How to get a free demo account from British forex brokers?

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Forex Trading

All around the world, traders are flocking to forex to make money online. Forex (foreign exchange) trading has been around since the 1970s, and for many people, it’s become a way of life.

Every good trader needs to start somewhere, which is particularly true when it comes to forex trading. With so much information available on the internet, it can be hard finding reputable advice that will help you get started with your financial education. This is why we’re going to look at how you can access free demo accounts from British forex brokers.

What is a demo account?

Demo accounts allow traders to practise their skills without putting any money on the line And is perfect for those who wish to take up forex trading without having to risk any capital. Demo accounts are beneficial for beginning traders who have just received their first trading bonus or are still learning the ropes of forex trading.

Why use a demo account?

New traders will find it much easier to develop their skills and knowledge without worrying about losing money by using a demo account. As well as being advantageous, getting a free demo account from British forex brokers is also incredibly easy. All you have to do is open up an account with one of the many forex brokers available on the market today, and some brokers even offer this service for free. Some popular UK forex brokers include CMC Markets, IG Index, Saxo Bank and Plus500.

How to choose the right broker

When choosing which broker you want to use, there are a few things that you’ll need to consider, such as:

  • Is the broker regulated?
  • What type of trading products does the broker offer?
  • Which platforms can I use with my demo account?
  • How much is the minimum deposit required to open a live forex account?

There are specific rules and regulations surrounding how brokers provide these free demo accounts. Popular British forex brokers have to follow strict guidelines that govern what they can offer users. Before using it, new traders need to know precisely what a free demo account entails.

A few of these rules include:

  • The dematerialisation process has been completed where all securities have been converted from paper form to an electronic form.
  • Client money has to be segregated. This means that all client money is ring-fenced and cannot be used by the broker for other purposes.
  • The brokers have a copy of a valid licence where they are authorised and regulated in the country of their head office. This will usually need to be in place before any demo accounts can be given out under FCA regulations.
  • It’s also worth pointing out that trading with a free demo account does not give you access to your choice of platform or toolsets. Many brokers only offer basic platforms when users sign up for a free demo account. For this reason, it’s often required by popular UK forex brokers that you open a live account with them before you can use their advanced trading toolsets.

How to use your demo account

Once you have created an account with a reputable broker, it’s now time to take advantage of your free demo account. Sign-up is quick and easy but remember that not all brokers will offer this service for free. Some brokers require a deposit to be made before traders can use the account. However, once this has been done, you will have access to all the same features as any other live or demo accounts opened under your name.

In conclusion

Once you have had a chance to test out your skills in a free demo account, it will be much easier for you to try your luck at online currency trading and trading with real money. With so many forex brokers available on the market today, users have an abundance of choices when choosing who they want to use. Finding a broker that provides the best deal is all that needs to be done.

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