FxBrokerReviews.org – Demo trading accounts provide you with the opportunity to experiment without risking any of your real funds. The brokers that provide the top demo trading accounts are compared on this page. You may trade with “fake” money using a demo account, often known as a virtual trading account. It’s an excellent chance to get the hang of things, gradually try out a trading platform or approach, or determine whether it could work. Find the top demo trading accounts below and discover how to select between them.
Top demo trading platforms
eToro
The finest demo account we’ve used is eToro since it’s the easiest and most user-friendly. After opening an account with eToro, you can easily switch to the virtual mode or a demo account. We discovered that this provided the same trading experience as the actual account.
It’s a trial account that’s best suited for inexperienced traders and offers many practical ways to learn fresh concepts or tactics regarding forex demo accounts. Since eToro is essentially a social trading platform, you can examine other people’s transactions and the reasoning behind them by using the interface, which is designed to seem like a social media site. The major improvement is how simple it is to duplicate these transactions to your own demo account.
Also read: Best Forex Trading Simulator Software in 2022
That might not be sufficient for traders with greater experience. The site makes it tough to perform a lot of your own analysis, therefore we had to use TradingView to handle the labour-intensive tasks while using eToro exclusively for trade execution. However, you may simply keep track of your demo account’s earnings and loss and use that data to choose whether to transition to real money.
PROS
- Trade with $100,000 in fictitious money.
- The same features as a real money account are available.
- With a single click, switch between demo and actual accounts.
- Use CopyTrader to pick some tips from the pros.
CONS
- Compared to the competition, trading features are few.
- Some jurisdictions have access restrictions.
AvaTrade
AvaTrade provides a fantastic sample trading account, and its trading platform for beginners strikes a mix between a user-friendly layout and a wealth of practical features. Simple registration is required, and switching to the sample account is as easy as flipping a button in your account settings.
When we initially utilised the platform to learn more about forex sample accounts, we were given a free forex trading booklet and access to a brief trading instruction. Although it’s confined to trends and channels rather than more complex metrics, we found the UI to be user-friendly and provide a wealth of information.
PROS
- $10,000 in virtual money.
- A quick guide to get you going.
- Some lost positions are compensated by “AvaProtect.”
CONS
- Several bothersome calls and emails.
- No way to conduct a thorough analysis.
Capital.com
Capital.com is a fantastic option for trading while on the go because it offers an award-winning stock app. In addition to having this freedom and flexibility, it also uses artificial intelligence to identify your behaviour and biases and provide feedback on your trading approach.
The website also provides a tonne of insightful instructional content. Beginners may get a feel for the market with the free demo account, and they can examine their performance and identify their faults using the trading algorithm.
Also read: All That You Need To Know About Forex Trading
According to our experience with capital.com, the demo account is fairly accessible and more or less functions like actual trading. Although, similar to some other platforms, as soon as you provide your contact information, account managers may call you and try to upsell you.
PROS
- Excellent mobile account.
- Several instructional resources.
- Provide comments about your trading approach.
CONS
- A website is a glut of information.
- Several bothersome calls and emails.
How does a demo trading platform work?
It merely replaces the actual financial markets with a simulation. You may purchase virtual financial assets, like as stocks, currencies, cryptocurrencies, or anything else, in that fictitious environment using virtual money.
Typically, you may activate a demo account by simply flipping a button in your account settings. You are given a set amount of virtual money by the service—typically $100,000 or $1,000,000—and you are in charge of what you do with it. There are times when you won’t even need to open an account in order to use the sample version. We discovered a few brokers who provided us with demo trading without requesting all the ID verification that a real account would demand.
Also read: Best Automated Trading Software Free in 2022
Final Thoughts
The use of a demo account is free of charge. Any reputable broker or trading platform allows free account creation, and using a demo account doesn’t require a deposit. Just activate the virtual or demo account in your account settings to begin trading.
