How to Open a Forex Demo Account for Free?
The forex demo account is a great way to get started, test the waters, and explore the world of forex trading without risking any money. That’s why everyone interested in forex trading should start this journey with a free forex demo account before trying real money investing.
So, how can you open a best Forex demo account? Continue reading below to find out about some suitable and tested methods on how you can open one up right now!
Method 1: Search for Major Broker-Offered Free Demos
The best solution will be if your broker offers some sort of a “practice mode” or “demo mode,” which lets you use their platform and play around with virtual money. Traders Union can lead you to a free account. You’re out of luck if your broker doesn’t provide a demo version for their trading platform.
But fear not because some brokers are offering Forex real money accounts which also come with a free demo account! For example, the famous and reputable FBS company offers traders free real money and Forex demo accounts. Whether you’ll need a forex broker or a full-fledged MT4 broker, you should be able to find one that will let you use their platform in “demo mode.”
Note: Another solution would be to open a second real money account and use two different logins and passwords. However, many brokers don’t allow this, and there’s also a significant risk of getting your demo and live accounts mixed up, which is why we recommend against that method.
Method 2: Try out the Platform at Work or on Your Friend’s PC
Many Forex demo traders get started by installing their trading platform on their office computer or just by using another friend’s computer because they’re not familiar with all the software’s features. If you’re currently in an office, you can always request your IT specialist to install it for you, but if that doesn’t work, then try asking for permission from someone who is using that computer instead!
If you know that someone in your family or at work is using a Forex trading platform, then ask if you can use it to familiarize yourself with the ins and outs of it. You’d be surprised to see how many people already use such platforms and how eager they’ll be to let you “test drive” their demo account while they’re out!
And finally, another way would be to download and install a free trial version of the software on your computer and register for a new account. Make sure that the software works fine before committing money by testing it first on a virtual simulated account.
Tip: You can also try asking around because sometimes people may get all excited about finding an interesting piece of software (or app) and not realize that you can use it for free.