Is a Forex Demo Account Exactly the same as a Live Forex Account,iphone forex,iphone forex app,iphone forex chart

Is a Forex Demo Account Exactly the same as a Live Forex Account?

When you first start trading the Forex markets, you will most likely receive a number of recommendations from Forex brokers and FX courses to start with a Demo Account. Essentially, Demo accounts are those in which you can use fake money instead of fronting up with real money - so that you can get a sense of what Forex trading is all about.

There are two major benefits to using Demo accounts. They are:

Ability to use the brokers software and Forex platform without committing any money
Ability to try out strategies and systems without risking real money

Both of these benefits have huge implications for Forex traders in the long run. However, many people often ask whether or not trading on a Demo account is a genuine representation of what Live account trading is like. After all, Demo accounts are sometimes delayed by 20 minutes with their data, and trade times are significantly reduced because of the fact that real money is not being processed.

Let's take a look at whether or not Demo trading provides a fair representation of Live trading.

Demo Accounts Are Almost Identical

Aside from the fact that currency quotes are often delayed with Demo accounts, the reality is that trading on a Demo platform is almost an identical experience to trading in real life.

The only major difference, obviously, is that you are not using real money.

Many people still believe however that because the money you are using on a Demo Forex account is fake, the processing times for trades are significantly improved from before. This is simply not the case. The reality is that the amount of time it takes for a Demo trade to be executed is almost on par - if not exactly the same as that of a Live account.

Do not forget, just as a live trade needs to be routed to an exchange through the Forex broker - demo trades also need to be routed through the system and executed in the same fashion (albeit on the Demo database). Therefore, this should actually give you a very good idea of how long it will take for a real Forex trade to be place, sent, and executed on the system.

Switching to Live Platforms

After a few weeks of demo trading, most traders in the FX markets feel comfortable enough to switch to live account trading. Usually, you will simply have to alter the username and password that you log in to the system with - and everything else will remain exactly the same (except your account will obviously reflect the actual real account balance, not the demo balance).

Is a Forex Demo Account Exactly the same as a Live Forex Account?

Can I Dispute a Trade with my Forex Broker?

On the whole, Forex trading is a smooth operation. In many cases, trades are executed within milliseconds of being sent through to the exchange - and the same is true for orders which are being placed.

However, on the odd occasion, things can go wrong. This is usually confined only to Forex brokers who do not route trades directly to the Forex trading floor, and instead execute trades manually or with their own systems.

If you feel that your trade has been executed unfairly, as a result of Broker error, you might want to dispute a particular trade and try to seek reimbursement for the money you lost. If this is the case, you will need to submit a dispute form on the Forex broker's website.

Submitting a Trade Dispute Form

Whilst this doesn't happen very often (brokers try to minimize errors and mistakes as much as possible) - we have heard of a number of cases where traders needed to submit a dispute form as a result of a trade being placed or closed incorrectly. Whether the trade was opened at the wrong price, or closed at a price far away from the actual quote price - just be aware that everything you do on a FX trading platform is recorded, and therefore there are records of trades and orders as they are placed.

To submit a trade dispute form, simply follow the steps listed on the Forex broker's website. These will usually require the following information:

The currency pair you placed the trade on
The time of the trade
The ID number of the order or trade
The reason why you are wanting to dispute the trade
The reason why you believe that it was the broker's fault instead of your own error

There will obviously be spaces on the forms for you to put all of this information. We recommend that you be as comprehensive and detailed as you possibly can, so that the broker is able to look at as much information about the case as possible.

Dispute Resolution

Following the submission of your complaint, it could take up to 30 days for the Forex broker to review your dispute form and take action. They will need to go back in their own system and check to see what actually happened, and therefore why you feel that you were hard done by.

Following this, they may or may not offer you compensation, based on the individual claim.

Can I Dispute a Trade with my Forex Broker?

2 Alternatives to the Spot Forex Market

What many Forex traders do not know is that there is actually more than one type of Forex market to trade on. Yes - most brokers will only offer one (the spot Forex market) - but there are a few Forex brokers out there who have flexibility as to the market that you are able to trade on.

In this article, we will take a look at the other Forex markets, and try to examine the difference between them and the spot market. This should provide you with a better idea of exactly which market is best for your style of trading.

The Forward Market

The Forex forward market is an entirely separate market from the spot. You will find that when looking at currency pairs in the forward Forex market, the quotes are completely different to those found on the spot rates.

This is a function of what the market is actually providing. As you might have gathered from the name of the forward market - this particular arena is offering rates to buy foreign currencies in the future. There are a number of different quotes for different time frames. For example, the following time scales might offer different rates to trade at:

1 month
3 months
6 months
12 months

Many spot Forex traders utilize forward rates to help them predict the future movements of a particular currency pair. The reality is that a 12 month forward Forex rate is the price that traders expect the currency pair to be trading at on the spot market in 12 months time, and therefore this is often a good measure of the future moves of the market.

Swap Rates

Another market entirely separate from the spot and forward Forex markets is the Swap Market. This market is used in complex currency trades, which are often far beyond the needs of mainstream retail spot traders.

Swap rates are those which are used when transferring real currency from one country to another, without the need to actually convert the currency. Whilst the swap rates are often similar to spot market Forex rates, the swap market also has time scales just like the forward market.

Swap rates are used by large corporations trying to hedge their overseas exposure, or by importers and exporters who do not want to trade a particular currency pair at the current time, but still need to pay their counterpart in another country. Often, the swap market doesn't even get a mention by Forex brokers because of its complexity.

2 Alternatives to the Spot Forex Market

What is the relevance of Currency Trading Basics?
To be aware about the basics of currency trading is not only relevant for a neophyte Forex trader but also equally important for those who have been in the business for quite some time now. Even though currency trading basics might perplex you at times, you can not deny that they are necessary for you to survive and flourish in Forex trading.
But the problem lies in finding articles that might help you to get equipped with these basics. Even though, the internet is flooded with such information, the problem lies in identifying the information that is relevant for you. You can get so much information on the web that it becomes a challenge for you to narrow down your search. Here are a few things that might help you to use the web judiciously while you want to learn about Currency trading basics:
Choose for Forex articles that enhance your intelligence rather than underestimating it.

If you are an experienced trader, it is important for you to not begin with a stand-alone site. In fact, you must make a start with a Forex portal as the articles there will be geared towards your needs.

Carefully examine the titles of the Forex articles. The title indicates a lot about the content of the article and they are actually self-explanatory.

The Bottom Line-
Currency trading basics play an extremely important role in helping you make profits out of your Forex Trade. Novice traders use these basics to know more about the Forex world while experienced traders can treat these basics as a referring point for progress and avoid mistakes that might prove disastrous for their business.
The only thing that you need to look at is some sources that can provide you with trusted information which is relevant for your needs. Just because a Forex article deals with basics doesn’t necessarily mean that it can not be advanced and challenging to your intelligence.
Whether you are looking forward to strengthen your technical analysis or you want to focus on analysis that is more fundamental in nature, you need to refer back to your currency trading basics.
Not only this, your knowledge of the currency trading basics can also help you to break free of any bad habits that you might have formed over the period of your Forex trading experience. It can help you to start afresh.
Therefore, never discard the importance which the knowledge about currency trading basics plays in the Forex world. To get success here, you need to be well- informed.

What is the relevance of Currency Trading Basics?

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