60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
Demo accounts are the best way for beginner traders to learn to trade Forex without risking their money. But demo accounts are also necessary for testing new strategies in a risk-free environment. In this guide, we explain why it’s important to use a demo account, tips to get the most from your demo account, and common mistakes to avoid. The brokers below not only offer demo accounts that closely mirror a live trading environment but are also well-regulated entities that provide excellent educational resources and maintain low trading costs on their entry-level accounts.
These are the best demo trading accounts in the UK for 2023, according to our testing and our research.
At FXScouts, we have an experienced review team dedicated to evaluating Forex brokers, including their demo trading accounts. Our team of experts meticulously examines each broker, analysing over 200 individual metrics, enabling us to confidently recommend only the top demo accounts in the Forex industry.
We’ve selected the top demo accounts in the industry based on several factors:
Regulation: All chosen brokers are regulated by reputable authorities like the FCA in the UK, CySEC in Europe, and ASIC in Australia. Non-UK brokers are typically regulated in offshore states like Vanuatu, Seychelles, or Mauritius, which may pose risks in live trading. Common risks include higher leverage, no negative balance protection, and difficulties withdrawing funds.
Account Size: Forex brokers offer different demo account sizes, from 10,000 GBP to 1,000,000 GBP. We advise using the same amount as you would use in a real account for realistic trading limitations understanding.
Expiry of Demo Account: Some brokers provide no-expiry demo accounts for practice without time constraints. Most brokers on our list offer these or extendable demo accounts.
Financial Instruments: All listed brokers offer Forex trading and other instruments like commodities, stocks, ETFs, or bonds. Demo traders like experimenting with different instruments, so we prefer brokers with a wider range.
Trading Platform: Demo accounts are an opportunity to test drive a broker’s trading platform. Our selected brokers offer user-friendly, reliable platforms like MT4, MT5, cTrader, or their own web-based platforms.
Customer Service: A broker’s customer service should be responsive and available 24/7 via various channels.
Educational Resources: Brokers offering educational resources can help beginners grasp Forex trading effectively.
AvaTrade’s free demo account is available on the broker’s webtrader platform, MT4, MT5 and its mobile app, AvaTradeGO. Clients can trade over 1250 instruments, including Forex, stocks, commodities, and indices. Voted the best Forex Trading App 2020, the AvaTradeGO mobile app has a sophisticated dashboard with intuitive management tools, clear zoomable charts, and many more helpful features.
The demo account includes a 100,000 USD balance.
The demo account expires after 21 days but can be easily extended by contacting customer service.
AvaTrade has a library of educational material, tools and analysis to help beginners get started.
Accepts UK Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 76% of traders lose money with this provider.
Tickmill’s demo account is available on MT4 and MT5 and both desktop and mobile devices. The great thing about Tickmill’s demo account is its customizability and flexibility. Tickmill’s demo account will only expire after 14 days without a login attempt, and clients can choose any level of virtual funds to start with. Similarly, clients can choose any level of leverage, whichever account currency they want (from USD, GBP, and EUR) and one of Tickmill’s three account types (Classic, Pro and VIP). Being able to choose which account type is especially important as it allows demo users to experience the difference between trading purely on the spread and trading with a commission. The demo account perfectly mirrors the price movements on Tickmill’s range of CFDs, including Forex, Bonds, Commodities, Indices and Cryptocurrencies and comes with the full suite of tools available on the MetaTrader platforms.
Accepts UK Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 70% of traders lose money with this provider.
Awarded the Global Forex Broker of the Year 2020 in the Global Forex Awards, XM’s free demo account allows clients to trade Forex, stock CFDs, commodities, equities, precious metals and energies. The demo account at XM is funded with a 100,000 USD virtual balance, does not expire, and is available on both the MT4 and MT5 platforms. XM’s MT5 Demo Account is aimed at traders who want to trade more than just Forex:
1000+ instruments available, including stock CFDs, stock indices, precious metals and commodities
The MT5 demo account also features a market depth indicator, hedging, and full EA functionality.
For beginner traders, XM has world-class educational content, including a library of tutorial videos
Education is split into three Education Rooms, aimed at traders of differing skill levels – primary, intermediate and advanced.
Accepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the FSC. 75.33% of traders lose money with this provider.
