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9 Best Forex Demo Accounts 2022
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Forex demo accounts are free practice accounts for new traders. Think of them like flight simulators for new pilots. Like a flight simulator, you can make all kinds of mistakes without any consequences – except for maybe a bruised ego and the realisation that you have a lot to learn. Demo accounts are always free, but some are better than others. Most traders with a demo account will go on to open a live account with the same broker. To get more news about avatrade demo account, you can visit wikifx.com official website.
To test these demo accounts, we set up the trading software, read the educational material, traded away all of the virtual money we were given, and used the customer service teams to help get us started. While trading with these brokers, we rate the quality of their financial regulation, trading platform choice and read the fine print to get a grasp of the trading conditions should a novice trader want to open a live trading account. These are the best demo trading accounts in Australia for 2022, according to our testing and our research.
How to compare demo accounts
A demo account trading account is a risk-free setup for beginners and experienced traders equally. While beginner traders will use this account type to test trading platforms and learn how trading works, experienced traders will use a demo account for testing new strategies without the risk of losing capital. To compare demo accounts, consider the following:
Free Education: Any legitimate demo account will be free. A reliable broker will never charge for opening a demo account and will often provide free learning material to get you started. Structured trading courses complemented by top-quality market analysis by in-house analytics teams are a great addition to any demo account.Trading platform: The first thing a beginner trader will learn is how to manage the trading platform. Learning Forex strategy is complex enough, so before trading any real money, invest the time in finding a trading platform you are comfortable operating.
Customer service: Demo accounts are mainly used by beginners, and beginners often need customer service support. While customer service hours vary between brokers, the evening and weekend opening hours will affect when you can get the support you need and fit your learning into a busy schedule.
FP Markets – Best Demo Account in Australia
ASIC-regulated FP Markets has a free demo account to trade 60 Forex pairs as well as shares, metals, commodities and indices on MT4 (desktop/browser) and MT5 (desktop/browser/app). The account will remain open for as long you want, and will only expire after 30 days of inactivity.The differences between the demo and live accounts at FP Markets are the execution (the demo account is virtual) and the spreads. The live account relies on ECN pricing which has multiple sources of liquidity, causing different spreads compared to a demo account. The minimum deposit on the live account is 100 AUD, with spreads on EUR/USD as low as 0.10 pips and commission of 6 USD per lot giving a total trading cost 7 USD per lot.
Besides the demo account, FP Markets has introduced Traders Hub as education and market analysis section. Daily technical and fundamental analysis is available, alongside all the educational eBooks, video tutorials and trading courses are available to help beginner traders get going.
Pepperstone – Best ECN Demo Account
Pepperstone, headquartered in Melbourne, is internationally recognised for their high-speed trading execution, and an offering for beginners that most ECN brokers don’t have. Free demo accounts at Pepperstone allow clients to trade 80+ Forex pairs on their choice of MT4, MT5 and cTrader platforms, and 24/7 customer support. The demo account expires after 30 days unless you have a live account, in which case you can request a non-expiry demo account.The demo and the live account the same in performance and conditions, except the demo account comprises of 500,000 AUD in virtual funds. The minimum deposit on the live account is 100 AUD, with spreads on EUR/USD as low as 0.17 pip and commission of 0.0 USD per lot giving a total trading cost 6 USD per lot.
A demo account should be used as a learning tool in conjunction with studying how to trade. Pepperstone’s education section called Learn to Trade Forex helps traders get started with some of the technical concepts, while a section called Trading Guides supports traders with issues that they will confront every day; how to keep a trading journal, developing a trading plan and managing risk.