Best Forex Trading Demo Account of 2023

Looking for the top broker with a demo account? Based on our hands-on analysis, we’ve selected 10 best options tailored to various trading needs. Practical tips from our experts are included.

By: Dan Blystone
Reviewed By: FX Empire Editorial Board
Updated: Nov 5, 2023
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List of Top Forex Demo Accounts

Best brokers for US traders

Best brokers for international traders

How did FX Empire choose the best forex demo accounts?

We carefully considered the needs of demo traders and focused on the points which benefit this group the most.

  • We conducted a test drive for each trading platform, digging into available order types, charting, watchlists, and UX. We checked which platforms are available via demo account.
  • We looked at the different account types available to test via demo (STP and ECN accounts).
  • We ensured that each broker has a strong range of tradable forex and CFD instruments.
  • We made a note of the length of time before the demo account expires.
  • For each broker, we tested customer service across phone, chat, and email with many questions, paying attention to responsiveness and the overall quality of the support.
  • We explored the educational resources available to demo traders, from articles to webinars and courses.
  • We also analyzed other significant areas, such as trustworthiness, fees, and platforms, to gauge the quality of the offering should a trader decide to open a live account.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

Best Overall

Vantage

4.6
Start Trading
Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.
  • Min Deposit
    $200
  • Tradable Instruments
    282
  • Fees
    Low

Sydney, Australia-based Vantage excelled in our tests and proved a well-rounded broker. Regulated by the top-tier ASIC and the offshore CIMA, the company is audited, and all client funds are held in a segregated trust account.

Vantage Demo Account Features

  • Platforms: MetaTrader 4, MetaTrader 5, ProTrader
  • Demo Account Types: Standard STP or Raw ECN
  • Virtual Funds: up to $100,000
  • Leverage: 1:100 to 1:500
  • Base Currencies: USD, GBP, CAD, AUD, EUR, SGD, NZD, JPY, HKD, PLN
  • Demo Account Lifetime: 30 days by default, but unlimited demo accounts can be created on request.

Vantage offers the popular MetaTrader 4 and MetaTrader 5 platforms and the state-of-the-art ProTrader platform powered by TradingView. From our hands-on test, the proprietary Vantage app is intuitive and allows clients to stay connected to the markets while on the move. Demo accounts are available across all platforms. They expire after 30 days but can be extended on request.

Demo traders can use an impressive range of available instruments, spanning CFDs on forex, indices, commodities, shares, and cryptocurrencies. The offering is above average for the industry and includes CFDs on futures and soft commodities. We checked that clients of Vantage also have access to a great range of educational materials which can assist them in their development as traders, including live webinars.

We found that spreads are competitive, especially in CFDs on indices and some forex pairs – an important factor for traders if they decide to trade live after using the demo.

Pros
  • Strong selection of trading platforms available via demo.
  • Broad range of tradable instruments.
  • Different account types can be tested via demo.
  • Top-notch research and educational materials.
Cons
  • Users must navigate chatbot questions before reaching a human agent.
Vantage Review

Best for Cryptocurrency Trading

TMGM

4.4
Start Trading
The information provided on this website is general in nature only and does not constitute personal financial advice. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Investing in CFDs and Margined FX Contracts carries significant risks and is not suitable for all investors. You may lose more than your initial deposit. You don’t own, or have, any interest in the underlining assets. We recommend that you seek independent advice and ensure fully understand the risks involved before trading. It is important that you read and consider disclosure documents before you acquire any product listed on the website. The information and advertisements offered on this website are not intended for use by any person in any country or jurisdiction where such use is contrary to the local laws and regulations. Products and Services offered on this website is not intended for residents of the United States.
  • Min Deposit
    $100
  • Tradable Instruments
    10101
  • Fees
    Medium

Sydney, Australia-based TMGM launched in 2015 and has since established itself as a competitive CFD broker with favorable trading conditions. Regulated by various agencies, including the top-tier ASIC, TMGM received a high trust score in our review. Several platforms and account types are available, catering to different trader profiles.

