a few strategies with lower amounts of money per trade - to get used to MT4 I am wanting to use the demo account rather than the live, what is the server for IG demo? Also, when going through Market Watch I noticed that despite me logging into my MT4 Live Spreadbet account, they all state the calculation is CFD?! Why is that?

Any help would be greatly appreciated.

Many thanks

Hi, that's correct as stated, the calculation for mt4 spread bet accounts is as for cfd accounts, it's because basically they are the same thing but for tax differences on the accounts which is why spread bets are only available in the UK, only UK has those particular tax laws. If you put the sb and cfd side by side there should be no difference in the chart or prices.

The IG demo address is;

demo-mt4.ig.com:443

[SixEight]

 

14 hours ago, Caseynotes said:

Hi, that's correct as stated, the calculation for mt4 spread bet accounts is as for cfd accounts, it's because basically they are the same thing but for tax differences on the accounts which is why spread bets are only available in the UK, only UK has those particular tax laws. If you put the sb and cfd side by side there should be no difference in the chart or prices.

The IG demo address is;

demo-mt4.ig.com:443

Hey Caseynotes, 

Thank you very much for the reply - great r.e. SB and CFD, I presumed it was similar to the issue with IG stating indices are futures on PRT. 

I've tried that server and it has a tick, but when I use my login details (same for my MT4 live acc) it states 'Common error' in the bottom right and can't connect. Are the login details the same as my MT4 live?

Edit: It shows common error and then after a minute or two states 'Invalid Account' - despite me having logged in to the live server with the same login details?

Edited July 3, 2020 by SixEight

[Caseynotes]

4 minutes ago, SixEight said:

I've tried that server and it has a tick, but when I use my login details (same for my MT4 live acc) it states 'Common error' in the bottom right and can't connect. Are the login details the same as my MT4 live?

Hi, no the demo has a different login name and password, the live name is 5 digits and I think the demo is 6 digits. so long as you are getting the IG demo feed ( File > Open an account ) then you can open a new demo by clicking on demo to highlight and the click next and follow the instructions.

[SixEight]

Brilliant, I've got it working. Out of interest, on Market Watch it is stating the spread for EUR/USD is 9 - is that 0.9 or 9?! 9 seems amazingly high

[Caseynotes]

3 minutes ago, SixEight said:

Brilliant, I've got it working. Out of interest, on Market Watch it is stating the spread for EUR/USD is 9 - is that 0.9 or 9?! 9 seems amazingly high

yes it's 0.9, you need to be a bit careful with lot sizes and stops etc, pips not points depending on the decimal place used for the market, for indices a stop of 100 = 10 points but I think FX 10 = 10. 

[SixEight]

Good to know, thank you so much Caseynotes - I was a bit confused when I saw a spread of 12 on the GER30 but 1.2 would make sense (as that's what it usually is on the IG platform) 😄