There are hardly any forex brokers that do not offer a free demo account to its traders. But unfortunately, most of the traders do not know that how they can use demo accounts to get most out of them. Both new as well as experienced traders do not know much about the purpose, usage and benefits of forex demo accounts, and thus they avoid using them.
Here are the top three uses of demo accounts
one. Simply put, forex demo accounts can be and are used by new traders those who are unaware of trading. New traders normally stick to a demo account for some time to know what trading is. And this is the biggest advantage of forex demo accounts. The foremost benefit or use of demo accounts is that they are used by new traders so that they can learn different aspects of the market.
two. Demo accounts are very beneficial from learning point of view. Unfortunately, most traders think that demo accounts are best suited to new traders and these are for them. However, this is not the case. Every trader can use demo accounts for the purpose of learning irrespective of its tenure. Being an experienced trader, if you want to try a new trading platform or a new technical chart, you can do it on a demo account instead of taking risk of trying new things at your actual account.
Having said that, it is also good to use demo accounts for practice and testing. If you want to test a new chart, if you want to practice trading with large lots or anything; you have the option to do this testing and practicing with a demo account. This is one good way of keeping yourself safe from losing your money during the testing phase. However, if you use these testings and practices at your paid forex account, there are chances that you will lose your money.
three. Whenever you need to switch from one broker to another, the best way is to use demo account for some time and then make the decision. These accounts are indeed very helpful in exploring the features and services offered by any forex broker. It is not suggested at all to open a forex account with a new broker and soon you realize that this broker does not fit your needs. Hence, you must use forex demo account to see and use various services offered by forex brokers.
Forex free demo accounts can be used in different ways. The best part, you never have to pay anything for a demo account. No documents needed for a demo account. You will never be asked to provide your payment details while opening a demo account. Forex demo accounts is the one best way of learning new things in the market. 
