There has been much written about Social and Copy trading, with a large number of Social and Copy trading networks popping up all over the place. But many people are still unsure whether social trading is something which is the right fit for them. One of the best ways to get a better understanding of social trading is to open a demo account. Demo Accounts allow individuals to try out Copy/Social trading, without risking any of their own money (similarly to regular forex demo accounts). Social trading demo accounts give traders play money to try their hand at the services they offer, allowing you to get to grips with the risk management elements of social trading without any risk at all. The majority of the best known social trading networks offer demo accounts and this article we will outline the best social trading demo accounts you can open.
Best Free Demo Accounts For Copy Trading Practice
ZuluTrade Demo Account
Launched in 2008, ZuluTrade is one of the pioneers of social trading and they also offer one of the best demo accounts on the market. The account functions in the same way as a real account, and uses prices from ZuluTrade’s own broker. Demo accounts can be opened in five currencies (USD, EUR, GBP, JPY and RUB) and traders can also choose how much fictional money to fund their demo account with. For this reason it’s best to create a demo account which uses your intended base currency and the amount of cash you intend to deposit. Once the account is open you will be able to choose who you copy and manage your risk via ZuluTrade’s comprehensive risk management settings. It is possible to open a ZuluTrade demo account for free here.
eToro Demo Account
eToro is one of the best known names in the world of social trading and have long been offering demo accounts to prospective users of their service. A demo account opened with eToro perfectly mimics a demo account, giving prospective users the chance to see how a real account with the social trading network might perform. It should be noted that eToro, often follow up new demo account openings with a sales call. But the demo accounts offered by the firm come with no obligation and can be used for as long as you desire. In fact, eToro will even top up your demo account funds if you begin to run low. For those interested in the concept of social trading, opening an eToro demo account will be worth their while.
MyDigiTrade Demo Account
While MyDigiTrade is not as well known as some of the other social trading networks out there, the social and copy trading platform will likely be of interest to many prospective traders. In a similar manner to ZuluTrade customers are able to open a free demo account with the platform which allows them to get a feel for how the platform works while also allowing them to evaluate the overall product offered by MyDigiTrade. Those looking to find out more about MyDigiTrade can do so here, or alternatively they can try out the platform for themselves here by signing up for a free demo account.
Signal Trader Demo Account
We have written about the Signal Trader platform before, with the copytrading platform offering prospective users the opportunity to sign up for a 30 day demo account. This will give prospective users the chance to evaluate the performance of the platforms expert traders, allowing to you determine whether the Signal Trader service is appropriate for them. A free demo account can be opened here.
Tradency Mirror Trader Demo Account
Tradency‘s Mirror Trader is not a platform but rather a trading platform which is available via a number of different Forex brokerages. It is, however possible to try out the trading platform and it’s social and copy trading functionality with a free demo account provided by Trandency. This will give you the opportunity to try out the platforms copying and mirroring functionality, with $10,000 of play money. This option will also allow you to try your hand at manual trading while also giving you the opportunity to experiment with the signal providers who share their trades with the users of the Mirror Trader platform.
Best Social Trading Demo Account?
The different free demo accounts mentioned in this article all have their positive and negatives, which means it might be worth trying out a few of the different platforms. What might be suitable for one trader might not to be the tastes to others. It is certainly worth taking your time experimenting before risking your money for real. CopyTrading platforms should be carefully inspected.