Forex trading can be a very profitable investment, but it can also be a very risky one. That’s why it’s important to have a demo account to help you get started before you take the plunge and make real investments.
What Is a Forex Demo Account?
A Forex demo account allows traders to experience real trading conditions without risking any money. This allows traders to practice trading online before they risk real mony.
Forex traders should open a Forex demo account as their first Forex account. This will allow them to experience the forex market and to familiarize themselves with the broker and trading platform. It allows traders to practice trading and offers a host of other enticing benefits.
Trading With A Forex Demo Account
Demo trading accounts allow traders to trade without risk. This allows traders to avoid placing their capital at risk and can also allow them to choose when they want to trade on the live markets.
demo trading account allows traders to have access to the most current market data, trade with virtual currency and receive the latest trading insights from experts.
How Does a Forex Demo Account Works?
Demo accounts are offered by most online Forex trading accounts and brokerages. Other financial websites such as Investopedia offer stock market simulators.
Let’s take TDAmeritrade paperMoney to show you how a platform works.
Step 1 – Sign up for an account
TD Ameritrade paperMoney requires a brief form (current TDAmeritrade users only need to download thinkorswim in order to use the program), which includes basic information about you, your trading history and which asset classes will used.
Step 2: Download Software
Next, you will need to download the demo account software and modify the interface. Each trading strategy and each asset class have its own technical indicators and metrics. This is the step that will ensure you have the correct indicators and metrics.
Step 3: Allocate Portfolio
Many trading platforms use a large number, such as $100,000 or $1,000,000 for the demo portfolio amount. This allows for trading in odd lots (100 shares), and easy tracking of return. It is important to try to trade as close to real life as you can.
Step 4: Trade
Trades are the final step in the process. paper money and other simulators allow you to track your trading history and return, as well as allow for trade-overs. Others allow trading in historical markets.
List of 10 Best Free Demo Account for Forex Trading
There are number of demo accounts available for forex trading. These accounts allow traders to try out different strategies and see how they perform before investing real money. The following is a list of the 10 best free demo accounts for forex trading.
1. Capital.com
Capital.com is a multi-award-winning forex broker is located in Australia, Cyprus, and the United Kingdom. This company offers traders all the services they need, including over $ 200 Billion in monthly trading volume and more than 1.5 million accounts.
Capital.com offers over 70 currency pairs. These include seven major pairs: EUR/USD. USD/JPY. GBP/USD. USD/CHF. USD/USD. USD/CAD. USD/CAD. NZD/USD. You can practice trading these currencies in real time with their demo account. Capital.com offers a demo account that is free and includes a $10,000 virtual credit.
Capital.com’s demo account registration takes only minutes. You only need to enter your full name, country, telephone number, date of birth and email. After verifying your email, you can use the demo account as long as it’s available.
You will need to select from four free demo accounts before you can start practicing. You can practice on their MetaTrader 4 platform or their MetaTrader 5 platform.
You can contact them by email, chat, phone or other online messengers if you wish to make changes to your virtual balance or practice on a different account. You can reach them in German, French and English as well as Greek, Italian, Portuguese and Spanish. Capital.com is not open to clients from the United States of America.
2.RoboForex
RoboForex, an online multi-asset broker, was established in 2009 and has a Belize office. RoboForex has also formed partnerships with celebrities and brands. This makes RoboForex one of the most recognizable forex brokers on the marketplace.
This broker will allow you to trade over 40 currency pairs in addition to more than 12,000 trading instruments. These pairs include major, minor, as well as exotic pairs. You can also choose which one of the four trading platforms to use.
You will first need to register by filling out the registration form. You will be asked for your full name, email address, and mobile number. Next, you will need to choose the demo account option. You’ll be asked for your email address, full name, and mobile number.
For 90 days, you will have full access to their tools on any platform. You can extend your access by creating a demo account with a different email address and name. You can reach customer support by email, phone, or live chat via Telegram, Facebook Messenger and Skype.
They can speak English, Thai and Ukranian as well as Arabic, Czech and Chinese.
