What Is A FOREX Demo Account?
A FOREX demo account is–essentially–a free account that is provided to you with virtual money once you open it. All transactions made with it are not real, and they only exist in your account.
The attraction of a demo account is that you can try out all the features of a broker for free, and you can even start practicing trading in itself without facing actual financial losses.
You can open a MetaTrader 4 demo account individually, without having to enter any broker, so you can test its features. The same can be done with each broker that lists a FOREX demo account within its trading plans.
It is has almost become an industry standard to include this type of plan among the different accounts offered by a brokerage agency.
It is often thought that only beginners use these types of account, but the truth is that even experienced and professional traders use demo accounts to test new strategies and currency pairs, as the features include a realistic representation of the market.
Regardless, FOREX demo account for beginners are still a standard part of every training or educational course regularly offered by FOREX brokers, as they are the best way to approach the previously-unknown market.