Pepperstone is globally renowned for its high-speed trade execution and beginner-friendly approach, distinguishing it from other ECN brokers. Free demo accounts at Pepperstone allow clients to trade 80+ Forex pairs on the MT4, MT5 and cTrader platforms withcustomer support. TradingView demo accounts are also available, making this an excellent opportunity for traders who are interested in learning the TradingView platform. Pepperstsone’s demo account expires after 30 days unless you have a live account, in which case you can request a non-expiry demo account.
Razor Demo Account: Use this demo account to familiarise yourself with how raw spreads and a commission per trade lower trading costs
Large Virtual Accounts: Pepperstone demo accounts start with 500,000 GBP in virtual funds
Education: Pepperstone’s Learn to Trade Forex section helps traders get started with some of the technical concepts,
Trading Guides: Trading Guides support traders with everyday issues; how to keep a trading journal, develop a trading plan and manage risk.
Accepts UK Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA. 75.6% of traders lose money with this provider.
A well-regulated broker, XTB will appeal to beginner traders looking for a wide choice of tradable instruments, top-class educational materials, and excellent market analysis. Beginners will like XTB’s xStation 5 trading platform, which features many features also found in Metatrader and cTrader but in a more user-friendly layout. xStation 5 is also available on iOS and Android devices, with the mobile app seamlessly integrating with the desktop version. Traders can also access market news, educational materials, and the economic calendar from within the trading platform and app, which is very convenient:
No expiry: The XTB demo account does not expire unless there is no activity on the account for more than three months,
No minimum deposit: XTB has no minimum deposit for demo clients taking the step up to a live account
2100 instruments: Trade from your demo account on 2000+ forex pairs, indices, commodities, stocks and ETFs.
Accepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, DFSA, FCA and the IFSC. 82% of traders lose money with this provider.
Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices
IC Markets is rare amongst brokers, as it provides a welcoming environment for beginner traders looking for an MT4 demo account with ECN conditions. In addition, the IC Markets demo account does not expire unless you are inactive for 30 days and can also be topped up by customer support.
IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT4 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets also offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for both the MT4 platform and more general queries.
Accepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
ASIC-regulated FP Markets has a free demo account to trade 70 Forex pairs as well as shares, metals, commodities and indices on MT4 (desktop/browser) and MT5 (desktop/browser/app). The account will remain open for as long you want, and will only expire after 30 days of inactivity.
The differences between the demo and live accounts at FP Markets are the execution (the demo account is virtual) and the spreads. The live account relies on ECN pricing which has multiple sources of liquidity, causing different spreads compared to a demo account. The minimum deposit on the live account is 50 GBP, with spreads on EUR/USD as low as 0.10 pips and commission of 6 USD per lot giving a total trading cost 7 USD per lot.
Besides the demo account, FP Markets has introduced Traders Hub as an education and market analysis section. Daily technical and fundamental analysis is available, alongside all the educational eBooks, video tutorials, and trading courses are available to help beginner traders get going.
Accepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and cTrader trading platforms available. FP Markets is regulated by CySEC and ASIC.
Blends, Bonds, Commodities, Stock CFDs, ETFs, Forex, Futures, Indices
Markets.com is a market maker regulated by CySEC and ASIC. The Markets.com demo account includes 10,000 GBP of virtual funds but is unlimited and will only expire after 90 days of inactivity.
Demo account trading conditions mirror the live account, which are particularly good when compared to Markets.com’s direct competitors. 56 currency pairs are available, with fixed spreads starting at 0.60 pips and leverage of 30:1. Other CFDs include stocks, 25 indices, commodities, ETFs, and government bonds.
Trading resources integrated into the Markets.com platform to help traders improve their market knowledge. Clients can also access rolling market coverage, a Week Ahead briefing and downloadable in-depth market guides without leaving the platform. Market analysis is available via the platform’s integrated video streaming service that provides the latest news and views on major markets, economic developments, and technical trends.
Accepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 , and Markets.com platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC. 70.3% of traders lose money with this provider.
Regulated by three major international authorities, including ASIC, Admirals offers an expansion of the standard MT4 package with the MT4 Supreme Edition. The MT4 Supreme Edition provides a superior trading experience on Admiral’s wide range of products, including 50 Forex pairs, indices, commodities, shares, ETFs, bonds and cryptocurrencies.
The demo account includes a balance of 10,000 USD and expires after 30 days if no live account is opened. The trading conditions on the demo account match the live account. The education section at Admiral Markets is one of the best available, with a well-structured trading course for beginners and experienced traders, webinars, and an in-house market research team frequently publishing trading news.
