HOW TO USE FOREX DEMO ACCOUNT FOR BEGINNERS

By | 10 January, 2020

Forex trading is one of the most common ways to make an extra income for everybody nowadays. If you want to start trading forex, you should use demo account first. It is free and it can help you get used to the orders and executions of the platform. This article will be a guide on how to use forex demo account for beginners.

Demo account in definition

In terms of forex trading, Demo account is used by newbie as a technique to learn the approach of trading without money lost risks. This technique offers a virtual balance within the account which is a simulation of real trading of real account for a stepping stages.

The principles to select a demo account

The limitation of account

It is about the period of time you use the Forex trading demo account in South Africa. While there is common that you will be offered 7 days with your demo account, some others are unlimited. 

Supported platform

The learning stage via Forex trading demo account in South Africa is the most appropriate opportunity. Check whether your broker support your selected platform.

Regulations of broker

Set up a demo account is an initial step to build a relationship with the broker.The regulated broker with guarantee the safety of your capital and personal privacy.

Minimum deposit

The demo account is considered as a practicing step before live account by beginners. The minimum deposit of live account should be at an affordable amount. 

The process of Forex demo account

The process of live account and demo account are similar. In particular, it is similar in platform, data and customer service. The biggest difference is the profit and loss. 

The accuracy of Demo account

There are no different between live and demo account as it use the same real-time market movement. However, your trade’s earnings and losses are virtual amounts.

The opening period of Demo account

It period of demo accounts are depend on the brokers policies. Basically, it varies from seven days to unlimitation.

As the traders start their live account, the demo account may go indefinitely. It offers a tool for trial new strategies within this testing environment before the live trading.

Demo account with MT4

As offering real market environment, free premium charting packs, the MT4 demo account enhance the newbies the accessibility to learning contents, and mobile phone trading application.

The best Forex trading Demo Account

FXTM

With the accessing through educational package for New traders, FXTM demo account allows trader mirroring each of six real accounts. These demo account won’t expired for unlimited. It is an important factors which help to test new strategies and learning stages. 

FP Markets

This is free and unlimited. It helps to practice and directly mirrors the real market. There are $50,00 virtual amount currency and quickly and easily signing up. It is said to take up to 30 second of registration before your starting of trading. MT4, MT5 and IRESS are platforms that are able to open Demo accounts.

XM

MT4 and MT5 are both platforms that XM operate demo accounts. Both exactly demonstrate the real trading experience. The virtual balance makes up with 100,000 USD and unlimited time. This is the best for learning about new platform as well as trading trial of strategies.

CM Trading

On MT4 Platform, CM operates demo accounts for all of their types of account, except Sirix Platform. Different from other brokers, your are only eligible for demo once you set up a live account with an amount of funds. However, on CM trading, demo account is unlimited and exactly what seen on live account.

HotForex

HotForex offers demo account on MT4 and MT5 with an exact simulation of live account. The registration of my HF is a must a demo account, there is no live account is required. It offers unlimited uses of demo account and make up 100,000 USD virtual money.

Now you know how to use forex demo account. Overall, there are multiple options of forex demo account for beginners in the forex market. Picking the best suit one to your trade to practice and trial before the real trading.

Learn more about: detailed guide to open account at forex brokers

Leave a Reply

Your email address will not be published. Required fields are marked *