The Best Demo Forex Trading Apps of 2021: Our Comprehensive Review
Trading on the Foreign Exchange (Forex) market can be a lucrative way to make money, but it's also one of the most challenging. Fortunately, there are a plethora of demo apps available these days that allow you to trade foreign currency with virtual funds before committing to the real thing. In this article, we'll dive deep into a few demo forex trading apps to help you find the one that works best for you.
What is a demo forex trading app?
Before we dive into our review of the best demo forex trading apps available in 2021, let's cover what exactly a demo forex trading app is. Essentially a demo app is a platform that enables you to practice trading with virtual funds, without the risk of losing real money. Many platforms and brokers offer demo accounts where you can try out the platform and experiment with forex trading strategies without using your own funds. It's an excellent way to learn about forex trading and develop your skills before you invest your money.
Now that we have that out of the way, let's dive into the best demo forex trading apps in 2021.
1. MetaTrader 4
MetaTrader 4 is one of the most popular trading platforms available today. It's known for its intuitive interface, robust functionality, and extensive customization options. MetaTrader 4 also offers a demo account that gives users the ability to practice trading without risking their own money.
With a MetaTrader 4 demo account, you can create custom indicators and automated trading strategies, giving you the opportunity to test your trading strategies without any financial risk. You can also use more than thirty built-in technical indicators to analyze market trends and patterns, which can help you make more informed trading decisions. Additionally, MetaTrader 4's mobile app is incredibly comprehensive and user-friendly, enabling users to trade on the go.
2. cTrader
cTrader is a trading platform developed by Spotware, a UK-based fintech company. Unlike MetaTrader 4, which is more geared towards experienced traders, cTrader is known for its simplicity and ease of use, making it an excellent choice for beginners.
Like MetaTrader 4, cTrader also offers a demo account that enables you to practice trading with virtual funds. The demo account lets you test trading strategies, assess market trends, and analyze patterns using a range of technical indicators. cTrader's charting tools are also incredibly comprehensive, enabling you to identify trends and patterns quickly.
3. Trading 212
Trading 212 is a mobile-first trading platform that's available on iOS and Android devices. It's known for its user-friendly interface and intuitive design, making it an excellent choice for beginners.
In addition to its user-friendly design, Trading 212 also offers a demo account that allows you to trade with virtual funds. With Trading 212's demo account, you can trade over 3,000 instruments across multiple asset classes, including forex, stocks, and commodities. You can also use Trading 212's charting tools and technical indicators to analyze market trends and patterns, giving you the information you need to make better trading decisions.
4. eToro
eToro is a social trading platform that lets you trade forex, stocks, and cryptocurrencies. It's known for its unique copy trading feature, which lets you copy the trades of successful traders in real-time. eToro's demo account also allows you to practice trading with virtual funds and experiment with the copy trading feature to see how it works.
eToro's user interface is easy to navigate, making it ideal for beginners. The platform also offers a wide range of educational resources that can help you learn more about forex trading. Additionally, eToro's mobile app is intuitive and user-friendly, making it easy to trade on the go.
5. IQ Option
IQ Option is a trading platform that specializes in forex trading, stocks, and binary options. It's known for its easy-to-use interface and extensive educational resources, making it an ideal platform for beginners.
IQ Option's demo account gives you access to a virtual balance of $10,000 and allows you to practice trading without risking your own funds. Additionally, IQ Option has an extensive range of educational resources, including videos, articles, and webinars, that are designed to help you learn more about forex trading.
Final thoughts
In conclusion, demo forex trading apps are an excellent way to practice trading and develop your skills before you invest your money. Our review article covered five of the best demo forex trading apps of 2021, each offering different features and functionalities. Whether you're a beginner or an experienced trader, there's a demo forex trading app out there that can help you polish your trading skills and make informed trading decisions.