The safety of data and money is essential to consider in forex trading. There are many forex brokers around the world. However, some are associated with scams, a case that has led to a loss of funds among the traders. For the named reason, regulation of the brokers is essential. IQ Option, FXTM, etoro, and Forex.com are reliable brokers and will be discussed in details in the article. We’ll also delve into how to use forex demo account, and how to open forex demo account.
|Broker||Minimum deposit||Minimum spread||Currency pairs|
|IQ Option||$10||5 pips||29||1st Choice|
|FXTM||$10||0.1 pips||57||2nd Choice|
|eToro||$50||3 pips||47||3rd Choice|
All the listed brokers have a forex trading free demo account. Let’s explore each one of them in a bit of detail and find out which one is best forex brokers with demo accounts. You should also be able to tell the difference between forex demo and real account. We are going to compare the forex demo vs real account. The aim is to find the best forex demo account.
The company operates with a license obtained from the Cyprus Securities and Exchange Commission (CySec). The company is also regulated enhancing safety among the traders. IQ Option has one of the best forex trading practice accounts.
Client Funds’ Safety
A secure segregated account is used to keep money that is off-limits for brokers. The case ensures that the company has a given minimum fund in case all the investors decide to withdraw. The situation is essential since it ensures liquidity at the exchange in moments of market stress. The deposits are insured by the regulators in Cyprus increasing safety of the clients’ funds.
IQ Option is completely SSL encrypted. The SSL certificates limit the effectiveness of activities such as hacking. The green padlock in the browser suggests that the trader is not dealing with a phishing site.
The company has included crypto-currency assets. Besides, it provides assets such as commodities, stocks, plain vanilla forex, and ETFs. The crypto-currency pairs include Dash, Monero, Bitcoin, Ripple, Ethereum Zcash, Litecoin, among many others.
Instruments of trading
Cryptos, stocks, and FX are offered in terms of Contracts for Difference (CFDs). Since CFDs are levered instruments, the trader takes a larger position on a certain trade. The option instruments also exist. They include a digital option and Binary Option offerings.
Funding and withdrawal
The company accepts MasterCard and Visa. Funding through online wallets such as Skrill, Web Money, Neteller, and Cash U is also accepted. The other method is the use of a simple wire option. The minimum fund to start trading with the company is $10.
IQ Option offers a free demo account to the clients. $10,000 of demo money is given to the traders to test out the platform. Using the funds, the investors can trade whenever they like and time restriction does not exist.
IQ Option Trading Platform
The platform has reliable charting packages such as technical studies and indicators. The Web interface contains various layout options. Besides, the traders can download the proprietary IQ Option Windows or Mac trading software.
Types of Orders
The order types in the platform are stop-loss, multiplier, trailing stop, take profit, and purchase at.
IQ Option Charting
The traders can select five different options. The options include area, candles, line, bars, and hollow candles.
Live accounts exist in the platform. The two types of accounts in the company are the VIP account and Real account.
FXTM is a worldwide CFD and FX broker. The Financial Conduct Authority and Cyprus Securities and Exchange Commission regulates the company.
Pros of FXTM
- Has an excellent customer service.
- The accounts are fast to open and are digital.
- The company has good educational tools.
Cons of FXTM
- The CFD fees are high.
- Withdrawal fee is charged.
- There is a limited product portfolio.
- Minimum deposit at FXTM
The various accounts have a varying minimum deposit. For instance, the ECN account requires a minimum of $500.
Portfolio and fee reports
The fee and portfolio reports are clear in the platform. The traders are able to see commissions paid and profit-loss balance.
Real stock fees
The company allows the non-EU investors to trade with real stocks from both the NASDAQ and NYSE stock exchanges. The price consists of a little commission and spread.
