Forex Demo Account: Which Is The Best One?

When you are about to set foot in the largest financial market in the world, you could consider the idea of trading Forex using a demo account. To get things moving, all you need to do is to reach out to an online broker and get them to open a demo account for you.

You will get a large number of Forex brokers to choose from. To find the right broker, you will need to do some research and keep your trading requirements in mind. You also need to be sure about the kind of experience level you wish for your broker to have.

Choosing a Demo Account

Opting for a demo account proves to be a great decision for Forex beginners for multiple reasons. If you go for some other method, you will have to invest real money and deal with the financial risks associated with the same.

Though demo trading doesn’t give you the kind of rush that one relates with using real funds, it provides you with the requisite training to understand the market and trade in it. Sometimes, taking a great amount of risk in the initial stages of trading can put a lot of pressure on traders. To ensure that you don’t feel pressurised, you should engage in virtual trading.

Using a Forex demo account does not really help you get an idea about your trading abilities. However, it serves as a good practice ground. A demo account can also be used to find out how well your trade plan performed in the past. If you plan things well, you can use it as a platform to train yourself as a trader.

Here are some of the best demo accounts for Forex:

Capital.com

Capital.com is a CFD broker that has won several prestigious awards. It offers more than 6,000 tradable assets to choose from. Apart from 140 currency pairs, you get the opportunity to trade in a wide range of cryptocurrencies.

The platform provides commission-free trading and mobile apps that enable you to choose from a variety of dealing spreads. New Forex traders greatly benefit from the customer service that is offered 24x7 and the educational material and trading guides available on the platform.

AvaTrade

When you want to start trading with a substantial virtual amount, AvaTrade proves to be your best bet. The platform provides you with an initial sum of $100,000 to start trading with your demo account. Because of the high virtual funding provided by this platform, it is highly preferred by those who have just begun trading.

AvaTrade is also popular because it supports a plethora of trading platforms including ZuluTrade and MetaTrader. Its in-house trading platform is named AvaOptions and it offers you several interesting trading options.

MultiBank

The MultiBank Group is one of the best brokerage companies for Forex traders using a demo account. This platform is used by people based in different countries and is known for being super-efficient and highly informative.

It supports multiple platforms including Forex demo account MT4, MT5, Web Trader MT4, Web Trader MT5 and social trading. It offers you to choose from 5 different asset classes and more than 1,000 products. You also get the option to trade commodities like crude oil and natural gas.

eToro

eToro focusses on copy or social trading that gives you the opportunity to keep a tab on and replicate trades carried out by experts in your account. You can follow the accounts of traders who have been trading for a long time and are known to have a knack for ensuring profits.

One of the most incredible things about eToro is that it enables you to trade close to 2,000 assets using a demo account. It features intuitive Forex platforms that are convenient to be used by most people. You must, however, that it does not support MetaTrader platforms. Many prefer EToro because of the vast educational resources offered by it.

Plus500

Plus500 has often referred to as a reliable CFD provider that offers you more than 1,000 assets to choose from. You can use these assets to trade in a demo account. These assets are highly valuable and comprise of stocks, Forex currency pairs, exchange-traded funds, cryptocurrencies and indices.

Both the mobile and desktop versions of the Plus500 trading platform provide you with a visceral interface that can easily be used by experienced and new traders. This platform works exceptionally well for demo account trading. When you opt for this platform, your broker will provide you with unlimited time to put together a good track record.

FXCM

A London-based Forex platform, FXCM proves to be one of the best options for those who are interested in spread betting operations. FXCM enables you to trade more than 40 currency pairs along with cryptocurrencies, metals, oil, shares, indices and several other types of commodities.

Apart from providing you with a demo account with advanced trading tools, the broker also offers you educational resources and proprietary data. As a social trading platform, FXCM can also be used for copy trading.

IG Markets

Often described as a comprehensive CFD and online Forex broker, IG Markets offers one complete access to the currency market through a variety of trading platforms. Using this platform, you can trade in more than 90 currency pairs.

If you want to use IG Market, there are a few things you must remember. To get a live account on the platform to your name, you must be ready to deposit an amount of $250. IG Markets is a great platform for those who wish to get relevant information on trading currencies. Apart from offering free courses, IG Markets gives you the opportunity to participate in seminars and webinars. 

A Forex demo account provides beginners with tools that help them while starting their journey in Forex trading. It also makes it possible for them to evaluate their crypto strategies and see how they fare in a real-time trading environment.

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