Demo Account: 

This is a great tool for beginners to get a feel for the markets and see what its like to place trades without risking any real money as on a demo account it is all virtual money as it is a practice account.

You can have unlimited accounts and choose how much virtual money you want to start with etc.

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Real Live Account:

This is where you deposit your own money and trade for real, with your own hard earned money. You should be ready to face the harsh market conditions and be emotionally ready before opening a real live account.