Trading forex in a demo account offers a great way to get started operating in the world’s largest financial market. Forex demo accounts let you practice different trading strategies without risking any real money. They also allow you to test out the functionality of different brokers before committing to one.
In this article, we’ve reviewed the best forex demo accounts available in the market. Whether you are a new trader looking to try out new strategies with various forex brokers, a demo account can be a valuable tool in your trading arsenal. So let’s explore the top demo accounts and find the perfect fit for your trading needs.
Quick Look: Best Forex Demo Accounts
Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% to 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account
Best Forex Demo Accounts
These days you have a lot of options to choose from among the various online forex brokers to trade currencies through. Below you will find the top forex, CFD and/or spread betting brokers that offer a trading demo account in 8 key categories. You will also find details about each broker along with a screenshot of the trading platform you can check out via demo account trading.
1. Best for MT4 and MT5 Users: FOREX.com
FOREX.com offers a demo trading account to prospective clients and ranks as the best forex broker overall. You can practice trading 80+ currency pairs on FOREX.com’s advanced trading platforms. FOREX.com lets you trade with customizable charts, drawing tools, and indicators.
Why We Picked It: Even in FOREX.com’s demo account you’ll experience real-time pricing and live markets with ultra-fast execution and reliability on both web and mobile platforms. You’ll get 90 days risk-free trading with up to $50,000 in virtual funds. Demo accounts for MetaTrader 4 last for 30 days unless there are open trades.
2. Best for Multiple Demo Accounts: Trading.com
Trading.com is becoming the go-to choice for traders seeking a straightforward yet effective trading platform. Tailored for modern traders, it boasts a user-friendly interface that streamlines trade executions, especially for those who prioritize simplicity over complex features.
Why We Picked It: Trading.com allow you to open a total of 5 demo accounts so you can test out various strategies before opening an account. You can use the demo account to trade on MT5 and all features and functions of a real account are available for a demo account. Speed of execution is the same for real trading accounts as for the Trading.com demo accounts.
3. Best for Unlimited Demo Time: Plus500
Plus500 has over 1,000 assets available for trading in a demo account that includes 70 forex currency pairs, as well as futures, CFDs and real share trading. Plus500 desktop and mobile trading platforms have an intuitive interface that both novices and experienced traders will find very accessible to use for demo account trading.
Why We Picked It: Plus500 offers unlimited time on its demo accounts, which makes them ideal for building a long-term performance track record. Opening a demo account is effortless during registration, just opt to open a demo account by selecting “Demo Mode” in the “Select Account Mode” window. If you want to switch back from Real Money mode to Demo mode, simply click “Switch to Demo Mode” on the main platform screen or from the app’s menu.
4. Best for Fast Execution: tastyfx
tastyfx (formerly, IG Group) is a comprehensive online forex and CFD broker that offers full access to the currency market via multiple trading platforms and supports trading in almost 90 currency pairs.
Why We Picked It: Novice traders will like tastyfx’s intuitive mobile, web and desktop platforms that are available to demo account users and include the popular MetaTrader 4 suite. While you’ll only get up to $20,000 in virtual funds, tastyfx offers exclusive free online courses, webinars and seminars as part of its IG Academy which offers extensive value to traders of all levels.
5. Best for High Volume Traders: Tickmill
Tickmill’s offers a wide range of trading instruments, including forex currency pairs, commodities, and indices, which allows traders to explore various markets and assets. The platform is user-friendly and intuitive, making it suitable for traders of all levels. It’s easy to navigate and offers various trading tools and indicators.
Why We Picked It: Tickmill forex demo account is a valuable tool for traders looking to practice their skills in the world of currency trading. Tickmill’s demo account provides a realistic trading environment with live market data. One of the significant advantages is that traders can use the MT4 and MT5 trading platforms. Tickmill does not accept U.S based traders.
Why Choose a Demo Account?
Trading in a demo account can really help forex beginners who might otherwise have to learn how to trade forex using real money and the financial risks with it. While demo trading lacks the emotional rush involved in risking real funds, it does train you to watch the market. It can also give you a good feel for how exchange rates move without risking any real money. A demo trading account can also be useful to practice in and improve your trading skills in different market conditions.
Virtual trading removes the key psychological element involved in risk-taking that can make or break a trader. Even though it does not accurately assess your trading abilities, it can help you practice. You can also use demo account trading to assess the historical performance of your trade plan and train yourself to use a trading platform.
Basically, a forex demo account offers an educational tool for novices to begin trading forex and test their strategies in a real-time trading environment without taking the associated financial risks involved in trading a real money account.
Opening a Demo Account Helps You Choose a Forex Broker
Selecting the right forex broker is one of the most important decisions you will make as a forex trader, so choose wisely. In addition to finding one that fits your trading requirements, you’ll also want a reliable and reputable broker that submits to a strong regulatory agency for oversight.
Opening a forex trading demo account with any online broker that you would consider using makes total sense. You can use a demo trading account to learn how to use the broker’s trading platform to practice trading and test out new trading strategies in a real-time trading environment without the risk of actual financial loss.
Frequently Asked Questions
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Forex demo accounts allow you to practice trading currency pairs in a real-time environment using actual market exchange rates. The main deficit with demo account trading is that you are not risking actual money, so your emotional responses may differ from those you experience in a live trading scenario.
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Yes, most forex brokers offer free demo accounts for users to practice trading with virtual money before they start trading with real funds. This allows traders to familiarize themselves with the platform and test their strategies without any financial risk.
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FOREX.com, AvaTrade, IG Markets and Plus500 offer good demo accounts suitable for most purposes. Beginners will probably find eToro and Capital.com easiest to use for demo account trading.
