Use a FOREX demo account

A forex demo account is uses play money that is used in a virtual account. You can use the “money” to make virtual trades. Even though these accounts are free, they are supposed the show the market conditions that are current at that time. When brokers distribute demo accounts, some of them are limited to customers for about 30 days. Other brokers are more generous and allow unlimited use.

Of course, having a forex demo account has its advantages and disadvantages:

Advantages

» Demo accounts are free. The brokers provide this perk so that they can get contact information and try to convince you to open a real account with real money.
» Customers are allowed to use these accounts without any risk on their part. They do not have to invest money, especially if they don’t have it to invest.
» A forex demo account can help you get acclimated to the real thing. Customers will be able to learn the ins and outs of such as system before handing over any money.
You may want the services of a broker; however, if there is no concrete forex trading platform, it’s a good idea to use a demo account until you get acclimated with the process. Plus, you will still keep your money before you start trading in the real world.

Disadvantages

» There is real risk involved with forex trading. If you don’t understand it, then you should not start to trade until you do. When you start trading in the real world, you have to know that every trade you make will not be profitable. There will be some in which you will lose money. You will need to know how to contain yourself and not go off the deep end when that happens.
» When you are working with a demo account, it will show a lot of deposited funds. If you are among most just starting out, you may not have a lot to work with up front. A forex demo account starts with $50,000 and can go up into the six figures. This amount can blow your mind, especially if you’re not used to seeing that amount. You have to discipline yourself to know that you need to start out small and not take huge risks. Even if you can afford it starting out, it’s not a good idea.
Even with that, a forex demo account is a great way to learn forex trading. If you are looking to do this for the long run, it would be in your best interest to take advantage of this tool. It can save you a lot of heartache down the road.