FXTM is one very exciting forex broker. It has a variety of trading accounts and focuses on ensuring each trader on the platform has all the resources and tools they need to trade seamlessly. FXTM has six trading accounts under two categories. Here they are;
- Cent Account
- Standard Account
- Shares Account
- ECN Zero Account
- ECN Account
The best thing about a broker with a variety of trading account is that it is able to ensure every one of the platforms is provided with the support they need. FXTM’s variety is particularly quite interesting because both beginners and seasoned traders have specific accounts cater to their needs best.
We should also forget to mention the FXTM demo account, it is one of the features in FXTM that makes it such an impressive forex broker. The FXTM demo account has an interface that is identical to that of a live account, and will, therefore, get you started with trading on FXTM on the right foot.
etoro is a popular social trading broker started in 2007. The company is regulated by the Financial Conduct Authority. In Australia, the mandated body is the Australian Securities and Investment Commission.
Pros of etoro
- Account opening is easier.
- There is free ETF and stock trading in the EU.
- There is a social trading experience
Cons of etoro
- The forex fees are high.
- Operates with only one account base currency.
- The withdrawal process is both expensive and slow.
The company charges $25 each month after one year of account’s inactivity. The withdrawal cost is $25.
Deposit fees and Options
There are no charges on the deposit fees. The several depositing options are Paypal, bank transfer, Neteller, WebMoney, Skrill, and credit cards.
The company’s charting tool is very effective. The charts are also saved automatically. The setback is that the trader can only access data for the past ca. 6 months.
Verified investors to copy
The company invented a verified status icon for popular investors. The icon is obtained after displaying the real name and photo on the profile. The act increases the confidence and trust that the traders are copying from real people.
The reward structure
Investors get rewarded when they are copied. The company has placed a straightforward structure as the traders get fixed commissions monthly. Traders regarded as elite are guaranteed a 2% commission on the funds in their management annually. Besides, commission-free trading is offered.
Forex.com is the best broker for both the professionals and beginners. The company 7 regulated in many countries. The pricing is transparent thus attracting many clients.
Pros of Forex.com
- It is a highly regulated company.
- The Trading View charts are available on the platform.
- Desktop and mobile trading platforms are great.
Cons of Forex.com
- There is no negative balance protection.
- It has higher spreads.
- There is no crypto-currency trading in the United States.
- For active traders, it is just a small rebate.
Commissions and fees
The company is mainly a market-making broker. For the reason, the traders’ orders are not linked with the raw prices provided in the market. Besides, the company slightly raises the price enhancing a larger spread hence generating revenue. The Active Trader Program is essential to both the commission account and standard account traders. For deposit, the company does not include additional fees.
Investors living in the United States have an excess of the 83 forex pairs besides unleveraged silver and gold. On the other hand, clients outside the country have an excess of all the forex pairs in addition to CFDs on commodities, stocks, and indexes. In the United Kingdom the crypto-currency trading exists. Fifty units of the account currency are required to open an account. $1000 is the minimum trade amount on a currency.
The company has a mobile app that offers clients access to the account’s information. Through the app, the traders can see trade history, withdraw money, view charts, create watch lists, and access news. The app is also easy to set up and navigate. There is the availability of full order functionality on the platform. The investors are able to place easily the profit targets and stop losses simultaneously.
The company accommodate both the occasional long-term investors and active day trading professionals. For the desktop experience, the client should choose either Meta Trader 4 or an advanced trading platform. On the platform, one can access economic calendars, see positions, news, research reports, trade history, and access trade signals. Ninja Trader is a well-known third-party trading platform and it can be integrated with the Forex.com.
The methods of contacting the company are online chat, live phone support, extensive tutorials and FAQ on the website. Both the current and prospective investors are guaranteed the phone support and online chat.
Are IQ Option, FXTM, etoro, and Forex.com the best brokers with demo accounts?
The four named companies have proved to be the best to trade with. They are all regulated by recognized institutions hence increasing safety. The pricing is also transparent increasing the confidence of the traders. The customer support is excellent and the websites provide essential information to the clients. Funding and depositing are simple processes. The many benefits accrued makes one recommend the companies.