Using a forex demo account is a risk-free way to familiarize you with the forex market. In addition to the features and tools found in demo accounts, these business offerings provide a secure and efficient way for novice traders to gain experience without putting any real money on the line. Market research, trading alerts, and a financial calendar are just a few trading tools available at Swissquote. In addition to trading classes, e-books, training videos, and webcasts, the broker provides a comprehensive education center. Swissquote is a trustworthy online broker that welcomes inexperienced and seasoned traders, providing them with a comprehensive set of services at reasonable costs.
Free Forex Demo Account for Beginners
After a lot of research, Traders Union has found best free forex demo account for beginners.
- Plus500
Plus500, a leading CFD company, allows practice trading on a demo account with access to over 1,000 resources, including 70 forex currency pairs, options, ETFs, indices, stocks, and cryptocurrencies. US customers are not welcome at this broker’s establishment. Demo account trading on the Plus500 desktop and smartphone platforms both feature an easy-to-use interface that makes trading approachable to inexperienced traders and those with more extensive trading encounters. The demo accounts provided by this broker are available endlessly, making them great for testing strategies over several months.
- Capital.com
Capital.com is a top-tier CFD broker that allows traders to trade over 6,000 assets, along with more than 140 currency pairs and dozens of digital currencies. Investors from the United Kingdom and other European Union member states can purchase stock in major corporations, and spread betting is also available. Trading on Capital.com’s phone applications is free of charge, and the dealing spreads are competitive. Due to the broker’s 24/7 customer support and vast offering of trading tutorials and other educational resources, Traders Union recommends this broker to novice forex traders looking to open a demo account.
- FXCM
The global online forex and contracts for difference (CFD) broker FXCM, with its headquarters in London, is the company that offers the spread betting facility that we consider to be the best option available. Nearly 40 currency pairs and Contracts for Difference (CFDs) on indices, crypto, stocks, oil, metals, and other commodities are available for trading. The broker provides a variety of high-quality trading platforms, including the MetaTrader 4 suite, in addition to a demo mode that features cutting-edge trading tools, proprietary information, and premium teaching aids. In addition, copy trading is possible on FXCM’s social platform, and automated trading with FXCM Apps and MetaTrader4 is possible.
Accounts Available on Swissquote
Swissquote offers four accounts, which are as follows:
- Standard Account
The standard account is for you if you’re just starting in the trading world and don’t want to commit more than $1,000. With this account, you can take advantage of spreads as low as 1.7 pips and maximum leverage of 1:100. You can test out different trading techniques with the no-cost demo account that comes with the standard account.
- Premium Account
The premium account has a minimum fee of $10,000 and is aimed at seasoned traders. You can get a spread as low as 1.4 pips and maximum leverage of 1:100 with this account. Furthermore, you can test different trading approaches with the premium account’s complimentary demo platform. In addition, Swissquote requires a cost of $0.02 per share when engaging in foreign exchange trading.
- Prime Account
Prime accounts require a minimum fee of $100,000 and are intended for systemic and high-volume traders. Spreads start at 1.1 pips, and leverage can go as high as 1:100 with this account. A free practice account is included with the prime account for your convenience. Foreign exchange trading imposes a fee of $0.01 per share.
- Professional Account
The Swissquote customer service team can fill you in on the specifics of the professional account, tailored to high-net-worth persons and organizational traders. While the stop-out level has been set at 30%, the servicing margin is 100%.
- Demo Account
On both Metatrader portals, you can open a free demo account with availability to more than 130 simulated financial instruments. Traders can practice their skills with virtual funds of up to 100,000 GBP. It’s not common for a broker to offer a demo account, and the fact that this one only lasts for 30 days sets it apart.