Demo accounts are an excellent way for beginners and experienced traders to try trading with real money and perfect their strategy without risking any funds. Demo accounts allow users to learn the ins and outs of forex trading, giving them time to practice browsing charts, readjusting their strategies as needed, learning how to open and close trades, and much more on free demo account.
If you’re looking for a demo account in Australia, specialized brokers offer highly-competitive options just for you. Not only will these demo accounts come with no strings attached (no deposit or payment required), they also regularly provide new updates and charts that make your trading experience even more prosperous.
But don’t misread that demo accounts are enough to give you a good grasp of the market. If you genuinely want to learn how forex works, make sure you also read up as much as possible about the technical and fundamental analysis tools that help traders forecast future movements and break down currency pairs into specific entry and exit points.
Research a good forex broker
The key to a successful trade is choosing an experienced and trustworthy forex broker. The most famous Australian brokers offer demo accounts, but they will also have the requirements you need to fulfil to open one. Before you sign up for a demo account, be sure to read through all of the terms and conditions on the broker’s website so that when it comes time to apply, there won’t be any confusion about what steps you need to take. For a free demo account, you can join here.
Submit your demo account request
To submit a demo account application with your chosen broker, find the “Open Trading Account” or “Demo” section on their website and click on either option. Most brokers will ask for basic contact information, including your full name, email address, phone number, and more. You may also need to submit some form of ID depending on the broker’s requirements.
Download the trading platform
Demo accounts typically come with a downloadable version of the same platform used for live trading. Since it is still in demo mode, you won’t need to pay for any monthly subscriptions or anything like that- so go ahead and download this platform now.
Practice using the trading platform
The days when you had to study how to trade offline by reading books or relying on others are long gone. Demo accounts allow users to practice as often as they want until they feel entirely comfortable with how everything works- including placing trades, withdrawing funds, or even navigating the website to see all of its different features.
Prepare for live trading
If you’ve followed every step, you should already have opened your demo account with a broker and downloaded its platform. Now it’s time to practice using the platform until you feel prepared to start making trades with real money. Once you’re ready, make sure that all of your payment information is correct so that they can complete each withdrawal request as soon as possible.
What are the benefits of using a free demo account?
You can see how the market operates
By trading with virtual money, you’ll get the chance to see how the market operates without risk. You can learn all of your preferred platform’s different features and get a feel for how things work in real-time, from opening orders to closing positions.
No need to look for a credit card or funding options
You no longer have to worry about looking for a credit card that allows international transactions or checking out funds transfer status at your local bank branch. All you need to do is stick around until your demo account goes live so that you can enjoy all of its benefits.
You can familiarize yourself with the platform
Even though you’re filling out the same information every time, it’s always good to get acclimated to a broker’s website. After submitting your request for a demo account, take some time to browse around so that when your live trading account finally becomes available, you’ll know what buttons are where and how to maximize all of its features.