What is a Demo Account / Paper Trading?
A Forex demo account or Forex practice account is a Forex trading accounts that allows you to trade with “unreal” money. Trades are issued with an online trading platform which simulates the real market environment. This type of account allows you to test your trading skills or strategies without any risk whatsoever. Trading with a demo account is the best way to get started as a new trader but don’t get stuck in it. No matter how hard you try, you cannot move up to the next level of trading until you learn how to risk real money. That is exactly what the Forex market is all about. The key to succeeding as a Forex trader is to open a live account after a period of demo trading and start out slowly.
