The great thing is that you can try it before actually jumping in with real money. No risk, no obligation. These are so called Forex Demo accounts.
There are a few forex brokers that offer these accounts. One of the most popular one is FXCM (Foreign Exchange Capital Markets) Micro, mainly because they have bombarded the Internet with advertisements promoting their system. Does that make them a good broker? Read on...
I'll cover only the Micro accounts since those are the ones that I've tried for myself. With a Micro account from FXCM (the one I'm currently using) you get $5000 in virtual money to trade with. The quotes shown in their trading system called FXCM Micro Trading Station II platform are streaming live and is the exact same as the trading with real money account.
In fact I sometimes switch over to my demo account by logging out of the real account and signing into the demo within the same program. The disadvantage with a micro account from them (or most brokers) is that there's no customer support, so let's say you need help with something or have a question about a trade, you won't have it unless you sign up with a standard account which requires a minimum of $2000 to open. But like I said before I have no experience with accounts other then my Micro account, which requires a minimum of $25.
You also get complete access to "DailyFX +" a website which covers news, ideas, strategies, and buy/sell signals. (not with the demo).
I've been working with Trading Station II for a few months now and the system works well. I just wish there were a couple of more options available, like integrated buy and sell signals or Forex news, or the one that really bugs me is not the ability to change the time zone which is automatically setup for EST, which is the server time.. but I can manage without it.
Another thing is, I signed up for the offer (you can see the image below) where they claim that they give you $25 when signing up, I never received that deposit, which kinda aggravated me.
Overall it's a great service, no risk and no obligation, an initial $25 deposit to get your account going and you can't lose more then you deposit. So if any, if you're interested in trading but not sure whether it is for your not, you'll have a great experience for $25.
Another one is GFT Forex, they have demo accounts available too. Theirs is called DealBook 360. DB360 for Mini accounts does have integrated news available, however it doesn't have 85 of the technical indicators and some other features unless you upgrade your account, which can be an issue if you're a technical trader. Their Mini accounts require a minimum of $250. GFT is not really for mini accounts. And it looks to me that you get the best out of the deal if you deposit a minimum of $250,000. Their information research source is called FX360 and covers news, forex analysis, up to date charts and commentary by forex analysts.
A snapshot of DealBook360
- * Tight dealing spreads - as low as 1-2 pips
- * Complimentary EA hosting, in a secure environment*
- * An EA optimized environment, including micro lot trading and hedging
- * MQ Language support to create a personalized trading system
- * Fund your account with Sterling, Euros, or USD
- * Personalized customer services, 24-hours a day during market hours
The Forex Brokers covered in this article are
I'll update this post as soon as I find out more about the brokers mentioned in this post and write a part 2 to this article as soon as I've researched some more brokers and trading platforms.