Viber A demo account serves as a simulation account that traders can use to practice trading in a live environment with virtual currency. Opening a demo account is completely free and you never have to invest a dime into the account, regardless of how many you open, what company you use, or how long you use it.
Happy Friday! Gets it out of my system and I can watch it and hopefully learn from it. However, my demo account is growing, and my live account is dropping… FAST! How would you recommend making that connection?
These accounts are one of the best ways for traders to test their practical skills with zero financial risks. Since demo accounts are completely free, many traders would assume that there is no possible way to make money from them. The good news is that it is entirely possible to profit from trading on a demo account.
Are Demo Accounts An Indicator of Investing Skills?
So, how can you make money off a demo account? Participating in a demo account contest.
However, it is possible to find several of these contests online through different companies. Do note that many of these brokerages require you to register a live account to take part in their contests.
How to Make Real Money with a Forex Demo Account
Each participating brokerage offers its own unique contest with different rules and prizes, but many of these contests follow the same pattern. Anyone that would like to can open a demo account through the broker and trade for a specified amount of time, usually around a month or so.
When the time options to make real money on a demo account up, the trader that made the most profit is usually crowned the winner and given the main cash prize. Sometimes second, third, and other placing traders will earn lesser prizes. Some companies offer contests periodically while others offer them monthly.
There are also cases where a demo contest is offered as a one-time promotion. Before you register for any demo contest, it is important to understand the unique rules that apply.
You need to make sure that you qualify to enter so that there are no issues claiming your prize if you win.
You have a better chance to win a prize if you can find a contest that rewards 2nd and 3rd place winners.
Traders can view the current rankings online but be aware that all rewards are credited on a live account. Atirox offers a monthly demo contest named Chasing Mavericks.
Forex Demo Account Trading
The goal is to maximize prosses while incurring as few losses as possible. OctaFX holds periodic demo contests with the next one taking place on June 8th.
The participant with the highest balance at the end of the round wins. You do have to register a live account to participate. These are only a few examples of demo contests that are out there, so be sure to look at other options.
Most of them look for the highest profit or the most growth, so beginners will have a hard time winning.