Learn Forex Trading – Tutorials, Demo Accounts & Brokers

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

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  • Binomo
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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.

RoboForex Demo Accounts

The Best Way to Test Trading Conditions

  • Similar to real accounts
  • Suitable for all trading platforms
  • Choose from various asset types

Open Demo Account

Test Trading Strategies without Investing Your Own Money

RoboForex demo accounts are different from real ones in that you don’t need to deposit any real money for trading on them. In all other aspects, demo accounts are fully identical to RoboForex real accounts. This is why using a demo account is one of the most powerful ways to test your trading strategies or EAs in real market conditions.

When trading on RoboForex demo accounts, you can benefit from “Cashback (Rebates)” program, which allows you to get additional income. By receiving virtual rebates on demo accounts, you have an opportunity to assess all advantages of the program and calculate how much you may get with this program after switching to a real account. You have an opportunity to open any number of demo accounts free of charge, although any of them will expire in 90 days.

Free of Charge

Open a demo account and start trading without any financial investments.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Top Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Education How To Trade!
    Free Demo Account!
    Big Sign-up Bonus!

  • Binomo
    Binomo

    Good Choice For Experienced Traders!

Powerful Tool

On a demo account, you can master your trading strategies without spending not a dime of real money.

Study Platforms

You can trade on a demo account through any RoboForex platform.

Wide Range of Trading Instruments

You can trade the same assets on demo accounts as on real ones.

Forex

We offer transparent and reliale access to trading FX with more than 40 currency pairs.

Stocks

Access to more than 12,000 stocks through R Trader platform and more than 50 via MetaTrader 4/5 terminals.

Indices

In its most regularly traded format, an index is defined as a portfolio of stocks that represents a particular market or market sector.

Soft Commodities

Trade ETFs on grown commodities such as coffee, cocoa, sugar, corn, wheat, soybean, fruit.

Energies

Trade CFDs and commodity ETFs on energy market including oil, natural gas, heating oil, ethanol and purified terephthalic acid.

Metals

Trade CFDs and commodity ETFs on precious metals including gold, platinum, palladium, silver as well as Gold/Dollar and Silver/Dollar pairs.

Cryptocurrencies

Bitcoin, Litecoin and Ethereum proved to have great potential for investment and speculation.

Trade fast-growing global ETF industry with over $3 trillion in assets under management.

State-of-the-Art Platforms

With a demo account, you can test any RoboForex platform, from classic MetaTrader 4 terminal to innovative R Trader solution.

Choose Your Demo Account

You can open multiple RoboForex demo accounts and test our trading conditions.

Demo Pro Clients Choice

Demo Professional’s Choice

Demo R Trader

Replicates parameters and trading conditions of Pro-Standard accounts, the most popular account type at RoboForex.

Demo account parameters are the same as those for ECN-Pro (MT5 platform) and Prime (MT4 platform) accounts, which are intended for professional traders.

This account enables working through R Trader platform with access to the largest global markets.

Security of Client’s Funds

Official sponsor of “Starikovich-Heskes” team at The Dakar 2020

Experienced racers with more than 60,000 off road kilometers in Europe, Africa, and Australia under their belt.

Official sponsor of Muay Thai fighter Andrei Kulebin

A many-time Thai boxing world champion, an experienced trainer, and an Honored Master of Sports.

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RoboForex Ltd is an international broker regulated by the IFSC, license No. IFSC/60/271/TS.

Risk Warning: There is a high level of risk involved when trading leveraged products such as Forex/CFDs. You should not risk more than you can afford to lose, it is possible that you may lose the entire amount of your account balance. You should not trade or invest unless you fully understand the true extent of your exposure to the risk of loss. When trading or investing, you must always take into consideration the level of your experience. Copy-trading services imply additional risks to your investment due to nature of such products. If the risks involved seem unclear to you, please apply to an outside specialist for an independent advice. RoboForex Ltd does not target EU/EEA clients. We do not provide financial services to residents of the USA, Canada, Japan and Australia.

At RoboForex, we understand that traders should focus all their efforts on trading and not worry about the appropriate level of safety of their capital. Therefore, the company took additional measures to ensure compliance with its obligations to the clients. We have implemented a Civil Liability insurance program for a limit of 5,000,000 EUR, which includes market-leading coverage against omissions, fraud, errors, negligence, and other risks that may lead to financial losses of clients.

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All rights reserved.

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

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
Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Top Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Education How To Trade!
    Free Demo Account!
    Big Sign-up Bonus!

  • Binomo
    Binomo

    Good Choice For Experienced Traders!

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