Foreign exchange (FX) trading is a popular strategy to make money online with a high rate of return. However, anyone participating in foreign exchange trading knows it is a vast and varied environment. Traders who want success should familiarise themselves thoroughly with the market and the factors influencing currency pricing.
Traders can now test their methods with zero risk, thanks to the proliferation of FX demo accounts. You may gain a feel for the market using a Forex trading simulator before you risk any of your own money.
Below is a summary of the five best forex demo account in 2022. It would help if you had a solid sense of which account best meets your needs by the end of this article.
What is a Forex Demo Account?
A forex demo account is a risk-free way to try your trading methods and tactics in a simulated trading environment. An online foreign exchange market simulator is used to create these accounts. This means you may hone your skills in a risk-free environment before venturing into the real market.
Depositing actual cash onto a demo account is unnecessary because the account is funded with fake money instead. Because of this, the forex demo is an excellent opportunity to get acquainted with the market and experiment with various forex trading tactics without risking real money. Swissquote provides the best trading services for you.
Demo forex trading accounts are plentiful for those just starting in the market. The accounts allow novices to practise their trading skills without taking significant financial risks. Trading with a demo account is a great way for intermediate traders to hone their skills and try out new approaches without putting their real money on the line.
However, even seasoned forex traders can benefit from a practice account. This is because they provide a risk-free way to try out a different broker or trading service. Even seasoned traders might benefit from trading with virtual money to test new methods before committing to real money.
Top Reliable Forex Practice Accounts
Many companies provide free practice accounts for foreign exchange, but not all of them are made equal. To help you choose, we’ve compared the top free trial options below.
eToro Demo Account
You can try out all of eToro’s features in their free sample account, including trading with $100,000 worth of virtual currency. More than 2,000 tradable assets will be available to you. Stocks, indexes, foreign exchange rates, commodities, and cryptocurrencies are all examples of such assets.
You may also manage your portfolio with minimal effort via the eToro demo account. Using sophisticated analytics, tracking the actual trends of each instrument will be a breeze.
RoboForex MT4 Demo Account
Active CFD traders will benefit more from RoboForex’s MetaTrader 4 demo account. It allows clients to try out the broker’s cutting-edge MetaTrader 4 platform.
You can test out everything a real RoboForex MT4 account has to offer without risk, thanks to the $5,000 virtual currency and full access to all trading instruments offered with the demo version. Over fifty technical indicators, three interactive chart formats, and multiple order execution methods are all part of this set of tools. From Monday through Friday, you can access the demo account anytime.
Oanda Forex Demo Account
Oanda Demo allows users to trade with over 70 underlying assets, such as currency pairs, precious metals, stock indexes, commodity CFDs, and more. The unlimited use of the account and the forex simulator are both free. Your practice account will initially be funded with $100,000 in virtual currency.
A trader can experiment with leverage and position size to find a level of trading at which they are most confident. You may try out all a desktop version of Oanda has to offer with a free demo account via any modern web browser or mobile app. You can, for instance, use chart trading and market analysis tools that rely on technical analysis.
Exness Demo Account
The Exness demo account is suitable for both novice and seasoned traders. These skills that novices may hone with this account are trading, analysing the movement of asset values, and predicting the price directions.
The demo market’s conditions are reflective of those in the live market. You can open a practice account with Exness with no money down.
Following signup, you will be given ten grand in-game currency to use however you like. As demonstrated below, you must also say the platform you want to use. Any U.S. resident can use Exness anytime; however, the best trading hours are from 13:30 to 20:00 GMT throughout the summer.