SuperForex Demo Trading Accounts
New investors at SuperForex usually start trading with a free demo account, so that they can familiarize themselves with the Forex trading platform. This is a very important step at the beginning of your investing journey. You need to properly understand the way that their software works, so that you will not be stuck when you are ready to invest or make a trade.
It is a good thing that SuperForex offers all their new customers a free practice demo trading account. You will be able to see order types, margin requirements, stop loss and take profit settings.
Advanced traders and investors will need to plug in their Expert Advisor robot, and maybe even setup an API connection to their VPS. Latency is an issue with all brokers, so therefore, people usually focus on a local company to trade with.
Practice Accounts vs. Real Accounts.
A Demo Trading Account is the perfect way to test out your newest trading strategy. If you are building an algorithm, you would have to be crazy to not first test it on a demo account.
There are a few differences in a demo account, as opposed to a real account.
- The money is virtual, or paper money. This way, if you lose the $100K, you can start again.
- Psychologically investors are not as cautious when using a demo account. This causes them to place riskier trades, and sometimes gain huge profits, which are fake.
- All trades will execute on a demo account, but in a real account there are sometimes liquidity issues which will prevent an execution.
- Market prices on demo accounts are not always accurate. Spreads are shown tighter, than in real live market conditions.
- Some brokers don’t show all available underlying assets in the demo account.
How to Open a SuperForex Demo Account?
In order to open a demo account at SuperForex , you will need a valid phone number and an email address.
Go to: https://my.superforex.com/demo/register
Once you are there; Enter your Name, Email Address and Phone Number, and select the how much leverage you want, up to 1000:1. Choose the account type, No Spread or Standard, and enter the starting balance for the demo account.
And that is all you will need to do to get your account opened. You will be able to play with their proprietary Trading station software, or their MetaTrader 4 (MT4) software.
Compare Forex Brokers
Forex brokers are international companies, handling clients from all over the world. Some have restrictions on accepting clients from sanctioned countries like Sudan and North Korea. Brokers from Belize can not accept investors from countries like the United States. When researching a broker, it is very important that you find one which is licensed by your local government’s monetary authority.
A locally licensed broker is better because of a few reasons.
- They are licensed in your country, and your money is secure.
- Spreads on Forex pairs with your local currency are tighter. For example; United Kingdom brokers have tighter spreads on GBP/EUR than an Australia or South Africa broker.
- Latency, which is the amount of time it takes to confirm an order, happens faster. Although the internet is very fast, there exists latency issues when connecting from Canada to Australia.
SuperForex Broker Review Summary
SuperForex is a popular Forex broker in Asia, offering new investors the ability to invest online and learn about trading.
They offer a wide range of products to trade CFD’s. You will find Forex Currency Pairs, Commodities (Oil, Natural Gas), Precious Metals (Gold, Silver, Platinum etc.) and Market Indexes (S&P 500, Nikkei, Nasdaq).
SuperForex is licensed and regulated in Belize by the International Financial Services Commission. They are a popular broker in Malaysia, Indonesia and Nigeria.