Please note that RoboForex will not allow you to create an account if you’re from Russia, Australia, Japan or Canada.
3. IQ Option
This broker is located in Cyprus. It has more than 48 million users and handles over 1,000,000 trades daily. This broker is well-known and trusted around the globe.
Forex pairs such as EUR/USD, USD/JPY and AUD/USD can be traded. You have full access and $10,000 worth of virtual funds in your practice account. You can also refill your account, which allows you to trade as many times as you wish. Their app can be downloaded from the Google Play Store and Apple App Store. You can also download the app from your desktop.
For a free account, enter your full name, country, email address, and password. You can also sign-up via your social media accounts (e.g. Facebook and Gmail).
You can reach their customer service via phone 24/7 if you have any questions. This service is available in Brazil and Nigeria, Colombia, Macau Indonesia, Singapore Thailand, Mexico, UAE India, Vietnam, Saudi Arabia South Africa Chile, Taiwan, Taiwan, Thailand, Indonesia, Macau, Indonesia, Macau, Indonesia, Macau, Nigeria, Colombia, Macau Indonesia, Singapore Thailand, Mexico, UAE, India.
IQ Options doesn’t offer its services for traders from the United States of America.
4. XTB
XTB is one the most prominent stock exchange-listed forex brokers worldwide. It was established in 2004 and is known for being the most prominent European broker. They have offices in more than 10 countries, including Germany and France.
You can trade over 50 forex pairs. The xStation 5 platform is a world-class platform that allows you to trade both exotic and major pairs. It is very user-friendly and even comes with a mobile version, so you can trade wherever you are.
XTB offers a free trial account that gives you access to their platform for up to four weeks. Clients can trade with XTB risk-free using a $100,000 virtual fund. Just enter your email address and country of residence, and click the submit button. This will take less than 5 minutes.
They are available to assist customers from Sunday through Friday. They can speak many languages including Arabic, Thai and Vietnamese as well as Turkish, Slovaks, Turkish, Slovaks, Spanish, Romanian.
Traders from the United States of America (USA), Romania, Kenya and Iran, Syria, Cuba and Uganda, Ethiopia and Bosnia and Herzegovina as well as Canada, India, Turkey and Israel cannot use XTB demo accounts.
5. eToro
The famous multi-asset platform is a prominent financial services provider. It has its main office in Cyprus. This broker was founded in 2007 and continues to grow every year.
You can trade over 50 forex pairs in real time without losing any cash. Sign in using your Apple, Facebook, or Google account to sign up.
Alternatively, you can create an account completely from scratch. All you need is your username, email address, and password. You can practice on eToro’s platform by changing to a virtual portfolio using the drop-down menu located underneath your username.
It’s completely free and you don’t need to add funds from your real account in order to access your virtual portfolio. You also get $100,000 in virtual money to practice your trading strategies.
They have an in-built help center that can be accessed if you run into any issues. These are some of the most frequently asked questions. You can open a ticket to send your query and concern to their customer service representatives if you don’t find the answer you seek at their help center.
You cannot sign up for this broker if your country is not Singapore, Hong Kong or Canada.
6. XM
XM is a young company compared to other firms, but that doesn’t mean they can’t provide the same services as older brokers. They have already served over 3,000,000 clients in 196 countries, despite only being around for ten years.
There are 57 currency pairs available, which include both major and exotic currencies. XM utilizes both MetaTrader 4 (MT4) and MetaTrader 5 (MT5’s Multiterminal) platforms. They also have mobile versions. All of this is available when you sign up for a demo account.
They will need your full name, address, country of residence, contact number, email and preferred language to open a demo account. You can customize the details of your trading account. You can choose the platform you wish to use, the currency you prefer, how much to virtual invest, and what account type.
The platform supports English in Arabic, Bengali and Czech.
Live chat and email support are available to customers 24 hours a day. XM cannot accept clients from the United States of America, Canada, Spain, Iran, Israel and Canada.
