If you are just beginning to explore the world of foreign exchange trading, you will want to know how to open a Forex Demo Account. Probably, you have heard that even expert traders open one every once in a while to check the effectiveness of their own techniques but it is most especially popular to beginners. With a practice foreign exchange trading account, you get to know more about the possibilities and the feel of actual trading without investing a single cent. Opening a Forex demo account is usually free and the balance it contains, which ranges usually from $50,000 to $100,000 is just play money.
Most of the brokers will most probably give you the same set of tools and learning materials that you might need. The brokers will officially share their personal platform for trading once you become a member of a demo forex account. Of course, your capability as a practice user could be limited but you will get the same set of notifications, alerts, and market conditions to deal with. And you can burn your virtual money in the course of the process. Among the most popular brokers that offer demo or practice forex accounts are: AvaFX, FXC, Easy-Forex, and CMSForex. And there is still the matter of how to open a forex demo account. For you to have a fair idea on how it goes, all that you will need is an internet browser and stable Internet access. The following is a step by step guide:
- Look up a Forex broker that allows beginners to open forex demo or practice account. Your basic criterion for choosing is an excellent trading platform that is easy to understand. Do not hesitate to try as many brokers as you want.
- On the broker’s website, click the button which says something like “open a practice account” or “start with a demo account.” This is usually found on the brokers’ landing page.
- Provide all information that is required. Do not forget to give a real email address because this is where they will send the alerts and notifications. Do not hesitate to give a phone number of choice. Usually, they give out the details for logging in via a phone call.
- Wait for the email and telephone notification. The notification will provide you with all the necessary information for registration. The “waiting” part in this step does not usually take hours so be patient.
- Log in at the Forex broker’s page upon receipt of the log in information. Upon logging in, usually, you will be asked to download software for trading. Download this software right away and familiarize yourself with it.
- Launch the software and do the necessary steps to log in. Make sure to keep your username and password secure at all times.
By learning how to open a forex demo account, you will have your own discoveries on the biggest class of asset in the whole world. Taking part in the foreign exchange trading process is like being one with the world in speculating on valuations in relation with currency. This virtually concerns everyone – from the largest capitalists and businessmen down to the individual traders in the smaller markets. After becoming aware of the process on how to open a forex demo account, you should also know that in this type of business, both the rewards and the risks are high. So make the most out of that free forex demo account and apply what you have learned from the books.