Are you new to Forex trading or experienced trader, Demo Forex account is the first step to evaluate any Forex broker. Let start with what is Forex Demo Account?
Forex Demo trading account is account with virtual money to trade real time capital markets including currencies, Metals, commodities, stocks and indices. You can experience and test your Forex trading skills by trading with virtual money on live market.
Now a days, all Forex brokers are providing Demo account services and its much better to start with a broker while testing their demo account.
Apart from learning, Demo account give you an idea about the execution of trading platform. It also give an idea about trading platforms, technology been used by Forex brokers.
Some main advantages of Forex Demo accounts are
No Risk
You don't risk any capital with a practice account, so are free to experiment with strategies.
Free
Practice accounts don't cost the customer anything. Real accounts may require a minimum balance and other fees may be added on.
Free Market Data
Practice accounts give you access to lots of market data, letting you practice making accurate trades and teaching you the fundamentals of trading.
Trading Platform
Practice accounts let you try out the broker's platform before you sign up, showing you any downsides to their technology.
Market News Feeds
Practice accounts will give you access to news feeds such as Reuters, Associated Press, Bloomberg or Telerate. You can often use a forex demo account to obtain access to such valuable news wires.