Demo accounts are virtual trading accounts that allow traders to practice trading without risking real money. Demo accounts are often offered by forex brokers and can be a useful resource for traders who are new to the market and want to gain experience without risking real money.

Demo accounts typically come with a virtual balance that can be used to place trades and test out different trading strategies. They often offer the same features and tools as live accounts, including access to real-time quotes, charts, and other resources.

Practice trading is a term used to describe the process of using a demo account or other means to trade the forex market without risking real money. Practice trading allows traders to gain experience and build their skills without the risk of losing money.

Overall, demo accounts and practice trading can be a useful resource for traders who are new to the forex market and want to gain experience and build their skills without risking real money.

However, it’s important to note that demo accounts and practice trading do not necessarily reflect the same risks and rewards as live trading, so traders should be cautious when transitioning from a demo account to a live account.