If you’re new to forex trading, before you open an online account and jump right into trading, it will be a very good idea to practice before you actually start trading with, and putting your money at risk. Fortunately there are online brokers who offer a free forex demo account. By opening a demo account and using it, you’ll get to experience the trading platform, test your trading strategies, and try out the trading tools provided by the forex broker. Whether you want to demo trade for a week, a month, or longer, you’ll be able to experience actual trading in live market conditions, without risking a single cent of your actual money. While it’s true that genuine profits are infinitely better than practice profits that aren’t real, the flip side of that coin is that practice losses that aren’t real are infinitely better than genuine losses. Those can be very painful. It just makes sense to trade forex with a demo account until the point that you are consistently producing profits and are 100% comfortable with putting your money at risk.
With those facts established, here are the three online forex brokers who offer demo accounts:
IBFX
IBFX offers a forex demo trading account that never expires, provided you use it regularly. If you allow the demo account to sit idle for 20 days, then it will expire. But as long as you are actively using it, you can demo trade indefinitely. Here is how they describe it on their website:
When you open a forex demo account with IBFX, you get to experience all the benefits of MetaTrader 4 while putting your strategies to the test under live market conditions – with no risk whatsoever. The IBFX demo account is designed to enable beginner and advanced traders to experience the IBFX trading platform and leverage the full suite of IBFX trading tools.
By downloading your forex demo account below, you get all the benefits of IBFX without any obligation to fund your account. We want you to experience, first hand, why we believe IBFX is the best forex broker.
You can go to the page by visiting: IBFX forex demo account
FXTSwiss
FXTSwiss offers a free forex practice trading account that starts out with $50,000 in practice funds to demo trade with. On the page to sign up for the demo account, they have easy to follow instructions along with simple screenshots to make the process simple to complete.
Here is how they describe the demo account on their website:
“You can test and evaluate trading strategies with no risk by opening a practice account and you will receive the same real time quotes and charting with all the live features.”
You can go to the page to open the practice account by visiting: FXTSwiss forex demo account
eToro
eToro is more than just an online forex broker, it’s a complete social trading network. eToro is actuall an introducing broker to ILQ, which handles the actual trade executions. The big benefit of eToro is the social aspect. They have a trading academy, and you can follow and observe other forex traders. the ability to do so is built right into their system.
Here is how eToro describes the demo account on their website:
“We have a wealth of trading resources available to you – to assist you in making more educated trades. Feel free to browse around our site, use our tutorials, guides, blog, trading articles, webinars and more.
eToro uses the very best Forex trading platforms including our very own WebTrader. Practice makes perfect and we encourage our traders to make use of our demo trading account, prior to trading with real money.”
You can go to the page to open the demo trading account by visiting: eToro forex demo account
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