TMGM Demo Account Features

  • Platforms: MetaTrader 4, IRESS
  • Available Demo Account Types: Classic, Edge
  • Virtual Funds: 5,000 to 50,000
  • Available Leverage: 1:1 to 1:25
  • Base Currencies: AUD, USD, GBP, NZD, EUR, CAD
  • Demo Account Lifetime: Unlimited but expires after 1 year

TMGM offers 20 CFDs on cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and Cardano. These are available for trading via both demo and live accounts. Our tests found that spreads at TMGM are better than average, including spreads on cryptocurrencies.

Demo traders can explore award-winning research from Trading Central, which is available from the TMGM client portal. Trading Central includes the Market Buzz sentiment tool, trading ideas, and analyst views. Customer support is available 24/7 via live chat, phone, and email, and we received fast, high-quality responses to our inquiries.

For traders looking to trade live after a demo: TMGM earned an above-average mark in the fees category. Its spreads are low-to-medium compared to the broader industry, with commission-free trading also available.

Pros
  • Competitive spreads.
  • Fast order execution.
  • Diverse account types.
  • 24/7 customer service.
Cons
  • Does not offer CFD on ETFs or options.
TMGM Review

Best Demo Contest

OCTA

4.2
Start Trading
Forex margin trading involves substantial risks
  • Min Deposit
    $100
  • Tradable Instruments
    230
  • Fees
    Low

Founded in 2011, OCTA is a global CFD broker headquartered in St. Vincent and the Grenadines. Clients can trade CFDs on forex, commodities, indices, and cryptocurrencies via MetaTrader 4, MetaTrader 5, and the OctaTrader platform. Two main account types (Innovative Traders and Traditional Traders) are available, catering to different trader profiles.

OCTA Demo Account Features

  • Platforms: MetaTrader 4, MetaTrader 5, OctaTrader
  • Available Demo Account Types: Standard
  • Virtual Funds: Unlimited
  • Available Leverage: 1:1 to 1:500
  • Base Currencies: USD
  • Demo Account Lifetime: Infinite but MT4 demo expires after 8 days of inactivity, MT5 demo expires after 60 days of inactivity

The demo account contest at OCTA uses the MetaTrader 4 platform and takes place over four weeks. The trader with the highest balance at the end of the round wins the main prize, $500. Second place wins $300, third place $100, fourth place $60, and fifth place $40. To date, there have been 134 contents, and OCTA records detailed stats ranking all participants - including the total number of trades, pips, final equity balance, and percentage gain.

Demo traders can also draw from the educational resources at OCTA, which we rated above average in our review. Materials include regular live webinars and a forex basics video course.

In our tests, OCTA performed well in the category of fees. Live traders can benefit from tight spreads in CFDs on forex and commodities, no swap fees, no inactivity fees, and no deposit or withdrawal fees.

Pros
  • Tight forex spreads.
  • Good research materials.
  • No swap fees.
  • Copy trading available.
Cons
  • No phone support.
OCTA Review

Best For Professional Traders

MultiBank Group

4.5
Start Trading
By using this website and or its services, you agree that neither MultiBank Group nor any of its affiliates and service providers will be held responsible for the accuracy of any information available on this site. Although information on this site is provided in good faith and is believed by MultiBank Group or its affiliates to be accurate, there are no explicit or implicit warranties of accuracy or timeliness made by MultiBank Group or its affiliates and service providers regarding this information. Furthermore, in visiting this site and in opening an MultiBank Group or its affiliates Forex trading account you agree not to hold MultiBank Group or any of its affiliates and service providers liable for any decisions you may make based on the information you obtain on this website or websites we link to. It is recommended that you make your decisions only after you have reviewed information and collected opinions from several credible sources and have verified ALL facts you need to know about Forex trading from other independent sources. MultiBank Group and its web hosting providers and its affiliates shall in no event be liable for any damages and or loss resulting from interruption of website service or the inability to use our website. Unless stated otherwise, material on this site is copyright of MultiBank Group. MultibankFX is the trading name of Multibank FX International Corporation (BVI) Company No. 1377324.
  • Min Deposit
    $50
  • Tradable Instruments
    774
  • Fees
    Medium

Founded in 2005, MultiBank has a long track record as a CFD broker and has grown to have a significant global presence. The Dubai-based broker is regulated across five continents and maintains over 20 offices worldwide.

