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Alison Heyerdahl
Edited by Alison Heyerdahl
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9  Best Forex Trading Demo Accounts in Malaysia 2024

Demo accounts are the best way for beginner traders to learn to trade Forex without risking their money. They 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 Malaysia for 2024, according to our testing and our research.

1.
Best MT5 Demo Account
2.
Demo Accounts on Three Platforms
Best Customisable Demo Account

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.

These are the best demo accounts in Malaysia for 2024.

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Overall Rating
Official Site
Min. Deposit
Unlimited Demo
Support Hours
Trading Cost
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
Regulated
Website Language: English
Support Language: English
Compare
4.45
/ 5
USD 5
No
24/5
USD 6
CySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services Commission
Financial Services Conduct Authority
Yes
Yes
4.37
/ 5
USD 25
Yes
24/5
USD 6
CySEC Regulated BrokersFinancial Services Conduct AuthorityMwali International Services Authority
Yes
Yes
4.58
/ 5
USD 100
Yes
24/5
USD 6
CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct Authority
The Seychelles Financial Services AuthorityDFSA Regulated Forex Brokers
Yes
Yes
4.59
/ 5
USD 100
No
24/5
USD 9
ASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services Agency
Central Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority
Yes
Yes
4.61
/ 5
USD 0
No
24/7
USD 10
FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersDFSA Regulated Forex Brokers
Bundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
Yes
Yes
4.40
/ 5
AUD 100
Yes
24/5
USD 6
ASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityThe Seychelles Financial Services Authority
Financial Services CommissionCapital Markets Authority
Yes
Yes
4.33
/ 5
USD 5
Yes
24/7
USD 7
CySEC Regulated BrokersASIC Regulated BrokersInternational Financial Services Commission
Yes
Yes
4.53
/ 5
USD 0
Yes
24/5
USD 10
CySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex Brokers
Financial Services CommissionThe Seychelles Financial Services Authority
Yes
Yes
4.39
/ 5
USD 100
Yes
24/7
USD 14
FCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex Brokers
Securities Commission of the Bahamas
Yes
Yes
Find Your Ideal Forex Broker

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How Brokers Are Scored

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score.

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features 
  • Asset Selection: Forex, stocks, and other available instruments
  • Deposit and Withdrawal: Simple and free deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

 

Learn how we set the standard for broker reviews. Explore our in-depth review process here.

XM
4.45
/ 5
Beginner-Friendly Platform
Low trading costs and minimum deposits
No Requotes and No Rejections Policy

Best for

XM’s MT5 Demo Account is aimed at traders who want to trade many different financial instruments rather than just Forex.

Why do we like it?

We like that XM allows clients to trade a wide selection of instruments, including Forex, stock CFDs, commodities, equities, precious metals and energies. We also appreciate that 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.

Drawbacks

XM doesn’t have a proprietary trading platform, which is usually easier for beginners than traditional platforms.

Min. Spread

0.6 pips

Trading Cost

USD 6

Min. Deposit

USD 5

Why we picked XM

Award Logo

XM, one of our top all-around brokers, distinguishes itself with its exceptional and well-structured Forex education for traders of all experience leves and is the recipient of the Best Forex Education Award 2023.

XM – Best MT5 Demo Account

XM offers an MT5 Demo Account suitable for traders interested in various financial instruments beyond Forex. The account includes features like market depth indicators, hedging, and full EA functionality, with over 1000 instruments available. It comes with a 100,000 GBP virtual balance and has no expiration date. 

Pros

  • Well regulated

  • Excellent education

  • Free deposits and withdrawals

Cons

  • Limited platform choice

XM Scorecard 2024

Trust Rating
4.5
Trading Conditions
5
Platforms
4.5
Education
5
Beginner Friendly
4
Assets Available
3.5
Analysis Research
5
Deposit & Withdrawal
4.5
Overall Rating
4.45
/ 5
Accepts Malaysian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 75.33% of traders lose money with this provider.
Octa Octa
Octa
4.37
/ 5
Flexible Leverage Options
Highly Competitive Trading Costs
Wide Range of Bonuses and Promotions

Best for

Octa is great for beginner traders who want to learn in a risk-free environment with access to multiple trading platforms.

Why do we like it?

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.

Drawbacks

The Champion Demo Contest is only available on the MT4 trading platform.

Min. Spread

0.6 pips

Trading Cost

USD 6

Min. Deposit

USD 25

Why we picked Octa

Award Logo

Octa has developed the leading copy trading platform, simple for beginners to understand but with the depth of detail (risk level, drawdown, etc) that more experienced traders will want to see – all in an intuitive interface. Available on the MT4 trading platform, Octa has lowered the threshold to allow beginner traders to profit from the sophisticated trading strategies used by professional traders, using seamless integration in their trading platform.

