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Forex Demo Accounts

A forex demo account is the safest way to learn forex trading. The best demo accounts will offer an app, as well as an online account. They will also match the live platform and offer full functionality to ensure the experience is comparable. Read on to find the best demo account for you.To get more news about forex demo accounts, you can visit wikifx.com official website.

The leading forex brokers all offer a demo account, we highlight the Top 3 below – but you can expand the list to compare even more. Demo account should always be an accurate reflection of the live account. Click ‘review’ for more details on each broker.
What Are Forex Demo Accounts?
Forex demo accounts are mainly an open, free login for a specific aForex trading platform or broker.

These accounts act as a practical and convenient way for a new member to practice in a safe environment. Sometimes, platforms will offer a form of tutorial alongside their demo account, while others will offer a sign in where the user can then create and experiment with trading at their leisure.

There are several different versions of demo account available on the market, which we’ll look at in detail further down in this guide.

Other than the functionality and tools included in demo accounts, these specific offerings from companies provide a viable and effective way for beginners to learn how to trade without the risk of losing their own money or the money of others.

For traders starting out, demo accounts can be an incredibly valuable resource, even once they’ve decided which platform they’d like to use in the long-term.

Demo Accounts vs Real Money Accounts
What’s the difference between a demo account and a real money account? Well the obvious difference is your money being on the line!

With demo or virtual accounts, the trading balance is a fictional balance. Winning or losing trades will impact the balance, but no ‘real’ money is at stake. If you blow your balance, you can contact the support team and ask for it to be reset.

A real money account requires you to deposit money – and the risks you take with it are real. Especially where leverage or margin is used.

In theory, this should be the one and only difference with Demo and Real accounts. In practise, that single change impacts almost every decision.

The psychological differences between trading with real money, and trading a virtual balance are huge. Pressing ‘buy’ on a trade is much harder when real money is at stake, and snatching at profits is more likely.

Competitions and contests are one way that can help bridge the psychological gap – the tension of trying to win a competition is similar to risking real money – but still not quite the same. So there is no actual answer to resolving this difference – it is just a case of making sure you are aware of it.
How To Compare Demo Accounts
If you’re ready to start looking into the demo accounts that might be available, step one is doing your research.

There are several different types of account available from some of the best online Forex traders, but it’s all about finding what works best for you.

Certain brands may have restrictions in terms of usage for their demo accounts, including time limits, virtual cash limits and more. Carefully reading what your chosen platforms offer is an excellent place to start.