MultiBank Demo Account Features

  • Platforms: MetaTrader 4, MetaTrader 5, cTrader
  • Available Demo Account Types: Standard, Pro, ECN
  • Virtual Funds: Unlimited
  • Available Leverage: 1:500
  • Base Currencies: USD
  • Demo Account Lifetime: Unlimited but expires after 14 days of Inactivity.

MultiBank offers demo accounts for each of its account types: Standard (spreads from 1.5 pips), Pro (spreads from 0.8 pips), and ECN (spreads from 0.0 pips plus $3 commission). Traders can choose between the feature-rich MetaTrader 4, MetaTrader 5, and cTrader platforms. These platforms have sophisticated order types and charting and can accommodate algorithmic traders.

Clients of MultiBank can also benefit from FIX API (providing direct access to the market), and Virtual Private Servers (VPS), providing stable and reliable trading conditions. MAM (Multi-Account Manager) and PAMM (Percentage Allocation Management Module) accounts allow fund managers to overlook and manage multiple accounts from a single MultiBank account without creating an investment fund. Customer support at MultiBank Group is first class, and we experienced almost zero wait times in our tests.

Our review showed that MultiBank Group is strong in the category of fees. When demo account holders move on to trading live, they can benefit from tight spreads, low commissions, and minimal swap fees.

Pros
  • Choice of sophisticated platforms.
  • Tight spreads.
  • Choice of account types.
  • Excellent support.
Cons
  • Inactivity fee.
MultiBank Group Review

Best Education for Beginners

Tickmill

4.5
Start Trading
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    -
  • Tradable Instruments
    747
  • Fees
    Low

Tickmill is an award-winning CFD broker founded in 2014. With five entities primarily licensed by first and second-tier regulators, the London-based broker received a high trust rating in our review. Traders can choose between various CFD instruments, including forex, commodities, stocks, and cryptocurrencies.

Tickmill Demo Account Features

  • Platforms: MT4, MT5
  • Available Account Types: Classic, Pro, VIP
  • Virtual Funds: Unlimited
  • Leverage: Up to 1:500 but varies by region
  • Base Currencies: USD, GBP, EUR, PLN, CHF
  • Demo Account Lifetime: Infinite, but expires after 7 days of inactivity

Tickmill is a broker that can cater well to both beginners and advanced traders, and this is reflected in their educational offerings. Almost 90 video tutorials cover everything from trading basics to more nuanced topics like the psychology of trading. There is also a valuable series of platform tutorials to help new traders make the most of the MT4 and MT5 platforms, which are both available via demo.

A variety of account types provides options for beginners getting started and advanced traders looking for lower trading costs. Traders can test all account types via the demo, and a good range of base currencies are available (the currency in which your account is denominated). We had a great experience with support in our tests, open during office hours.

Our examination showed that Tickmill offers tight spreads in some instruments, for example, 0.9 pips in the Dax 40. This makes it easier for traders to achieve profitability when they begin to trade live.

Pros
  • Licensed by top-tier regulators.
  • Wide selection of tradable instruments and supporting tools.
  • Competitive fees.
Cons
  • Customer support only available during office hours.
Tickmill Review

Best Low Spreads

FP Markets

4.5
Start Trading
This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
  • Min Deposit
    $100
  • Tradable Instruments
    844
  • Fees
    Medium

Sydney-based FP Markets has won over 40 industry awards and has an impressive operating history of 18 years. With entities regulated by top-tier ASIC and CySEC, it earned a high trust score in our review. FP Markets has carved out a niche with rock-bottom spreads in some instruments. For example, in our tests, we measured spreads as low as 1.69 pips in GBP/JPY, which is much better than the industry average.

