Beginner’s Guide to Forex Demo Account

forexThose who have experience with an online forex trading platform must have seen the 2 types of account options given for trading: Try on Demo and go live. Also, most beginners who have searched up on the internet to learn more about trading will surely come across this term called forex demo account. You will often hear about the importance of practising on a forex demo account. But you may have been wondering, why do I need to open a demo account first and are they really that essential for learning? Today, we will be answering all your questions and doubts about the forex demo account and will also give you some useful tips about the forex trading demo for beginners. So, let’s dive into it.

What is a Forex Demo Account?

We need to start by understanding what a forex demo account is and what role they play in forex trading. In simple words, a forex demo account functions as a forex practice account for newbies taking baby steps to the forex space. Just as the name indicates, a forex demo account is a demonstration of an actual trading account. They look the same and work the same way except for the risk of loss which is zero on a forex trading demo account. Because demo accounts use fake or virtual money as capital.Learn More