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When you opt to trade forex using a demo account, you will find that it can really help you open up comfortably to the largest financial market available today. When you open a forex trading demo account with an online broker, that will allow you to dip your feet in the shallows of the water, without actually jumping in too deep, before you can swim. You will still select out the various brokers that are available, as well as do some research before investing, to know which is actually the best for you and the experience that you have at hand.
Why start off with a demo account?
Trading when you’re a beginner can be nerve wracking and rather difficult. For that reason, we suggest that you go for the demo account, as you will learn how to trade, without having to actually put any financial risk that you may end up regretting after. It will most definitely prevent disappointment later on, as the trading world is already an extremely risky place.
You will find that a demo account will not give you the rush and emotional attachment that you are looking for at the beginning, but there is nothing better than feeling confident and good later on during your trading sessions, when you actually know what you are doing. Sure, the adventure starts on a pretty flat note, but sooner rather than later, will it actually pick up again after you have got the skills you needed in the first place from the demo account.
Demo virtual account trading will remove away that psychological factor that is involved when you take any risks when brokering a trade online. Sure, it will not accurately analyse your abilities, and assess the actual trading options that you have to maximum, but it helps you practice at the end of the day. Demo trading is also used to analyse your performance with time, so that you can plan your trades and slowly learn step by step, how to actually use the platform.
A forex demo account is a great educational tool for those novices that really want to begin with the right footing into the forex world. If you have a little experience already and are looking to test out your strategies, this is another great way to utilise the tools to their maximum potential as you are in a real-time trading environment yet you will not be associated with any risks at all on your account.
The Best Forex Demo Accounts
Now that we have passed the why you should try out demo trading accounts, it is time to introduce the actual examples of the best demo trading accounts in the business. Being able to choose the best option for yourself, will involve you making sure that there are multiple options of currency (providing you need it), and a way to evade any regulatory restrictions, again should that apply to you. Getting it right will involve some research from your part, yet after reading our suggestions, you should most definitely feel at ease with everything.
Below you will see all the top picks for brokers that offer you the option to trade on a demo account. There will be specific details as to how each of the brokers will provide to you a unique service, in addition to how to do so. Any other attributes that we have picked up along the way will be mentioned too, so make sure to keep note of that and use it to contribute to your final decision. However, do not worry, as they are all reputable and definitely worth the interest from your side.
Forex.com is the first within our list and one that you should massively consider. Why? This trading platform is perfect for prospective traders that are new to forex trading and want to be eased in gently. Here, you will be able to trade with up to 80 currencies, and while that can all be practiced with, you will still be exposed to an advanced trading platform, no matter where you live in the world. Therefore, this trading platform is not geo-specific and will definitely be worth you checking it out.
The MetaTrader is super popular for non-US traders, as it allows you to automate the plans of trading that you have, making sure to include all the advanced strategies that are available. It is most definitely not too shabby at all. So, if you are on the back fence with this one and need some more information, make sure to check out actual trader reviews. There are countless positive ones that are available online, to read up for yourself.
eToro is another great platform to use within the market and it has particular strengths when it comes to those who are interested in social trading. You will be able to integrate your experience fully with the experts of the industry. This platform allows you to follow and actually copy the exact movements that huge traders are making in the scenes of today/in the moment. The platform only allows established and legit traders to be followed and monitored, so everything you see is legitimate and regulated from all sides, so there is nothing to be worried about from your side. All traders that are labelled with a great track record, have proven records of profitability, that can be viewed and analysed by yourself. Of course, there will be no explanations for the strategy behind the expert traders, meaning that will be all down to yourself to figure out.
eToro will allow you to trade more than 2000 different assets within a newly made demo account, meaning you should definitely use your intuition here to fully explore everything this platform has to offer. The app should definitely be one of them, as it has been raved about for the great user experience it provides to first hand new traders. For traders that will ultimately develop their strategies and trading across multiple devices, this definitely should seem promising.
AvaTrade is another platform within our lists that is great for those that wish to virtually trade with large amounts of money on a demo account. You will be able to trail any funds equal to $100,000 on a beginner demo account, which from a new trader perspective should most definitely seem like a really good option. This platform definitely excels for providing traders with the option and exposure to multiple trading platforms such as MetaTrader, ZuluTrade and AvaOptions. By integrating yourself and immersing to everything that there is to offer, there is no doubt that you should find the experience very educational for your journey.
Another beginner application for traders, is the easyMarkets platform. This one has been nominated by previous traders over a multiple of times, particularly on Yahoo Finance, it has been stated to have a very simple user experience that does not require much initiative. In addition to this, you will be able to find that there are versions available for phones, tablets and PC/desktops, meaning it is super versatile and optimised for whichever way you prefer to use your demo trading account.
Similarly, enough, IG is another platform that is perfect for traders that wish to express their trading savvy out on a mobile app. The application is optimised to operate at maximum potential, so that you can access all the web trading platforms, and trading tools such as the MetTrader 4 for example, from the power of your mobile or tablet. You will of course, need a good internet connection to off and away, but this should most certainly be an option for trading, should you be on the hunt for a demo account pronto.
Last but not least, our final recommendation for a demo trading platform is Plus500. This establishment provides traders with over 1000 in assets, in addition to 70 currency pairs that you can try out on the demo account. You will also be able to trade stocks, cryptocurrencies and ETFs (exchange traded funds) too, should you be wanting a multiverse of opportunities accessible to you.
The desktop and mobile platforms available are really superb and you will find that the interface will work for both the experts and novices out there. You just need to have your wits and intuition about you, to really get the best experience overall for yourself. This broker will give you an unlimited access to demo accounts, meaning you do not have any time limits that you need to keep to, and you can trade at your own leisure- as slow or as fast as you prefer. It does not matter.