Forex play account

IRESS, MT4, MT5, webtrader these types of accounts use sophisticated technology to distribute profits, losses, and fees based on percentages of funds each investor has involved in the master account used for trading.

New forex bonuses

Best Forex Managed Accounts 2021, forex play account.

These account methods are relatively new in comparison with the other two listed here, and offer the satisfaction of dealing directly with the broker of your choice in a secure and transparent way.

Best forex managed accounts 2021

A managed forex account is where a money manager handles the investments and trading of the client’s account on their behalf. They manage the client’s account by seeking trading opportunities, adjusting the risk, implementing their own strategies, or even taking input from the client on what they would like to trade on and how.

The world’s most popular FX platforms, the MT4 and the MT5 both feature the possibility of having a money manager manage accounts through them. This is often called a MAMM account.

The brokers below represent the best forex managed accounts brokers.

82% of retail CFD accounts lose money

"all financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary. Activtrades corp is authorised and regulated by the securities commission of the bahamas. Activtrades corp is an international business company registered in the commonwealth of the bahamas, registration number 199667 B. Activtrades corp is a subsidiary of activtrades PLC, authorised and regulated by the financial conduct authority, registration number 434413. Activtrades PLC is a company registered in england & wales, registration number 05367727."

ECN, market maker, no dealing desk

Your capital is at risk

IRESS, MT4, MT5, webtrader

Your capital is at risk

Here’s a list of the best forex managed accounts brokers.

Regulated by: cysec, FCA, FSC

Headquarters : 30 churchill place, london, E14 5EU, UK

82% of retail CFD accounts lose money

FXTM is also known as forextime, and commenced operations in 2011 from its de facto headquarters in limassol, cyprus. Since then, FXTM has achieved rapid global expansion, driven primarily by its desire to serve specific local markets with strong FX demand.

The MT4 and MT5 are the platforms provided by FXTM. These platforms, however, come in various versions built for the web, for desktops and for mobile devices. The FXTM MT5 is an improvement on the MT4 and can be downloaded from the myfxtm members’ area.

Activtrades

Headquarters : 1 thomas more square london E1W 1YN united kingdom

Activtrades was founded in 2001 and was recognised by the sunday times fast track 100 as the 90th fastest growing company in the UK for 2017. The company is regulated by the UK financial conduct authority (FCA), as well as the securities commission of the bahamas and offers CFD and spread betting trading accounts with direct execution (non-dealing desk).

FP markets

Regulated by: ASIC, cysec

Headquarters : level 5, exchange house 10 bridge st sydney NSW 2000, australia

Your capital is at risk

This brokerage offers a massive range of tradable assets through forex, CFD, and share trading accounts. FP markets supports the MT4, MT5, and IRESS platforms and offers leverage up to 500:1. You can trade 45 currency pairs with competitive spread or commission pricing.

FP markets was founded in 2005 and is headquartered in sydney, australia. It is regulated by the ASIC in australia. Demo accounts are available. While it is suitable for beginners, education resources are limited.

What is a forex managed accounts?

A managed forex account is where a professional trader/money manager manages the trading on the clients’ behalf. The account is made up of a personalized portfolio owned by a single investor. The portfolio and account is handled accordingly to the investors needs.

An investor may advise the money manager on strategies and signals to look for while trading on his behalf. An investor may do this to take themselves out of the equation and trade without the psychology and emotions that come with wins and losses. On the other hand, some clients simply choose to let the brokerage/money manager trade the account based on their own systems and strategies.

Forex managed accounts can be compared to traditional investment accounts of equities and bonds, in the way that an investment manager handles the trading logistics. In no instance can a money manager withdraw or add funds to the account, they are granted trade only access to the account, and the investor has full control over their account. Money managers charge a fee or commission for managed accounts, so it is important to research a variety of options, as their prices can vary greatly.

How does a managed forex account work?

For an investor to have a managed trading account, they must first open a trading account at a reputable brokerage firm of their choice. Then allocate the necessary amount of funds for a managed account. The money manager has limited access to the account and operates on a trade only basis. The investor remains in full control of the account and its deposits and withdrawal processes.

Now, if a money manager does not have any control over the investors money, how can they conduct trades? Well, upon setting up a managed account, both the investor and money manager must sign a document called a limited power of attorney agreement (LPOA). This is an agreement for both parties, allowing the trader to trade on an investors account on their behalf, without needing to transfer the investors funds to the traders account. This agreement provides a high level of security, control, and transparency that’s comfortable for the investor.

With the signing of this agreement, the managed account gets placed in what’s called a “master block”, and as stated before, the investor continues to have full control of their account. They can check the balance, deposit or withdraw funds, monitor trade activity, and even revoke the LPOA agreement at any time if they are not happy with the money manager. One thing they can not do is conduct their own trading on the account, unless they revoke the LPOA agreement.

