A forex demo account is defined as a type of account which is very popular with account holders to get started with their trade in forex market by using virtual money instead of real one. A simulated trading conditions will be created by the forex brokers to help their potential customers discover and test their trading in forex world. Because of volatile market of forex marketing, several forex brokers have their own price feeds disseminated via their own trading platforms.
The fact that each trading platform has proprietary elements comparing to another and has their own strengths and weaknesses. The important advantages of demo account are to allow their potential clients to get accustomed to the performance and features of each trading platform functions. The best forex brokers BRKV will prevent their customers from taking risk of using real money in learning the “ins” and “outs”.
Apparently, a demo account will be favorite tool to explore a forex broker’s trading platform. You can take use of your virtual money to trade and learn your trading strategies without worrying about loss. One more thing, it helps you to have a thorough look at all of the popular trading functions, such as: set up alerts and create stop-loss orders. After several months of practicing demo accounts, it’s time for you to assess how intuitive your controls feel, how easy it is to have an understanding of the charts and statistics when you observe, how professionally you can drill down to choose exact information to make up your mind about trading.
Also, a demo account will emulate the trading in real forex and test several strategies of trading. You can form your trading style by interacting with the system enough – for example, you can learn about your longer-term position holds or your own strategies without loss.
Obviously, I always admit to the positive sides of the best demo account, but according to many experts this kind of account is not enough to become a trading wizard. In a changeable world of forex, the backward analysis can be off track in your strategies because you can’t keep pace with the trading changes and it’s hard to determine strategies.
One more thing, your motivation and emotion of investment will be lost because you’re trading with the virtual money. The feeling of losing real money won’t exist in your mind. You just think it’s like playing a game. Losing or winning is not a matter. For this reason, it’s advised to have a serious attitude to demo account like a real account.
Some unexpected cases in real account will never happen in demo account, for example – you can come up to unrealistic expectations that lead to disappointment or financial disaster. Please keep it in your mind. The best solution is to get started with a micro account after using demo account for a few months. You can invest a small amount of money step by step until you are prepared to deal with real accounts.
Using demo account is a wise way to learn and experience your forex trading platform. That is a first step on forex trading world. As a result, your trading style can be shaped in term of learning and experiencing. Also, your brokers will give you instruction and support to be gained the best experience. But you should be careful with deme account. A demo account alone sometimes doesn’t get an exact match in real-world trading. A combination of demo account and micro account is best strategies to learn and earn without risk of trading.
In summary, I will recommend the top 4 forex brokers with the best demo account for you as follows:
- Exness accounts
- Hotforex accounts
- XM accounts
- FXTM accounts
They are reliable and experienced brokers that I’ve traded with for a long time. Don’t miss them in your trading forex path.