Financial Trading Demo accounts are useful to both professional and novice traders.
Trading demo accounts enable the user to sample the experience of trading with a specific broker and also understand how real trading is carried out. It’s necessary to compare different brokers before settling on the best. Here is a review of some outstanding demo accounts online.
24Option Demo Account
To get started with the 24Option demo account, you first have to open a live account by depositing $400 (for U.K residents).The rest of the world is $250. You can use regular wire transfers or credit cards to make a deposit. Your deposit funds will remain untouched as you acquaint yourself with the trading platform.
You can learn new trading techniques by making use of 24option’s education center which has eBooks, videos, and webinars tailored for both professionals and beginners. The trading platform will give you access to more than 100 different assets with four different modes of trading. If you find their trading platform is not ideal for you, you’re free to cash out your real money account and close it.
Admiral Markets Demo Account
To start practicing, you must first submit your supporting documents to prove your identity. This is done to prevent money laundering and fraudulent transactions. Your demo account is not time limited, and you’re are also allowed unlimited free access as many times as you wish. To test your skills against real market trading, your demo account is set up with a start-up budget of $10,000 virtual funds.
Admiral Markets trading platform is also suitable for mobile applications allowing you to practice trading on the move. A quick-start guide is available to teach novice traders trading techniques and strategies. The demo account is continually available, and you can open several demo accounts free simultaneously.
BD Swiss Demo Account
BD Swiss demo account is a replica of the real live trading account. This account allows you to practice and experience trading in real time on several open markets. You can learn the basics of trading by using the various features available. Exposure to different trading types will allow you to recognize the trade types you are most comfortable with, before your first trade with real money. You can also practice your strategies on BD Swiss’s extensive asset index. The demo account is free once you sign up. The lowest investment amount for real trading is $100 for all types of trading account.
eToro Demo Account
You can easily sign-up for an eToro practice account via Facebook login registration. This saves you the hustle of filling up online registration forms. The demo account is free and it’s not binding. eToro uses the practice account to advertise themselves to prospective traders, who in turn use it to test the ability of their service. Once you have registered for a trading account, you choose “Practice Trading Login” on the main site and start trading with virtual money.
At first, your demo account will be “empty” so you will need to follow other traders to see activity on your dashboard. You can also activate “copy trading mode” which replicates the operations of the traders who you’re following. The virtual practice balance is $50,000 which you can request for a reload in case it runs out.
IQ Option Demo Account
Activating this free demo account does not need the user to deposit any funds. It doesn’t have a usage limit so you can practice trading as many times as you wish. The demo trading platform is a replica of its live platform. These is to help traders understand how real trading works. You also have access to tools and indicators with which you can test different strategies, without fear of losing real money. One of the best features is you don’t have to deposit any funds to use the demo account. Besides, you can access support services like other live traders.
UFX Demo Account
After you sign up for a trading account with UFX, you can access the demo account in your personal menu. Your demo account will be credited with $10,000 virtual funds which you can use to trade on available assets. Beginner traders can also access a free copy of “The Insider’s Guide to Trading” eBook and a personal trading coach to help you understand the trading platforms’ tools and strategies. The demo account allows access to the live feed market events where you can study aggregated trade practices. You don’t need to deposit a minimum balance to access the demo account.
LCG Demo Account
To open a demo LCG account, you first need to visit their website and register a live account. There are two different trading accounts both of which don’t require any minimum deposit. You can then practice trading on the available demo platforms with virtual money. Traders can use both accounts (spread betting and CFD account) as demo accounts for a period of 30 days before expiry. This is a drawback to traders as it means they have 30 days only to understand the trading criteria of the platform. The other drawback is the site does not provide educational material to help guide novice traders.
Trade 360 Demo Account
Traders don’t need to verify their identity or make a minimum deposit to use the Trade360 demo account. You can practice trading with up to $10,000 virtual funds. In addition, new traders get $10 for opening a new position, $20 for closing it and $30 if you make a profit that’s more than $30 bringing the bonus to $60. But you must activate your account in 7 days by depositing $100 failure to which you lose the bonus. The demo account will give you access to a customizable dashboard that enables you to view the unique live market feed. You can practice trading on the go with the Trade360 mobile app.
Demo Trading Advice
Most brokers require beginner traders to deposit a minimum balance before accessing the demo trading platforms. This enables the broker to separate serious traders from jokers. A broker with a demo account is also a good sign for traders that they are dealing with a reliable company.