Regarding the money managers aspect of managed forex accounts. They may trade for many investors all from a single master account using PAMM, LAMM, or MAM software and technology. These technical procedures are integrated into most reputable brokerages and various online trading platforms, making it possible for traders to manage investor accounts.

Account types

Investing through a managed account has been around for a long time. In fact, it’s been around for as long as investing. With that in mind, there have generally been 3 types of managed forex accounts that prevail- individual, pooled, and more recently; varieties of PAMM accounts.

Individual account

This type of account is the most simple and standard type of account when you think of a managed account. The account managed is a segregated account where the money manager makes all the trades on your behalf. The traders’ decisions are based solely on your instruction or desire, he/she is trading for you and only you.

Their decisions will be based on your risk level and whether you provide any specific strategy or guidance. Since there are no additional traders’ funds involved in this account, the minimum deposit may be quite high- exceeding $10,000. For this reason, and the fact the manager is trading this account individually for you, you will want to ensure a professional and competent money manager is chosen. A great deal of research and client testimonials will be beneficial when going this route.

Pooled account

This type of account is very similar too mutual funds, in where many investors pool their money together in a separate account and share the profits after fees and expenses. With pooled accounts, there are often a variety of pools to choose from. Each may be offering different risk levels, minimum deposits, investment strategies, currencies traded, and fees and expenses. These types of accounts are managed for a variety of investors, requiring you to choose or be advised on which pool suits your needs.

Unlike individual accounts, the manager is trading for numerous investor desires. To help determine an account for you, each fund will have years of past performance for review. A main benefit of pooled accounts is the lower minimum deposit required to enter, being as low as $2000. Although, there are often minimum participation requirements upon entering a pool fund. These are all factors you need to consider before diving in.

PAMM, LAMM, & MAMM accounts

These types of accounts use sophisticated technology to distribute profits, losses, and fees based on percentages of funds each investor has involved in the master account used for trading. These account methods are relatively new in comparison with the other two listed here, and offer the satisfaction of dealing directly with the broker of your choice in a secure and transparent way.

It’s similar to the mirror and copy trading features some brokers offer, because of the automation and technicality. Although, it still has more similarities to a managed account. All these types of accounts are basically pool accounts, in the sense that numerous investors pool their money together and reap the profits or losses of the money manager.

What should you look for in a managed forex account?

There are numerous things to consider when opening a managed forex account and you must always be careful when selecting a money manager. You need to use due diligence ensuring the money manager is reputable and trustworthy. The forex industry is known to have some notable scammers in the past, so extra precautions must be made to guarantee safe and secure management.

Not only do you need to take precaution when choosing your money manager, but also in the type of account that’s suitable for your needs. Below are some things to look for when choosing a managed forex account.

The risk level of an account or manager is something to consider. When trading with an individual account, you want to choose a money manager who’s trading style and history is at the level of risk you’re comfortable with. You can advise your money manager on how to trade, but by choosing one that trades with your level of risk already can make all the difference. As well, with trading accounts, you want to choose a pool with your appropriate risk level and trading method.

Another important factor are the fees, expenses, and minimum deposits involved with a trading account. Many firms will charge performance fees to your account. These fees can vary greatly based on the account type, and risk level of such an account. These rates can range from anywhere between 10%-35% and some cases even higher. These rates are in accordance to a principle called the “high water mark”. This protocol is applied to your account if at the end of each month your net balance is higher than a certain percentage. If this is the case, your account will be deducted the performance fee which is a certain percentage. Some brokerages may also charge an account management fee on top of the other fees for following a specific formula. Also in some cases, there can be a fee for the termination of account in the event of transferring all funds.

An important factor when choosing a reputable managed forex account is the availability of past performance history. Past performance may not be an indicative factor of future results, but at least the history shows experience of the forex account. There should be published history of at least a few years for a reputable brokerage managed account.

How to open a managed forex account?

Opening a managed forex account is more complicated than you might think. That is why we’ve created a detailed list pertaining to the necessary steps involved. Discover the intricate process in great detail below;

Before you make the necessary steps to opening an account, you must first determine your risk tolerance. You need to know this so you know who to look for in a money manager, you can view their track record and overall risk score. Another point that goes along with this are your goals. If you want to make higher profits in a short amount of time, high risk managed account might be the option for you.

Spend time networking and searching for the right forex trader. There are lots of options out there, but not everyone is right for you. Use your due diligence and research, reach out, and network to find the best possible forex brokerage.

