In some cases, it is possible for a trader to lose more money than he initially deposited. In order for a forex demo account to be of any use, you must learn to treat it like a real account.

By having such a frame of mind, this will help to ease your transition from a practice account to a live account at a later stage.

Nevertheless, to help you get more out of your forex demo account, below are 7 tips on how to maximize the use of the forex demo account.

Beginner traders often in their zeal to get started trading as soon as possible often neglect to familiarize themselves with all the various features of the trading platform.

Instead of making the same mistakes, use the demo account to learn as much as possible of the capabilities of the trading platform. Commit sufficient time so you will be able to understand how the trading platform functions and use it capabilities to your trading advantage.

With the risk free environment provided the demo account, use it test out all the trading orders that are supported by the trading platform.

Test each order and see which is the best time to use them. To use these trading orders effectively, learn how to calculate the optimum levels to set these trading orders.

With some brokers offering a leverage ratio as high as , one might be tempted to overtrade. Instead of taking on unnecessary risks, use the demo account to determine the right leverage ratio for your particular trading style.

Knowing the right leverage ratio to use is a good risk management tactic especially when the market is extremely volatile. Most forex brokers offer their traders a wide selection of currency pairs as well as different CFDs to trade with.

The danger of having too many instruments to trade with is the fact that you might lose focus. Instead learn to focus your energy and concentration on a few pairs and learn how to master trading them using the demo account.

Although the standard lot size in forex trading is , units, most forex brokers offer different trading account types which have different lot sizes that their traders can trade with.

For example, the micro account lets traders trade in a lot size of units whereas the mini account let traders trade in a minimum lot size of 10, units.

Use the demo account to help you determine what is the ideal lot size that you should trade with. To be successful at forex trading, you need to have a trading strategy.

Instead you need to develop your own trading strategy that will suit your trading personality as well as risk appetite. While difficult to achieve with a demo account, the best way to learn how to control your emotions while trading without risking real money is still with the demo account.

Learn to treat the demo account like it is a real money account and trade with an amount that you can actually afford. Pay close attention to how you react to certain situations and learn to keep them in check.

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The brokers below represent the best Demo accounts features. Scroll for more details. MT4, MT5, webtrader. Your capital is at risk. MT4, xStation 5.

Market Maker, STP. No dealing desk. MT4, MT5. Dealing Desk, Market Maker. Sponsored Sponsored. Give it a try with some play money before using your own cash.

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

Visit Broker Trading derivatives and leveraged products carries a high level of risk, including the risk of losing substantially more than your initial investment.

GO Markets Review. Pros Cons GO Markets is a regulated brokerage entity, which is a factor that ensures transparent trading conditions. Ultra fast trade executions courtesy of innovative technology and powerful servers located in London.

Availability of trading and analysis tools like Autochartist and Trading central. Demo accounts expire after 30 days. Clients from over 35 countries are not accepted, which is a lot.

Only two account types available for all traders. There are also crypto trading opportunities with 8 cryptocurrencies available to be traded with fiat pairs and more than stocks traded as CFDs from the biggest companies around the world.

Even though CMC Markets does provide a very competitive spread, it does work hard not to charge any commission to you as a trader.

The most respected Metatrader trading platforms are also available. Unfortunately, there are no rollover-free accounts available with CMC Markets however.

Opening a forex trading demo account or one which caters for CFD trading is typically no problem at all. All you usually require are some basic personal details and an email address that you can verify in order to get started.

This should take no more than a few minutes in the majority of cases. Naturally as a forex trader or in CFD trading, there are pros and cons to everything.

This also applies when you are considering demo trading accounts with each broker. Below are a few of what we consider to be the pros and cons of trading on a demo account:.

One of the biggest pros when it comes to trading online through a demo trading account is the fact you are using virtual money. This means absolutely no risk to you as a forex trader or in CFD trading.

You can trade anything you like with complete confidence and no fear. This kind of no risk situation where you do not have to worry at all about losing your money is perfect for new traders who want to learn the ropes as a forex trader or other markets.

Not only beginners can benefit, professional traders too use demo trading accounts. This can allow them the opportunity to perfect a forex of CFD trading strategy without risk.

Finally, opening a demo trading account also allows you to fully test the brokers trading platforms, get to know their systems and fees, and really understand the trading markets that they are offering.

All of these things help you get to know if that broker is the best choice for you to trade with. While it may seem like there are only positive points to trading with a demo trading account, that is not exactly the case.

There are a couple of areas to watch out for as a forex trader where you could be led astray through trading on these accounts. The most common point to remember when trading with a Forex demo trading account is that your profits and losses are not real.

The rates quoted in a demo account do not factor in slippage or requotes where the prices of a trade may change between order and execution.

Top forex brokers do try to limit this, but it is something that can happen in periods of high volume or volatility in the markets.

There are a couple of things that you can do just to make sure that you get the best possible experience from opening your CFD trading or forex demo trading account:.

One of the best strategies is to only trade in a demo account with the same amount that you would plan to bring into a live forex trading account.

This will give you a more accurate picture of what your profits and losses could be. Once you have gotten to grips with the demo trading account and what it has to offer, do not lean on it too much.

Get you live forex trading account open when the experience of demo trading is fresh in your mind. With this is not a no-risk situation, it is your opportunity to become or develop your career as a forex trader.

This combined with the great value spreads and commission-free trading on offer from many, mean that there is no reason not to trade!

Your email address will not be published. Compare List. Top Rated:. Table of contents. Rated: Excellent. FxPro FXPro is another of the most well-known brokers in the forex trading market.

HotForex HotForex as a top forex trading broker offers a total of 6 account types to its traders. In time, this platform will because the worlds most popular platforms as MT4.

IC Markets offers 64 currency pairs and an ECN-like environment with fast execution speeds and high leverage. With both platforms, your demo account will have , virtual units for trade which never expires.

FXCM allows you to choose from 4 trading platforms to demo. NinjaTrader is the best option should you use to access advanced charting and trade management options.

TradingView is the best option if you wish to practice social trading. FXCM like to be open about their transparency, the broker publishes regular reports on their trading execution performance.

In Q2 Commission-based pricing is applicable to Active Trader account types. So learning the eToro trading platform with a practice account is very handy.

The eToro account is available for free and includes , if eToro virtual money and has no time limitations. Rather than conducting your own analysis and placing each individual order, social-copy trading platforms allow you to follow and copy the strategies of successful traders with a wealth of experience.

Key features include:. If you are in the UK, you can also spread bet and binary trade. Some countries also have the possibility of trading stocks not CFDs.

Choosing this platform means you will get free access to exclusive educational content on the IG Academy which new traders will appreciate and chart packages that may otherwise incur a fee.

Choosing MetaTrader 4 also means you can practice with expert advisors and 18 free indicators and add ons. With a quad screen display, 80 indicators, 50 drawing tools, 14 chart types and cloud-based alerts, Thinktrader is rated 5 stars by over 15, users in the Android and iOS mobile app stores.

AxiTraders customer support is award-winning and highly valued as it means you can ask trading questions while you learn about forex trading and develop your trading style.

Forex Demo Competition Joining a trial or demo contest provide the opportunity to gain reward and at the same time it is a great way to test the trading skill and trading technique.

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