Forex demo account or practice account

Either if you are a novice or a semi pro on the forex market, a forex demo account it's an exremely important tool for for learning and practicing technical analysis.A forex demo account it's crucial for learning many aspects of forex trading, getting familiarized with the forex trading software,putting in practice your trading strategies and many more.Forex Demo Accounts are educational resources and it's recomended to open a demo account or practice account prior to opening of a Live Trading Account. By opening such an account, traders, regardless of their previous experience, are able to get familiar with various procedures of trading while taking no risk, as all losses or gains on Forex Demo Account are not real.

How you open a forex demo account

Today a forex demo account it's a must have for every broker and a must try for every trader.Forex market is growing very fast in the last few years and more people are trading currencies.Therefore the number of forex brokers is also growing and the competition in this sector it's ferocious.

A forex demo account enables you to get to know the broker’s software before putting real money in.

The fastest and easiest way to open a Forex demo account is to fill in the broker online form.Usually the broker is provinding a free live online training to any new user of Forex Demo Account to teach them both about the market and specific strategies. The accounts may be founded via credit card, check or wire transfer.

The steps to open a Forex demo account in most cases are as follows:
1. Open the account online at the brokers web page
2. Fund the account via one of the three abovementioned methods
3. Install the forex trading system software
4. Once it has been installed, the new user can log on by clicking Login-Demo and providing their User ID and password.

Types of Forex Demo Accounts

In general the brokers offers 3 types of Forex Demo Accounts:

1. Mini Forex Demo Account:
   • spread by 3 pips
   • leverage up to 500:1
   • $500 as minimum deposit
   • allowed scalping
   • 1% of margin
   • dealing room services
2. Standard Forex Demo Account:
   • spread by 2 pips
   • leverage up to 200:1
   • $10,000 as minimum deposit
   • allowed scalping
   • 1% of margin
   • dealing room services
3. Premium Forex Demo Account:
   • spread by 1 pip
   • leverage up to 100:1
   • $250,000 as minimum deposit
   • allowed scalping
   • 1% of margin
   • dealing room services