Learn Forex Trading – Tutorials, Demo Accounts & Brokers

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Forex Trading Tutorial for Beginners

Forex Trading Tutorial for Beginners

Make Forex Trading Simple

  • Market Participants, Advantages of Forex Market
  • Currency Trading Features: Online forex trading techniques
  • A Sample of Real Trade
  • Analysis Methods
  • Forex Guide: Top 5 Tips to Guide You

Register Now and Get Private Access to Our Forex Library

Forex trading Basics for Beginners:

What is traded in Forex market? The answer is simple: currencies of various countries. All participants of the market buy one currency and pay another one for it. Each Forex trade is performed by different financial instruments, like currencies, metals, etc. Foreign Exchange market is boundless, with the daily turnover reaching trillions of dollars; transactions are made via Internet within seconds.

Major currencies are quoted against the U.S. dollar (USD). The first currency of the pair is called base currency and the second one – quoted. Currency pairs that do not include USD are called cross-rates.

Forex Market opens wide opportunities for newcomers to learn, communicate, and improve trading skills via the Internet.

This Forex tutorial is intended for providing thorough information about Forex trading and making it easy for the beginners to get involved.

Start practicing Open a Demo account

Trading Forex

Any activity in the financial market, such as trading Forex or analyzing the market requires knowledge and strong base. Anyone who leaves this in the hands of luck or chance, ends up with nothing, because trading online is not about luck, but it is about predicting the market and making right decisions at exact moments. Experienced traders use various methods to make predictions, such as technical indicators and other useful tools.

Nevertheless, it is quite difficult for a beginner, because there is a lack of practice. That is why we bring to their attention various materials about the market, trading Forex, technical indicators and so on so as they are able to use them in their future activities.

One of such books is “Make Forex trading simple” which is designed especially for those who have no understanding what the market is about and how to use it for speculations. Here they can find out who are the market participants, when and where everything takes place, check out the main trading instruments and see some trading example for visual memory. Additionally, it includes a section about technical and fundamental analysis, which is an essential trading part and is definitely needed for a good trading strategy.

Best Forex Demo Accounts

Jordan Schneir
Contributor, Benzinga

If you’re learning how to trade forex, you may be relieved to know that you don’t have to trade real money right off the bat. Many traders practice within demo accounts before they open a live account.

If you choose the right demo account, you’ll quickly learn the mechanics of trading and analysis and you’ll be able to test your own ideas.

Reduce your trading costs by up to 15% with cash rebates, Forex.com is the #1 Forex Broker in the US. Signing up for an account now will get you waived bank fees on all wires, as well as one-on-one support from an experienced Market Strategist.

Best Forex Demo Accounts:

  • Best Overall: Forex.com
  • Best for Research & Education: TD Ameritrade & CMC Markets
  • Best Investment Selection: CMC Markets
  • Best Service & Support: TD Ameritrade
Table of contents [ Hide ]
FOREX.com
Broker Best For Commissions Account Minimum Choose your platform
  • Forex traders located in the United States
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
Spreads start as low as $1 But vary based on trading volume $250
1 Minute Review

FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
  • Cannot buy and sell other securities (like stocks and bonds)
  • Confusing margin requirements that vary by currency
  • Limited customer support options
  • Cannot open an IRA or other retirement account
Current Promotion

Currently no promotion

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IG Group
  • New forex traders who are still learning the ropes
  • Traders who prefer a simple, clean interface
  • Forex traders who trade primarily on a tablet
$10 value per pip $0
1 Minute Review

IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.

