There are a couple of ways that Forex demo accounts can become beneficial to newbies and even experienced traders in the market. It is also very easy to open a demo account with the help of a reputable broker. But amidst all the brokers offering great services, you must pick the one best suited for you. At most, you need to research so you can determine the most suitable broker that can easily complement your trading style and behavior.
Importance of a Demo Account
Without a doubt, trading in a demo account is very helpful especially to new traders who are still testing the tides of the market. If you want to learn how to trade or practice your strategy for actual, real-time trading, it is recommended to use demo accounts as your training ground. Although demo accounts lack the emotional rush that is mostly felt when trading real money, it is very useful in training you to watch the movement of the market. Moreover, this will let you experience the real feel every time the exchange rates move even without putting your money at risk.
Another problem experienced by new traders is that they tend to get attached to their trades and their emotions can somehow affect their trading decisions. With demo trading accounts, you can also assess your historical performance as well as training yourself in using the trading platform you prefer.
Top 5 Demo Accounts
Thanks to the popularity of FX trading, there are already a huge number of FX brokers ready to serve you nowadays. Amidst all these brokers, it is just right to pick the most reputable and highly rated among all brokers. The top 5 Forex brokers are as follows;
Forex.com is ranked at the top as the best FX broker that we have now. They also offer free demo accounts where you can trade as many as 80 currency pairs. They also have very advanced trading platforms even for those traders who are living in the United States.
eToro is a social trading platform that allows its users to follow or even copy the trades of other expert and established traders. This trading platform is also very good for traders who want to experience demo trading since they have more than 2,000 varying assets for demo accounts.
Aside from excellent demo trading accounts, eToro also has informative educational resources that also accept U.S. residents from almost all states.
If you are looking for a demo account which can offer you a substantial amount of money that you can trade virtually, then AvaTrade can offer you that. It has a huge sum of virtual money amounting to $100,000 which is initially funded into the demo trading account.
When it comes to the easiest to use trading platform, then EasyMarkets is tops among all trading platforms. They also offer very accessible versions that can be downloaded on smartphones, tablets, and desktop devices.
This time, we are going to include CFD providers and number one on the list is the Plus500. They are known as the best CFD provider which has over 1,000 assets readily available for demo accounts.