Once you have narrowed down your list of forex traders, you need to go over each contract. Make sure you feel comfortable with everything and understand the max drawdowns, liability coverage, fees and expenses, and so on. Your due diligence is key in obtaining a successfully managed forex account.

Again, ensure everything is up to spec with the trader your interested in. View past performance reports, client testimonials, reviews, and anything you can dig up on the internet.

Once you have completed the steps above you are ready to select a forex trader to manage your account. You’ll need to complete and sign the necessary documents, and contracts including the signing of a limited power of attorney agreement (LPOA).

The next step is to receive your account number and transfer funds into the account. The account number is tied to your name, information, and your segregated trading account. Once everything is in order you can go ahead and transfer the funds, knowing you’re with a trusted and secure forex trader by following the steps above.

Finally, you wait for the money to be transferred, and it’s complete. It really is a simple process. You can have a managed forex account up and running within a few days. Now, you can analyze your account and even learn from the trades that are being made.

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How to open a forex trading account

What is needed and why

Artifacts images / digital vision / getty images

Forex trading sounds like an exciting financial opportunity to those who hear about it for the first time. The possibility of trading large sums of leveraged money sparks the imagination, but most who find the prospects of this market attractive will soon find they are surrounded by online hype and hyperbole.

The reality of trading is quite different from the sales pitches most people hear. That's because it is hard to be consistently profitable and most traders lose money in the early stages of their experience.

What is not hard, however, is actually opening a brokerage account. Choosing a brokerage is more meaningful if a beginner has actually tried out several different forex demo accounts.

Typical requirements to get started

The first thing you'll do is set up an account with a forex broker. You'll need to provide a good deal of personal information to get your account set up, including the following:

Name

Address

Phone number

Account currency type

A password for your trading account

Date of birth

Country of citizenship

Social security number or tax ID

Employment status

You will also need to answer a few financial questions, such as:

Annual income

Net worth

Trading experience

Trading objectives

Industry compliance

You might wonder why forex brokers want to know all of this information. The simple answer is to comply with the law. The environment surrounding forex trading has a comparatively low degree of regulation, but in recent years, more regulations have been put in place to provide some degree of protection or assurance to account holders. Additionally, forex brokers need to ask these questions to protect themselves from the risk of loss. They want to make sure customers who overleverage themselves will still be able to pay back any unexpected losses.

It's unlikely that you will find any broker willing to open your trading account without requiring these questions to be answered. If you do happen to find one that isn't asking many questions, you should be suspicious. If you are ever feeling wary about a particular broker, you can look them up through the national futures association to find out their status.

Forex trading and risk

During the final steps of opening your account, you will see risk disclosures. Please take these seriously. Forex is a difficult business for beginners. It tends to eat them for dinner if they aren't careful. There are more losers than winners on average. The broker is required to remind you of the forex risks.

Once you've turned in all of your information to be processed, the broker will verify it and typically ask you to send in some verification documents such as a government-issued ID, and maybe a utility statement to verify your name and address. The back and forth process can slow down the process by a day or two, but it's nothing to concern you.

Once your information is verified, you can fund your account and begin trading. One piece of advice that I like to give to all new traders is not to put any money in the account that you cannot afford to lose.

It seems like obvious advice, but some people start off feeling like they know more than they do, and take unnecessary risks. Start with a fair amount of money and trade small. Nothing can prepare you for the emotions that you feel when your money is truly at risk, so go slow in the beginning.

Forex should be boring

Forex seems very exciting, but in reality, it should be boring and cut and dried. If you feel a great deal of anxiety when making trades, be careful. It's common to either get too wound up from your winning trades or become a destructive trader from your losing trades.

Learning to make trades using research and systematic logic will serve you much more than relying on emotion to guide your trading. Forex should feel like simple, methodical decision-making with precautionary steps in case of failure. While that might sound boring to you, you will survive much longer if you approach that market that way.

Keep your cool

If you find yourself feeling like you are making common forex mistakes and just generally feeling frustrated, stop trading, and review the basics again. Forex trading is one of those industries where occasionally you have to re-evaluate your methods to make sure you are achieving your goals. Try not to get too frustrated and keep your approach scientific and unemotional.

Forex demo account trading

Practice forex trading and learn how to win

It is crucial to learn how to use the features of a forex platform before you start trading on it. Fortunately, traders can test out each platform using a demo account, which means no real money is at risk. Here, we'll discuss the importance of demo trading and let you know what you should look for when trying different platforms.

Key takeaways

Every platform is different, so even experienced traders need to learn how they work before trading with real money.

It is generally a good idea to place at least 50 demo trades to figure out how crucial features like stop orders work.

Forex demo accounts can also help traders to learn how good platforms are at recording transactions for tax purposes.

