Table of contents:
- 1 Criteria for a good Day Trading Demo Account
You are looking for a daytrading demo account? – Then you are exactly right on this page! I have compared the best providers with each other and present you the results from my more than 7 years of experience in the financial markets. I will also show you what makes a good and serious demo account and what criteria you should pay attention to.
The providers in the upper table meet the highest standards. You can create a free and unlimited demo account in a few minutes. The broker needs only a few data from you. All functions can thus be tested and the trader can practice day trading in any market.
A DEMO ACCOUNT IS AN ACCOUNT WITH VIRTUAL CREDIT. THE REAL MONEY TRADING CAN BE IMITATED 1 TO 1. YOU TRADE WITH “PLAY MONEY” WITHOUT RISK
Criteria for a good Day Trading Demo Account
A day trading demo account is used to test trading or new strategies. It should be absolutely free and the trader should be able to trade without risking money. Almost all brokers currently offer a free demo account. However, there are also dubious providers who want to force the trader to deposit. This is immediately discouraged.
I personally select a demo account according to the same criteria as when I want to open a real money account. The change from a demo account to a real money account is easy with the recommended providers. A provider should be a constant partner of a trader and offer him good conditions.
Criteria for a demo account:
- Regulated and licensed provider
- Favourable trading fees
- Professional German Support
- Unlimited duration
- Free of charge
- Fast execution of trades
- No hidden costs
The upper providers meet the listed criteria. GBE Brokers is the overall winner for me because they deliver the best overall package. With an office in Hamburg and a BaFin regulation, the broker is directly on site in Germany. The selection of markets and financial products is very broad. Furthermore, the trading fees are very low and there are no hidden costs.
Why is a demo account so important?
The demo account is suitable for beginners and experienced traders. Especially beginners should rely on this account, because they can trade the market for free without risk. For a beginner it is very important to get to know the markets and the trading platform at the beginning. It will be a longer process. Many newcomers want to start trading real money directly. From my experience this is a fatal mistake.
It is better to learn a little longer in the demo account than to finally lose real money because you still feel too insecure. The trader should feel completely safe in the demo account and also make first profits. Only then should he think about real money trading.
For advanced traders, the practice account is also perfect for trying out new markets. Strategies can be tested and improved risk-free in the demo account. In general, a trader should first test all the things he intends to do in the demo account and, depending on the results, only switch to real money trading afterwards.
The advantages of the day trading demo account:
- Free trial trading
- Optimal learning aid for beginners
- Get to know the trading platform
- Risk-free trading
- Testing of different strategies
Real money trading vs. demo trading – My experiences
From my experience as a trader, real money trading can be distinguished from demo trading. Many traders report that they make big profits on demo accounts and only losses in real money trading. This is due to the psyche of the human being, because he cannot trade like a machine. In the demo account, for example, there are no emotional actions and the profit is more or less irrelevant to the person.
It is a long process to actually make the same profits in a real money account. In the following lines I would like to give you a few tips for this.
- People behave differently in a demo account than in real money trading
- The psyche and emotions play a major role
- Many traders do not tolerate taking a risk
In order for your learning phase in the demo account to go better, the practice account should be considered as a real money account. This means: Also select the amount in the demo account from which you want to invest later. This will give you a better feeling. In addition, you should write a trading plan, so that you can work through your rules or steps emotionlessly.
- Treat your demo account like a real money account
- Write a trading plan with a step by step procedure
- Act like a machine
- GBE Brokers – Clear test winner for the demo account
GBE is for me a clear test winner for the demo account. It is an international broker with a branch in Germany. Accordingly, the broker is also regulated in Germany by the BaFin.
Why is GBE Brokers the test winner?
Compared to other providers GBE Brokers offers a comprehensive service for traders. Personal customer advisors, webinars and further training are also available in the free demo account. The range of markets on offer is extremely high, so that every trader gets his money’s worth. In addition, the broker can score points through a favourable fee structure. In the picture below you can see the GBE website.
Use for example the MetaTrader 4 or 5 for your analyses. The software is available for every device, so you can control your portfolio at any time.
The advantages of GBE:
- Regulated provider in Germany
- Very good support
- Professional service with webinars, coaching and analyses
- Extensive trading platform (Metatrader 4 and 5)
- Wide range of markets (200+)
- Risk-free and non-binding demo account
Opening the demo account
The next step to the goal is the registration of a demo account. From my experience, a demo account without registration is not possible with any provider. You only need a correct email address and some personal data. The access data will be sent to your email address. Afterwards the demo account is fully operational and you can access the trading platform.
Access to the trading platform
The exercise account is endowed with a capital of 10.000€ or higher at GBE. Optionally the capital size can be changed. To do so, you have to contact the support and name the starting capital. The support is available 24 hours a week via the chat.
Via the trading platform (picture below) you can choose from over 200 different markets. The chart window offers you all the tools you need for technical analysis. Choose between indicators, different chart displays and drawing tools.
All open positions can be viewed further down the dashboard. There you can see in transparent figures the change of the total portfolio. You can also use the apps for mobile devices. Positions can be opened and closed with a few clicks. Automatic limits (pending orders) can also be placed in the market.
The trader can get more information via the upper menu. Beginners can use the “Training” area to better understand the trading platform. There you will find step by step instructions with various exercises for trading. Current market news can also be viewed. In summary, the trading platform is very compact and offers many functions for successful trading.
Conclusion: The day trading demo account belongs in the portfolio
On this page I have shown you how you can create a day trading demo account free of charge and without obligation. The opening of a practice account is no longer a difficulty these days. It is offered by the broker without any fees.
For beginners and experienced traders the practice account is a great way to learn and practice trading without risk. I recommend every newcomer to use the demo account in detail. The trading platform should be mastered and a functional strategy should be found.
In general, there is always a difference between real money trading and demo account. Human thinking has a great influence on this. In the demo account you know that you are not risking real money. So in real money trading you behave differently. Therefore, you should treat the demo account like a real money account. A fixed set of rules for day trading helps a trader to trade profitably. It is best to behave like a machine.
This requires a lot of practice, but it is still possible to make a lot of money by trading. Good luck with trading!
Read my other articles about day trading:
- 12 best Day Trading Indicators – Technical Chart Analysis
- Day Trading Broker Comparison & test
- Day Trading Demo Account Comparison
- Day Trading minimum deposit – Starting Capial
- How To Prepare For The Trading Day In A Sensible Way?
- Learn Day Trading – Full Tutorial for beginners
- My Experience Report About 8 Years Of Day Trading
- The best Markets for Day Trading
- What does Day Trading Cost? – Fees explained
- What is Day Trading?