Abstract：Most forex brokers provide their clients with a demo account option. A demo account is also known as a practice account or a fake account.
A demo account is similar to a real account, except that the money involved is not real. Traders can opt for a specific amount of starting “capital” and the leverage level to kickstart their new demo account.
The main purpose of a demo account is to enable traders to learn trading without risking any real money. Simultaneously, this allows users to gain first-hand experience with their selected brokers respectively. This is a good opportunity to evaluate the trading platform provided, the stability of its trading environment, the responsiveness of customer support, and more before depositing their hard-earned money.
We at WikiFX have constantly seen too many scam cases wherein users deposit money into an unreliable forex broker and have withdrawal issues later on. Therefore, if one spots a red flag or feels any discomfort during demo trading, it is encouraged to switch to another broker and not proceed further.
However, demo accounts are not only limited to newbie traders. Many experienced traders also use it to test out a new strategy, indicator, or expert advisor (also known as trading robot) before involving real money. This is a helpful feature as aforementioned; a demo account has access to all live market information which enables a trader to evaluate his performance before diving right in.
During demo trading, you will encounter many unexpected situations, which will help you better understand the trading processs general framework. For example, you may discover that you will only be able to trade during certain days or hours. Or, it could be that you find more confidence in trading currency pairs rather than commodities.
The goal of demo trading is to demonstrate the success of the trading technique used and its ability to generate consistent profits in the real market and to better understand yourself as a trader, without risking a single cent!
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