Demo trading is not the real thing, but it can help traders prepare for using live accounts.

Each platform is different

Many brokers offer several platforms. Metatrader 4 and 5, also called MT4 and MT5, are both popular. Furthermore, most brokers provide additional platforms. However, these additional options may be proprietary to the broker. That means that the platform may not be available from other brokers.

While each platform may function and look slightly different, most provide roughly the same features. These features include forex quotes/prices, charts, technical analysis tools, news feeds, trade history, drawing tools, and functionality for buying and selling currencies.

Some platforms have more features than others. For example, some of them have integrated fundamental analysis tools. That may be important for a long-term investor, but it doesn't matter for a short-term trader.

The image below is a snapshot of the MT4 platform.

Along the top of the platform, shortcuts go to various tools and settings. Below these shortcuts, there is a charting window to see the price history of a currency pair or other asset. The terminal is beneath the charting window. There are multiple tabs in the terminal, providing access to news, account history, and current trades. Not every platform is set up this way, but most offer the same features arranged differently.

Placing orders

It's a good idea to place at least 50 demo trades on a platform before trading money to master the specifics of order entry. A trader should never trade live unless he or she can confidently answer all of the following questions:

How do I place a limit order?

How do I set a stop order?

Can I set a limit and a stop at the time of entry?

Are the spreads on the platform fixed or variable? And what is the typical spread?

What is the lot size that I can trade (100 units, 1,000 units, 10,000 units, 100,000 units)?

Can I mix and match the lot sizes?

Do I have another way to trade if my primary internet connection goes down?

Some platforms use pop-up order windows, while others allow you to trade by clicking prices directly on a chart. Typically, you can click on the offer part of the quote (the ask) to buy a currency pair. When you want to sell, you usually click on the bid part. Some platforms allow you to choose a market order or limit order after the quote window pops up. However, others force you to make your selection beforehand.

Here is a sample order screen in MT4. Suppose that you want to bring up a detailed order screen like this one. On most trading platforms, you can right-click on a chart or quote and select a new order or new trade.

On the left is a very short-term chart of the currency pair for the trade. This currency pair is also listed at the top of the trade box. Next, input the volume you want to trade. Enter a stop-loss and take profit level for the trade. The trade type can be a market order or a pending order. If you want to buy/sell at the current price, choose the market as the type. If you want to buy or sell at a different price, choose pending.

With a pending order, there are more options, as you need to input the price you want to buy or sell at. You may also choose to put an expiry on the order. Once everything is filled out, place the order.

Learning how to set up a stop-loss order on a platform is vital for most forex traders. That is the surest way for heavily leveraged traders to prevent large losses when exchange rates suddenly move in the wrong direction.

Taxes

One function that most new forex traders overlook is tax reporting. Because forex is a global market, dealers as a general rule do not provide any documentation to the tax authorities in the trader's country of residence. Tax reporting is solely the responsibility of the trader. Brokers produce detailed transaction histories from which the trader must then compile their tax reports. Such an arrangement calls for a trading platform with highly organized and flexible reporting functions.

However, reporting quality varies greatly from dealer to dealer. All dealers will provide you with a full transaction report. How those transactions are laid out could mean the difference between spending hours or minutes creating a final report for your accountant. Some forex traders generate thousands of trades in a year. A platform that records all those trades in an easy-to-understand income statement is invaluable.

Tax treatment of currency trading is very much dependent on the individual's tax status. Most dealers will not advise you regarding tax matters, nor should you take their advice if they do. Most of them lack the particular expertise to deal with the multitude of tax authorities around the world. You should always consult with a tax professional before choosing a course of action.

As a general rule, more intuitive platforms with more organized reporting of your trade history are better for taxes. After having done some demo trading, look through the trade history and account statements. Look at how easy it would be to see your profits and losses for the year. Examining the record of your profits and losses can also help to improve your trading skills.

Trade like it is real

Once you have mastered the basic functionality of a trading platform, use the demo platform to experiment with various strategies. Are you a short-term momentum trader who likes high leverage and tries to capture 10 to 20 pip moves? Or do you prefer using less leverage and holding longer-term positions that could potentially yield hundreds of pips? Demo trading can help you discover what type of trading suits you best.

Demo trading is not the real thing, but it does help prepare you for actual trading. Many people are perfectly calm after sustaining a big loss in a demo account. However, some of them become completely unhinged over even a small loss in a real account. To make demo trading as productive as possible, you need to trade the demo account as if the money were real.

Easing into real trading is often the best way to start. Some forex brokers, such as OANDA, allow you to open an account with as little as one U.S. Dollar. When you start trading with even a few hundred dollars, the experience becomes real. Trading small amounts is the natural extension of demo trading.