  • Easy-to-navigate platform is easy for beginners to master
  • Mobile and tablet platforms offer full functionality of the desktop version
  • Margin rates are easy to understand and affordable
  • Access to over 80 currency pairs
  • U.S. traders can currently only trade forex
  • Customer service options are lacking
  • No 2-factor authentication on mobile
Current Promotion

Currently no promotion

TD Ameritrade
  • Novice investors
  • Retirement savers
  • Day traders
$0 $6.95 for OTC Stocks $0
1 Minute Review

This publicly listed discount broker, which is in existence for over four decades, is service-intensive, offering intuitive and powerful investment tools. Especially, with equity investing, a flat fee is charged, with the firm claiming that it charges no trade minimum, no data fees, and no platform fees. Though it is pricier than many other discount brokers, what tilts the scales in its favor is its well-rounded service offerings and the quality and value it offers its clients.

  • World-class trading platforms
  • Detailed research reports and Education Center
  • Assets ranging from stocks and ETFs to derivatives like futures and options

  • Thinkorswim can be overwhelming to inexperienced traders
  • Derivatives trading more costly than some competitors
  • Expensive margin rates
Current Promotion

$600 cash & free trades for 60 days

Oanda
  • New forex traders looking for an easy-to-use platform
  • Mobile traders who need a comprehensive on-the-go offering
  • Experienced forex traders who seek a wide selection of charting tools, indicators and currency pairs
$5 per 100,000 base currency traded $0
1 Minute Review

OANDA offers commercial and standard access to the forex market, with over 70 currency pairs to trade. OANDA’s platform is comprehensive, offering a wide range of indicators and charting tools for experts as well as a simple and intuitive layout that’s perfect for beginners.

You won’t find retirement savings or stock trading on OANDA — the platform doesn’t offer any type of trading beyond the forex market. However, the broker does forex trading especially well — though it could stand to offer more in the way of customer service and lower fees.

  • Over 70 unique currency pairs to trade
  • Comprehensive and easy-to-understand platform
  • Mobile platform improves upon the desktop version
  • Only forex trading available
  • No retirement accounts available
Current Promotion

Currently no promotion

Interactive Brokers
  • Access to foreign markets
  • Comprehensive mobile app that makes trading simple
  • Wide range of available account types and tradable assets
$0.005 per share minimum $1 and maximum 0.5% of trade value; volume discount available $0
1 Minute Review

Interactive Brokers (IBKR) is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. With access to over 125 global markets, you can buy assets from all around the world from the comfort of your home or office. Options, futures, forex and fund trading are also available — and most traders won’t pay a commission on any purchase or sale. IBKR is geared primarily toward experienced investors. The platform offers limited assistance and can be a challenge for new users to become acclimated to. The broker’s tiered pricing strategy can also be frustrating for traders who focus on hourly or daily price movements.

  • Comprehensive, quick desktop platform
  • Mobile app mirrors full capabilities of desktop version
  • Access to massive range of tradable assets
  • Frustrating and confusing tiered pricing
  • Bloated website that makes finding information a challenge
Current Promotion

$200 refer-a-friend bonus

CMC Markets
  • Those looking for a wide range of currency pairs
  • Education: has YouTube videos, webinars, and other education tools
  • Unique proprietary platform
1 Minute Review

CMC Markets, an established U.K. corporation, is known globally as a competitive CFD trading and U.K. spread betting solution. CMC Markets is regulated in the U.K. and is listed on the London Stock Exchange. CMC Markets’ platform offers a rich database of tradable assets and resources, making it a preferred option for U.K. traders.

  • Regulated in the U.K.
  • Listed on the London Stock Exchange
  • Instant order execution
  • Advanced risk management
  • Many tradable assets
  • Extensive trading platform
  • Does not accept U.S. clients
  • Only offers MetaTrader 4 for desktop
  • Cannot have the same account on both platforms
Current Promotion

Currently no promotion

What are Forex Demo Accounts?

Forex demo accounts work with trading platforms to allow you to practice trading currencies without using real money. Often referred to as “sim” accounts (short for simulation), demo accounts look and feel like you’re using real money.

Demo accounts work within established platforms to mirror real money accounts. Brokerages which offer demo accounts hope to earn your business once you begin to trade real money.

Pros and Cons

Demo accounts offer many features that give traders a chance to practice skills without risking capital but don’t contain everything found in real accounts.