FP Markets Demo Account Features

  • Platforms: MetaTrader 4, MetaTrader 5
  • Demo Account Types: Standard, Raw
  • Virtual Funds: 100k by default but can be increased by contacting support
  • Leverage: 1:500
  • Base Currencies: AUD, SGD, EUR, GBP, USD, CAD, PLN
  • Demo Account Lifetime: Expires after 30 days of inactivity

FP Markets offers a great range of trading platforms, including MetaTrader 4, MetaTrader 5, WebTrader, IRESS, and a mobile trading app. The demo account is available for each platform.

Demo traders can access trading in CFDs on forex, stocks, indices, commodities, and cryptocurrencies.

The FP Markets Academy, which includes high-quality trading courses, video guides, platform tutorials, and ebooks, is an excellent resource for new traders. We experienced strong support in our tests via online chat. Responsive operators are on hand 24/7 to answer your questions.

Pros
  • Competitive spreads.
  • 24/7 Support.
  • Great range of tradable instruments.
  • Educational courses.
Cons
  • Mobile app is limited.
FP Markets Review

Best Trading App

FXTM

4.3
Start Trading
82% of retail CFD accounts lose money
  • Min Deposit
    $10
  • Tradable Instruments
    266
  • Fees
    Medium

Established in 2011, FXTM is a global forex and CFD broker headquartered in Limassol, Cyprus. Top-tier authorities, including the UK FCA and CySEC, regulate various entities of FXTM. Demo traders have access to trading in CFDs on forex, indices, commodities, and shares. The variety of major, minor, and exotic currency pairs is better than average.

FXTM Demo Account Features

  • Platforms: FXTM Trader App, MetaTrader 4
  • Available Account Types: Micro, Advantage, Advantage Plus
  • Virtual Funds: Up to 1,000,000
  • Leverage: Up to 1:500 but varies by region
  • Base Currencies: EUR, USD, GBP
  • Demo Account Lifetime: Unlimited

The FXTM app is intuitive and user-friendly, making it a good starting point for demo traders. Watchlists, tracking of open, pending, and closed positions, 1-click trading, and trading from the chart are among the features within the app. Standard order types are available, including market orders, limit orders, and stop-loss orders.

FXTM compliments its demo account with in-depth educational content, including helpful articles, ebooks, and video content. Specific trading strategies are outlined that new users can get started with and test in their demo accounts. Another positive point is that clients of FXTM are assigned a dedicated customer solutions representative, providing a personalized experience.

Pros
  • User-friendly mobile app.
  • Strong educational materials.
  • Dedicated account representative.
Cons
  • Limited tradable instruments.
FXTM Review

Best MT4 Demo Account

IronFX

4
Start Trading
Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved.
  • Min Deposit
    $0
  • Tradable Instruments
    321
  • Fees
    Medium

Founded in 2010, IronFX is a global forex and CFD broker with an impressive range of tradable instruments, tools, and account types. The Cyprus-based broker has entities regulated by top-tier CySEC and FCA and an unregulated offshore entity.

IronFX MT4 Demo Account Features

  • Platforms: MT4
  • Demo Account Types: Floating Spread, STP/ECN
  • Virtual Funds: 500 to 5,000,000
  • Leverage: 1:1 to 1:1000
  • Base Currencies: USD, EUR, JPY, BTC
  • Demo Account Lifetime: Infinite

IronFX offers a MetaTrader 4 demo account that traders can use for an unlimited time. The MT4 demo platform is available via desktop, web, and mobile. A detailed user guide covers everything from getting started to auto-trading and custom indicators.

In our tests, IronFX received a high score for tradable instruments – offering CFDs on forex, commodities, indices, stocks, and cryptocurrencies. CFDs on futures are also available, including futures on metals, giving demo traders a diverse range of markets to test.

The new IronFX School helps to guide the development of demo traders with an easy-to-digest ‘Introduction to Forex’ course in video format and quizzes at the end of each module.

