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 give traders a genuine understanding of what it is like to trade CFDs. These are our picks to 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 give traders a genuine understanding of what it is like to trade CFDs. These are our picks to the best Forex demo accounts.
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.
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.
Pepperstone is well-regulated Forex broker suitable for anyone who wants an STP account with a reputable ASIC-regulated broker. The spreads are tight, and the account minimum deposits are reasonable for the standard trader. If you wish to have a VIP account of a Micro account, Pepperstone is not for you. Besides, I got tripped up by the negative balance protection, which does allow for losses great than your account balance - so making it not real negative balance protection.
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.
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.
Markets, a brand of Safecap Investments Ltd, first became CySEC-regulated in July 2008 and now boasts 5 million registered accounts. As one of the most recognisable brands in online Forex trading, Markets became regulated by the FSCA in South Africa in 2012, and now offers South Africa specialised accounts that include a welcome bonus and ZAR account currency.
In 2017, Markets was recognised Internationally with awards for Forex Provider of the Year and Best Forex Trading Platform at the UK Forex Awards which further shows the respect the industry has for the commitment the brokerage has to its customers. Continue reading
Founded in 2008, and with over 300,000 active customers, Plus500 is a leading player in the CFD trading industry mainly due to the simplicity of their trading platform, and the appealing trading conditions.
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.
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.
| Broker | Min. Deposit | Min. Spread | |
|---|---|---|---|
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USD 5 | 0.0 pips |
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USD 200 | Variable pips |
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USD 5 | 0.0 pips |
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USD 100 | 0.6 pips |
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USD 100 | 0.7 pips |
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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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