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Best Forex Demo Accounts 2020

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  • Trading conditions:

    FXTM

    FXTM is regulated by the FCA, CySEC and the FSCA in South Africa and the educational material offered is first-class. 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 are one of the few brokers with 24/7 support, allowing new traders to get set up on weekends or holidays.

    For the absolute beginner, FXTM has a great deal of training material to help new traders get started. Materials include articles, videos, webinars and a searchable glossary of new vocabulary. This is an excellent resource and many hours can be spent covering the basics of Forex Trading. There is an additional set of videos that cover analysis topics, and more detail on chart reading techniques.

    FXTM has an open “Daily Market Analysis” section on their website where research analysts post bulletins that connect daily news items with analysis and actionable trading ideas. This can be combined with other sources to achieve a more comprehensive view of global events and the trading opportunities they represent.

    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. If you can afford it, I would recommend starting with the Standard Account.

    Read Review Sign Up

  • Trading conditions:

    AvaTrade

    AvaTrade is regulated by the Central Bank of Ireland, ASIC, the FSCA and the Japanese Financial Services Agency. AvaTrade is long-established and has won numerous industry awards for its reliability and trading platform.

    AvaTrade offers a comprehensive repository of educational material to get new traders started, as well as helpful tools and analysis to assist traders in finding the best opportunities. While customer support is 24/5, the same as most of their competitors, it is available in 14 languages and high-quality support is a top priority.

    Alongside the educational library, AvaTrade offers traders a free educational and analysis website called Sharp Trader designed to include everything a trader needs for day to day trading. Traders can enjoy daily technical and fundamental analysis by AvaTrade’s experienced researchers and videos reviewing a wide range of topics for all levels of trading knowledge. The site also offers trading tools – including an economic calendar and trading calculators as well as access to AvaTrade’s trading platforms.

    The minimum deposit for opening a regular account with AvaTrade is 100 USD and no withdrawal or deposit fees are charged for credit cards or online payment services.

    Read Review Sign Up

  • Trading conditions:

    XM

    Rapid growth since 2009 has landed XM upwards of 1.5 million clients from 196 countries. XM is considered to be the broker with the most extensive experience and in-depth knowledge of the global markets with an operational philosophy that is by ensuring client satisfaction; they earn client loyalty through 24/5 personal customer service, varied account types and competitive trading conditions.

    From their start, XM set out to create an MT4 setup with high-speed market execution and a no re-quotes policy. While that policy still exists today, XM has continued to improve trading conditions further by offering accounts with no hidden commissions on trades, tight spreads as low as 0 pips on all major currency pairs, and fractional pip pricing.

    XM's pioneering trading infrastructure earned XM the Best Forex Execution Broker by Shares Magazine’s at the UK Forex Awards 2017, the Best FX Broker Europe at the World Finance Forex Awards 2018, and Best Trading Support for 2017 Award from the Capital Finance International Magazine. Continue reading.

    Read Review Sign Up

  • Trading conditions:

    Pepperstone

    Pepperstone is an Australian forex broker, fully-regulated by ASIC and the FCA and known for fast ECN execution of trades, and broad trading platform support. Award-winning 24-hour support anchors their customer support services, where a personalised service for individual customers is available via a number of methods.

    Started in 2010, Pepperstone won the fastest-growing company award (2014) in Australia, from BRW Magazine and in the same year, Pepperstone emerged as the 2014 Winner of the Governor of Victoria Export Awards cementing their reputation as a powerful newcomer on the scene with appreciated trading conditions.

    Read Review Sign Up

  • Trading conditions:

    IC Markets

    IC Markets presents itself as the best and largest true ECN broker. It is ASIC 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.

    Read Review Sign Up

  • Trading conditions:

    FxPro

    With over 870,000 client accounts, FxPro is one of the biggest international brokers regulated in South Africa. Major awards shows and institutions are continually showering FxPro with honours including top accolades like Best Broker 2018 and Best Forex Trading Experience 2018, which is the pinnacle of success.

