- Forex Trading
- Online Brokers
Best Forex Demo Accounts 2019
A forex demo account is the ideal way for new traders to practice trading on the global markets. Opening a demo account requires no deposit; instead of using a real balance, you use a demo balance that will be available once you open the account. There are many benefits to using a free forex demo account.
Benefits of a Forex Practice Account
While a demo account is certainly a shrewd option for the new trader - it can also be a highly effective tool in the hands of an experienced trader. Here’s just a few reasons why a practice account is one of the best ways to get started with forex trading.
We have already touched on the fact that most practice accounts are free to open. And that’s great for traders of all experience levels. New traders can speculate on the forex markets with absolutely no risk involved. With this amount of freedom, you can make mistakes and improve your overall trading skills, without having to fear costly losses.
For experienced traders, a demo provides a suitable strategy testing platform. If you have a trading idea, you can roll it out on the free forex account - and see how it performs. With this versatility in mind, it’s easy to see why demo accounts are such a valuable resource.
Finally: forex trading isn’t the only financial instrument that can be traded - there’s hundreds of other options out there including commodities, indices and cryptocurrencies. With a demo account, you can find out what it’s like to dabble in the world of forex without any long term commitment. And if you do decide you don’t like it - you can just walk away.
Try before you trade
Think of a demo account as a trial period; it’s a great opportunity to discover all the features of a platform before you decide whether you should deposit funds. A practice account is also a fantastic way of trying out new platforms and see what other kind of features are available. You may discover new tools that can help you improve your trades on a rival platform.
Experience new brokers
Related to our previous point - but this time from a service point of view. Finding a new broker is difficult business - and that time can be used making the next trade. So: want to see see how well a broker responds to queries and treats their customers? With a free forex demo account, you can experience the service levels and gauge the support you receive.
Switching to a live account takes seconds
Like what you see? Then switching to a live account is usually as simple as pressing a button. There’s no real reason not to try out a platform before you start, especially considering opening a live account is so easy to do. And if you do decide to open a real forex account, you will have a headstart as you will already know so much about the platform!