What is a Forex Demo Account?
A forex demo account is also referred to as ‘Paper Trading Account’ which is used for practicing trading or to test a new trading strategy without any risk to actual money. A forex demo account also serves the purpose of enabling people who are complete beginners to forex to get familiar with the various aspects of trading. The demo account can kickstart the process of getting familiar with the trading platform: understanding how to place orders, managing existing trade positions as well as more advanced functions such as testing or fine tuning a trading strategy. If you are new to trading, then it is highly recommended that you first get yourself acquainted with a forex demo account until you are comfortable with both your trading strategy as well as the trading platform itself.
Benefits of a Forex Demo Account
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