In old age, demo trading was popular as paper trading. Demo accounts are virtual platforms that simulate real market conditions without involving actual money. These accounts are primarily designed for educational and practice purposes.
Traders can explore various financial instruments, execute trades, and monitor their performance without any financial risk. However, not all brokers give you the same facility, but most are does.
Additionally, demo accounts typically offer a virtual balance, which allows users to experiment with different trading strategies, indicators, and techniques in a risk-free environment.