Accepts UK Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, the JSC, and the FCA. 76% of traders lose money with this provider.
IG – Demo Account with 18,000+ Instruments to Trade
One of the world’s most respected brokers, IG is FCA-regulated and publicly traded on the London Stock Exchange. IG’s demo account gives traders 10,000 GBP of virtual money and access to all 18,000+ instruments available at IG (including Forex, shares, indices and commodities). This demo account is available on MT4 and IG Markets’ web trading platform. Neither demo account is time-limited, and both provide free access to the IG Academy’s educational content.
With the Award for Best Forex Educators (UK Forex Awards), IG provides accessible and high-quality educational material for beginner traders. Market analysis is equally superb, and 24-hour customer support is available from IG’s offices in London.
Accepts UK Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
What is a Forex Demo Account?
A Forex demo account is a practice trading account which allows traders to learn how to trade the Forex market without risking their own money. It provides a simulated trading environment with real-time market data, charts, and technical indicators that closely resemble the live forex market but operate with virtual funds.
Forex brokers typically offer demo accounts on various platforms. Web-based demo accounts can be accessed through a standard web browser and don’t require any software installation. Other commonly used platforms include third-party downloadable applications, such as MT4, MT5, and cTrader. Some brokers even have their own proprietary trading platforms.
Why use a demo account?
A trader should use a demo account for several key reasons.
It offers an opportunity for traders to learn the fundamentals of trading, such as understanding market trends, familiarising themselves with different financial instruments, and grasping how orders work.
It allows for risk-free testing and refinement of trading strategies. New and experienced traders can experiment with various techniques and analytical tools without the threat of real-world financial repercussions.
A demo account helps traders learn how to use a trading platform. It helps them plan trade execution, understand the interface layout, and use various analytical tools more efficiently.
It assists in understanding the psychological aspects of trading, such as managing emotions during market fluctuations, especially when you have a losing trade, which is a critical skill for live trading.
Tips for using a demo account
1. Learn how Forex trading works
Forex trading involves simultaneously buying one currency and selling another. With a demo account, you can practice this by opening virtual positions for any currency pair, using trading tools to understand how real trades might fare.
For instance, consider trading the euro against the US dollar in a demo account. On trading platforms, each pair has a ticker symbol, with EUR/USD represented as EUR.USD. The euro is the base currency, and the US dollar is the quote currency.
If you predict the euro’s value will rise against the dollar, you “buy the pair”. Conversely, if you expect the euro to fall, you “sell the pair”. Using a trading platform, you can monitor the performance of your trade and execute buy or sell orders with the click of a button.
Your trading decisions should be based on prior analysis, typically either fundamental or technical. Fundamental analysis assesses the impact of political, economic, and social factors on currency value, while technical analysis predicts future price movements based on historical price patterns.
2. Make the most of your demo account
To make the most of your demo account in forex trading, there are vital tips to keep in mind:
Firstly, approach the demo account with seriousness and dedication, treating it as if it were a real trading account. This entails following your trading plan and practicing proper risk management.
Simulate real trading conditions by setting your demo account balance to match the amount you intend to invest in a live account. Don’t forget to consider factors like spreads, slippage, and execution speeds.
Take time to review your trades. Understanding why a trade was successful or not is crucial for improvement. Use this insight to refine your strategies and avoid repeating mistakes.
Forex trading platforms differ in design and functionality. A demo account helps you understand the specifics of a trading platform, enabling you to master placing trades, setting stop losses, and take profit orders, and monitoring your account balance. It also allows you to experiment with various indicators, timeframes, and approaches to identify what works best for you.
Even though you’re trading with virtual money, practice risk management strategies as if it’s real. Set realistic stop losses and take profits levels, maintain proper leverage, and manage your account balance. This discipline will be invaluable when you transition to live trading.
Forex markets can be volatile and are influenced by various factors such as economic news, geopolitical events, and market sentiment. Use your demo account to understand how these factors impact currency prices.
3. Create a Forex trading strategy
Forex trading strategies help traders decide when or where to buy or sell a currency pair. They are simply a set of rules that help a trader determine when to enter a trade, how to manage it and when to close it. There are many, many strategies available. Fortunately, there is also a vast amount of information available on forex strategies, from books to YouTube videos to the educational information offered on broker platforms.
