IC Markets Boasts The Best Demo Account
IC Markets is a favourite among Australian Forex traders and one of the main reasons why is due to their demo account. Their demo account is:
1) Free to use
2) Can be accessed forever
3) An exact replica of their live platform
Don't trade unless you've practiced on IC Markets' demo account first!
IC Markets Demo Account
Demo accounts allow traders to test strategies without losing money. IC markets provide the best demo accounts for users by providing a demo account with features that are the same as real accounts, including automated trading strategies. IC Markets demo account offers the two leading platforms, cTrader and MetaTrader 4. Both are a top platform to allow traders to trade in a risk-free environment, where users only trade with money that is a virtual cash balance. Clients gain market access to 64 forex pairings available to trade with their virtual money. They have the fastest execution speeds as an ECN-like trade platform with high leverage of 500:1, which may be useful for more experienced, high-risk traders.
For many, forex trading is confusing or an investment opportunity they haven’t heard of. The Foreign Exchange Market can be a goldmine for many but it is important a person learns how to become a trader first, as forex trading carries a high level of risk. It is possible to lose money. In fact, just as quickly as a trader can make a lot of money, it can be lost. If a trader learns, seeks independent advice on strategies, and develop the appropriate risk management techniques, they stand a better chance of executing successful trades where net profits are made, potentially turning forex trading into a full-time income. When it comes to training there are many paid and free programs, YouTube and a few Google searches would be a great start if you seek independent advice. An investor new to forex trading won’t know everything immediately, therefore it is a good idea to start with an online broker that has a demo account. This ensures that during the learning period real money isn’t being blown through with the inevitable errors. Although an excellent tool for beginners, utilising demo accounts are suitable for all investors, as strategies can be tested against real-time conditions. It takes much due diligence on the part of the trader and while there may be losses, consistent gains can bring in consistent cash flow.
Where to Begin
With the decrease in the U.S Dollar and the ups and downs in the economy, investing in currency is a way to capitalise on the rise and fall of different currencies. The forex market is a 24 hour 7 day a week market where foreign currency can be traded from anywhere with an internet connection. Start by signing up with a quality forex platform to trade, utilising a demo account with virtual money prior to trading with real money. Many brokerage accounts have a great 30-day practice account or longer. Trading is real-time and based on real trading conditions including spread, profit, and loss except for it’s not your real money.
How to Start
Once a user has signed up with a forex broker and demo account, research different currencies and then review charts and technical information to see what feels right. It may take some time getting accustomed to the software and utilising the many charts and indicators, but practice makes perfect. XAU/USD is a popular trading pair (XAU is Gold). XAU/USD is the rise or fall of gold in relation to the dollar. There are many pairs that a trader can utilise depending on the trading platform and the trader’s knowledge and interest.
This is very important, so be sure to review the spread in detail (the difference between the buy and sell cost, bid/ask). It is vital that a trader understands the spread before going into a trade and setting stops or limits. The cost to buy is always higher than the cost to sell because when a trader completes a contract the pips/spread (a pip is 1/100th of 1%) have already been accounted for. When a contract starts, a trader normally starts in the negative, while some trades can take off very quickly this is not usually the case so don’t panic. You can compare IC Markets spreads to Pepperstone’s spreads, IG Markets spreads, AxiTrader’s spreads, easyMarkets spreads and Plus500 via our comparison tables.
Start executing trades and enlisting different order types. Whether utilising stop orders (buy once the currency rises to the level set), limit orders (buy once currency falls below the market price to the level set), or market order (buys at current market price) there are many choices outside watching your account like a hawk. Again, make sure to manage risk by staying educated on the market as well as setting stops and limits. Limits will close a contract when the profit point set is met. Stops will close a contract once the maximum loss the trader set is reached. Set goals before the trade, be careful with overconfidence and don’t be greedy.
As with stocks, a trader can gain revenue from the increase in value or the decrease in value with shorting. A trader can certainly lose in the same manner if the contract doesn’t go the direction the trader envisions. Whether you are trading part or full time, there is flexibility in your schedule to work when you want and trade as often or infrequently as preferred. Keep in mind it may not be the best idea to trade every currency that is available, a trader whom masters just one or two can become very successful.
Leverage Your Way To The Top
Leverage is important when choosing a company. Our IC Markets review found that they offer 500:1 leverage, allowing traders the ability to receive higher gains in the market. All the best forex brokers offer significant leverage for this reason. Since the demo account is similar to a live account, using the demo account allows you to experience trading in the real market showing a more authentic trading environment for the trader.