Good demo trading account?

Just wondering everyones opinion on a good demo account for a beginner. and any additional words of advice are encouraged as well.

Build your confidence to trade like James Bond:) with demo trading.

The broker I join with providing a contest demo account for traders. I think the broker is in the right way to educate new traders to have good basic knowledge and skill for trading forex in live account.

I think demo trading is great to practice your trading method, your money management skills, familiarity with your broker and trading platform. In my personal opinion to get the most out of a demo account start off with kind of money you will be using for live trading, make sure the demo accout platform is the same as the one you will be using in live trading. You your demo account as a way to find out what kind of broker you’re dealing with. So while you’re demoing sent some questions to support and see how long they take to get back to you and what type of answer you get. If you do all this in a demo account first then you will be trading with a broker you have experience with as opposed to close your eyes and pick one, or someone on a forum who gives you advice without knowing what you’re doing. Hope hat helps
Gp

You could pick any Forex Company that offers a demo account. Meanwhile, choose a demo account that provides you live spreads and forex quotes, it will be more beneficial to trade in such a platform. With a good demo account, you can see the true nature of a forex broker. Do not waste too much time on a demo account. Once you have mastered and know how to use the buttons on the trading platform, get a live account to see what it feels like trading with real money.

Demo accounts are good as they provide real life market experience and most of the brokers provide good service, so you can also check broker dealings with demo accounts.

Use only that much amount while demoing which you are willing to invest later in your real account. Often newbie practice in multimillion dollars DEMO account and then start trading with only 100 - 500$. It creates a lot of money management problems later in their real account.

Well, I wouldn’t spend much time on figuring out best DEMO platform, they are from the same mold, only real trading differs significantly from broker to broker. Try Hotforex, it was my choice 2 years ago, after practicing on demo I jumped on the their real platform, no issues so far.

Keep in mind that finding the best forex demo account for your purposes may require opening more than one demo account to test the most promising forex broker prospects. You can identify forex brokers you might want to test out with a demo account by doing some preliminary research online. You are unlikely to get ten people to agree as to which broker is best. Name a broker and you will be able to find someone who thinks that broker is the best and someone else who would never trade with that broker again.There is a wide variety of brokers available to you, so be prepared to ask some main questions. for example spread, i start my search with spread comparison at myfxbook. i suggest narrowed your search with ecn brokers type, i’ve been doing well with tickmill ecn account for months, scalp trade with major are one of thing quality of ecn account type. aim high while with demo account, but keep on proper money management. there is still huge value in trading a demo account for the purpose you seek. I would even advise keeping it and using it after you’ve opened a live account, as your learning will not stop then.

I enjoyed using a Profiforex Demo account two months ago, Aside from the fact that it does not use real money, I could not tell the difference between it and a live account. The execution and spread was exactly the same. In my opinion, that is the kind of demo you should use.

good morning
demo accounts are a very good medium to set partique what you APRIS for your trading education. I advice you to choose a good forex broker that offers good trading tools, learning ebook for you to improve yourself, and a manager at your side to help in case of problems. Also make sure that the broker is regulated and offers very good trading service.

thanks everyone! any opinion on fxcm…?

I would avoid FXCM after what happened with the swissy. I recently opened a tickmill demo account and I am very satisfied with it. A very good Mt4 platform, good spreads, and good customer service (I ve been answered the very same day Ia sked the question).

Ok I know, they re in the Seychelles. But who cares for a demo account?

And if their live accounts are as good as their demo, well… it might be worth a try.

[QUOTE=methus;676400]I enjoyed using a Profiforex Demo account two months ago, Aside from the fact that it does not use real money, I could not tell the difference between it and a live account. The execution and spread was exactly the same. In my opinion, that is the kind of demo you should use.[/QUOTE
I quite agree with you i also use profiforex demo when i started trading . I actually learn alot using a demo before going into a live account. And when I started live there was no difference except the money deposit.

I’m using Etoro at the moment, do you guys think I should change to profiforex?

Every new trader needs to trade on a demo account before diving into live account. And it is vital to practice it so as to expand your knowledge.

I am using OANDA Demo account and it is good

You can use whatever demo account find but don’t forget demo is not real and real is not demo. My opinion is that may be harmful if you use demo account because when you trade with real money is completely different

all brokers offer demo accounts, just make sure to choose the right broker for trading live. demo is a good way to practice but when you go live keep it small coz demo and live are not quiet identical.

I think that is a bad advise. You should be conscious with demo trades as much with real. The trader can develop the habit of taking huge risks which will eventually reflect in real trades.