Demo accounts in forex trading play an important role not just for the beginners but also for the ones that have been in this market for several years. Generally, every online trading platform or a broker will offer a demo account to its traders. No two FX broker will offer the same type of demo account. You will be required to find out the one that suits your requirement.
Prior to opening a live trading account, it is best to test on this demo account for as many times as you want to until you are confident of live trading. However, the terms and conditions of opening a demo account differ from one online trading platform to another. ETX Capital has gained immense popularity in this regard and has a huge list of loyal clients.
Apart from guiding the traders (irrespective of whether they are beginners or veterans), they offer extensive guidance in forex trading through infographic information, seminars, and conferences. So, you can find out why they enjoy an edge over the others in the FX market.
How to yield benefits from demo accounts
In order to be acquainted with the various available trading platforms, it is best to try out dealer demo accounts first.
- Experimenting with trading platforms – Trading platforms differ. For instance, you will come across few platforms that make use of pop-up tickets while few follow the chart and its order location. Find out which one might work for you.
- Unlimited trades –With the help of forex demo accounts, you can carry out as many as 1000 traders annually. The best online trading platform will help you by maintaining detailed account of your trading activities that you carry out throughout the year. This is of great help to the trader especially when he has to settle his taxes.
- Experiment with trading strategies – The demo account can be used for experimenting different trading sizes, styles, and volumes.
- Veterans use them too – Interestingly, the demo accounts in forex trading are not just meant for the beginners but the veterans use it too in the event they are unsure about their FX trading approach. These accounts will help you to experiment and practice FX trading so that you don’t lose your hard earned money in the process.
In a nut shell, a demo account in forex trading is indispensible because it helps you to understand the type of trading strategy that works best for you.