TOP BROKERS WITH THE BEST FOREX DEMO ACCOUNT

For new traders who are new to forex trading, it’s important that you should choose a broker with demo account option available as it’s the best type of account for you to start your trading career. Comparing to other types of account, demo account is more suitable for beginners since it’s specifically made with new trader’s needs in mind such as the need to trade freely without fees or any kind of limitation. If you’re a new trader and in need of a guideline, we’ve here our own suggested account type progressing route for new traders.

Note: Cent/Micro is a great alternative to demo account as its effectiveness in training your trading skill is on par, if not better than demo account, despite being only popular recently.

CURRENT TOP 4 BEST FOREX DEMO ACCOUNT

  • Exness Mini demo account
  • XM Standard demo account
  • HotForex Standard demo account
  • FXTM Standard demo account
  1. What demo account type should beginners open?

Demo account comes in two main types of account: Standard and ECN demo account. In order to learn the quickest and most efficient way, I’d suggest that you should choose the standard demo account. Trading with standard demo account means that you’d be trading under the standard trading conditions, which is more beneficial for you in the long run since you won’t need to learn to manage the trading costs all over again once you’re done with your training progress.

Why is ECN demo account advised against?

While the benefits of ECN demo account sound good in theory, such as unrealistic quotes, slippages and trading benefits, it’s not as good as the standard demo account because you don’t want to waste your time learning how to manage trading fees and trading risks all over again. There are researches that show most people who practiced trading with ECN demo account always lose money when they tried trading using the standard/regular account type because they’re too used to ECN demo account trading conditions.

  1. What is the standard demo account?

Standard demo account is the type of account that you should choose because you can trade as much as you want, under the standard trading conditions, without losing any money. The standard trading conditions include trading lot size, trading transaction cost, standard spread and standard leverage, all of which are needed to be taken into account if you ever want to develop your own trading tactic.

  1. What are the differences between forex demo and real accounts

The forex demo account is quite different from the real account, although it’s generally advertised to have the same trading benefits and trading conditions as the real accounts for more profits. The differences between forex demo account and real accounts are listed as below:

  • Quotes and slippages of real account are much more unstable
  • There is no risk from trading with demo account, there risk management can’t be learned by trading using demo account.
  1. Which type of trader needs forex demo account?

Forex demo account is suitable for all kind of traders of course, but the ones that benefit the most from it are the beginners. Beginners need only spend a few dollars to open the account and after that, every trade is free and you can learn for a long period of time if you want to. There’s another type of account similar to forex demo account which is Cent/Micro account. The main difference is that this type of account uses its own currency to teach its users to learn to manage trading risks and trading conditions.

  1. How long should beginners practice trading with the forex demo account?

Although beginners can trade for however long they would like to with forex demo account, the recommended time for beginners to go through the basics of forex market and forex trading is between 3 days to a week. After your learning period with forex demo account, the next step that you should take is to open a regular account at the best forex brokers Brokersguru and try making some money. Don’t panic if you lose too much money though, for most people always lose money at the beginning but your trading performance will get better in no time. Another way, a safer way, is to open Cent/Micro account to practice furthermore as Cent/Micro account has its own currency so you can learn more this way.

CURRENT TOP 4 BEST FOREX DEMO ACCOUNT

  • Exness Mini demo account
  • XM Standard demo account
  • HotForex Standard demo account
  • FXTM Standard demo account

This article is brought to you by Mr. Bruce Kovner, a collaborator with Brokersguru. Brokersguru is a forex review website from Bangkok, Thailand. Just like its name, it is truly a guru when it comes to forex brokers. It shows readers who is good, who is bad, who is reliable and who is not.

 

 

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