No single strategy is best, and the type of strategy you decide to employ depends upon many factors, not least your skill and experience. As a beginner, it is best to focus on the most basic and effective strategies. Other variables include: how much time you want to devote to trading; which pairs you want to focus on; the size of your positions, and whether you are going long or short. Moreover, some may work better in certain situations than others. A demo account allows you to practise these strategies over and over again until you find the ones that you are most comfortable with and are ready to use in live trading.
Common mistakes to avoid when using a demo account
When using a demo account, it’s necessary to be aware of common mistakes. By understanding and addressing these common mistakes, you can maximize the benefits of the demo account and set yourself up for success in live trading.
Unrealistic mindset and expectations: One common mistake is approaching the demo account with a careless or unrealistic mindset. It’s important to treat the demo account as if it were real money and trade with the same discipline you would apply to live trading and avoid taking unnecessary risks. Another mistake is overtrading or having unrealistic expectations based on demo account results. While demo trading can provide valuable insights and help develop skills, it’s essential to remember that real market conditions may differ.
Neglecting proper risk management: Some traders overlook risk management principles when using a demo account. It’s crucial to practice and implement sound risk management strategies, including setting appropriate stop-loss levels, defining risk-reward ratios, and managing position sizes effectively. Neglecting risk management in the demo account can lead to unrealistic trading outcomes and poor habits when transitioning to live trading.
Ignoring emotional aspects: Traders sometimes overlook the emotional aspects of trading when using a demo account. Emotions like fear, greed, or impatience can significantly impact decision-making in real trading. By not simulating these emotions in the demo account and learning to manage them effectively, traders may struggle to cope with the psychological challenges they encounter in live trading.
Frequently Asked Questions about Forex Demo Accounts
How long should I use a Forex demo account before switching to a live account?
You should stay on the demo account until you completely understand the basics of forex trading and feel comfortable risking your own money. The answer will vary from individual to individual and depend on your aptitude and how much effort and time you put into trading on the demo account. Never feel that you need to rush into live trading; the more time you spend practicing on a demo account, the more likely you are to be successful using real money.
Can I reset my Forex demo account?
Most brokers allow you to reset your demo account balance if you’ve blown it up. It gives you a fresh start after a series of losing trades.
Does every Forex broker offer a demo account?
Most, but not all, do. Choosing a reputable broker is one of the critical factors determining success in FX trading. There are many issues to consider before you choose a forex broker, and the ability to practise on a free demo account is among the key ones. All the brokers we recommend offer this option, but traders should be aware that some brokers’ demo accounts expire after a certain period of time.
How closely do demo accounts replicate live trading conditions?
While demo accounts aim to provide a realistic simulation, certain factors like order execution speed, slippage, and market liquidity may differ between demo and live trading.
How long do demo accounts stay open?
Some demo accounts will expire after a set period of time, usually 30–90 days. The best demo accounts, however, will never expire or will only expire after a period of inactivity. As a general rule, demo accounts should always be kept open. Even experienced traders use demo accounts to test new strategies or try out trading on new assets. If your demo account does expire and you still want to keep it open, it is always worth getting in touch with your broker’s customer service department to ask them to reopen it or extend it.
Can I withdraw the money from my demo account?
No, the money in your demo account is not real and cannot be withdrawn.
Are demo accounts as accurate as real trading?
You will be trading the real market only with pretend money so they are accurate. Remember, however, that you can never replicate the real emotions you will experience when trading your own money. So, while useful for practicing different approaches and strategies, traders are likely to behave far less cautiously on demo accounts than on a real, live account.
Is a Forex demo account free?
Yes. Reputable brokers offer free demo accounts because they want you to deposit money with them and become long-term customers. That is more likely if you are able to trade successfully – and the best way of ensuring you will be successful is to learn the ins and outs of their trading platform and how to implement successful strategies.
It is very easy to open a demo account. Having decided which broker you wish to use, you simply:
Fill in a registration form
Receive a demo account number and a trader’s password
Download the software or the trading platform.
You can explore the platform within a few minutes of opening an account and start learning how forex trading works. It is much easier to open a demo account than a live account, a process that usually requires traders to send some form of identification document to the broker, fill out an application, and make a deposit.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our Rating & Review Methodology
Our overall Forex Rankings report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Editorial Team
Chris Cammack Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.