Best Forex Demo Account 2022
If you’re looking to trade forex online for the very first time – you might want to start off with a demo account. This will allow you to trade in live forex market conditions without needing to risk any capital. Then, when you feel comfortable with how currency trading works, you might then consider upgrading to a real money account.To get more news about
forex demo accounts, you can visit wikifx.com official website.
Best Forex Demo Accounts Reviewed
Before you consider which forex demo account to use, it is important to remember that your chosen provider is also a brokerage site. In other words, you will need to open an account with a forex trading platform before you can use its demo facility.
As such, you need to look at factors other than just the demo account – such as tradable forex pairs, spreads, commissions, customer support, and more. After all, there is every chance that eventually – you’ll look to start trading currencies with real money.
1. eToro – Over Best Forex Demo Account
etoro review
eToro is now one of the most popular online trading platforms. With more than 17 million global clients, the broker is often the go-to provider for newbies.Not only is this because the trading platform is really easy to use, but eToro is home to a wealth of educational and training materials.
Plus, you’ll have access to a fully-fledged forex demo account facility as soon as you register. This mirrors the real eToro trading platform like-for-like, in terms of supported markets, real time pricing, and liquidity. The key difference is, of course, that you will be trading with paper money.
In fact, the forex demo account comes pre-loaded with a $100,000 demo fund balance – suitable for demo trading. In terms of supported markets, eToro gives you access to over 55 forex pairs. This covers majors, minors, and plenty of exotics, too. In addition to forex, eToro also supports stocks, ETFs, cryptocurrencies, indices, and commodities.
All supported assets – including forex, can be traded commission-free at eToro. This means that once you eventually start trading with real money, you’ll be doing so in a super cost-effective way. The eToro demo account can be accessed online or via the provider’s mobile app.
There is no time limit on this, so you can switch between the demo and real account any time you wish. An additional feature that some of you might be interested in is the eToro Copy Trading tool. As a social trading platform, eToro allows you to copy an experienced forex trader like-for-like – at an amount proportionate to what you invest.
Once you start trading forex with your own capital, the minimum deposit is just $200. The platform supports debit/credit cards, e-wallets, and bank transfers. eToro is heavily regulated, including an FCA license. Your funds are also protected by the FSCS.
2. Capital.com - Best Forex Demo Account for Beginners
new capital.com logo
On the one hand, experienced trading pros will look at the Capital.com platform as overly basic for their needs. However, if this is your first time trading forex - or any asset class for that matter, then the platform is likely going to be up your street.
Crucially, Capital.com is super easy to use, is free of complex jargon, and offers a free demo account facility to all users. This allows you to trade in a 100% risk-free manner until you feel comfortable testing your forex skills with real money. While learning the ropes, you might want to make full use of the many educational resources on offer.
3. Libertex – Forex Demo Account with Tight Spreads
Libertex is one of the most established forex and CFD trading platforms in the online space. Launched over 23 years ago, the platform is now home to almost 3 million traders.Perhaps the most attractive aspect of choosing this provider is that Libertex is a tight spread broker. This means that there is no gap between the buy and sell price of your chosen forex pair.
Plus, many of the markets offered by Libertex can be traded commission-free. In terms of its forex demo account facility, new traders could use a €50,000 paper trading balance to perform demo trading for free, which acts as a practice account. This is more than enough for you to get to grips with trading currency pairs in a risk-averse manner.
4. AvaTrade - Best Forex Demo Account for Mobile Trading
Although you are best advised to trade via a desktop device to get the most out of a demo account, some of you might also like the option of doing this through a mobile app.
If so, it's well worth checking out AvaTrade. This popular forex and CFD trading platform has been active in this space for over 12 years and it is regulated in 6 jurisdictions.
5. Forex.com – Best Forex Demo Account for Professional Traders
So far in this guide, we stressed that forex demo accounts are ideal for newbies that wish to learn the ropes of currency trading before risking any capital. However, we should make it clear that demo accounts are also suitable for experienced traders that wish to test or perfect a new strategy.
If this sounds like you, then Forex.com is well worth considering. As the name implies, this popular online platform is a specialist forex broker. It gives you access to more than 80 currency pairs - many of which come from the emerging markets.
