Almost all Forex brokers suggesting a demo account account because the account is giving you the ability to test their platform and practice trading on virtual money. One of the most important tips for people who would like to start trading Forex is start with demo Forex account and practice trading on virtual money.
You need to take into demo online account because Forex trading is risky Instead of risking the loss of hundreds even thousands of dollars while you try to learn how to utilize the Forex market, a demo Forex account may be your best bet. Forex demo accounts allow you to practice in the Forex market without actually spending any money.
According to statistics 90% of the new Forex traders fail. In order to succeed and be part of the 10% that does succeed in Forex trading, Here are the two recommend steps.
- Build your knowledge Invest in your Forex education. Take a good and comprehensive Forex course to build your knowledge.
- Build your experience, Open online demo free account and practice on virtual Money.
Where to open the demo live account?
Most important is to open demo user account on regulated Forex broker only! When selecting regulated broker you can be sure that the broker is reliable and your money is safe. The major Forex regulators are: ASIC, FSA , NFA and CFTC. All the demo accounts links on those sites are to regulated brokers only.
When to switch from demo to real money?
Try few strategies (not to many) and see which one is working for you the best. When you will get steady winning percentage you can switch to real money. During your demo period try the broker support and ask them any related question that you have. Good support is highly important.
Top 5 Forex demo accounts trading companies.
- eToro – FSA, NFA regulated broker. Suggesting their Openbook innovative trading platform
- Plus500 – FSA regulated suggesting unlimited demo accounts (most brokers limit the demo account to 30 days)
- ZuluTrade – NFA, CFTC regulated broker
- Forex Club – NFA, CFTC regulated broker. Suggesting ActTrader
- HY Markets – FSA Regulated broker. HY Markets exist since 1977!
Conclusion: Forex trading is not gambling! You need to understand what you are doing in order to succeed. People that not understand the market are gambling and on most cases lose their money. Invest on learning and practice before risking your money. Before you start making Trading is advisable to practice on a demo trading account and trade demo to start establishing a clear and reliable methodology to make real trading account