The bottom line

Even after you decide to trade live, demo trading can be very valuable. Many successful traders will test strategies in a practice account before they try them out with real money. Demo trading does not guarantee profits in a live account. However, many traders agree that failure to achieve success in a demo account will almost certainly lead to failure in real life. That is why demo trading is vital to the growth and development of forex traders.

Forex play account

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Demo trade your way to success

You can open a demo account for FREE with most forex brokers. These “pretend” accounts have most of the capabilities of a “real” account.

The demo account allows you to learn about the mechanics of forex trading and test your trading skills and processes with ZERO risk.

YOU SHOULD DEMO TRADE UNTIL YOU DEVELOP A SOLID, PROFITABLE SYSTEM BEFORE YOU EVEN THINK ABOUT PUTTING REAL MONEY ON THE LINE.

“don’t lose your money” declaration

Now, place your hand on your heart and say…

“I will demo trade until I develop a solid, profitable system before I trade with real money.”

Now touch your head with your index finger and say…

“I am a smart and patient forex trader!”

Do NOT open a live trading account until you are CONSISTENTLY trading PROFITABLY on a demo account.

You’re probably thinking, “sooooo…what I hear you saying is…there’s still a chance then?”

If you’re that impatient, then at least try to demo trade for at least a MONTH.

You can hold off losing all your money for a month riiight?

If you can’t, just donate that money to your favorite charity or give it to your mama…show her you still care.

Even after reading this, you’re probably still NOT going to demo trade for at least a month since you’re stubborn like that.

Concentrate on ONE major currency pair.

It gets far too complicated to keep tabs on more than one currency pair when you first start demo trading.

Plus, in the beginning, you need time to focus on improving your trading processes and creating good habits.

You’ll also need to experience different market environments and learn how to adjust your methods and strategies as market behavior changes.

You can be a winner at currency trading, but as with all other aspects of life, it will take hard work, dedication, a little luck, and a whole lot of patience and good judgment.

10 best forex trading apps reviewed and compared [sponsored]

Due to hectic lifestyles in an ever-evolving world, traders are often not able to remain seated in front of their desktop terminals for prolonged periods and through this, the popularity of mobile trading through applications has increased drastically.

With mobile trading apps, traders can remain connected to their trading account and actively trade at anytime from anywhere in the world with the benefit of receiving notifications of open and favourable positions while on the go.

Here then are the best forex mobile trading apps:

1. Metatrader 5

Compatible with ios and android devices

Overall rating: 4.5/5 (google play) and 4.7/5 (app store)

The MT5 mobile app has some comprehensive features which include, but is not limited to:

Real-time quotes

All types of trade orders

Full set of trade execution modes

Detailed trading history

Free financial news

Technical analysis

Access to a variety technical indicators and analytical objects

User-friendly interface and highly customisable charts.

The MT5 application allows traders direct connection to the servers of their broker to
receive stock prices, currency exchange rates and the possibility of analysing financial
markets by using charts and technical indicators.

2. Open ticktrader

Compatible only with android devices

Overall rating: 3.4/5 (google play)

Foden ticktrader provides traders with real-time market data which includes pricing and charts not only for existing fxopen traders, but new traders who register an account as well.

By using the mobile application, traders are able to receive the latest economic and financial news and currency rates through the app or by setting push notifications to alert the trader as they occur.

Features of this app include:

Forex, cryptocurrency demo or live account access

Live quotes that have depth of market

Main operations with market as well as pending orders

Trading history logs

Advanced tools that can be used for comprehensive technical analysis

Forex market news, fxopen broker news.

3. Avatradego

Compatible with ios and android devices

Overall rating: 3.5/5 (google play) and 3.4/5 (app store)

Provides a comprehensive, smooth trading experience in addition to featuring the following:

Intuitive management tools

Clear charts

“zoom” function for viewing details, and

Many more helpful

The avatradego application makes trading so much simpler as it provides a step-by-step guide on opening trades, it provides feedback on the trader’s activity in addition to providing support at any time that the trader needs it.

From the mobile app, the trader can manage their metatrader 4 and 5 accounts along with switching between demo accounts and real accounts.

4. Fxpro

Compatible with ios and android

Overall rating: 4.6/5 (google play) and 5/5 (app store)

This trading app allows traders to manage multiple trading accounts with ease in addition to opening new accounts, verifying them, viewing trading history on all accounts, making a deposit, transferring funds and the withdrawal thereof.

Features of this mobile trading app include:

Fast sign up

Open and manage metatrader 4, metatrader 5 and ctrader accounts

Quick and easy deposit, transfer, and withdrawal

Interactive economic calendar

Secure fxpro wallet

Smart push-notifications

Secure login using a user generated passcode and fingerprint recognition.

