Trading the Foreign exchange in a demo account is a great way to start operating in the world’s largest financial market. You only need a demo account with the online broker of your choice to get your feet wet.
Why Choose a Demo Account?
Trading in a demo account can really help forex beginners who might otherwise have to learn how to trade forex using real money and the financial risks that come with it.
While demo trading lacks the emotional rush involved in risking real funds, it does train you to watch the market. It can also give you a good feel for how exchange rates move without risking any real money.
Virtual trading removes the key psychological element involved in risk-taking that can make or break a trader. Even though it does not accurately assess your trading abilities, it can help you practice.
You can also use demo account trading to assess the historical performance of your trade plan and train yourself to use a trading platform.
Basically, a Forex demo account offers an educational tool for novices to begin trading Forex and test their strategies in a real-time trading environment.
Here are some of the BEST demo trading platforms you should consider using in 2022:
FOREX.com offers a demo account to prospective clients and ranks as the best forex broker overall. You can practice trading up to 80 currency pairs on FOREX.com’s advanced trading platforms, even if you live in the U.S.
Non-U.S. residents can also use the popular MetaTrader platform that allows you to automate your trading plans and backtest new strategies.
eToro specializes in social trading that allows you to follow and copy the trades of expert traders who have an established track record with proven profitability.
eToro also lets you trade more than 2,000 different assets in a demo account, and virtually any trader should find its intuitive Forex platforms and apps easy to use, although it does not support the popular MetaTrader platforms.
If you want a substantial amount of virtual money to practice trading with, then AvaTrade offers an impressive sum of $100,000 to initially fund your demo account.
AvaTrade also excels when it comes to the number and variety of trading platforms supported, which include MetaTrader, ZuluTrade, and an impressive Forex and options trading platform called AvaOptions.
Beginner forex traders looking for a broker with the easiest-to-use trading platform will find easyMarkets a good choice to open a demo account with. Versions for phone, tablet, and desktop devices are all available.
Plus500 is a top CFD provider with over 1,000 assets available for trading in a demo account that includes 70 forex currency pairs, as well as stocks, cryptocurrencies, exchange-traded funds (ETFs), indices, and options.
Plus500 desktop and mobile trading platforms have an intuitive interface that both novices and experienced traders will find very accessible to use for demo account trading.
The broker also offers unlimited time on its demo accounts, which makes them ideal for building a long-term performance track record.
There you have it!