Forex Trading Basics- Setting up a Demo Account

It's no secret that if you want to become an expert in something, you must practice. There is no short cut to success. Have you ever come across the 10,000 hours rule? According to this rule, if you want to be an expert at anything, you must be ready to practice for at least 10,000 hours. It applies in every aspect of life, and Forex trading is no exception.

Forex trading is easy, especially for professional traders. In the eyes of an expert trader, it looks quite simple and understandable. But in the eyes of a newbie, Forex trading may seem complicated and risky. So, how do you learn to trade Forex without having to risk your hard-earned money? The secret lies in the forex trading demo account. In this article, you will learn everything about the demo account, from how to create them, their advantages and disadvantages, and where you can create one.

What's a Forex Demo Trading Account?

A Forex demo trading account is a virtual account that allows you to trade with virtual money. A demo account simulates a live account. The only difference is that you are trading with virtual money. Demo trading accounts are risk-free, and you stand to lose nothing. Both novice and professional traders can use demo trading accounts. For instance, if a professional trader wants to test a particular strategy, they will use a demo trading account to do so. Since there is no risk of losing capital, traders can learn and gain experience while using demo accounts.

What are the Features of a Demo Account?

As highlighted earlier, demo accounts provide a safe platform for traders to learn and earn experience in trading the stock market. Demo trading accounts have different features depending on the provider of the platform. Some of the...