Demo account is a great chance for traders to practice trading, especially when they are new for trading forex world. Because of its teaching feature, the best forex demo account is chosen by many traders who want to start their trading career. But, not all the demo accounts are considered the same because some may be fit best but some may be trouble and tricks even.
Defining the demo account
A demo account is understood as the trading account with all the functions of a broker with their trading platform and the money that is used is not real but it is duplicated. The main purpose of traders who choose to join demo account is to practice for free and to interact with brokers’ trading platform. For brokers, they have also their own aim when giving traders demo account, which is to involve more clients trading with them after they finish the demo accounts
Ins and outs
It can be said that demo account is beneficial and useful for those who want to improve trading skills but it is not totally perfect while there are some outs and ins about demo account.
Ins
Challenging your trading skills. This kind of challenges from demo account you have can help you to improve your trading experience to a higher level everyday. The experience you have from demo account can be stored days by days and be useful when it comes to real trading.
It is safe because there is no money that is asked to make any deposit; therefore, you are learning trading with the zero tuition fees.
Experience different platforms. It is very important to use demo account to check many brokers’ platforms. After that, you can choose the best forex brokers 2019 for your professional traders and can stay away the brokers that have too many disadvantages.
See if forex trading is suitable for you or not. Many people find it hard to handle with the unstable traits of forex trading. Therefore, considering carefully before start is a wise move.
Outs
The trading data is not correctly provided by some brokers because they will not show the latest trading data but the early one so the trading data is sometimes not updated with some brokers.
You will be distracted from the real risk because you can lose 1000$ for demo account and you do not take it so serious then it can turn into a risk with trading real account.
Trading condition could be changed with real account. This can cause traders full of surprise because they used to trade very easily with demo account when the execution fit perfectly. However, it is not the goodness with the real funding trading.
You privacy can be violated because brokers use your personal information for their other purpose.
Demo account does not last for long because of that most of the brokers have the require time that when that time is ended traders have no longer right to use demo account. And it is also because of brokers’ strategies that they want to drag more traders into their systems.
In summary, demo account is both considered as goodness and drawbacks, while it is free and can be the learning tool that is very cheap but it is not wise to jump into real trading after few of demo account. Some reviews and criticism are needed to check your trading style. In addition, losing money from real trading is totally different with demo account
Below is my list of best forex brokers and their demo account:
- Exness reviews
- Hotforex accounts
- XM accounts
- FXTM accounts
