Trading platforms offer demo accounts to allow prospective customers to try out their knowledge and practise strategies before committing their hard-earned savings for real. Demo accounts are a great way to learn how a trading platform works without the fear of losing money as you get to grips with the basics of trading as a beginner.
This type of trading is also known as “paper trading” since no real money is involved. Any trades you make will behave exactly as they would if you were using real money in a real trading account. You can use them to practice trading all manner of financial instruments including foreign exchange (Forex). While customer service hours vary between brokers, the evening and weekend opening hours will affect when you can get the support you need and fit your learning into a busy schedule.ĭemo accounts are trading accounts that let you trade on live markets with pretend money. Learning Forex strategy is complex enough, so before trading any real money, invest the time in finding a trading platform you are comfortable operating.Ĭustomer service: Demo accounts are mainly used by beginners, and beginners often need customer service support.
BEST FOREX DEMO ACCOUNTS HOW TO
Trading platform: The first thing a beginner trader will learn is how to manage the trading platform. Structured trading courses complemented by top-quality market analysis by in-house analytics teams are a great addition to any demo account. A reliable broker will never charge for opening a demo account and will often provide free learning material to get you started.
To compare demo accounts, consider the following:įree Education: Any legitimate demo account will be free. While beginner traders will use this account type to test trading platforms and learn how trading works, experienced traders will use a demo account for testing new strategies without the risk of losing capital. A demo account trading account is a risk-free setup for beginners and experienced traders equally.
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