Demo accounts are a risk-free account type used to learn how to trade the Forex market without making a deposit. They have all the features of a live account and provide traders with a genuine understanding of what it is like to trade CFDs without losing any money. These are our picks for the best Forex demo accounts.
Demo accounts are a risk-free account type used to learn how to trade the Forex market without making a deposit. They have all the features of a live account and provide traders with a genuine understanding of what it is like to trade CFDs without losing any money. These are our picks for the best Forex demo accounts.
By keeping the focus on beginners looking for reasonable trading conditions, the FXTM team of educators and analysts have succeeded in creating a welcoming environment for new traders. Additionally, FXTM is one of the few brokers with 24/7 support, allowing new traders to get set up on weekends or holidays.
All five FXTM accounts are available as demo accounts and, for the absolute beginner, FXTM has a great deal of training material to help new traders get started. Once you are ready to trade, the Standard Account has a minimum deposit of 100 USD and spreads start at 1.3 pips. FXTM also offers a Cent Account where the minimum deposit if only 10 USD but the spreads will be wider.
Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect - an automated loss-protection tool - to its product lineup.
AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.
XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.
Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.
Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone's award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.
As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won't find a better broker than Pepperstone.
IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.
Beginner traders will find the IC Markets account structure welcoming and simple to understand and it understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.
One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.
With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads - often as low as 0.6 pips - to match profitability with security.
Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in the UK can also use spread bets on applicable instruments.
The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.
With 50+ Forex pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers. Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those starting out who want to keep it simple.
Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.
Founded in 2001, easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss before anyone else. This innovation has continued with its unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.
easyMarkets still provides the strong basic services expected from a broker while constantly innovating to meet the greater expectations of the client base. With simple account types, a strong variety of platforms to support traders, and a 50% deposit bonus for new traders, easyMarkets is easy to recommend.
Founded in 1983, City Index is a traditional market maker now owned by the NYSE listed financial group, GAIN Capital. It has tight spreads and a varied platform choice, including MT4 and AT Pro; an advanced automated trading platform allowing for full customisation with powerful back-testing.
City Index' education section is perfect at beginners who want to get up to speed quickly and customer service is open 24/5. Overall, a good market maker and competitive with traditional brokers of its size and type.
FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.
Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.
BDSwiss is a popular and well-regulated broker, based in Cyprus and founded in 2012. It offers a wide range of account types, including a new subscription-based Raw Spread Account, which features very tight spreads and no commission in return for a monthly payment.
MT4 and MT5 are both supported and educational and analytical material are both excellent. More experienced traders will also find a lot to like with the Black Account, including free AutoChartist and one-on-one support.
Overall, BDSwiss is a good choice for all traders and we are curious to see if the low-spread subscription model catches on.
A demo account is a beginner Forex trading account used to learn how to trade without risking real money. This account type uses a virtual account balance which makes it a good stepping stone to a live account if you are happy with your progress.
A demo account works the same way as a live trading account. They use the same trading platform, trading data and customer support, where the only difference is that the profit and loss are not real.
Demo accounts use real-time market data, so the trading experience is no different than on a live account. The only way that they are not accurate is the gains and losses of your trades are not real since the account is funded with virtual money.
Opening a demo account only takes a few minutes. To get started:
Demo accounts remain open for different lengths of time depending on the broker but generally vary in length from 7 days to unlimited.
Demo accounts will often stay open indefinitely once the trader opens a live account, and are the most suitable testing environment for new tools and strategies before trying them out in live trading.
The best MT4 demo accounts offer real market conditions, premium charting packages for free, give beginner traders access to educational content, and trading using mobile phone applications.
We have a guide to setting up MT4 should you need the assistance getting started and more detail where we compare MT4 Forex brokers side-by-side.
Forex trading is very risky, and much of the risk is hard to manage.
If you are concerned about making trading losses, or if you feel that you can make smarter trades, you should take note of the following: A tiny percentage of traders consistently predict the market and fewer still make significant returns, so starting with a risk-free account is a wise move. The FCA published that 82% of traders who will lose money on these products, so it is highly recommended to open a demo first and apply the risk management that is available to you before investing money.
If you are new to trading and don’t know how forex trading works, it is wise to start your reading here, and then move off to learning to trade Forex, and how to open a trading account.
https://www.fca.org.uk/news/press-releases/fca-proposes-stricter-rules-contract-difference-products
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