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A GUIDE ON CHOOSING THE BEST FOREX DEMO ACCOUNT FROM THE TOP BROKERSA GUIDE ON CHOOSING THE BEST FOREX DEMO ACCOUNT FROM THE TOP BROKERS


There are many ways for a new trader to start his forex trading career, and the best way, we think, is by starting off with demo account. Demo account is one of the best account types for beginners since demo trading environment can provide new traders with unrealistic trading conditions and benefits to help them learn faster. After demo account, we suggest that you should move on to the standard account type to begin actual trading, or ECN account if you have enough experience to handle it. For more details, you can refer to our suggested learning progress below:

Note: Cent/Micro has been getting more and more popular lately, and we feel that it might very well have the potential to be better than demo account in term of efficiency.

CURRENT TOP 4 BEST FOREX DEMO ACCOUNT

  • Exness Mini demo account
  • XM Standard demo account
  • HotForex Standard demo account
  • FXTM Standard demo account
  1. What demo account type should beginners open?

There are many types of demo account, but the one that you should always go for is the standard demo account. The main benefit of trading with the standard demo account is that you can have the best, unrealistic trading environment to help you with your learning process. Although it can be limited in a way as you can’t really win real money and there is no way to learn to manage trading fees and trading risks since these things don’t exist it in the demo trading environment.

Why is ECN demo account advised against?

Unlike the regular ECN account, ECN demo account has way different quotes, slippages and trading benefits. The differences between these two account types are so great that most traders who tried switching from ECN demo account to regular ECN account couldn’t handle the differences and end up losing money most of the time.

  1. What is the standard demo account?

As I have mentioned above, standard demo account is the type of account that most beginners should choose because of its stability. Moreover, standard demo account also offers standard lot size, standard transaction cost, standard spread and standard leverage, all of which are essential to your progress of mastering the forex market. Therefore, in order to get into forex trading, standard demo account is, and has always been, the most traditional method of learning.

  1. What are the differences between forex demo and real accounts

Needless to say, the differences between forex demo account and real account are quite obvious, although these two types of account are often advertised to have the same trading benefits and trading conditions. The main differences between these two account types are as follow:

  • Real account’s quote and slippage are much more unstable.
  • You can’t earn real money by trading with the forex demo account, therefore it’s quite hard to learn about risk management.
  1. Which type of trader needs forex demo account?

For most beginners, I’d always recommend forex demo account. The benefits of trading with forex demo account have been mentioned above so I won’t be repeating it again, however, I’d also like to say that Cent/Micro account has also been getting more popular among the beginners as well, mostly due to its amazing, on-par trading benefits with forex demo account. Moreover, with Cent/Micro account, you can actually gain money, although not very much but it’s something to help you learn about risk management.

  1. How long should beginners practice trading with the forex demo account?

It’s kind of hard to figure out an exact time for everyone’s practicing phase, however, from my experience, anywhere between 3 days to a week is sufficient to learn about all the basics of forex trading and forex market. To take it up a notch in your trading progress, I’d like to recommend Cent/Micro account due to its versatility and credibility. After the practicing phase, the majority of traders would move to standard or ECN account to make some actual money and advice that I can give you is that you shouldn’t panic. Most people who first got into the real forex market lose most of their trade and panic, so what should do is that you should stay calm and take note about what could you’ve done better.

Learn about the best brokers for beginners.

CURRENT TOP 4 BEST FOREX DEMO ACCOUNT

  • Exness Mini demo account
  • XM Standard demo account
  • HotForex Standard demo account
  • FXTM Standard demo account

This article is brought to you by Mr. Bruce Kovner, a collaborator with Brokersguru. Brokersguru is a forex review website from Bangkok, Thailand. Just like its name, it is truly a guru when it comes to forex brokers. It shows readers who is good, who is bad, who is reliable and who is not. Check it out at: https://brokersguru.com/

 

 

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