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7. FXCM
This broker, which was established in 1999, is well-known for its capabilities as both a forex broker and a broker to the largest liquid markets. There are offices in Sydney and Berlin.
FXCM offers only 40 currency pairs. This includes commodity pairs such as AUS/USD and NZD/USD. Sign up for a demo account to trade these assets virtually on FXCM’s platform. You will be able trade these assets on FXCM’s platform in live market conditions using a virtual fund of PS50,000.
You only need to enter your email address and country of residence in order to access all features on FXCM’s platform, 24 hours a days, 5 days a week. You can also trade from your tablet or mobile device via this platform on Google Play and Apple iTunes.
You can reach their customer service via phone, WhatsApp, SMS, and email. To find the exact number for your country, visit their website.
You cannot open a demo account or live account with this broker if you are from Ukraine, Iceland and the United States of America.
8. FxPro
Although the company is known by many different names, FxPro is its main name. It has more than 7000 trades per minute and has expanded its reach into over 170 countries.
You can trade with their demo account and practice your trading skills on 15 major forex pairs and 55 minor pairs. Signing up will give you access to all of their platforms and $100,000 in virtual money to trade in real time. Your demo account will only be available for 180 days.
It is easy to sign up. They will need your country of residence, full names, email address, and passwords. You won’t be required to upload any documents or add funds to register for their live accounts.
FxPro offers customer service that is available 24/7 and supports many languages. They are available in English, French, and Dutch as well as Russian, Arabic, Chinese and Spanish. Although it might take some time to get a response, you can rest assured that the customer service representatives will be able to help you regardless of your concern.
This broker provides its services worldwide, except for clients from Iran, New Zealand and Myanmar.
9. Libertex
Libertex, also known by the Libertex Group, is an investment company that was established in 1997. It operates under Indication Investments Ltd.
The multi-award-winning broker offers more than 50 currency pairs to clients. Libertex offers a demo account that allows you to access virtual funds up to EUR50,000 and all of their trading platforms. You can practice trading the offered currency pairs without risk.
A demo account can be signed up the same way as a live account. You only need your email address and password to start trading. You can switch your demo account to your real account once you feel confident.
Although they do not have an online chat, you can still contact them by email. Although it may take some time to receive a reply, approximately one hour to one day, you can rest assured that all your questions will be answered and that you will get the assistance you need. The website is available in seven languages: English (Spanish, Italian), Polish, Dutch and French.
This broker provides its services to countries that are part of the European Economic Area (EEA).
10. Pepperstone
Pepperstone doesn’t seem to be on the same level as other big-shot brokers. This broker might not be worthy of being on this list because it is only 11 years old and offers mediocre service.
However, their numerous awards and high customer satisfaction ratings beg to differ. Pepperstone is widely known as one of the most important forex brokers in the globe.
You can trade 180 forex pairs on their platform, including major and minor pairs.
Pepperstone’s demo account offers 30 days of risk-free trading and a virtual fund up to PS50,000. You can also choose to learn on the cTrader or MetaTrader 4 platform. You will have access to all tools and services on the platform you choose within the 30 day period.
During weekdays, you can contact customer service representatives at any time. They can be reached on their landline phone or by email. To view a complete list of frequently asked questions, you can also visit their support tab. They also support Thai, Spanish, Vietnamese and Chinese.
Pepperstone can accept clients from nearly all countries, except for Saudi Arabia and Brazil. New Zealand, India, Canada, Brazil, New Zealand and Saudi Arabia are not accepted.
How to Trade With a Forex Demo Account
Keep track of your total capital. This will allow you to ensure that you keep track of your total capital.
After you have found the asset you wish to trade, enter your desired lot size as well as type of execution. If you decide to trade at a specific price, rather than Market Execution only, double-check that the value matches your trade direction.
Margin will be applied automatically to your account. However, you still need to set your stop loss and take profit levels.
Conclusion
It’s best to find a demo account that offers forex trading. These accounts allow you to practice before actually investing money in the market. Make sure to choose an account with a reputable broker so you can get the most out of your trading experience.
About Author
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.
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