    The account options at FxPro are arranged by platform, which is not the case at most other brokers. Accounts are available with either MT4, MT5 and cTrader, where all accounts have a demo option, and the same minimum deposit of 100 USD and a spread as low as 0.6 pips.

    The education section is smaller than that of other leading brokers. Despite the lack of structure and depth, the material that is offered is updated and honest and hosted webinars are free to join a couple of times a week.

    FxPro is the broker choice for traders who need a reputable international broker while still being FSCA regulated, supporting a broad platform choice and a reasonable minimum deposit.

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  • Trading conditions:

    Markets.com

    Markets.com is a large, global broker with high security standards and an excellent reputation. Based on their security measures, segregated trading accounts, and negative balance protection, the security of client funds is clearly a priority. Platform choice is good - we do like the Market.com proprietary trading platform - and spreads are in line with brokers of a similar stature. Other benefits are the large range of tradeable instruments, a wide selection of different account base currencies and excellent trading tools. Continue reading

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  • Trading conditions:

    Plus500

    If you are new to Forex trading and want to keep it simple and browser-based, Plus500 is a decent choice – though you will need to get your educational support from another source. 

    If you expect phone support from your provider and non-proprietary software (such as MetaTrader or cTrader), then you would be better off elsewhere. On the plus side, Plus500’s spreads are very tight for an automated market-maker and the mobile app is excellent.

    Read Review Sign Up

  • Trading conditions:

    easyMarkets

    Founded in 2001, easyMarkets (then easyForex) was one of the first online brokers. Regulated by ASIC since 2003 and CySEC since 2007, easyMarkets states their values as simple, honest and transparent which are reflected in their industry recognition - recently being awarded the Best Trading Platform and Most Transparent Broker awards in 2017 from FX Empire and Forex-Awards, respectively.

    easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop loss back in 2001 – these tools are now industry standards. Their innovation has continued with the unique Freeze Rate and dealCancellation tools, both intended to support new traders and keep trading transparent and simple. In 2018, easyMarkets won the Most Innovative Broker 2018 at the World Finance Markets Awards, a further sign that they are respected as innovators among their peers.

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  • Trading conditions:

    CityIndex

    City Index is a long-standing and well-regulated market maker broker controlled by NYSE listed GAIN Capital. It has tight spreads for a market maker broker and has a varied and excellent platform choice.

    City Index' education section is adequate, but the research and analytical areas are noticeably lighter than its competitors. Overall, City Index is a decent market maker broker, but beginner traders looking for better education and analysis sections may want to check out the competition.

    Read Review Sign Up

  • Trading conditions:

    FP Markets

    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.

    Trader education and market analysis are slightly weaker than other similar brokers, but the material presented is well-structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

    Read Review Sign Up

  • Trading conditions:

    BDSwiss

    BDSwiss is a large, well-regulated broker, popular with both beginner and experienced traders. A wide range of account types is available, including a new subscription-based Raw Spread Account, which offers 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 market execution subscription model catches on.

    Read Review Sign Up
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Why should I use a Demo Account?

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.

How does a Forex Demo Account work?

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.

Are Demo Accounts Accurate?

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.

How do you open a Forex Demo Account?

Opening a demo account only takes a few minutes. To get started:

  1. Visit a Forex broker where you would like to open an account
  2. Complete your personal information
  3. Verify your phone number or email address
  4. Follow the instructions on your screen and in your email.

How long do Demo Accounts Stay Open?

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

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

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.

Broker Min. Deposit Min. Spread
XM USD 5 0.0 pips Visit Website
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Pepperstone USD 200 Variable pips Visit Website
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HotForex USD 5 0.0 pips Visit Website
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FxPro USD 100 0.6 pips Visit Website
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AvaTrade USD 100 0.7 pips Visit Website
Read Review

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.

The Risks of Forex Trading

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.

Recommended Reading

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. 

Sources:

https://www.fca.org.uk/news/press-releases/fca-proposes-stricter-rules-contract-difference-products

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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