Good Software/Company for a Demo account?

Beginner Questions
1

Hey all,

What is a good software option if I’m wanting to get a demo account going?

I want to try trading for a month or so in demo and see what happens.

Cheers

2

If you go in to the “Tools” tab at the top of the BabyPips page, there will then be an option down the left side for “Forex Broker Guide”. Put in a few details for what your looking for etc & then you can compare what companies popped up.

Personally, I did this & as it was all still new territory for me, I relied on comparing the brokers who were regularly popping up in the Forum & people’s opinions of them rather than considering every possible broker. I went with Oanda, they have charts on their site or you can download MT4 from them & I’ve had no problems.

3

Since you are going with a demo account, anyone you like. It does not matter. Google forex demo account if nothing else.

4

Actually there are some differences between demo and live account.

However, I think you should try demo account in broker that you plan to invest in the future for checking.
To me I have been trading demo with Hotforex for 3,4 months then switching to live and no problems except the spread and price were different.

5

What was the difference?

6

there are certain differences between demo and live, i guess some are volumes, spreads and other factors, demo mainly is for practice, thats why i suggest always starting with a small balance when moving to live to have a feel on how it works and the impact of news and other stuff on prices and spreads :slight_smile:

7

Hey, I’ll just paste what I answered on the other thread to this one. It answers the same thing.

Find the broker you want to trade live with first and then try their demo. To help you with that, here’s what I did:

  1. Made sure they had [B]MT4[/B] capable trading stuff. Mt5 is good an all (much lower spreads) but some functionalities on mt4 are not yet on mt5.

  2. My geographic location forced me to choose a broker that accepts [B]credit card/paypal deposits[/B] and [B]paypal withdrawal[/B].
    2.a) I’d go for those with little to no fees for these services.

  3. Then I double checked the [B]spreads[/B] across the brokers who met criteria 1 and 2, I made sure they be tight. Who knows, you might find scalping good business later on.

  4. I then went to check out some [B]user reviews[/B] regarding the broker, some have issues with slippages, re-quoting, bad customer service and stuff like those so it’s best to avoid these issues when you can.

When caught in a dilemma, choose the one that sacrifices the least according to your current trading style.

In the end, I went with Oanda (Fxtrader). I’m currently on my second ithink day of trying it and all seems to be ok.

I hope that helps.

Kindest regards,
J