Best Ways To Search For The Best Demo Account
It takes time and practicing to be an expert trader. At the first time, new traders are the ones who are very desire for a chance to take the trial trading so they can be familiar with some trading concepts. Demo account is doing this favor very well. They give everything that traders need to be trained and practice. The main point is that traders can pick the perfect demo account brokers or not so that they can develop the right way in the future career.
First, here is top of suggested best demo account brokers:
- Exness accounts
- Hotforex accounts
- XM accounts
- FXTM accounts
Understanding of demo account
Brokers give traders demo accounts as the simulated model of trading that use the fake money with the main purpose is for new traders to exercise trading with the exact trading platform in the real account. As a result, from the demo account traders can get the useful information and knowledge about trading platform and their functions. In addition, the best forex brokers are eager to have more clients because they try to convince clients to stay with them after trying the demo account.
Ups and downs
It is true to say that demo account has their own benefit for trading practice but besides the bright sides of demo account there are also some downsides that if traders are not careful they can get into more trouble than.
Downs
- Unfamiliar trading conditions. This is a recognizable trait when traders move from demo account to live account. The price is different from what you have ask or bid with demo account
- No warnings about your loss. It is dangerous if you think losses of demo account, for example, 1000$ is nothing then you can have this careless thought when you may loss the real money with real trading.
- Free charge and trading time is restricted. Obviously, some brokers will narrow the period traders can trade demo account and so they somehow urge traders to trade for real after that.
- Trading data is not updated or unfinished. The ongoing trading data is restricted with trading demo so that it is sometimes not the real data stream then real data is totally different to handle
- Personal profile is used. Brokers may take advantages of personal information such as name, email and preference for other purposes.
Ups
- No free charged. The one of amazing features of demo trading is that you do not have to pay any fees or investment but to practice make orders and execution only.
- Train trading skills. Demo account is not only about trying but developing the skills through time to time that traders can improve their skill after using and experience a lot of trading tools and strategies.
- Analyze various trading platform. Demo account is free then traders can use them to experience the strengths and weaknesses of the trading platform so that they can decide on which brokers and their platform can suite their trading styles and also they practice reading chart and pick the information to make positions.
- Decide if trading forex is a best career. The continuously moving market is the characteristics of trading forex. Practice and see if it is your choice.
Overall
The best forex demo account is useful for getting contact with trading platform and shaping your trading styles but techniques you have from demo account may not fit for real trading. Demo account is not an immediate effect so that you can very quickly change into real account. Slow down and take some research about execution making of the market and of yours. Remember to be awake by the losses from demo account it is more serious when you lose it with real account.