Start trading today with a free FX demo account or mini FX account
We’ve all heard the saying “nothing is free”. But when it comes to the world of Forex trading, there are free demo trading accounts. Many professional automated forex software applications have demo trading accounts. This is a great place to start. These demo accounts use real-time live forex trading, you make decisions based on breaking news and use forex charts. All your transactions, profits and losses are on paper.
Once you start trading in a demo account; you will become familiar with the trading process. Forex trading is not something you learn overnight. Make no mistake, there is a lot to learn about the forex market. The FX market is highly volatile and it is imperative that you educate yourself. Opening a demo account is a very important step towards being a successful forex trader
Some of the basic forex terms are: leverage, margin, PIP, spread, limit order, stop-loss and floating stop. The forex market is traded in pairs, here is an example:
EUR/USD last trade 1.5000 – Explanation, one euro is worth $1.50 to one US dollar.
The first currency (EURO in this example) is called the base currency and the second (/USD) as the counter or quote currency.
A demo account allows you to experience the same dynamic market action and go through the same decision-making process based on breaking news, reacting to chart patterns and tracking your performance.
When you are ready to start trading with a real account, open a mini account. Successful forex traders take small steps. After the mini account you can upgrade to the full trading account.
Mini forex allows you to open an account with a reduced amount. It requires less capital than regular currency accounts.
The minimum investment for a mini account is $300.
Recommended account deposit = $2000
It is traded in lots of 10,000 currency units
The default margin is set to 0.5% ($50 per mini lot)
Leverage up to 200:1
There are no downsides to trading with a FOREX mini account. As a new trader, you develop discipline, trading strategies and techniques without thinking too much about profits and losses.
Forex trading hours are 24 hours a day, excluding holidays. Hours are from 10:00 PM GMT on Sunday to 10:00 PM GMT on Friday. This allows you to trade FX after completing your daily duties. Trading can be done from any kitchen table in the world. If you’ve been thinking about trading the forex market, open a free demo account today.
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