FOREX Trading Online, Try Free FOREX Currency Trading Demo Accounts
FOREX currency trading online sounds like it's out of reach for most individuals. Just the mention of FOREX, foreign currency or commodity trading sounds way too mysterious to even many seasoned stock investors. In reality… FOREX, foreign currency and commodity trading is easier to understand than many stock and bond transactions.
A funny thing happened in the college selection process for my kid. After speculating where his future interest's for employment may land him a job, he touched on the thought of investment banking. If he wanted to consider college B schools, he felt he needed some background in the industry… smart kid. Not only for the college selection process, but also to see if he had a taste for investment banking to begin with.
That's where the Internet comes in. Electronic trading is nothing new. In fact, it's been around for quite some time. In the early days, much of the online trading was done in stocks and stock options. Not any more. Every major commodity exchange now does some form of electronic FOREX, foreign currency or commodity trading online. That's cool, but what's even better is that there are more and more brokers that allow you to open up free FOREX currency and commodity trading demo accounts online. Now you can learn how to trade an actual market using "Monopoly" money. Most accounts give you a starting "virtual account balance" of 10K to 50K, depending on the broker you use.
How to open up a free FOREX currency trading demo account in minutes
Opening an account is easy. I'll provide a list of companies I've used in a minute, but basically, all you need to do is fill out the online form to get the account opening process started. You'll receive a confirmation email with account number and password information and instructions on downloading some software. The software contains the files for the trading interface for that particular broker. Once you have everything set up, it's off to the races. Depending on the operating hours of the demo account, you can literally start trading in minutes.
If you're totally clueless about what to do next, all these brokers have online tutorials on trading and how to use the interface. You will need a basic understanding of FOREX and commodity margins. We have two excellent tutorials right here:
How to Margin Commodity Futures
How to Margin Commodity Options
Here's the list of brokerages that offer free FOREX currency and commodity trading demo accounts
- FX Solutions
- FXCM Forex Capital Markets
- PFG Best Direct Online Trading