If you are new to forex trading, you may be looking for a way to practice trading without risking any of your money. You can do this by opening a free forex demo account. A forex trading demo account is an account provided by a forex brokerage that works like a real account in every way with the exception that it is filled with play money so you can practice making forex trades under real conditions without any risk.
Demo accounts have several purposes:
- Learn the how to use your broker's forex trading platform.
- Practice trading before risking your money.
- Experiment with new trading ideas without risking money.
These are all ways that a free forex demo account can be used.
Most brokers provide free forex demo accounts. Some brokers have limits for how long you can use an account, and others provide free unlimited use.
Here is a list of a few brokers that provide free forex demo accounts.
- Oanda
Oanda provides free forex demo account with no time limit. - FXCM
FXCM provides free forex demo accounts with a 30 day limit. - Gain Capital
Gain Capital/Forex.com will provide a 30 day forex trading demo.
There are many forex brokers out there this is just a short list of some of the brokers that provide demo accounts.
If you are new to forex, trade no less than 30 days on a demo account and trade as if you earned every cent in that account. This will prepare you for the real world of forex trading appropriately.
