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Forex demo accounts - Learn forex for free.


One of the great things about forex trading is there are so many forex tools at your disposal to make learning about forex easier and faster. Most of the top forex trading sites offer excellent forex tools and resources to help both beginner and experienced traders alike. Many people find forex trading so exciting that they want to instantly make their first deposit and start trading.

eager to start earning money with forexOften the lure of big potential profits makes people want to throw caution to the wind and start trading forex with real money right away. We strongly discourage this approach, as it is will almost always result in a bad experience and a loss of your money.

Although it's tempting to jump right in, deposit money and start trading right away, we encourage all potential forex traders to spend a few weeks learning about forex and practicing with a free forex demo account, which almost all forex brokers offer.

The forex practice demo accounts offer the beginning forex trader not only a chance to get the hang of forex trading without risking any real money - but also an opportunity to become familiar with how their trading platform works. This can save you much time and aggravation down the road when you actually have your hard earned money on the line.

Forex demo accounts are free to join, and there is no obligation for you to make an actual deposit within a certain time - or ever. If you open a free forex demo account it' s generally a good idea to practice trading for at least a couple of weeks before you put in any money and trade for real. Don't feel obligated or rushed to put in actual money and open a real account until you feel confident that you are ready.



Forex demo accounts - how do they work?

Many people e-mail us wondering how forex demo accounts work - or worried that if they try a practice account that they are obligated to then follow up with an actual deposit. This should never be a cause for concern, because any reputable forex broker (and all of the ones we mention on this site) will allow you to try a demo account with absolutely no obligation to put in real money at any time.

Be forewarned, however, that this does not mean that most forex brokers will not be trying to encourage you to open a real account and make a deposit - because most likely at some point, they will. Forex companies are just like any other industry - the more customers the better, and they definitely want your business. man ready to start trading forex

So realize that at some point in using your free forex demo account that you will probably get an e-mail or something encouraging you to open a real account. Many forex brokers offer financial incentives to open a trading account.

Some of the better bonuses may include the broker matching the amount of your first deposit up to a certain dollar amount. For instance, one of the best bonuses we know of is through ForexYard, where for a limited time they offer cash back on your first deposit, up to a maximum $1000. We will do our best to keep this page updated with the latest and best bonus incentives so that if you do decide to make a deposit, you'll get the biggest bang for your buck.

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"I'm ready to start trading forex - Now what?"

As we've mentioned, once you start to understand the basics of forex trading, the biggest task is to start learning the many factors which contribute to a currency going up or down. Sometimes even 'the experts' turn out to be wrong, but the more you study forex the more you'll see how certain global and national events will affect a given currency.

So once you've done your due diligence and tried to inform yourself about forex trading as much as possible, you're probably anxious to try out some of what you've learned. We think the best thing any beginning forex trader can do at this point is to open a free forex demo account and learn how to trade forex using pretend money to start with. forex trading at your fingertips

A forex practice account is definitely the best way to get real world forex trading experience without risking any money until you know what you're doing a bit better. You'll be buying and selling currency pairs at market prices and seeing first hand how currency movement has a positive or negative influence on your currency lot.

The other great thing about a demo forex account is it allows you to learn how to properly and efficiently use the forex trading platform of the broker you have chosen. The trading platform is simply the computer software or interface a broker uses which allows traders like us to trade forex online using our computers or hand held device. It's like using online banking or something similar - it's easy once you've done it a few times, but at first you may not know which functions do what.

While several forex brokers offer good practice accounts, we choose to focus on the best the industry has to offer to save you valuable time and money. Three of the best free forex demo accounts we have encountered are available through ForexYard, and Easy-Forex. Of course there are many others, but according to feedback from hundreds of readers, these seem to be the best.

We don't want to discourage you from checking out other forex platforms as well, in fact we encourage you to do so. However with literally hundreds of forex brokers out there, we prefer to recommend the industry leading forex brokers that have been around the longest, and whose reputations are rock-solid.

We encourage you to check out many forex brokers until you find one you're completely comfortable with. But as you do your research we definitely recommend that whatever broker you choose, make sure they have a good track record, have been around for awhile, and have a good reputation.



  

 

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