5. Netdania

Compatible with ios and android

Overall rating: 4.5/5 (google play) and 4.7/5 (app store)

Netdania is a forex and CFD trading app that provides access to over 2000 financial instruments, more than 10,000 real time stocks and indices in addition to the following features:

A variety of currency pairs

Charts

Demo and live trading

Build algorithms and set alerts

Real-time news

An economic calendar

Real-time streaming tick by tick quotes

Interbank forex rates, and more.

The netdania mobile application works in conjunction with selected brokers and is a platform through which traders can connect to their broker along with the account, whether live or demo, that they have registered with a broker.

6. Forex time FXTM

Compatible with ios and android devices

Overall rating: 3.7/5 (google play) and 5/5 (app store)

One of the key features to this mobile trading app is that it supports automated forex trading and the platform is designed to cater for both beginner and professional traders.

When trading through use of the mobile app, traders are provided with flexible leverage and both fixed and variable spreads. Another advantage is that withdrawal requests are processed as soon as a trade has been completed.

In addition, this mobile trading app has the following features:

Passcode and fingerprint security

Quick and hassle-free deposit and withdraw options

Conversion rates calculator

Trading signals

Pivot points strategy

Market forecast

News and market analysis

Educational tools such as webinars, seminars, and e-books

Access to a trading journal

Superb support through instant chat, and more.

7. TD ameritrade

Compatible with ios and android devices

Overall rating: 3.4/5 (google play) and 4.5/5 (app store)

One very noteworthy feature of using this mobile app is that login security along with security in trading is advanced by being able to register the trader’s fingerprint to log into the app and using it again when executing trades.

Upon opening the app, the trader will have access to their account overview, and it can easily be switched by pressing the menu options in the top right corner. With the TD ameritrade app, traders have access to the following features:

Watchlist

Positions

Orders

Balances

Alerts

Chat rooms

Trader TV

Messages, and

Economic calendar

This mobile trading platform is easy to use and navigate, trades are easy to execute and close and traders have the option to trade a variety of financial instruments.

8. Plus500

Compatible with ios and android devices

Overall rating: 4/5 (google play) and 4.1/5 (app store)

Traders using the plus 500 mobile app have access to a wide range of financial instruments in which they can trade at a competitive cost with low spreads and zero commissions charged on trades.

The mobile app makes opening and closing positions easy and the execution speed is above average when compared to that of other brokers.

Traders have various options when it comes to charting along with an array of technical indicators that can be added to charts along with a variety of time frames in which charts can be viewed.

9. Naga trader

Compatible with ios and android

Overall rating: 3.3/5 (google play) and 4.3/5 (app store)

The naga trader app is a very minimalistic and amazingly simple app to use. It allows traders to trade most asset classes and it provides ample opportunity for both social trading and robo-advisor capabilities.

This caters specifically for traders who want to elevate their trading by making use of automatic trading strategies.

Traders can trade stocks, cfds, etfs, cryptocurrency, indices, and commodities with an array of forex pairs. The average spread on the EUR/USD currency pair is 1.9 pips and traders have access to leverage up to 1:30.

10. Trading 212

Compatible with ios and android devices

Overall rating: 4.5/5 (google play) and 4.7/5 (app store)

Signing up for an account using the mobile app is a quick and straight forward procedure. The app features a user-friendly and minimalistic interface that has quick options to switch between the live quotes of several financial instruments.

The mobile app allows traders to set up price alerts, access the forum and reports and in addition has training videos which can be accessed from the menu.

Open positions can easily be monitored by selecting the graph tab at the bottom of the screen and the app also features robo-trading and a built in economic calendar.

Final thoughts

There is a great variety of forex trading applications available and it comes down to which one will better cater for the needs of the trader. Each trading app has distinctive features and provides traders with access to a variety of offerings.

When choosing a mobile app through which to trade forex, it is imperative that traders narrow down the list, download the app, open a demo account, and test out the features hands-on in a risk free trading environment.

This article is sponsored by SA shares, a portal for JSE-listed shares.

Featured image: thedigitalway via pixabay

The benefits of using A forex demo account

This article will provide you with all of the benefits of using a demo account in forex trading. You'll learn about what a forex demo trading account is, why you should consider downloading a trial demo account, how to download a demo trading account, how to set up a demo account, the best way to use a demo trading account, and more!

Why new traders should trial a forex demo account, and how to get started

Did you know that global trading volumes in the foreign exchange market reached a record high in 2018? Thanks to volatility in global economics, more and more people are actively trading in the forex market. However, trading a market which turns over more than $5 trillion every single day can be quite daunting at first. This is why your first forex account should be a forex demo account when you are starting out.