  • Determine if you like trading currencies. Popular currency pairs tend to have the most volatile moves between midnight and early morning.
  • Practice without risking money. When you’re new to forex, it can take some time to get used to placing orders and executing trades.
  • Develop skills and techniques. Experienced traders always look for new strategies to test and tools to incorporate. Demo accounts go beyond backtesting and translate to real-time execution.
  • Test a specific platform. When you choose a trading platform, it often boils down to personal preference. Testing a platform allows you to see how easily you can navigate, create charts and execute trades. You’ll also have a chance sift through any bugs and stability issues.
  • Demo accounts may be limited in funds and duration. While many brokerages allow you to trade with simulated funds for free, they only do so for a short period of time. At some point, they want you to move from practice accounts to live funds.
  • Real trading conditions differ. You only use fake money when you’re using a demo account. There is no guarantee that just because there was a bid or ask that met your criteria, an actual trade would have occurred.
  • Data may be delayed or different . Not all brokerages offer live data streams for people with demo accounts. You may be working with delayed data or incomplete data from what you might get in a real account.
  • You don’t learn the emotional cost of trading. Trading with real money takes an emotional toll. Losing $100,000 in a demo account feels very different than losing an actual $100,000. This often leads you to make completely different decisions in a demo account then you otherwise would in a live account.
  • You may give away personal information. Signing up for a demo account requires you to provide information about yourself, including your name, address and sometimes more.

What to Look For & What to Avoid in a Simulator

Forex demo accounts come in a variety of flavors. When evaluating demo accounts, consider the following.

What to look for

  • Account types, minimums, and promotions available
  • Fees (only applicable to if you convert to a real account)
  • Platform (including mobile) and tools
  • Research and education
  • Investment selection
  • Customer service and support

What to avoid

  • Poor reviews or legal actions taken against the broker
  • Be sure the broker operates within your country
  • Length of time in business

How We Made Our Picks

When we reviewed the best forex demo accounts, we considered and compared them based on the criteria listed in the preceding sections. We also considered customer reviews as well as Benzinga’s own experience with specific platforms.

If you want to learn more about the best forex brokers for live accounts and compare to our list below, check out Benzinga’s Best Forex Broker 2020 review.

1. Best overall: Forex.com

Best For
  • Forex traders located in the United States
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders

If you spend any time reviewing forex brokers and demo accounts, you’ll quickly come across MetaTrader as an industry standard for trading platforms. FOREX.com supports MetaTrader 4 offers a fully functional platform that allows traders to analyze forex pairs across markets with a variety of charting options, as well as:

  • Customizable layouts and charting templates
  • Multiple technical indicators from preloaded options to custom-built functions
  • Easy-to-use drawing tools
  • Integration of automated trading and backtesting strategies

You can try out the populate MT4 platform (Forex.com will be supporting MT5 soon) and also test drive the Forextrader Pro platform.

The Forextrader Pro platform organizes information well and allows you to easily navigate between menus and subcategories it customize layouts and

  • Preloaded automated trading system strategies
  • Research and news including Forex Insider commentary
  • Drag and drop objects
  • Multi-step order windows

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Forex Demo Trading Accounts

Forex practice or demo account is an account for simulating forex trading in a trading platform – specially designed software for executing trades. You trade under terms which are the closest to the real ones, but on virtual funds. Thus, you do not take any risks. Practice trading account is a great tool both for professionals and newbies. Most of the best forex brokers on the market offer potential investors the option of opening a demo account in order to try out their trading platform and features.

Because forex is a decentralized market in which dealers disseminate their own price feeds through proprietary trading platforms, it is crucial to learn the features and idiosyncrasies of each type of trading software before committing real funds to an account. Fortunately, forex traders can test out each platform using demo dollars. Every reputable dealer allows potential customers to download a free demo version of its software.

