When you decide to begin in the world of forex, demo trading accounts are an important first step that you may decide to take when trying to choose from some of the best forex brokers around.
Starting out with a demo trading account is not just for beginners though, this is something you can use as an experienced trader to get to know more about almost any broker, how they operate, and the trading platforms that they offer.
Throughout this article, we will explain what are the forex brokers where you can get the best demo account with NO time limitation and how you can get the most out of your demo trading account with all of the top forex trading brokers in the industry.
Let’s get started.
Table of contents
What’s a demo account?
If you are not already aware, demo trading accounts are offered by almost all of the top forex brokers. This is a risk free way in which you can learn more about every broker as a forex trader or if you are involved in CFD trading.
These accounts are offered on a trial basis typically with an amount of virtual money that you can risk. This prevents you from possibly losing your own money while you get to know the trading platform of each broker in more detail. These demo trading account trial periods may be limited in terms of the duration you can use them, or they may also be unlimited. This decision is up to the particular forex broker.
As well as risk free trading in which you cannot lose your money, it is also a chance to find out more about the regulation of online trading under each authority and within the cfd trading or forex broker. This can be helpful in knowing what kind of leverage is available as well as other things such as how account types and funding methods work.
Within this top 10 demo trading account piece, we have collected a range of top brokers who offer demo trading accounts which do not expire, and who also provide access to a large selection of account types for you to choose from as well as trading platforms like the well-known MT4.
This, along with dealing in a range of assets and CFD trading in the likes of cryptocurrency and even copy trading demo accounts, can really help you to better understand the industry as a forex trader and the direction you would like to take.
Top10 Unlimited Forex Demo Accounts
The following are 10 of the best brokers offering exceptional unlimited demo trading accounts that we have reviewed and feel would be the best choice in your search for a well authorized and regulated broker.
How can I open a CFD Forex demo account?
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.
Demo account pros and cons
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. you are trading with virtual currency, and psychologically when you cannot lose your money, you may not engage in forex and CFD trading with the same attitude that you will in a real money account.
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.
How to make the best out of your CFD Forex Demo account
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.
After demo, trade under real conditions with less than 10$
As we just mentioned, you should not delay when it is time to get engaged in real live trading. Many of the top forex broker offer excellent value in terms of minimum deposits that can be as low as $100. With this is not a no-risk situation, it is your opportunity to become or develop your career as a forex trader.
If you are still unsure, a great, low-risk option is to try trading with a micro trading account offered by many of the best forex brokers, or even some with a minimum deposit that can be as low as $10.
This combined with the great value spreads and commission-free trading on offer from many, mean that there is no reason not to trade!