How to Open a Demo Trading Account in 5 steps!

This article will provide you with all of the benefits of using a demo account in Forex trading. You'll learn about what a Forex demo trading account is, why you should consider downloading a trial demo account, how to download a demo trading account, how to set up a demo account, the best way to use a demo trading account, and more!To get more news about forex demo accounts, you can visit wikifx.com official website.

Why New Traders Should Trial a Forex Demo Account
Did you know that global trading volumes in the foreign exchange market reached record highs? Thanks to volatility in global economics, more and more people are actively trading in the Forex market. However, trading a market which turns over more than $5 trillion every single day can be quite daunting at first. This is why your first Forex account should be a Forex demo account when you are starting out.
Open a Demo Trading Account in 5 Steps!
Excited by the prospects of trading the global financial markets and can't wait to get started? Good news. You can open a demo trading account with Admirals within minutes by following these simple steps.
Create an Admirals demo trading account
Download our state-of-the-art trading platform
Log in to MetaTrader 5
Install MetaTrader 5 Supreme Edition
Place your first demo trade!
Within minutes, the account can effectively become your Forex practice account and can work as a free trading simulator. This could prove to be invaluable when you are first learning how to Forex trade. You can easily open up a free Forex trading demo account and be trading in a matter of minutes, and trading the global currency market risk free. Read on for more information about what exactly a Forex demo account is, the benefits of using one, and the best way for you to start using it today.

What is a Forex Demo Account?
As you may have gathered, a Forex demo account enables a trader to simulate a live trading environment - without putting any real money at risk. It enables a trader to start free online trading relatively quickly, so that they can practice trading before risking real money.

All Forex traders should use a Forex demo as their first Forex account to get a feel of what trading the currency market is like, as well as to get used to the broker and the trading platform they are using. Essentially, it enables traders to practice their trading skills along with quite a few more enticing benefits.

Trading With A Forex Demo Account

Traders also have the ability to trade risk-free with a demo trading account. This means that traders can avoid putting their capital at risk, and they can choose when they wish to move to the live markets. For instance, Admirals' demo trading account enables traders to gain access to the latest real-time market data, the ability to trade with virtual currency, and access to the latest trading insights from expert traders.
What are the Benefits of a Forex Demo Account?
If you speak to any seasoned trader, their list of demo trading account benefits would be endless for traders who are first starting out. Here is a list of just a few of the benefits you may want to know about:

Learn how to Forex trade risk free with a demo trading account

Owning a Forex practice account is like having free Forex training. That's because it enables the trader to put their training into practice, without risking any real money, by trading with virtual funds instead. After all, the most successful people in any field are those who have learnt and practiced their craft considerably - and the same goes for Forex traders.

You can complement your demo trading experience with some of the best free Forex training available, with courses such as the Forex 101 - Admirals' Forex and CFD Trading Course. Forex 101 provides you with free access to a video training series from two industry leading experts, accompanied with written notes and quizzes. You will also receive a certificate acknowledging your newfound expertise!

Most Forex brokers offer the well known MetaTrader platform. By opening a Forex demo account, you can familiarise yourself with the trading platform by making trades without putting real money at risk. This way you get to learn about how to take a trade, how to close a trade, and how to use different tools to your advantage, like different order types and trading indicators.When advancing to live trading with real money, it is essential you feel comfortable opening, amending, and closing trades when you need to. The last thing you want is to experience panic from not knowing how to get out of a trade. Instead, you may want to know how to use stop loss and take profit orders, so that the broker and trading platform can manage your trades when you're not there. A Forex practice account could be the solution to your long-term success.