Best Forex Demo Account

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asked Feb 14, 2023 in 3D Segmentation by qocsuing (4,040 points)

Pepperstone has one of the best demo accounts as it allows you to practice with MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader forex trading platforms.To get more news about best forex demo account brokers, you can visit wikifx.com official website.

MetaTrader 4 is the best choice of platform for a demo trading account, as it is considered the gold standard when it comes to trading platforms. This platform offers all the essential trading tools to familiarize yourself with trading such as 30 indicators, 31 graphical tools, 9 timeframes, automated trading, and social trading.
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With over 60 currency pairs to choose from, all with ECN-like tight spreads, Pepperstone will help you minimize your trading costs. Pepperstone is known for its lightning-fast execution speed of 30ms on average which will help you avoid slippage and its award-winning customer service team, many of who are traders themselves. Traders can choose from their commission-free standard account and razor account with $7.00 commissions round-turn per lot.

Pepperstone’s demo trading account is ranked first due to the ease of setting up an account, a balance of virtual money to simulate live trading and access to an environment similar to ECN trading. You can view a complete review of Pepperstone. After familiarizing themselves with the platform and forex broker, users can sign up for a real money account and start trading forex and cryptocurrencies.
IC Markets demo account offers virtual forex trading on the world’s top trading platforms (MetaTrader 4, MetaTrader 5 and cTrader). Unlike most brokers which limit the virtual cash and time you can use the demo account, IC Markets allows you to choose how much virtual cash you wish to trade and the account will only be closed after 30 days of inactivity. IC Markets demo account is free, you don’t need to open an account (which requires a $200 deposit) to practice trading.

MetaTrader 5MetaTrader 5 (MT5) is the successor to MetaTrader 4 (which is widely considered the gold standard for platforms). MetaTrader 5 offers more technical indicators, graphical tools and faster processing than MT4. One notable difference is that MT5 is designed for decentralized and exchange-traded CFDs such as stocks. In time, this platform should become as popular as MT4.

IC Markets offers 64 currency pairs and an ECN-like environment with fast execution speeds and high leverage. Traders have a choice a standard account with no commissions and raw spreads account which has commissions of $3.50 side trip.
Plus500 is one of the world’s largest CFDs providers. The broker’s point of difference is an in-house developed trading platform to help traders take advantage of the wide range of CFDs available with ease. CFDs available in addition to the usual forex and indices include an extensive range of commodities including some rare options such as lean hogs, cattle, and 13 cryptocurrencies. Traders can also trade options, stocks, and indices for sectors such as cannabis, lithium, and real estate.

Plus500 does not charge commissions which means fees are included in the spread and include risk management tools such as negative balance protection and guaranteed stop-loss.
Oanda’s offers a choice of their in-house developed platform OandaTrade which is available as a web trader, desktop and mobile version and MetaTrader 4. With both platforms, your demo account will have 100,000 virtual units for trade which never expires.

Choosing Oanda gives you a choice of 2 retail investor account, the Premium account which is a spread only product and the Core account which has a commission of $7 per 1k round turn and ECN like trading execution.
FXCM allows you to choose from 4 trading platforms to demo. These include Trading Station, MetaTrader 4, Ninja Trader and TradingView. Trading Station is FXCM’s own proprietary trading platform which is the best option (along with MetaTrader 4)if you wish to use trading automation with FXCM automation and backtesting. NinjaTrader is the best option should you use to access advanced charting and trade management options. TradingView is the best option if you wish to practice social trading.

FXCM only offers one account, and this account is spread only meaning there are no commissions*. FXCM like to be open about their transparency, the broker publishes regular reports on their trading execution performance. In 2020 Q2 59.92% of orders had no slippage and 28.48% of orders had positive slippage.

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