A forex demo account helps a new trader to learn and hone their trading skills in a real trading environment. Most trading accounts have a demo account. A demo account has virtual currency and trading rules of a real account. With a demo account, you learn how to trade without the risk of losing your money.
What are the Advantages of Forex Demo Trading Account?
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Helps the Trader To Learn How To Trade
Demo accounts are there to help the new trader how to trade in forex. New traders can learn how to trade without the risk of losing their money.
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Allows You To Practice How To Trade
To become a successful forex trader, you have to practice your skills. A demo account gives you an easy to use platform for practicing and honing your skills. You can try different types of transactions to see what works best for you.
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A Demo Account Helps You To Gain Trading Techniques And Strategies
To trade successfully in the forex, you have to understand and apply different trading strategies and techniques. If you learn a new trading technique, the best way to test its effectiveness is by using a demo account.
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Trains You To Get Comfortable Trading
Trading with Forex accounts might seem hard for most traders. However, trading using a demo helps you to learn different trading options and techniques. It helps you to build your confidence to help you trade comfortably and successfully in forex.
Top 5 Forex Demo Trading Accounts
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FXCM
It is one of the best forex brokerages, and it offers the new members a free demo account. The demo account operates within the same frame as an actual account, which is 24 hours a day on weekdays.
The FXCM demo account has several educational resources, as well as watchlists, analytical tools, and alert options. The demo account replicates an actual account.
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OANDA
The demo account offered by this brokerage may not have all the features but teaches you the basics of forex trading. The OANDA demo account gives away 50 indicators and real-time information to help the trader plan their desired trading strategies.
OANDA demo account does not have an expiry date and gives you unlimited virtual money, which means you can trade for as long as you want. It allows you to go back to practicing in case you mess up with your real account.
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Forex.com
Forex.com is one of the best trading platforms with a free demo account. With a forex demo account, you can only choose one of the two accounts offered by the platform. You can trade with a demo account for 30 days. However, you can re-apply for a demo account for an additional 30 days.
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CMC Markets
CMC Markets is a leading online broker for trading in forex and other trading services. It is suitable for new and veteran traders. It has a demo account with a variety of features to help a trade learn and acquire trading skills.
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Forex Trader
The account gives you $50,000 free virtual money and a trading period of 30 days. The platform offers you 50 indicators, and you can choose to trade with the silver, gold, or futures.
Demo accounts are essential in helping you learn how to trade in the foreign exchange arena. However, the market trends in forex keep on changing. So, apply other strategies to help you learn and understand how to trade in forex.
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Interesting related article: “What is the Foreign Exchange Market?“