Unlimited Forex Demo Account
A forex demo account is a practice account that lets you master forex trading strategies without depositing your real money. Since you do not really invest, you do not have to encounter any risk, but you are still able to access the forex market and trade under real conditions. As such, demo accounts are particularly useful for a new trader who wants to develop a knowhow of forex trading and gain some basic experience in the field. They can even benefit the professionals if they want to test out new forex trading tactics in the real market.
There are many brokers which offer demo accounts. Some of these brokers charge extra fees for the accounts and some of them offer them for free. You can open an unlimited number of free practice accounts with any broker that you like. Doing this is recommended because it lets you try out every type of trading platform that exists in the forex market.
Types of Demo Accounts
Demo accounts are often associated with a certain time period. This can be anything from a few days to an unlimited time frame. Based on this, demo accounts can be divided into the following main categories.
Fixed Amount and Limited Time Period
This type of account can be used until the time period expires. Moreover, there are also restrictions on the total amount of virtual money that you can use to conduct trades. These will vary with your chosen broker.
Unlimited Amount and Limited Time Period
This account also expires after a specific period, and so has to be used within it. However, there are no limits to the amount of virtual money in your account.
Unlimited Amount and Unlimited Time
You can use this account for as long as you like and use up as much virtual money as you want. As such, it is the best option of the three because it gives you ample time and funds to learn forex trading and practice risk management while at it.
Features of Unlimited Demo Accounts
Opening a demo account lets you enjoy several features.
- Risk free trading
- Access to a professional trading platform
- Live market rates
- Trading experience under real market conditions
- Unlimited practice time
- 24 hours access to news from around the world
- Search for a renowned broker that offers a demo account for free without any limitations on it. A recommended name is Plus500.
- Register yourself with your chosen broker. He will then provide you with username and password details.
- Download the software on your computer or the app on your portable device. You can skip this step if you want to try out a web based trading platform.
- Login with your details, and start trading in the live forex market under real conditions.
It is free
If you conduct a thorough search, you will come across brokers who offer unlimited demo accounts for free. The only thing which you have to provide in return are your contact details so that the broker can later on convince you to open a live account with him.
It helps you in mastering forex trading
Every forex method has its own pros and cons, and you are the one who has to find a suitable tradeoff. Until you try out all of them, you cannot come to a good decision. However, if you sign up for a free practice account, you will be able to do just this without investing anything.
It lets you test the trading platform in a risk free environment
Figuring out which trading platform will suit your style the most is not an easy job, but a free demo account does reduce the degree of difficulty involved. You can use a practice account to try out several different platforms without having to put your money at risk. The one with which you are most comfortable with can be used later on when you start trading under live market conditions.
It lets you practice your moves in accordance to the latest industry news
News has a prominent impact on forex markets. With every new update that hits the market, you should change your trading move so that you can minimize losses. A practice account lets you evaluate the influence of news on forex markets and helps you in making accurate predictions.