Forex Demo Accounts You Should Not Ignore
Usually, the forex demo accounts are used by novice traders as they need to learn the trading before investing real money. However, you will need to open a demo account with forex brokers, which actually helps you to get an idea about the brokers too. Although a free forex demo account may not get you real-life trading, it is good enough to get you to start.
Basically, the demo account is an educational tool for all, regardless of the experience. But it is also essential to open the demo account with a good broker so that you can feel it real. With that in mind, we have researched for the best forex broker to open a forex demo account, and we came out with the top 10 forex brokers.
Let’s see the details of those demo accounts.
Forex Demo Accounts to Start with
Forex demo accounts are helpful for the new traders and help the expert traders check out new strategies. However, a demo account also helps to find out the best forex broker in the world. However, we have listed the following 10 demo accounts based on different forex broker reviews.
FXPro demo account
To open an FXPro demo account, just head to their website and register with all the details by clicking on the “Try Demo Account” button. However, FXPro has a wide range of trading platforms on their list, and you can get to select any of the platforms while open the FXPro demo account. The platforms option you will get are MT4, MT5, and cTrader.
Moreover, FXPro also lets you choose your desired fund for the demo account. The funding option you will get is 500 to 500,000. Additionally, you can add more funds later if you spend it all.
IC Markets demo account
You won’t find any significant difference between the IC Markets demo account and the real account as they provide all the features in the demo account. The only differences are the deposit; for the real account, you need to deposit the real money, while the IC Markets demo account needs no deposit, and you can access all the features like a real account.
While opening the IC Markets demo account, you will need to provide some basic details about the trader. On top of that, if you have any broker that introduced you to the IC Markets, you may put the refer id too.
XM demo account
Unlike the other forex demo accounts, the XM demo account gives you 16 different leverage options to select the one you want for your demo account. Additionally, they also offer 11 different base currencies, from which you can choose your base currency. Another good thing about the XM demo account is that the initial fund is not fixed, and you can choose your own fund between 1,000 to 5,000,000.
Like other brokers, XM also requires you to provide all the personal details. For the language, you can have the option to choose from 23 different languages.
HotForex demo account
HotForex demo account features the trading environment on live market movements. However, you may not get the on-time price movement, but you will get the update at the nearest possible time. HotForex demo account doesn’t have any signup page on their website. You will need to open an account to access the myHF area, which is completely free. From the myHF area, you can open a HotForex demo account. Whether you want to open a real account or demo account, you just need to sign up for the myHF area.
The demo account in HotForex gives you a $100,000 balance to practice trading. However, a live account holder can also open a demo account from the myHF area, which may help them to test a new strategy.
Axi demo account
While most of the forex brokers offer demo accounts for an unlimited day, Axi provides the demo account for 30 days, which works just like the live account. Axi demo account uses the fast server that also provides the real-time spreads. Besides, a 24/5 personal account manager is available for the Axi demo account holders. Usually, brokers don’t provide a dedicated account manager for the demo accounts.
Axi uses the MetaTrader 4 platform to provide all the services. As a demo account holder, you can access MetaTrader 4, which can provide live price movements on the demo account. The demo account holder in Axi will get a $50,000 virtual fund, and you can use it however you want.
MetaTrader 4 demo account
MetaTrader 4 demo account provides all the available features so that a trader can get a vibe of the real platform which they are going to use for live trading. MetaTrader 4 demo account can also get you access to some expert advisors as well as copy trading.
MetaTrader 5 demo account
Like the MT4, MetaTrader 5 demo account also provides all the features like the live account. However, the accessing period may depend on the associated broker. With the MetaTrader 5 demo account, you can trade the CFDs mostly. However, you can update the MT5 demo account to a live account from your brokerage area.
Advantages of a Free Forex Demo Account
One cannot become a master in trading overnight. It needs time and investments to learn trade gradually. However, opening a forex demo account can be a great way to kickstart the learning process. With the demo account, you can get the following advantages-
- You can test a new trading strategy.
- Try trading with any currencies to see how they work.
- Get to know the forex trading platforms.
- Huge opportunity to learn without putting your real money at risk.
Disadvantages of a Forex Demo Account
Technically there are no disadvantages to the demo account. However, in the demo account, traders tend to become less cautious while trading as they have nothing to lose. As a result, they keep this habit in real trading too, putting them at a huge risk and making a loss.
Demo Account vs. Real Account
Forex demo accounts and real accounts have some insignificant difference, but it has only a major difference: the real money. A demo account will not cost you a penny, while the real account will need some deposit to start trading. A demo account will get the fund virtually from the broker. On the other hand, you need to deposit money in a real account.
You can never withdraw any earnings from a demo account, but you can withdraw all of your earnings or deposit from a live trading account.
A forex demo account will not last forever, but a real account may give you access for the lifetime unless it charges any inactivity fees.
A forex demo account is an important tool for both new traders and expert traders. So, picking up the correct demo account may put you ahead of the game. Besides, the free forex demo account is the best way to know ins and out about a broker.
Although you may not earn the real money from a demo account, it is a great thing for the learning purpose and checking the strategy. So, if you want to step into the forex or CFD trading world, you can pick any of the demo accounts from the above-mentioned list.
More Forex Accounts
Mini & Micro Accounts
MAM, PAMM, LAMM
Rollover Free Accounts