The idea of making money is alluring people to the foreign exchange market. However, the market comes with its own set of risks and hence one must practice the skills before trading live. There are various companies that offer free demo accounts for traders to practice. These accounts do not demand real money and will give you a feel of the conditions in the real market. We have formulated a list of the top companies that offer practice accounts for forex.

eToro

eToro was introduced in 2006 and offers free demo accounts including an access to manuals, forums, newsletters and live help. It provides some additional tools, necessary to become a successful trader. It is a clear, simple and a fast platform. Traders can get started for as low as $50 and the leverages are up to 1:400.

AVA Fx

AVA Fx is one of the reputed names in the foreign exchange market. It mostly concentrates on private, new investors as well as the large organizations. It offers a free demo account, with two major trading platforms – AVA Fx and Meta Trader.

ACM (Advanced Currency Markets)

ACM is a leading trading company from Geneva, with offices located all across the world. There is a 30-day trial account. There is no mini-size demo account, however the traders can customize the size of their account.

Alpari US

Alpari was registered in United States in 2006. There are three kinds of demo accounts available here. The traders can get started with a minimum deposit of $1 and there is a leverage of 1:100. The company specializes in fast execution speeds, higher volumes and organized order management.

CitiFXPro

While CitiBank is widely known for its banking services, the company is actively involved in the foreign exchange market as well. There is a free demo account available here and it offers all the services of the live account.

CMS Forex

CMS Forex is one of the reputed brokers, based in New York. There is a free demo account available here, without any size or time restrictions. The traders will get an access to more than 100 technical indicators with the demo account.

The forex or the foreign exchange market is a place where people exchange currencies from all across the world. For the most part, central banks, major financial institutions, corporations, governments, currency speculators and all other institutions carry out the trading in the forex market. At the same time as governments and big banks may be the frontline players in the market, there are ways for individuals to participate in the foreign exchange market.

Before you get started with trading, it would be suggestive to know the jargons and the languages involved in trading. You will have to compete with expert professionals, who have been in the forex market since long. Therefore, you need to do some research about the market. As a newcomer, it is extremely important to know the risks involved with forex trading. Most people are excited at the potential of making a lot of money, however people are also subjected to major losses from the bad trades.

One of the best ways to start is to look for a mentor a broker who can help you understand the world of forex trading. There are several printed materials and websites, which can help you with the trades. There are different software applications that can guide you with the market trends. With the help of these applications, traders can minimize risks of financial mismanagement. Every beginner must start off with small investments, so that you do not end up losing your capital in a single trade. As a rule, experts suggest that you must never invest more than 2% of your capital on a single trade. Thereafter you need to analyze the market trends. Since forex is known to be a volatile market, changes occur all the time. Therefore, it is important to know when to enter or exit a trade. Forex trading can be a very challenging experience, however if you are determined to learn, it can turn out to be a rewarding experience.