The trading platform is available from various service providers. As a result of the selection criteria for the best app becomes extremely difficult and tedious.
Thus, beforeopening a Demo trading account in India, every trader must be aware of the following –
Placing an order
- It is vital to be aware of how to place an order in the new platform. Often, users enter a long position on a currency by simply clicking on the ask quote or the buy button.
- On the other hand, some of the service providers of Demo trading account in India offer the option to place orders by clicking on the chart itself
- Similarly, some offer the possibility to select the limit or a market order to offer the price quote and others may require doing the same in advance.
Understanding spreads –
Another vital point of opting for a Demo trading account in India is your familiarity with the spreads. Also, information about the kit sizes and setting a stop are vital to the trading.
- Determining the lot sizes is vital. This is especially true for beginners. Often a lot is used to depict the minimum quantity of an asset that is ordered or traded in one size. This means that bigger the lots, the higher the risk and the exposure.
- These lots are then used to standardize the price quotes. As a result of the same, every investor can easily determine the units they wish to buy with each contract and evaluate the price per unit.
- For instance – in case of the stock trading, a round lot has 100 shares. Anything below that is called as the odd lot. On the other hand, in case of Forex market, the lot sizes are – standard lots, mini and micro lots.
- Therefore, the Demo trading account in India may operate on the similar principles for the best results.
Availability of the right support
Every newcomer opting for the Demo trading account in India must test the responsiveness and ease of access to support services. Like any other business, the customer service representatives must help you with issues like technical support, lost password and problems related to the trading process.
It should be close to real
While trading with a demo trading account, the trader should always act like it is a true platform. This makes trading easier and effective. Also, risks should be at par with the ones that you will be taking up with actual money.