Forex demo accounts are a great way to try forex trading without actually risking any funds. Even experienced Australian forex traders use demo accounts to test forex trading strategies and automated tools. These two forex trading platforms are the most popular worldwide. Unlike most other demo accounts, for Easy Forex you need to open an account and your automatically provided a bonus account.
Plus is one of the worlds largest forex brokers with an AFSL. A new feature with the broker is you can fund your account via paypal. There forex trading accounts have all the same features as real accounts including the ability to test expert advisors including automated trading strategies. They have fast execution speeds as an ECN trader and high leverage which may be useful for more experienced, high risk baring traders.
GO Markets forex trading accounts are only MetaTrader 4 and mirror the same live trading environment for traders. The forex broker offers low fast execution speeds and has funding sources from paypal to AMEX. OANDA are a customer service first forex broker focusing on open and transparency when it comes to trading fees, fast execution and competitive spreads.
This focus flows through to the OANDA trading account which unlike more other fx brokers is unlimited in both time and use. The demo accounts are MetaTrader 4 enabled. The broker offers leverage of up to Their platform offers automated executions without re-quotes.
Automated trades can be processed but their demo account will not have slippage and out of hours price movements which should be understood by Australian forex traders. They have guides, an online university and live events to assist its traders to improve their currency trading knowledge. They also offer support at all hours while currency markets are open.
Like other ECN brokers they have low spreads and fast execution speeds. They have an excellent resource base and support for new, intermediate and expert traders.
The most important element when choosing a forex demo account is the platform s offered. Traders generally stick to certain platforms, especially either MetaTrader 4 or cTrader and there is little point familiarising yourself with one platform but then trading with a different one.
The second important factor is the features within the demo account which will align with the live account such as leverage, guaranteed stops and and spreads. Like choosing the best forex platform for you when forex trading, having the right features within the platform to suit your forex strategy can be critical to future success. A third factor is execution speed which helps traders make fast trades with reduced slippage in higher volatility markets.
The final factor is the exploration date of the demo account with some lasting a month while others will be unlimited. When adding leverage to the equation, you run the risk of losing more money than you originally deposited in you trading account.
It is for this reason that becoming well equipped to deal with the vagaries of financial markets is paramount. One can learn how to trade by reading and researching. This is exactly what a demo Forex account provides. It gets you accustomed the markets and allows you to familiarise yourself with your trading platform of choice.
This demo account review was compiled and published in and was updated in early January It was put together by the dedicated staff at Compare Forex Brokers who spent a significant amount of time researching the industry. We aim to update our analyses frequently but sometimes inconsistencies can be found. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Forex Demo Account Comparison Forex demo accounts are a great way to try forex trading without actually risking any funds. Fastest Execution Times Fast execution speeds Up toMore...