Within minutes, the account can effectively become your forex practice account and can work as a free trading simulator. This could prove to be invaluable when you are first learning how to forex trade. You can easily open up a free forex trading demo account and be trading in a matter of minutes, and trading the global currency market risk free. Read on for more information about what exactly a forex demo account is, the benefits of using one, and the best way for you to start using it today.

What is a forex demo account?

As you may have gathered, a forex demo account enables a trader to simulate a live trading environment - without putting any real money at risk. It enables a trader to start free online trading relatively quickly, so that they can practice trading before risking real money.

All forex traders should use a forex demo as their first forex account to get a feel of what trading the currency market is like, as well as to get used to the broker and the trading platform they are using. Essentially, it enables traders to practice their trading skills along with quite a few more enticing benefits.

Trading with A demo account

Trader's also have the ability to trade risk-free with a demo trading account. This means that traders can avoid putting their capital at risk, and they can choose when they wish to move to the live markets. For instance, admiral markets' demo trading account enables traders to gain access to the latest real-time market data, the ability to trade with virtual currency, and access to the latest trading insights from expert traders.

To open your FREE demo trading account, click the banner below!

What are the benefits of a forex demo account?

If you speak to any seasoned trader, their list of demo trading account benefits would be endless for traders who are first starting out. Here is a list of just a few of the benefits you may want to know about:

Learn how to forex trade risk free with a demo trading account

Owning a forex practice account is like having free forex training. That's because it enables the trader to put their training into practice, without risking any real money, by trading with virtual funds instead. After all, the most successful people in any field are those who have learnt and practiced their craft considerably - and the same goes for forex traders.

You can complement your demo trading experience with some of the best free forex training available, with courses such as the forex 101 - admiral markets' forex and CFD trading course. Forex 101 provides you with free access to a video training series from two industry leading experts, accompanied with written notes and quizzes. You will also receive a certificate acknowledging your newfound expertise!

Familiarise yourself with your trading platform

Most forex brokers offer the well known metatrader platform. By opening a forex demo account, you can familiarise yourself with the trading platform by making trades without putting real money at risk. This way you get to learn about how to take a trade, how to close a trade, and how to use different tools to your advantage, like different order types and trading indicators.

Admiral markets offers the following trading platforms:

Metatrader 4

Metatrader 5

Metatrader webtrader

Metatrader supreme edition (A custom plugin for metatrader 4 and metatrader 5, created by admiral markets and professional trading experts)

When advancing to live trading with real money, it is essential you feel comfortable opening, amending, and closing trades when you need to. The last thing you want is to experience panic from not knowing how to get out of a trade. Instead, you may want to know how to use stop loss and take profit orders, so that the broker and trading platform can manage your trades when you're not there. A forex practice account could be the solution to your long-term success.

Learn to manage your emotions

When it comes to risking money to make money, a lot of emotions can come into play. Euphoria and overconfidence can kick in after a few winning trades. Frustration and doubt can kick in after a few losing trades. These emotions can often cloud the trader's judgement on their next trading opportunity.

Trading on a forex simulator helps you to identify these emotions so you can build a routine and plan around dealing with them. Most beginner traders don't know what kind of emotions they will face when winning and losing, so it's probably best to find out without risking any real money.

Create, develop and test your trading strategies

If you're learning with admiral markets, after graduating from the free forex 101 course you can use a forex demo account to practice the tools and trading strategies you have learnt. However, you may also benefit by learning more about trading through the admiral markets education page, or by using some of the free indicators available on the metatrader trading platform.

The forex trading simulator is by far the best place to test anything new you have learned about concerning indicators or strategies. You may also start to recognise your own trading patterns after some time has passed, and you may even start to develop your very own trading system. Having the ability to trade risk free often enables traders to be more creative in terms of testing and finding out what works best for them.

Find the best trading routine that suits you

The forex market traders trade 24 hours a day, 5 days a week. So when is the best time to trade? Most traders prefer to trade around the opening of the tokyo, london, and new york trading sessions which are: 12am, 8am, and 2.30pm GMT respectively. However, the best time to trade is when you have the ability to completely focus on the markets.

One of the great things about the forex market is that you can develop a routine to trade the market that fits around your work and family life. However, when you first start out, it may be a challenge finding the exact routine that works for you. The last thing you want is for this to lead to poor trading decisions, which lead to losses with real money. Using a forex trading demo account can help you to find the best routine that suits you, before you start risking real money. Remember: trading is a marathon, not a sprint!

