A forex demo account is considered as a kind of account which is widely for account holders for the purpose of discovering and experiencing their trade in forex market by using virtual money instead of real money. Most forex brokers will give their potential traders to a simulated environment of trading in forex world. Due to the changes in forex market, several price will be given on their own trading platforms, depending on each policy executed by each broker.
With each trading platform, it has a proprietary feature and has their own advantages and disadvantages. The first advantage of demo account is to let their potential clients to get used to each function of each trading platforms. Don’t too worried if you’re a new trader because the best forex brokers BRKV never allow you to take risk of using real money in learning the “ins” and “outs”.
As a trader, a demo account will give your more chances to test a forex broker’s trading platform. You can use your virtual money to trade and practice your trading strategies, so losing money is not your concern. Also, the popular trading functions will be mastered and experienced by new traders, such as: set up alerts and create stop-loss orders. I think you can practice demo accounts for a few months, after that, just sit down and think about it. You should evaluate how intuitive your controls feel, how easy it is to master the charts and statistics when you see them, how professionally you can drill down to select the necessary information to make your trading decisions.
One more thing, a demo account will simulate the trading in real forex and facilitate to test your own strategies. Especially, you’re able to learn and form your trading style – for example, you can practice your longer-term position holds or your own strategies. This is outstanding feature of demo account
Besides the above-mentioned advantages of the best demo account, many experts suppose (that) this kind of account is not sufficient to become a trading wizard, because they think that in a growing and changeable world of forex, the backward analysis can’t keep pace with the trading changes. In other words, the trading environment changes so fast and the demo platform can’t follow.
Another disadvantage, that is a loss of your motivation and emotion of investment because you think you’re in a game, not trading. As a result, you don’t have feeling of losing real money. To avoid this, you should be very careful when trading and always make a sharp distinction between demo accounts and real ones. In greater details – some unexpected cases in demo account will never happen in real account, for instance – you can come up to unrealistic expectations that lead to disappointment or financial disaster. Please keep it in your mind, so, it’s better for you to get started with a micro account after using demo account for a few months. At first, you can use a small amount of money until everything is prepared for your trade.
Using demo account is a very popular among traders to learn and master your forex trading platform. It can be considered the first foundation of trading. Once the first brick is built, your foundation will grow day by day. In addition, your brokers will give you instruction and support to be gained the best experience. But this demo account calls for carefulness. A demo account alone sometimes doesn’t get an exact match in real-world trading. It’s better to begin with the right platform after using a demo account – a micro account will be highly appreciated – you can earn and learn in a safer way.
In conclusion, the following top 4 forex brokers with the best demo accounts are good reference to you. I’ve traded with them for a long time and I believe that they will give you the best result of trading.
- Exness minimum deposit
- Hotforex
- XM
- FXTM
