Forex Demo Account, What It Is And How It Works

Welcome back dear loyal readers of Invest In The Stock, we are always very happy and honored to have you here with us again. In today’s article we will talk about finance, specifically, we will deal with Forex demo accounts.

We will go together to see what it is, how to do it and which are the best platforms for online trading.

What is Forex trading?

First, let’s try to understand what forex trading is and how forex trading works.

Basically, the forex, acronym of foreign exchange market, is the most long-lived and historic financial and currency market or also called fx.

Born to carry out in a simple way and allow the exchange of currency from one state to another and with respect to other markets.

Among other things, it does not have a physical location, in fact, all Forex operations take place directly between the parties involved, in a dedicated market called over the counter or OTC.

Forex market opening hours

The demo trading forex market respects opening hours, which vary according to the state in which it is located.

For example, the Italian one is active from 10pm on Sunday to 11pm on Friday, 24 hours, five days each week, and is connected to the four most important trading centers (which manage to cover all world time zones).

These forex demo trading centers are: London, New York, Sydney and Tokyo.

Forex daily trades

The large number of daily Forex exchanges that are managed is due to the fact that many banking institutions, central banks, individual investors, multinationals, central states and anyone who wants to convert their currency with another currency are involved.

Anyone who, even unconsciously, happened to participate, it was enough that you went (especially if you went abroad) to an office bearing the “CHANGE” sign to change yours, and that’s it.

What does it mean to trade forex?

But in concrete terms, what does it mean to do forex demo trading? Let’s go find out.

In practice, it means trading currencies, simply that, it has no other purpose.

Even if this operation is essential for the many categories of commerce at a global level, such as: Tourism and commerce.

In addition to ensuring the stability of the markets or just to try to earn money by investing money, taking advantage of the spread between the purchase value and the final sale.

Trade online

Now let’s analyze in more detail what demo forex trading is and how a demo account works.

As previously mentioned, more and more people want to start trading online.

Someone starts on a whim, perhaps because she has heard friends talk about it and tries it out of curiosity; others, on the other hand, take it seriously and aim to become expert traders.

In both cases, the best choice to start with is to sign up for one of the best-known trading platforms and open a forex demo trading account.

👉 You might be interested in: Best Online Trading Platform 2023 For Investing

The most important factor to consider, especially if you are a beginner, is choosing the right platform.

Since lately, the Internet is chock full of these online trading sites.

Forex trading demo account

The most important thing you need to consider when you go to sign up on these trading platforms is that they allow their customers to open a forex demo account.

Precisely because through this tool, you will be able to understand in a simple way how an online trading platform works and understand if this world is right for you, without losing any money.

How does a Forex demo account work?

Now let’s see in practice how a forex demo account works.

Let’s start by saying that an online demo trading account is a platform that resembles the real ones in many respects, and where brokers provide customers with virtual currencies to start investing.

There are forex demo accounts, crypto trading demo accounts, stock accounts etc, and those who want to start using a demo investment platform can do so through the many trading tools that the platform itself offers.

Moreover, the advantage of these forex demo accounts is that they use an interface identical to the real one. The only difference is the money you invest.

Forex demo account

Basically, these virtual platforms are necessary for the study and practice of those who are about to enter this world for the first time.

Although it can be very useful for professional traders who want to try new investment techniques.

Nowadays, practically all online trading platforms have a forex demo account available, and they are very safe and reliable, having high-level security.

Best forex trading demo accounts

Finally, let’s see which platforms have the best forex demo accounts available on today’s market.

✅️ eToro

Let’s start with one of the most famous trading platforms, eToro.

👉 Read also: eToro Income Statement

The forex demo account it offers is unlimited and without constraints. All you need to do is sign up for free and you can immediately access a forex demo account with virtual 100,000 euros.

In addition, once the entire available capital is used up, you can immediately request to top up the demo account with the same amount.

In this way you will have the opportunity to practice without constraints.

Another great option is XTB, which offers a free and unlimited forex demo account.

This platform also offers an excellent forex course, always free and much appreciated by those who have recently started trading forex, because it is practical and explains in a simple way how to make money with forex.

You just need to sign up and you can log in, without depositing any money.

This important trading site also offers its customers the possibility of using a free and unlimited demo trading account, without obligations and constraints.

In addition to offering very detailed video courses and the support of expert brokers in the sector.

Forex broker highly appreciated all over the world, Capex also has a completely free and unlimited demo trading account.

Therefore, once registered, you will have the opportunity to practice with MetaTrader, an investment platform appreciated worldwide.

👉 PLUS500
The last trading platform that we are going to deal with is Plus500, one of the best in the sector. We remember you Plus500 is a CFD provider and they offer CFD service only. All the instruments, including the Forex pairs, are available for trading only through CFDs.

It obviously offers a free demo account and does not require any type of commitment.

Just sign up and you will be loaded €40,000 into your demo account to start practicing.

Well dear readers of Invest In The Stock, thanks to our article you know which demo account to open to practice and learn the basics of trading.

Invest In The Stock, The Editorial Staff



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