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Forex demo accounts - Learn forex for
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.
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.
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.
"I'm ready to start trading forex -
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.
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.