The foreign exchange, better known as the Forex market, deals with a massive trading volume daily. In Forex trading, you deal with currency pair tradings. If you have enough knowledge about the economic indicators and the price movements of the currencies, you can make substantial profits. However, the Forex market is volatile, and wild fluctuations in price rates of currencies occur.
The volatility coupled with the fleeting anxiety of newbie Forex traders is the reason why most brokers offer a demo trading account. Here, the traders can understand the inner dealings of the market without making any investment. It is an excellent way for amateur traders to check if they are ready to enter this competitive financial world. Moreover, it also allows advanced traders to try new trading strategies.
Forex demo accounts
There are numerous Forex brokers that offer forex funded accounts. However, not all of them are suitable or provide high-quality services. You must ensure that they are reliable and are under regulation before opting for them. Here, we have made a list of the top 5 Forex demo accounts to help you out.
If you are truly interested in Forex trading, you can try out the demo account at eToro. It is one of the most popular brokers amongst traders.
Here, you can deal with the above 2000 assets in the demo account. Moreover, the Forex platforms, along with the app, are easy to navigate. However, there is a drawback as well. In Plus500, you will not get access to the MetaTrader platforms.
One of the most appealing aspects of eToro is that it offers the opportunity for social trading. Also known as copy trading, it allows traders to follow the movement of other traders and even copy their trades. It is the best way to understand the market from experts who have been trading for a long time.
Apart from this, eToro also offers excellent educational materials for novice traders. Even the most experienced ones can benefit from the vast wealth of knowledge at their disposal.
When it comes to trading, Plus500 is one of the most efficient CFD providers in the market. With tons of appealing features, it is no wonder that the trading platform has garnered so much popularity. With Plus500, you can gain access to more than 1000 assets which you can trade.
The demo account that Plus500 provides is one of the best for amateur, as well as, experienced Forex traders. Here, you can deal with stocks, ETFs, about 70 currency pairs, and cryptocurrencies. Moreover, you can also trade in options and indices as well.
Plus500 has both mobile-based and desktop-based trading platforms. Moreover, the interface is easy to operate and is an attractive feature for traders. However, the most appealing aspect is that there is no limitation on time for the demo account users. You can use them to shadow the market and build up a track record before making any real-life investments.
Globally acknowledged, the FXCM is one of the most sought-after brokers in CFD and Forex trading. Since its inception in 1999, the firm has expanded and now has offices all over the world.
The demo account of FXCM is noteworthy and allows amateur traders to understand the market with ease. Moreover, here, you can also trade in several other markets such as indices, commodities, and cryptocurrencies. Furthermore, FXCM also assists in market research and offers learning tools. The educational section is impressive, to say the least.
With the aid of several free trading instruments, you can now make lucrative trading decisions. Another plus point is that the deposit requirement for opening an account here is quite low.
- GO Markets
With the head office in Melbourne, GO Markets, established in 2006, has received unparalleled support from the Forex traders. It is under the regulation of the Australian Securities and Investments Commission (ASIC).
The impressive client portfolio ranging to more than 150 countries indicates the rising popularity of GO Markets in this industry. Years of experience and constant upgrades have made them one of the top-rated brokers. Here, you can trade in shares of CFDs, metals, indices, commodities, and Forex. Moreover, GO Markets offers traders the opportunity to use the MT4 and MT5 platforms.
Innovative technology ensures the execution of fast trades. The demo account of GO Markets is impressive and offers the usage of different analysis tools. You can make use of the Trading central and Autochartist to help in making crucial trading decisions.
However, there are some slight drawbacks as well. The first one is that you can use the demo account only for a period of 30 days. Secondly, there are two types of accounts available here.
If you are not convinced by the other trading platforms on the list, XTB will surely grab your attention. It is the recipient of awards when it comes to a variety of trading. Here, you can indulge in commodities, ETFs, Forex, cryptocurrencies, CFDs, indices, and stock CFDs.
Established in 2002, XTB is under the regulation of numerous regulatory bodies in Europe such as FCA, CySec, IFSC, and KNF. When it comes to Forex, the XTB offers about 48 currency pairs for trading. Moreover, here you will get low spreads when compared to the industry average. Apart from this, the leverage is impressive with a maximum of 200:1.
You can make use of the demo account and avail yourself of a plethora of benefits. For instance, you can choose between two distinct trading platforms – MT4 platforms or the xStation 5. Moreover, you can also use the more than 3000 trading instruments that are offered in six classes.
Despite multiple Forex brokers offering access to demo accounts, you must be careful. If you are not, then you can have a poor Forex trading experience. That might ultimately deter you from investing in the Forex market. It is vital that you choose only the best one out of the numerous available. Once you have experienced Forex trading via the demo account, you can then enter the real market using real money.