Octa – Demo Accounts on Three Platforms

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.

Pros

  • Fast and free withdrawals

  • Low minimum deposit

  • Tight spreads

Cons

  • Limited range of assets

  • Poorly regulated

Octa Scorecard 2024

Trust Rating
4
Trading Conditions
4.5
Platforms
4.5
Education
4.5
Beginner Friendly
4
Assets Available
4
Analysis Research
5
Deposit & Withdrawal
5
Overall Rating
4.37
/ 5
Accepts Malaysian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 and Octatrader platforms supported. Octa is regulated by MISA, CySEC and FSCA.
Tickmill Tickmill
Tickmill
4.58
/ 5
Industry-Leading Trading Costs
Regulatory Assurance and Safety
Extensive Education Materials

Best for

Tickmill’s demo account is a great choice for traders looking for customisability and flexibility on the MT4 and MT5 platforms, either on desktop or mobile devices.  

Why do we like it?

We like that clients can select from two different account types (Classic and Pro) with any level of funds and leverage, helping traders understand the impact of spread versus commission trading. We also appreciate that the demo account mirrors live price movements across Tickmill’s tradable instruments and includes all MetaTrader platform tools available on the live accounts.

Drawbacks

Despite its strengths, Tickmill has some limitations, such as a smaller range of only around 200 financial instruments – whereas competitors like Pepperstone offer 1200+ assets for trading. 

Min. Spread

0.0 pips

Trading Cost

USD 6

Min. Deposit

USD 100

Why we picked Tickmill

Award Logo

Tickmill offers some of the most competitive Forex trading conditions available and has, therefore, earned the Award for Best Trading Conditions in 2023.

Tickmill – Best Customisable Demo Account

Tickmill offers a demo account suitable for traders seeking customisation and flexibility on MT4 and MT5 platforms, accessible via desktop or mobile. The account comes in three types—Classic, Pro, and VIP—allowing users to simulate various trading conditions and understand differences in spread versus commission. It accurately reflects live market movements across a range of CFDs, paired with comprehensive MetaTrader tools like the Advanced Trader Toolkit and Autochartist. However, a drawback is Tickmill’s limited selection of financial instruments – limited to 200. 

Pros

  • Tight spreads

  • Well regulated

  • Fast and free withdrawals

Cons

  • Limited base currencies

Tickmill Scorecard 2024

Trust Rating
4.5
Trading Conditions
5
Platforms
4.5
Education
5
Beginner Friendly
4
Assets Available
4.5
Analysis Research
5
Deposit & Withdrawal
4.5
Overall Rating
4.58
/ 5
Accepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. 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.
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What is a Forex Trading Demo Account?

Demo accounts are trading accounts that let you trade on live markets with virtual money.

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.

This type of trading is also known as “paper trading” since no real money is involved. Demo accounts are a great way to learn how a trading platform works without the fear of losing money as you get to grips with the basics of trading.

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.

How does a demo account work?

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.

How to open a Forex trading demo account.

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 trading software, often the well-known MT4, MT5 and cTrader platforms.
  • Start trading

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.

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Tips for using a demo account

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.

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.

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.

"Demo accounts are a great way to learn how a trading platform works without the fear of losing money as you get to grips with the basics of trading."

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Frequently Asked Questions about Forex Demo Accounts

Here, we’ve compiled answers to the most common questions traders have when choosing a Demo Account broker.

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.

Can I trade on a demo account on my mobile phone?

You can download demo accounts on a laptop, desktop, and mobile devices such as iPads and mobile phones. The main thing is to practise as often as you can, wherever you can.

How do you open a Forex trading demo account?

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.

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"You should approach using a demo account like you would if you were using real money. That way, you will get the most out of the experience."

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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.

Meet the Experts Behind Our Unbiased Reviews

Chris Cammack

Head of Content

Chris Cammack

Head of Content at FxScouts since 2019, Chris Cammack ensures all content meets our high standards of quality and clarity, shaping editorial guidelines and overseeing broker reviews. Chris brought 10 years of experience in research, editorial, and design for political and financial publications, and has a deep knowledge of international financial markets and geo-politics. He co-hosts the "Let's Talk Forex" podcast with Alison and writes for the news section on a regular basis.

Alison Heyerdahl

Senior Financial Writer

Alison Heyerdahl

Alison joined the team as a writer in 2021. She is the Senior Financial Writer for FxScouts. 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. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, "Let's Talk Forex", alongside Chris and has produced over 100 Forex educational videos for the FxScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

Ida Hermansen

Financial Writer

Ida Hermansen

Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida's passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement. She is continually expanding her knowledge in Forex trading, staying informed about the latest trends and identifying the best trading environments for new traders.


                

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