For novice traders, a demo trading account can supply a valuable insight into the world of forex trading. When used correctly, a demo account can be a useful training tool that will give them the necessary basic knowledge and skills that they need to get up and running. A demonstration account can be set up free of charge and only requires the potential investor to enter a few basic personal details. Access to this account enables the trader to get to grips with the trading platform without putting any of their finances at risk and allows the investor to see how to trade in real time.

Even if you feel comfortable with your knowledge of forex trading, you should first experiment with trading using a demo account that simulates trades using virtual money and allows you to test your own theories and trading strategies without actually risking any real money. By opening a risk free demo account, potential investors can build their knowledge to desired levels or test their current knowledge of trading strategies.

Transitioning from a demo account to a live trading account can be a steep learning curve, and a novice trader cannot expect to be incredibly successful immediately. It is not unusual for potential investors to have great success when using their demo account only to fail to make a profit as soon as they transition to a live account, and this is because the pressure has increased with real money on the line. One of the keys to transitioning successfully from a demonstration to a live account is to resist the urge to trade quickly and to take your time.

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FOREX Demo Account: Everything You Need To Know.

Plus, A list of the Best Forex Demo Accounts

Starting out in the FOREX trading environment can be a scary task for many people; after all, it is a newer market with its own rules and conditions, highly unlike what you know even from stocks.

However, it is far from impossible, as FOREX is an industry with plenty of Fx educational resources . Among said resources, we have the topic at hand: FOREX demo accounts for beginners or experienced traders alike.

Best Forex Demo Account

Broker Type ECN
Regulations IFSC
Min Deposit $100.00
Account Base Curreny USD, EUR, GBP, AUD, CAD, BITCOIN, GOLD
Max Leverage 200:1
Trading Platforms Metatrader 4/5
Broker Type Market Maker
Regulations FCA, CySec, ASIC
Min Deposit $5.00
Account Base Currency USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD, ZAR
Max Leverage 888:1
Trading Platforms Metatrader 4/5, Webtrader
‘> Market Maker
‘> FCA, CySec
‘> $100.00
‘> USD, EUR, GBP, RUB, AED
‘> 1:200
‘> Metatrader 4
Broker Type ECN
Regulations IFSC, Cysec
Min Deposit $1.00
Account Base Currency USD, EUR
Max Leverage 3000:1
Trading Platforms Metatrader 4/5, Webtrader
Broker Type Market Maker
Regulations ASIC and CySec
Min Deposit $100.00 USD
Account Base Currency AUD NZD CAD HKD CNY USD GBP EUR JYP SGD
Max Leverage 1:400
Trading Platforms easyMarkets trading app, Web Trader, Metatrader 4

In fact, most FOREX brokerage firms offer demo accounts in one way or another, so you can rest assured that you can only enter the market when you feel wholly prepared. Listed above we have the Best Forex Demo accounts.

However, the topic may go beyond mere “market testing”, as the feature has its many characteristics and quirks. FOREX demo accounts are often explained as simply an entry to the FOREX world or a practice tool.

Today, we will get to know this type of account for what it truly is, what it gives you, and when it is good or bad.

What Is A FOREX Demo Account?

A FOREX demo account is–essentially–a free account that is provided to you with virtual money once you open it. All transactions made with it are not real, and they only exist in your account.

The attraction of a demo account is that you can try out all the features of a broker for free, and you can even start practicing trading in itself without facing actual financial losses.

You can open a MetaTrader 4 demo account individually, without having to enter any broker, so you can test its features. The same can be done with each broker that lists a FOREX demo account within its trading plans.

It is has almost become an industry standard to include this type of plan among the different accounts offered by a brokerage agency.

It is often thought that only beginners use these types of account, but the truth is that even experienced and professional traders use demo accounts to test new strategies and currency pairs, as the features include a realistic representation of the market.

Regardless, FOREX demo account for beginners are still a standard part of every training or educational course regularly offered by FOREX brokers, as they are the best way to approach the previously-unknown market.

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