Many people are afraid that they can be skilled enough to be prepared for complicated forex trading world. Fortunately, there is demo account that can be beneficial for the learning purpose with too little risks and free. Therefore, it is suggested that traders should practice with demo account first to learn about what it is really about trading forex. To obtain the aim at the maximum level, traders should choose the best demo account.
Meaning of demo account
About the activate functions, demo account is no different from live account. The main difference is that demo account is run by unreal money but trading like the real accounts, basing on the trading platform. The best forex brokers 2019 are desire to have more clients when they provide demo account because after letting traders take part in demo account to practice they hope that traders will invest more after they finish demo account.
Strengths and weaknesses
Besides gaining trading skills with no need to invest money, demo account is required something back from traders and can cause problems too.
Unfamiliar trading condition. The executions of demo account can be easy to fit with the price system. But this is another story with real account when you use real money to fix the bid and ask prices. This will not be easy as with demo accounts.
Losses with demo account can be not noticed as serious problems. As a result, you will not be careful with real account and the losses can be even bigger than.
Personal details may be exploited by brokers when you join with demo account.
Traders are trading with slow updated news that brokers give you because some brokers will not announce the official trading data for demo account traders so be aware of the situation.
Demo account is not given forever. Demo account is traded in a limited amount of time. After this certain time, traders are forced to stop using the demo account. The reason they do that is that they want demo account owners to move to invest in real account.
Decide if you like forex world. After trading with the best forex demo account you will really consider about the fact that forex trading is always changeable and hard to handle the volatility in the whole time trading
Criticize the trading platform. It is free trading with demo account, so traders are given the opportunity to check all the trading platform of brokers and see what brokers are the most suitable for their trading and which ones have more downsides for them too.
Free-trading tactics. Traders can open a lot of demo accounts to practice executing more and more to be familiar with how it is done.
Through time with trading forex demo account, brokers can update their experience and make them advanced with a lot of techniques and tools to be prepared before going forwards with live accounts.
It seems that demo account is an easy deal at first; however, it is not the base to believe that you can have that easy deal when trading with real accounts. There is no need to be hurrying moving to the real account if you can not decide if you are analyzing well about your trading strategies and trading platform. No matter how much you win from demo account, it is not the copied way that you can win from live trading.
Lastly, as below I give you the ultimate list of best brokers who provide the best demo account
- Exness accounts
- Hotforex accounts
- XM accounts
- FXTM accounts