CentroFX|Best Forex Demo Accounts for Beginners

Before going live in the foreign exchange market, it is advisable that you start with a demo forex account, otherwise referred to as a practice account.  A demo account allows you to practice trading in a simulated environment using virtual money other than real capital. Depending on the broker you are dealing with, you may get a limited number of demo credits. But the best brokers to deal with are the ones that provide unlimited demo credits to their clients. Demo trading accounts lack the liquidity of the real-time market.

The demo accounts may also have products that are not tradable online. Demo accounts are usually provided by some forex brokers. The benefits of forex accounts are that they help you to understand the mechanisms of forex trading, the real data and rate at which changes occur in the market and understanding of the best forex strategies.

Here we give a guide of the best forex demo accounts for beginners

1.    Metatrader5 Demo Account

Hosted on the Metatrader5platform, this demo account givesprospective traders the functionality of the real account using virtual money. You are able to use all the featuresthat are on the Metatrader5 platform. The account you to trade in real time and get insights on how to make market analysis using technical factors other than putting your money at risk. You can also do copy trading using signal subscriptions and expert advisors purchases from the Metatrder market using the demo account.

You can open a Metatrader Forex Demo account on your desktop or use the Metatrder 4 mobile applications. Creating a demo account is the assured way for you to learn and master the Metatrader5 system and basic strategies of the forex market.

2.    Easy Forex Demo account

This is the best platform for traders who are newer to forex trading or traders who want to adopt a risk-averse approach to trading. Unlike other demo accounts, Easy Forex demo account always have fixed spreads so a trader always knows their trading costs despite how the market conditions are. Another advantage of Easy Forex is that you are automatically provided with a bonus when you open a new account. On converting from a demo account to alive account, you get 20% bonus after making your first deposit.

Furthermore, you get free 10 minutes coaching session for easy forex expert analysts, you have free access to forex educational videos, you are guaranteed of using stops in demo accounts and you can also access the MT4 trading platform.

3.    Forex Trading Demo

This is a risk free practice forex trading account. It is free to open this demo account. You will be able to buy and sell price on this demo account. Furthermore, you will be in a position to create, monitor and manage trades online. The demo account is available 24 hours in a day for 5 days in a week.

4.    fxTrade Forex Demo Account

This OANDA’S forex and CFD forex trading platform gives its clients access to low spreads as well as professional trading features. The demo account is a very important tool for its customers to learn how to trade forex in forex online. Clients using this platform are able to experience real time rates and real markets volatile rates. The demo accounts interface is also full-featured like the live fxTrade trading account. This platform trades more than 90 major and unusual currency pairs. Clients are also able to test any forex trading strategies by the use of completely flexible trade sizes.

Go ahead today and give these best forex demo trading accounts for beginners a try and be on your way into understanding the ins and outs of the forex market. Talk to us at CentroFx and let us hold your hand and guide you in which account to open, whether demo or real, and start trading!

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