Best Forex Simulator Software for 2020
Experience is integral to a trader’s success. Whether you are trading stocks, options, or Forex, practice allows you to gain experience and learn the trading principles that will enable you to achieve your goals. But how can you learn without jeopardizing your capital? Simulators are the answer. Trading simulations allow you to learn trading principles and put them to practice without risking your money.
In this article, we suggest the best FOREX simulator for you.
Criteria for Choosing the Best Forex Simulator
First, we must determine the factors in choosing which Forex trading simulator is the best. We can do this by referring to the following criteria:
● The simulator must mirror the real market environment. As with any simulation, the ideal Forex trading simulator must follow real-world trends. It must present the user with an accurate representation of how the market environment behaves during real-life trades. It is a simulator, after all.
● Flexible deposit amount. As with criteria number one, the simulation must represent real-life trades. Your choice Forex simulator must replicate a wide range of deposit amounts to properly mimic your real-life initial investment.
Take the following, for example: if the simulator only allows for deposits of 1 million dollars and above, every time you use the simulator, it will only prepare you for transactions and trading strategies for when you are trading with 1 million dollars and above. But what if, in real life, your investment capital has a cap of 2000 dollars? Your time spent simulating 1 million dollar trades would have been for naught. Your choice Forex simulator must be able to match the deposits you plan to make in real life.
● A wide range of tools and features. Your chosen Forex simulators must have the necessary tools and features needed to prepare you for real-time trading. These include real-time currency rates and backtesting.
● The Forex Simulator is provided by a reputable Forex broker. Simulators are simply gateways to real Forex trading platforms. It just makes sense that the platform you do real trades is provided by the same broker that provided the Forex simulation platform you used. This way when you enter the real market, you are already familiar with the trading platform. Because of this fact, it is recommended that the Forex Simulator you use should be provided by a reputable and trustworthy Forex broker.
Of all the Forex trading simulators we have tested, we recommend the MetaTrader trading platform. It fulfills all the criteria mentioned earlier in this article and as one of the most popular finance trading simulators online, it has a large support community. It also boasts the most advanced functionality for Forex trading online.
Its charts are fed with live market data and include access to most of the world’s financial trade markets. MetaTrader also offers a MetaTrader Supreme Edition that improves on the normal version. If you are a trading novice just starting out in Forex trading, MetaTrader is your best choice.