Forex Demo Account
What Is
Forex Demo Account?
Before committing your time and money to forex trading, you should be familiar with the ins and outs of the business. That's why forex brokers provide a demo account. A forex demo account is a practice account on a real trading platform funded by virtual money. This feature allows you to experience the real market without actually being exposed to the risk.
Why Do You Need Demo Account?
In demo account, you can:
- See how online trading really works.
- Trade without risk as there's no real money involved.
- Pratice how to make orders in the trading platform.
- Get the hang of the platform's tools and how to navigate them.
- Learn about the characteristics of market as well as the frequent changes in the market.
How to Start
Demo Account?
You can create a demo account in less than 10 minutes. Here are the steps to follow:
- Prepare you email address and phone number
This is because the broker would like to send verification codes to your email or phone.
- Go to a broker's official website
You can visit this broker as a start as it provides easy registration steps for beginners.
- Look for an account registration button
This is usually located at the top right of the page.
- Fill the registration form
Follow the instruction and write down your data as required on the registration form. After finishing this step, you would get login credentials that you need to save.
- Login and create a demo account
Enter the broker's Member Area with the credentials you have just acquired, then look for an option to create a demo account.
- Download the Platform
The broker would instruct you to download its trading platform. MetaTrader is usually the popular choice for demo trading.
Other Popular Brokers for Easy Demo Registration
What happens if you finished on demo account too quickly?
- You may not learn the basics of trading properly. If you trade too quickly, you may not have enough time to learn the basics of trading, such as how to read charts, place orders, and manage risk.
- You may not be able to identify your strengths and weaknesses. Ending your demo trading too quickly may result in not having enough time to learn your trading style and what works best for you.
- You may not be able to develop a trading plan. If you trade too quickly in demo account, you may not have enough time to develop a trading plan that is right for you.
Continue Reading at How Long Should You Trade on Demo Account?
Why should you start from demo account?
One of the reasons why beginner traders tend to lose is because they rushed to use live accounts. They might be surprised and not ready to face the real market conditions. It is best to start from a demo account since it allows traders to 'feel' the real market situations without actually facing the risk.
Continue Reading at Lost Before Trading: Three Reasons Why Novice Accounts Collapsed
Why do we need forex demo account?
Through demo accounts, we can learn about the characteristics of market entry and exit and the frequent market changes. We can figure out our goals; how much the investment and how much the expected loss is in case of unfavorable market movements.
We can identify the best time to exit and place stop loss and limit orders. We can also try out alternative currency pairs in demo trading. The key is to approach things at our own pace until we fully comprehend the active and fast-changing world of forex trading.
Continue Reading at Forex Demo Account: The Good, the Bad, and the Brokers
What are the best forex brokers for demo trading?
Most forex brokers provide demo accounts for free to their clients. Below are some forex brokers with the best demo accounts:
- IC Markets: Available in all account types, platforms, and all instruments.
- OANDA: Allows CFD trading account and test trading strategies under real market conditions.
- Exness: Offers vast opportunities for different types of traders.
- XM: Avaliable for all XM Real Account holders.
- Tickmill: Allow traders to try low spreads, fast execution & great trading conditions risk free.
- OctaFX: Allow trader to open as many demo accounts as they want.
- Pepperstone: Provide real market pricing and can be offered with up to 50,000 virtual funds.
- FBS: Available for all account types and instruments.
- eToro: Get a free $100,000 Practice Account upon joining.
Continue Reading at Forex Demo Account: The Good, the Bad, and the Brokers
