Practice Forex Account

Beginner Questions
1

I want to start a practice Forex account and there are so many available.

Which is the best and why?

Thanks,

Bob Burns

2

I personally like Oanda because there practice account (game) has no expiration and you can preset it to any amount you want ($1000 or up). The only thing that I do not like about them is that they lack a 4 hour chart and the charting platform isn’t the greatest.

Topgun

3

I agree with Topgun, however, you may also want to take advantage of a demo account that uses MT4 for the purposes of charting.

4

Wow, this is a wonderful question.
Topgun is correct
And i agree with swordofrue that you can look in to MetaTrader 4 broker too.
Now do you trade Gold, Silver and OIL or just currencies ? Cause if you want to manage your protfolio, i would suggest trading in OIL as well.

If you are into MT4, try STIFX there site is www.stifxonline.com
You can also go for IBFX there site is www.interbankfx.com
And there are many MT4 brokers

However, with STIFX what i found was, good tight spreads, and various currency pairs, and micro lot option aswell, which is a good for a New Baby in forex industry. And www.babypips.com is a good place to be certainly.

Cheers and happy trading.

5

Here is a list of broker that use MetaTrader if you decide to persue that route. It hasn’t been updated in a while but if a broker goes down than you wouldn’t want to use them anyway :smiley:

Topgun

MetaTrader Brokers List 01.03.07.pdf (94.4 KB)

6

great site topgun. I was wondering if there is a compairson on all of the sites. ie. type of account, opening balance, pairs to trade, and anything else that I forgot.

7

is good to try out the demo a/c
but the spread are too wide.

9

Here is a comparison on some of the major FX brokers.

Forex Broker Comparison

10

Stopgun 68,

Thanks for all the information. That’s a huge list of brokers. How do I chose one to work with? Who do yo recommend?

Bob Burns

11

philipwa,

Right now I’m focusing on Forex, but diversifying into Oil is attractive. How do I do that?

Thanks,

Coyote

12

Ha, I like that “Stopgun”. Was that intentional or a typo :slight_smile: . I should’ve used that as my handle. I might have to create a new ID anyway since I can’t play arcade games under this one because of the underscore in my name :mad: .

Back to the topic. I can’t really recommend any of them since I only use Oanda w/ Metatrader for charting. I just switch over to Oanda to place my orders manually. I wouldn’t trust Metatrader to do it for me anyway. Choosing a broker is a personal thing because only you know your starting capital. Some have minimum balances and offer different leverages. They also have different margin requirements. I like Oanda because of the low margin requirement (2%) for 50:1 leverage. I also like the flexibility to trade with any unit size that I want instead of only 10,000 (mini lot) or 100,000 (full lot) like most do. I sound like I’m giving an ad for Oanda. Personally I think Oanda is great for someone just starting out but I can see myself switching to a Metatrader broker in a few years when I get a lot more experience trading.

OANDA FXTrade - Open A Forex Trading Account

Topgun

13

Topgun,

Thanks for the terrific website reference to compare brokers. I’m sure it will be a big help.