Pros
  • Seven accounts to choose from.
  • Tight spreads in forex pairs.
  • Fast deposits and withdrawals.
Cons
  • Limited research materials.
IronFX Review

Best for Spread Betting

AvaTrade

4.6
Start Trading
71% of retail investor accounts lose money when trading CFDs with this provider
  • Min Deposit
    $100
  • Tradable Instruments
    956
  • Fees
    Low

AvaTrade was founded in 2006, making it an early mover in the forex and CFD industry. The Dublin-based broker has grown tremendously since then and now provides services to 400,000 traders globally. As a broker extensively regulated by multiple agencies globally, AvaTrade received a high score in our trust category.

AvaTrade Spread Betting Demo Account Features

  • Platforms: MetaTrader 4
  • Demo Account Types: MT4 Spread Betting
  • Virtual Funds: 10,000
  • Leverage: 1:30
  • Base Currencies: GBP/EUR/USD
  • Demo Account Lifetime: Expires after 21 days

Spread betting is only available for AvaTrade clients residing in the UK. Profits from spread betting are free from the capital gains tax, making it an attractive opportunity for traders. We examined that AvaTrade’s MT4 Spread Betting demo account provides an easy way for new traders to try it out.

AvaTrade provides a full range of instruments to trade via the Spread Betting account, including forex, commodities, indices, and shares. We evaluated the education section as helpful with actionable content, including specific trading strategies. Reliable 24/5 customer support rounds out a solid offering for spread betting demo traders.

Our hands-on tests showed AvaTrade’s trading fees for forex and commodities are competitive and better than the industry average – a plus for traders who graduate to trading live.

Pros
  • High trust rating.
  • Reliable customer support.
  • Over 1,000 tradable instruments.
Cons
  • Investor compensation scheme only available in some regions.
AvaTrade Review

Best for US Traders

IG US

4.4
Start Trading
74% of retail CFD accounts lose money
  • Min Deposit
    $250
  • Tradable Instruments
    82
  • Fees
    Low

IG is a forex industry pioneer, dating back to 1974. It is one of a small number of brokers offering forex trading in the United States. IG is extensively regulated worldwide, contributing to a high trust score in our tests.

IG US Demo Account Features

  • Platforms: IG Trading Platform, MetaTrader 4, ProRealTime
  • Available Account Types: Standard
  • Virtual Funds: Up to $1,000,000
  • Leverage: 1:50
  • Base Currencies: USD
  • Demo Account Lifetime: Unlimited

Since CFDs are not available in the United States, traders are limited to trading forex. An impressive 82 currency pairs are available to trade via the IG US demo account, covering majors, minors, Australasian, Scandinavian, exotic, and emerging markets.

The IG Trading Platform is cutting edge and features 1-click trading, advanced order types, news, alerts, and robust charting. Spreads are competitive and better than the industry average. A major perk of the demo account is gaining access to IG Academy, which offers interactive courses broken down by experience level to cater to beginner, intermediate, and advanced traders.

Pros
  • Industry-leading platform.
  • Tight spreads.
  • Excellent educational materials.
  • Automatic rebates.
Cons
  • Limited tradable instruments.
IG US Review

Our Methodology

In selecting the best forex brokers for beginners we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.

FXEmpire has been reviewing brokers since 2010 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident in selecting the right platform.

To provide the most comprehensive view, we break down the brokers according to nine different categories:

  • Trust
  • Fees
  • Platforms and tools
  • Tradable instruments
  • Customer service
  • Deposit and withdrawal
  • Account types
  • Research
  • Education

In our individual broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed.

Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.

Our side-by-side analysis reveals whether a broker is competitive in relation to the industry as a whole. Trading platforms take time to master, but we have already done the legwork for you and our evaluations highlight their important features and usability.

FX Empire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so our reviews cannot be swayed by individual preferences or biases. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Read more about our review process here.

For this best brokers page we selected the best forex brokers for the UK, but, as traders have different needs, we separated the brokers into the categories where they stood out as winners.

