Now that you have selected GCG International as your broker, it is time to choose the type of trading you will start with. To get you off on the right foot, GCG International offers a free demo platform. All traders should begin with a demo account regardless of your knowledge, education, or experience. A demo platform allows you to get a feeling for trading with GCG International.
Traders, especially those who are planning to enter the forex market for the first time, turn to demo account trading to get a feel of the market and the real-world trading environment.
In simple terms, a demo trading account allows traders to paper trade by mimicking live forex prices. A demo account helps traders to practice trading beforehand and determine the potential risks of trading since they get to trade in a risk-free environment.
As already stated above, a demo trading account is meant for traders who are new to the forex market and want to get a feel of how things work in a real or live forex environment. It helps traders to test their strategies and determine whether they work or not.
Hence, the primary purpose of creating a forex demo account is to understand how the platform works.
Traders, especially those who have new entrants in the world of forex trading, must use their demo accounts to test every single button or feature that the platform offers. This will help them to transition to live forex trading quickly and efficiently.
Apart from this, they must also have an understanding of the different types of orders and how they must be executed. With a demo trading account, traders can easily choose as well as complete their orders without the fear of losing their capital amount.