Metatrader supreme edition - admiral markets

Did you know that admiral markets offers an enhanced version of metatrader that boosts trading capabilities? Now you can trade with metatrader 4 and metatrader 5 with an advanced version of metatrader that offers excellent additional features such as the correlation matrix, which enables you to view and contrast various currency pairs in real-time, or the mini trader widget - which allows you to buy or sell via a small window while you continue with everything else you need to do.

Download it for FREE today by clicking the banner below!

The best way to use a forex demo account

While the benefits of using a forex demo account speak for themselves, there are some negatives you need to be aware of. Only after understanding these can you start to use your forex demo account the best way.

Create a trading plan for a real money account and trade it on a demo account

The first step should be to create a trading plan that you would use on a real money account. While you may be experimenting on a demo account to find what works best for you, every trader needs a foundation to build upon.

Your plan may consist of the following:

When will you trade? Try to stick to the same time every day, as you'll get to learn more about how that specific session moves.

Which markets will you trade? Focusing on a few markets first may be the best way to implement your learnings through your forex training. Some of the most popular FX currency pairs include the EURUSD pair and the USDJPY pair.

Which strategies will you trade? After graduating from your forex 101 course, decide which tools you will use to make trading decisions, and develop a strategy around them. This way you know what conditions you need to take into account when placing a trade and closing a trade.

Which risk management tools will you use?Risk management is an essential part of trading successfully in the long term. Decide ahead of time how you will position each trade in terms of size, and how you will decide to close a trade in profit or loss.

The most important element here is to try and replicate how you will, or want to, be trading on a real money account. You can then practice this plan and amend it - until you are comfortable enough to move onto real money.

Create a trading journal to track your practice trading results

It's great to have access to a free trading simulator, but at what point should you move onto trading with real money? Only you can answer that, but you may want to consider tracking your demo trading results, and set yourself some goals to then take the next step.

Trading expert, jens klatt, gives his detailed insight on how to optimise your trading journal in this free webinar.

Creating a journal of your historical trading activity can be quite useful, as you can see what your results could have been if you were trading with real money. Due to market volatility, they will never be exactly the same, but you can get an idea of whether or not your trading plan is working for you.

Of course, it only works if you're honest about your trading results. If you are, it can pay off in a big way. Some of the most successful traders in the world have mindset coaches, so it could also pay off to write a journal about your emotional progress in terms of how you feel after a winning or losing trade. It's a great way to prove to yourself that you have the mental fortitude to start risking your own money in live trading conditions.

Create a goal to transition to a live trading account

The day will come when you want to transition into a live trading account and try to reap the rewards of your hard work in live market conditions. However, when that day comes, it is down to you. So, the key question you have to ask yourself is what needs to happen first before you make that transition?

Some traders like to set goals. For example, it could be reaching 10% on your demo account money balance, or it could be simply reaching 20 trades, or it could be achieving three months of profitable trading first. One of the benefits of starting with a demo is that it can provide a seamless transition into a live account as your platform. The charts you use and your trading plan can all remain the same - and probably should!

How do you set up a demo trading account?

If you are eager to start trading in a risk free environment right away then it only takes a few clicks to open a demo trading account. After inputting your name and email you can begin to enjoy benefits such as:

The ability to trade on any device (windows, mac, android, ios, etc)

A fully immersed live market experience

Free market data and real time news

An expert quick-start guide

30 days access, or for a lifetime when opening a live trading account

With risk-free access, isn't it time you joined the world's growing trading community too?

Forex 101 - free online trading course

If you're a rookie trader looking for a place to learn the ins and outs of forex trading, our forex 101 online trading course is the perfect place for you! Learn how to trade in just 9 lessons, guided by a professional trading expert. Click the banner below to register for FREE!

About admiral markets

Admiral markets is a multi-award winning, globally regulated forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: metatrader 4 and metatrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Forex demo account for android

Developer's description

Want to open a forex demo account to start testing your trading strategies?

We have developed an application so you can learn all about forex demo accounts and where you can open one for free!

Before you start trading in real you need some practice time. You can do this with a demo forex account. This gives you the possibility to open trades in the currency pair you want without risking real money and with the prices updated to the tick.

We will show you where to open a forex demo account to practice without risks.

The demo account is the best learning tool for the beginner. The functionality of the demo account is identical to that of a real account, but you trade, not with real money, but virtual. By working on a demo account, you will get practical trading experience on frex and you will be able to study all trading possibilities.

You will be able to execute trades in real time and learn to analyze markets using technical indicators, without risking your own finances. Trading signals, copying transactions and buying expert advisors on the market are also available in demo accounts.

Creating a demo account is the best start to learning how to trade on the forex markets - start now!

Download the app and try out a demo account.

So, let's see, what we have: FX empire’s top picks for the best forex managed accounts. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more. At forex play account