To become a successful trader, you must understand the financial markets, have a strong mindset, great analytical skills, be able to make quick decisions and know the basics about FX risk management. Another important point for becoming a successful trader is knowing the FX trading software in great detail. We will have a closer look at this very important point but we’d like to make a recommendation first. eToro offers the best trading environment for novice traders and you can use an unlimited Forex demo account. Just click here to take a close look at the eToro practice account!
Free Forex Demo Account
If you want to learn how to trade with the software of your FX broker, you should use a demo account. With a free FX demo account, you can trade under real market conditions without risking any real money. Most Forex brokers offer free demo accounts to their clients. In practice, you have to first register at the broker of your choice before you can use a demo account for free. We recommend that every FX trader, either starting from scratch or when switching to a FX broker with a new trading software, first make use of a free practice account in order to get thoroughly acquainted with the FX trading platform. This will reduce the risks of making mistakes while trading FX (incorrect order entries for example).
Unfortunately, most FX brokers do not offer an unlimited free FX demo account. The free accounts are usually limited to 14, 21 or 28 days. In particular if you are an employee, are engaged in other hobbies or have family and friends, you will find it difficult to gain enough experience in FX trading during this short time frame. For most users, the deadline for using a free Forex demo account is set too short. Fortunately, there are some alternatives on the market: Forex brokers that offer unlimited demo accounts.
Unlimited Forex Demo Account
eToro is one of the largest and most popular Forex brokers in the world. And eToro puts a lot of attention on customer service, customer satisfaction and above all on having successful traders. In addition to extensive training materials for its clients, eToro offers its clients an unlimited demo account. With this free practice account you can trade and test your strategies as long as you want under real conditions without having to risk you own real money.
InstaForex also offers an unlimited Forex demo account. A practice account is a great choice if you are a beginner in online FX trading. InstaForex is a reputable FX broker, which was awarded as the “Best Broker in Asia” both in 2009 and 2010.
What is the Best Demo Account to Start Trading?
The above demo accounts are all recommended. All have, of course, advantages and disadvantages. The differences are marginal and you should simply choose the Forex broker that suits you the most. You cannot do much wrong as, after all, you do not have to deposit and invest any real money when trading with a Forex demo account.
What About an Unlimited CFD Demo Account?
All three CFD brokers presented above, eToro, Plus500 and Instaforex, offer CFD trading in addition to online FX trading. This means that you can use your unlimited practice account to also trade contracts for difference.