The forex demo account is a free trading account backed by virtual money that traders can use to learn how to trade, test their trading strategies, and learn how the brokerage platform works. This article explains a demo account, how to start a free demo trading account, and when to switch from a demo to a live Forex trading account in detail. Yes! If you want to make things right, the first thing you need to do is open a demo account and use virtual money before you risk your real investments. Upon mastering the basics and honing your skills, you can dive into live trading more confidently for your pot of gold. Opening a demo account can be your best bet for learning the ropes as you begin. However, trading Forex can be a lot of work all at once since it undergoes various changes and advancements, time and again. Newbies often judge themselves incorrectly and rush into live forex trading with real money at the very start. The reason for this is that many beginners fail to prepare themselves for the live Forex trading environment and fail to utilize demo trading to its full potential. The UK’s Financial Conduct Authority has reported that 78% of active retail Forex and CFD accounts were loss-making, with a total loss estimated at £1.07 billion on average. There are countless studies that show that most Forex traders lose money despite the fact that no one talks about it. However, even though the commercials have glamorized and popularized Forex traders as wealthy individuals driving fancy cars, they make up only about 5% of the market, and most of them lose money. Anyone over the age of 18 is legally allowed to trade on the Forex market, as long as you have an internet connection. Forex trading has now become a viable earning option for everyone, no matter where they live or from which part of the world they come from.
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