August 08, 2020

Top Forex Brokers

practiceThere are so many forex brokers out there and most of them have free forex demo accounts which you can easily download and use for about 30 days. Many believe that demo accounts are useless because they don't give you a right idea about real forex trading. I would disagree with that point of view, though. First of all, forex demo accounts are important for the newcomers. 

Demo Account is a trading account that allows a trader to become familiar with a trading platform without making a deposit. Funds are simulated in demo account, therefore you can check our execution, available trading tools and other features or test your trading strategy risk free.

Learn forex completely risk free

The Forex market offers attractive opportunities for traders, but also involves risk. That’s why before diving into Forex trading with a live account, it’s best to open a risk-free Forex demo account. Forex Demo Account provides the same Forex trading experience as real accounts. The only difference is that the funds on the Forex demo account are simulated. You don’t trade with real money, so it is completely risk-free.

  • Practice trading without fear of loss
  • Some brokers offer demo contests where traders can win real money!
  • Test your new Forex strategies

Access demo account without deposit

Forex Demo Account is essentially a practice account, which is accessible through simple registration. Get accustomed to a variety of features of the Forex trading platform and get familiar with the dynamics of the Forex market before committing any real funds. Practicing with unlimited demo dollars helps you better understand how to execute trades, as well as your risk exposure. While being equipped with all the real account features, it allows you to:

  • Use it completely free of charge:Test your trading strategies and bots for scalping, and execute trades completely risk free as many times as necessary
  • Trade with virtual money: Even though it’s a trading simulation, we still provide you with real trading signals that are also free of charge
  • Discover all the features of the trading platform: Learn to read charts and use graphic objects, levels, Fibonacci retracements, and more
  • Experiment with different order types.

With demo account a freshman trader can come up with his own forex trading strategy, practice his skills and continue to self-educate. It might be true that demo accounts give you a false sense of security. But then it is your responsibility to understand that a pretend trade is nothing compared to the emotional adrenalin you get when you forex trade for real money from your own paycheck.   

Not only newbie can profit from forex demo account. Both newbie and a professional forex trader can learn how to actually use the trading platform of the selected broker via demo accounts. It is never a good idea to start trading for real money without knowing which button to press to get the charts, where to see the currency rates, how to track your account history, how to execute, make or close the trade.

The last thing you want to do is to go over a long list of Questions-Answers or franticly wait for online support to help you with a simple trading task. Forex market is fast – it requires a fast reaction from your part. If you don't know how to operate your trading platform, you are simply screwed. So, yeah, I am very pro demo account. Practice everything you can possibly think of with your forex demo account before you even consider a real live account. 

Another beautiful thing about demo account is that you can make mistakes and watch what happens!! You can analyze your actions, set ups and carts without freaking out about money being lost. I would even suggest making mistakes with demo accounts and taking losses! It will teach you about risk management strategies which are crucial in forex trading. 

Practicing at your own pace

New traders need time to get familiar with tools and market specifics. It is very important to provide learners with demo accounts; the performance of inexperienced, new traders might be far from their expectations without prior learning or practicing. For experienced traders who wish to forward test or back test their strategies and practice their trading skills, our demo accounts offer even more, providing an unlimited balance and full support of various trading robots. Test trend following, breakout, momentum, and other strategies on your way to create the best trading plan.

Real market conditions

Although Demo Account does not involve real money, trading takes place in real market environment with actual trading and quoting data, as it is viewed in the real accounts. You’ll see live trading signals, charts, and trading assets absolutely free!

What is a demo account in forex?

forex demo account allows complete beginners to get familiar with the various aspects of trading without risk. A forex demo account is also referred to as 'Paper Trading Account' which is used for practicing trading or to test a new trading strategy without any risk to actual money.

Are forex demo accounts accurate?

Most of the Forex Demo Accounts are not accurate and are rigged. All the demo accounts are not rigged, but most of the brokers rig their accountsForex Demo Accounts are used by brand new traders who need to know the basic concepts of forex trading. Needless to say do your research and go with a reputable broker.

How do I open a forex demo account?

In order to start trading on demo account, you should:
  1. Open forex a demo account.
  2. Get account number and password.
  3. Download MetaTrader 4 and log in to it using the received data.
  4. Start forex trading on demo account. 

Do I need a broker to trade forex?

So, yes, it is possible for someone to start Forex trading without a broker, and it is because Forex is simply a currency exchange process. You can easily convert Euros to USD with the help of an appropriate bank

Can I withdraw from demo account?

No, it is not possible to withdraw profit earned in demo accountDemo account balance is just virtual money. Trading on demo is intended for learning, not for earning or losing

The bottom line is that forex demo accounts are free of charge and it didn't hurt anyone to open one yet!!  

Here is an example of what you get from Liteforex practice account:

Demo accounts at LiteForex - training under real market conditions

A Forex demo account is a training account that is perfectly suitable for practising and getting ready for trading with real money. You can use your demo account free of charge to boost your trading skills, refine on your trading strategies or test Experts-Advisers under real market conditions. Money put on a demo account is a virtual investment. Demo accounts can be opened via Personal Profile in less than 1 minute. Master the MetaTrader platforms and acquire trading experience on a demo account from LiteForex with no risk of losing any of your money.

DEMO ECN

0% 
100%

The best way of training your trading skills with market execution and low spreads.

  • Real quotes from liquidity providers
  • Scalping and news trading allowed
  • Market execution of orders with no requotes
  • Unlimited duration of transactions
  • No Stop & Limit levels
  • Access to all trading instruments

Training account DEMO ECN

Trading on a DEMO ECN account will help both Forex beginners and Forex professionals work out their own trading plans and choose the most convenient strategy. There’s no risk of losing money when refining your trading strategies. Try out a few ideas and choose the best system that will help you in the future when trading on a real account.

Account specification

Spread floating, from 0.9 points
Execution type MARKET EXECUTION
Platform MT4
Leverage 1:400 - 1:1
Account base currency USD, EUR, CHF, RUB, MBT
Islamic accounts Yes
Social trading Available
Minimum lot 0.01
Maximum lot 100
Minimum step 0.01
Max. number of orders Unlimited
Margin Call Level 20%
Stop Out Level 10%
 

Octafx broker went one step further and offers demo contests with real cash prices!

Learn with demo contests and win prizes

In order to turn your learning steps into a more rewarding process, we’ve developed several demo contests that will allow you to earn real money. You can practice reversal trading, use automated trading, or show your newly built skills to get the first prize.

CHAMPION DEMO CONTEST

Practice trading on your demo account and win real money! OctaFX’s long-standing demo contest runs for a month and has a $1,000 prize fund. The prize amounts for the first, second, and third positions are $500, $300, and $100, respectively. Register for a new demo account to stand a chance of winning. You can use any possible trading strategies and EAs in this contest.

CTRADER WEEKLY DEMO CONTEST

Trade using your cTrader demo account and get the chance to win prizes from OctaFX. The contest lasts for one week—from Monday market opening to Friday market closing—and has a $400 prize fund.