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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.
According to our testing and research, these are the best demo trading accounts in India for 2024.
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.
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Broker | Overall Rating | Official Site | Unlimited Demo | Support Hours | Min. Deposit | Platforms | Regulated | Website Language: English | Support Language: English | Compare |
---|---|---|---|---|---|---|---|---|---|---|
Yes | 24/5 | USD 20 | MT4, MT5, OctaTrader | Yes | Yes | |||||
No | 24/5 | USD 100 | MT4, MT5, Avatrade Social, AvaOptions | Yes | Yes | |||||
Yes | 24/5 | USD 0 | MT4, MT5, HFM Trading App | Yes | Yes | |||||
No | 24/5 | USD 5 | MT4, MT5 | Yes | Yes | |||||
No | 24/7 | USD 200 | MT4, MT5, cTrader, TradingView | Yes | Yes | |||||
Yes | 24/5 | USD 100 | MT4, MT5 | Yes | Yes | |||||
Yes | 24/5 | USD 0 | MT4, L2 Dealer, ProRealTime | Yes | Yes | |||||
No | 24/5 | USD 0 | xStation5 | Yes | Yes | |||||
Yes | 24/5 | AUD 100 | MT4, MT5, cTrader, IRESS | Yes | Yes |
Find Your Ideal Forex Broker
Octa is great for beginner traders who want to learn in a risk-free environment with access to multiple trading platforms.
We like that Octa offers demo accounts on all three of its trading platforms: MT4, MT5, and the OctaTrader web platform. None of Octa’s demo accounts ever expire, providing traders with plenty of time to practice before transitioning to real trading. Additionally, Octa hosts demo account contests like the Champion Demo Contest, offering traders the chance to win cash prizes.
The Champion Demo Contest is only available on the MT4 trading platform.
0.6 pips
USD 6
USD 20
Octa provides an excellent opportunity for beginner traders to learn and practice trading with its range of demo accounts and educational resources. With demo accounts available on MT4, MT5, and the OctaTrader web platform, traders can familiarize themselves with different trading environments. The Champion Demo Contest offers additional incentives for traders to hone their skills. However, it's important to note that some features, such as the contest, are exclusive to the MT4 platform.
Fast and free withdrawals
Low minimum deposit
Tight spreads
Limited range of assets
Poorly regulated
AvaTrade is great for anyone looking to practise trading in a user-friendly and innovative mobile trading environment.
We like that the free demo account is available on the webtrader platforms MT4 and MT5 and its mobile app, AvaTradeGO. The AvaTradeGO mobile app has a sophisticated dashboard with intuitive management tools, clear zoomable charts, and many other helpful features.
The demo account expires after 21 days, although it can be extended upon request.
0.9 pips
USD 9
USD 100
With their award-winning mobile app, AvatradeGO, Avatrade stands out as our choice for the Most Innovative Forex Broker in 2023. In addition, Avatrade offers low trading costs, great trading tools, and a wide choice of trading platforms.
AvaTrade offers a top-rated mobile demo account, ideal for those looking to practise trading in a user-friendly environment. The demo account provides a $100,000 USD virtual balance and comes with a variety of trading tools. AvaTrade is compatible with webtrader platforms, MT4, MT5, and features the AvaTradeGO mobile app. The app offers over 1250 trading instruments and has a sophisticated dashboard with intuitive tools and clear charts.
Top-tier regulation and security with licenses from ASIC and CBI among others
Accessible trading with a low minimum deposit of 100 USD
Award-winning mobile trading with the AvaTradeGO app with social trading features
Wide range of assets including unique instruments like vanilla options
Educational material to support trader development and strategy enhancement
Market analysis could be more extensive
Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
HFM is perfect for beginner traders seeking a well-regulated broker with an extensive product line.
We appreciate that HFM offers an unlimited demo account with 100,000 USD preloaded on both MT4 and MT5 platforms. The standout feature is the MT4 Demo Account experience, providing complete access to expert advisors and over 50 built-in indicators, making it an ideal choice for new traders.
HFM doesn’t have a proprietary trading platform, which is usually easier for beginners than traditional platforms.
0.0 pips
USD 10
USD 0
While traders have the choice of five account types at HFM, our winner of the best Trading Account for Beginners is the HFM Micro Account. With tight spreads, leverage of up to 1000:1, and minimum deposits starting at 5 USD, the Micro Account is the best account for new Forex traders. Traders can access HFM’s full range of instruments, including Forex, cryptocurrencies, metals, energies, indices, shares, commodities, bonds, and ETFs and spreads are very competitive, starting at 1 pip on the EUR/USD.
Beginners will also appreciate HFM’s award-winning customer support, available 24/5 in over 27 languages. HFM also provides a world-class repository of educational and market analysis materials, including articles, video tutorials, and frequent webinars on current events, advanced trading strategies, and chart analysis.
HFM is a well-regulated STP broker. The unlimited demo account on both MT4 and MT5 platforms, coupled with access to expert advisors and built-in indicators, makes it an excellent option for new traders. Award-winning customer service and a client-focused approach ensure premium support for beginner traders. Additionally, high-quality structured courses and market analysis cater to both beginners and intermediate traders.
Low minimum deposit
Tight spreads
Well regulated
Good range of accounts
Limited base currencies
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.
A trader should use a demo account for several key reasons.
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.
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.
Demo accounts work in exactly the same manner as real live accounts using real money. That is why they are so useful. The amount of virtual money you are given varies from broker to broker. Some brokers will offer as little as US$10,000, while others will offer US$100,000 or even US$1,000,000. When you feel almost ready to start trading with a real account, you should use the same amount of money in your demo account as you plan to have in your real account. This will give you a better idea of the limitations and market conditions you will face when trading.
All reputable forex brokers will, of course, offer forex trading, but most traders also want to trade other instruments. If you are interested in trading commodities or stock CFDs, ensure your demo-account broker offers those instruments.
It is very easy to open a demo account. Having decided which broker you wish to use, you simply:
You can explore the platform within a few minutes of opening an account and learn 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.
Here is a video tutorial showing how to open a demo account on XTB, but the process is similar to other brokers.
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, and 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.
To make the most of your demo account in forex trading, there are vital tips to keep in mind:
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.
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.
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.
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.
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.
Here, we’ve compiled answers to the most common questions traders have about Forex Demo Accounts.
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 practising on a demo account, the more likely you are to be successful using real money.
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.
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.
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.
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.
No, the money in your demo account is not real and cannot be withdrawn.
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 practising different approaches and strategies, traders are likely to behave far less cautiously on demo accounts than on a real, live account.
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.
You can download demo accounts on a laptop, desktop, and portable devices such as iPads and mobile phones. The main thing is to practise as often as you can, wherever you can.
It is very easy to open a demo account. Having decided which broker you wish to use, you simply:
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.
Explore more resources that fellow traders find helpful! Check out these other guides to enhance your forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered:
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.