In this article, we discuss the demo account and what a are the pros and cons of the demo account for the traders. And slo0 helpful to select the best online broker for the demo account.
What is forex trading?
A forex trading is the exchange of new currency into another currency. The forex market is one of the largest market in the world, The market capitalization of the forex market is around %.6 trillion.
The only market where the loss and profit are in uncertain conditions. If you are a beginner and you had less knowledge of forex exchange then firstly use a demo account and learn how to market changes. take the seminars and workshops in the various region around the world that cover a multitude of topics. With the help of forex exchange strategies, it should be simple to adapt the knowledge and learn.
What is a demo account?
A demo account is the same as a real account but in which investor use fake currency while trading. A demo account has all features and functions which is essential in trading.
A demo account is generally used by the newcomers for the learning perspective and it helps to find out the best trading strategy which is helpful to use in the real trading account.
What are the pros of a demo account?
These are the pros of the demo account for the traders:
No risk: In a demo account, an investor uses fake currency in trading. If you lose a lot of money that doesn’t affect your real currency.
Self-analysis: The newcomers in the market practice on the demo account so it is helpful to find out the best trading strategy.
Confidence: After practice on the demo account, a trader starts to feel positive while trading with real currency. Because the confidence is increasing day by day.
No stress: In the demo account, the investor doesn’t need stress for trading because in which the investor use the fake currency.
What are the cons of the demo account?
These are the cons of the demo account for the traders.
Commissions: In a real account, a trader needs to pay a lot of commission, spread. Not all demo accounts take into consideration this expenditure item.
Adjustment: Real trading is much better than a demo account because in which the investor understand the whether you would be able to execute a completely similar trade in the real market.
Psychology: The investor of the demo accoun doesn’t have the emotion to invest their money. But on the other side if anything happens in the real account the trader sling their money into the market.
How to trade forex with a demo account?
If the investor trade in forex trading then it requires to follow a few steps which are essential while trading:
- First, select the best broker in the market who are offering a demo account full of tools and indicators.
- Visit the official website of the TradeATF and apply online for the demo account.
- Fill the application form under TradeATF such as name, age, address, etc.
- Apply for the demo account then the trader gives all detail regarding the demos account.
- In the last, the newcomers need to deposit the initial amount of money into the trading account that is $100.
Which is the best broker for the demo account?
TradeATF is one of the oldest broker in the market which was found in 2013. It is the representing name of Bayline Trading Ltd and it is authorised and sanctioned by the International Financial Services Commission (IFSC) of Belize. It is the digital sponsor of the Argentina Football Team.
The brokerage firm offers 350+ CFDs instrument including forex, cryptocurrency, commodities, indices and stocks. The broker offers generally three types of trading accounts such as gold, silver and platinum.
Brokereo is the brand name of Concorde Investments (Cyprus) and it is regulated and approved by the Cyprus Securities and Exchange Commission (CySEC). The trader has the choice of three types of trading accounts such as silver, gold and platinum.
The trader has a wide variety of research and educational resources such as webinars, articles, courses, VOD and tutorials. The brokerage firm offers MetaTrader 4 platform for trading. The broker offers customer support service from Monday to Friday 8.00 to 17.00 GMT.
The Bottom Line
This is the article for the newcomer because they choose a reliable broker for trading such as Brokereo, TradeATF. The benefits of the demo account are much for beginners.
What is the difference between demo and live account?
The main difference between both types of trading accounts is a live trading account in which the investor use the real money.
In the demo account, the investor uses fake currency for trading.