DEMO ACCOUNT: – A trading demo account is a type of account offered by trading platforms that allows a prospective customer to experiment with the trading platform before activating an account. Demo accounts are use by stock trading platforms, foreign exchange trading venues and commodities exchanges.
IS DEMO-ACCOUNT SAME AS REAL ACCOUNT?
The major difference is that with real accounts forex traders will trade with real funds, while demo accounts use virtual money with no real value to trade other than that the best trading account. Conditions for demo accounts are the same as they are real accounts, making them ideal for practicing your strategies.
WHAT IS THE BENEFIT FOR DEMO ACCOUNT?
Demo accounts can provide some benefit to new traders. They allow the trader to become familiar with trading software. Give sense of how the market works. However, traders should prepare that simulates results rarely correlate to actual trading results.
HERE ARE THE MAIN STEPS THAT TELLS HOW TO OPENING A FOREX TRAIDNG ACCOUNT
ENSURE THAT THE BROKER HAS APPROVE BY REGULARTY BODY
UNDERSTAND TO THAT YOUR BROKER GIVES YOU GUARANTEE OF DATA SECURITY
GOOD TRADE EXECUTION
CONSIDER AREA OF PRODUCT COVERAGE
CONSIDER TRADING COSTS
CONSIDER TRADING PLATFORMS
CONSIDER TRADING STYLE
ENSURE THAT THE BROKER IS REGULATED: – The first and foremost important thing when choosing the forex account is to check the regulation of trades of the forex broker. This is because proper regulation helps to understand if the forex broker is well capitalize or not. It also ensures that the brokers maintain standard practices and keep their money safe as well. It is also recommended that you choose only those online forex brokers who have a clean regulatory record such as Gain Capital [NYSE:-GCAP]. It is beneficial for the forex market to succeed on the top. Check that broker that you choose shows the regulatory and have their own licensed or registration number.
UNDERSTAND THAT YOUR DATA SECURITY IS GUARANTEED:- A Data security function prevents data breaches and reduces the risk of data exposure or regulatory compliance purposes. Data security plays an important role to ensure the ongoing safe and secure use of private data. Data security is the process of safeguarding digital information. It protects from corruption, theft, or unauthorized access.
GOOD TRADE EXECUTION: – The most important thing while selecting the live and demo trading account is to choose those employees who have good trade execution practices because this will help the forex market to buy or sell orders when they use a brokerage account which then get sent to a broker. Without the best trade execution rule, customers could not understand the subpar trading venue of customers’ orders.
CONSIDER AREA OF PRODUCT COVERAGE: – In marketing, coverage refers to the number of active retail and wholesale avenues that sell or specific firm’s brands in a particular market. If the resources are limits then concentrate marketing is the most logical. It is very important to choose a trading account which offers such as stock, indices, crypto and many others. It helps to boost the chances of earning more profits from your hard retail and wholesale avenues. That sell or specific firm’s brands in a particular market. If the resources are limits then concentrate marketing could be the most logical. It helps to boost the chances of earning more and more profits from your hard earned money. In the modern era, forex brokers trade over the capital market by single forex account.
CONSIDER TRADING COSTS: – Trading costs or transaction costs are all the costs that an investor incurs when they transactions on the market such as the demo or live. which are deducted from the sum of money. Which they spend transactions trading costs include commission, slippage and the buy\sell spread. It is important for best trading brokers to understand the transaction margin because with the help of trading money they can easily run the forex business without any difficulty.
CONSIDER TRADING PLATFORM:- While choosing a trading platform it is must important to choose powerful features which are easy to use for newcomers. There are different types of online trading platforms such as social trading, web-based trading, mobile trading and Meta trader also. However, the forex business offers demo accounts to beginners to understand. The basics of a trading platform because it includes simple features. After that experts also state that online trading is as safe as offline trading as the financial transaction and it is always protected by the forex brokers. With the help of knowledge and strategy, you can earn decent money from the markets.
CONSIDER TRADING STYLE:- A trading style is a set of preferences that determine how often you’ll place a trade. Also how long you will keep those trades open for. It will be based on your account size, how much time a forex broker can dedicate to trading, brokers’ personality and risk tolerance also. There are different types of trading styles such as: – Day trading, position is trading, swing trading and scalping. For example, IF a forex broker is a short time trader then choose only those brokers who provides currency account and also allow scalping. On the contrary, If a forex broker is long term trade. So, that will be a trade with less concern and execution speed.