Forex Trading Demo Account helps traders simulate a live trading environment without risking their real money. A Forex Demo Account also allows Forex traders to begin free Forex trading pretty fast, so that they can practice trading before using real money. All traders in South Africa should use Forex trading demo account South Africa as their first Forex account to get the feel of what the foreign exchange market is like in real life. Demo of Forex trading also allow you to get used to the Forex broker and the trading platform they use. In essence, Forex trading demo account allows traders to practice their trading skills and explore other benefits. The purpose of this article is to provide traders with the benefits of using a demo account in FX trading. You will also learn about Forex trading demo app download, how to trade using free demo account and why it is important to have a Forex trading demo account.
Forex Brokers for Best Forex Trading Demo Account
How do I Open A Forex demo account?
In order to start trading on demo account, you should do the following.
- Visit a broker where you would like to open a Forex demo account
- Click on Open forex a demo account
- Enter your personal details
- Get account number and password
- Verify your phone number or email address
- Follow the prompt
- Start forex trading on demo account
How does Forex Trading demo account work?
Best Forex Demo Accounts have most of the capabilities of a real trading account. The broker wants you to learn the ins and outs of their trading platform before you deposit real money. Here is how Forex demo account works; it allows you to practice trading currencies.
All the listed brokers above offer demo trading accounts in South Africa. This is to help Forex beginners learn how the foreign exchange market world works and build knowledge, gain skill and confidence.
Benefits of a Forex Demo Account
Forex Trading Demo Account South Africa comes with lots of benefits. Below are some of the benefits of demo of Forex trading.
- Demo trading account teaches you how to trade forex risk free
- Familiarise yourself with your trading platform
- Create, develop and test your trading strategies
- Learn to control your emotions
- Trading demo account helps traders find the best trading routine that suits them
Having a free demo Forex trading account gives you peace of mind knowing that you can practice as much as you can without losing your hard-earned money. This is an ideal way to learn about Forex trading and discover whether it is the right path for you rather than jumping in feet first and losing all your money only to find trading currencies does not appeal to you.
As mentioned, a Forex demo account can help build your confidence levels. It is only natural that you will feel nervous if you have never been involved in Forex trading before. Traders need confidence and know what they are doing. When you have a Forex trading demo account in South Africa, it can help boost your confidence and develop a strategy so that you will use it when you start trading using real money. We recommend novice traders to start off by using demo accounts. This will also reduce the risk of financial losses.
Best Forex Trading Demo Account Forex Brokers
Here’s a list of The Best Demo Brokers in South Africa.
- Plus500 – Best for Unlimited Demo Time
- AvaTrade – Best Demo Account
- CM Trading – Best Forex Trading Demo Account for Beginners
- 24 Option – Best Demo Trading Account on the market
- com – Best Demo of Forex Trading
- eToro – Best Practice Account
- FXTM – Top Forex Trading Demo Account South Africa
- XM – Popular Demo Trading Account
- Alpari – Best-Known Demo Account
- HotForex – Most Trusted Forex Demo Account
- COM – Best FX Trading Account
- easyMarkets – Beginner-Friendly Forex demo accounts
What should you look for in a forex demo account?
A demo trading account is supposed to act as a demonstrator platform. That is why the layout and functionalities of the demo platform must be the same as the live trading when traders make a switch. You should look for the following in the demo platform.
- Basic Layout Vs. Integrated Layout – you should be able to see order entries, price quotes and transactions reporting on the platform. Some best demo accounts in South Africa show trading charts, price quotes and trade history all displayed on a single trading screen.
- Orders Placement – you must at least be able to place a few dozen trades using the demo trading platform. You will be able to know how orders are placed on the account. The best Forex Demo platform will help you answer some of the below questions;
- How to place order limits
- Lot sizes you can trade with
- How to set stop orders
- Whether it’s possible to trade both mini lots and standard lots on the platform
- How many assets you can trade
- Does the platform suites your trading style
- Does the platform have customer support
- Does the platform support both limit and stop orders simultaneously
- Trade Reports – you can also use demo accounts to evaluate the reporting system of the trading platform.
How to Choose the Best Forex Trading Demo Account
Choosing the best Forex Trading Demo account is easy. To find the best demo account requires some patience as it involves opening several demo forex accounts with a few different South African Forex brokers. Test your trading skills and knowledge by signing up with the above brokers. Free forex trading demo account download is available through them.
Tips for Successful Forex Demo Account Use
- Determine the Correct Lot Size
- Develop a Trading Strategy
- Test All the Orders Types
- Familiarize yourself with the platform’s features
- Choose the Right Leverage Level
- Control Emotions