FOREX Demo Trading Account

Hi Guys
Just started my FOREX journey and want to start practicing on demo trading accounts. The question is are all these accounts I see advertised pretty much the same or is there one that would be particularly suitable for a novice like me to start with. I will surely appreciate any recommendations. Many thanks.

I like Oanda because they have a lot of pairs available and good spreads. Their java platform is a little hard to use, but if you download the MT4 version, that would probably be the best start. You can also control exactly how much play money is in your demo account, so it is more realistic.

Also, you should probably demo trade with the broker that you intend to trade live with.

Just my opinion.

These days all broker provide demo trading account. So, first of all choose any good broker and then use their demo account. However, I want to suggest you for AVAFX. You can use 2-3 demo accounts of different brokers.

Hello, it all depends on the knowledge you already have, but if you have got like a basic knowledge and you know how to trade a bit, you can go demo with a decent company that allows you to open as many demo accounts as you want once you start to blow them one after another :slight_smile: but you should not use to that so you wont lose your own money later ) so I recommend hotforex as I am using them and I used their demo accounts before ! they are respectable !

Many thanks for all your responses, much appreciated.

A newbie trader needs to start with demo trading. Although you will still be starting fresh when you do to live account as there is a great different between the two, but still you will have enough experience to make some profit if you are good in demos.

A demo account is a good place and simple platform to trade combine with basic knowledge for now before you can go into live account so as to get a proper understanding.

I’m of the opinion that you should just demo to get used to platform refine how u trade and go live and small as soon as possible. You’ll see many threads about how great traders r doing in demo only to either get stage fright and be afraid to take trades and trust themselves or traders that cant figure out why they not getting the same results live.
Its night and day when real.

but in end do what u feel is best. we all have different opinions.
good luck and green pips.

Its good idea to start trading with demo account, it is offer of brokers to trained clients. Traders can learn all about trading atmosphere, tools and analysis making . they can learn risk management at demo using no actual money.

No doubt about the useful of demo trading at early in forex business to start knowing how to trade in the forex market . many trader was helpful from this facility but unfortunately many trader not seriously learning from demo trading until have good trading quality

Most of newbie traders have an urge to start trading in real account as quickly as possible. When they do that they lose money instead of making. So spend proper time in demo account if you want to make money in your real account.

It’s good thing to start trading in demo account as starting point in learning about how to trade well in many different conditions of market because there is no risk of loss in demo account so traders can try something new in certain strategy without any worry with mistake which can cause loss. Demo account is training account for beginner traders and it is testing account (test new strategy) in order to gain more profits.