Meet our Writers

The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan Blystoneauthor

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan Solankiauthor

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen Stoyanovauthor

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

How to choose a forex demo account?

Consider the following questions when searching for a suitable forex demo account to work with.

Can I trust the broker?

Take into account the regulatory status of the broker. Forex brokers regulated by top-tier financial authorities must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. A compensation fund is sometimes available in the event of broker insolvency.

Tip: you can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page.

Read more about Best regulated forex brokers.

Is the platform user-friendly?

An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface.

The MetaTrader 4 and 5 platforms have advanced features like backtesting, automated trading, and a wide range of order types – but are less user-friendly. Also, check on the availability of a good, broker-designed (proprietary) mobile app. This is especially important as MetaTrader is no longer available on iOS.

Read more about Best MetaTrader 4 brokers and Best MetaTrader 5 brokers.

Is there a selection of demo account types available?

Many brokers offer a selection of account types that cater to different trader profiles. For example, often STP accounts are geared towards beginners or more casual traders and are based on a spread-only pricing model. ECN accounts typically have tighter spreads but charge a commission. Tip: Brokers often offer demo accounts for all account types so you can test each of them to see what works best for you.

Are the spreads competitive?

Working with a broker that keeps costs such as the spread to a minimum can make the difference between profit and loss at the end of the day. For example, a spread of 1 pip or less in EUR/USD is competitive and makes it much less expensive to enter and exit positions in the market. This is a crucial point for day traders. Inactivity fees and fees for withdrawing funds are other areas to keep an eye on when considering a broker.

What is the available leverage?

Leverage is one of the most appealing features of CFD trading and can work in your favor when used wisely. Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast, and you are holding a highly leveraged position, there is a high risk of losing money. Accounts can get wiped out in seconds.

Is customer support reliable?

As a demo trader in the process of getting oriented in the markets, having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.

Are high-quality educational materials available?

Strong educational materials can provide the guidance needed to succeed in the markets. Look for beginner-friendly materials beyond articles, such as video tutorials, live webinars, and courses.

How to avoid forex and CFD scams?

A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party, but remember that past performance does not guarantee future results.

Traders should also be highly cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high levels of leverage but client funds are not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in the event of broker insolvency.

FAQ

A demo account with a forex broker offers a way to practice trading in a simulated market environment. They allow traders to develop their strategy risk-free and also become familiar with the software platform.
When developing a trading strategy, it is always best to test it in a safe environment first. Once you have developed a profitable strategy, you can start trading live with greater confidence. Demo accounts are also useful as means of familiarizing yourself with the fees, speed of execution, platforms, and other services of a broker.
Traders cannot lose any real money on a demo account, which may lead them to underappreciate the risks of live trading, such as the psychological strain of risking your own capital.
No, you cannot. The profits you earn on a demo account from a successfully executed trade are only indicative of what a position with the same size and leverage would have generated in a real trading environment. These funds cannot be withdrawn to your bank account.
Yes, they are free. And they include live market data along with the charting and tools provided by the platform.
Yes, there is, and you can adjust the leverage on your demo account. It’s advisable to use the same amount of leverage as you would in a live account so that you get a realistic understanding of what your risk/reward outlook per trade would be in real trading. Keep in mind that excessive leverage is highly risky and can wipe out your account fast.
No, you do not risk any real money. The funds on a demo account are simulated.
Yes. Demo accounts are available for both MT4 and MT5.
The price quotes on a demo account are the same, and the speeds of order execution are similar but may not be exactly the same as when trading live. Also, trading risk-free negates the psychological strain traders feel when trading with their own capital.
Some brokers offer unlimited demo accounts, while others cap the use of a demo account to a specific period, for instance, 30 days. You can always reset your account afterward.
You can get started by visiting a broker’s website, where there will usually be a link to sign up for a demo account.
Yes, it is possible to use the TradingView Protrader platform on a demo account.
Yes, forex demo accounts often have a limited lifespan. Often they expire after a set period of inactivity.
Demo accounts offer traders access to a simulated trading environment, where they can learn about the market and develop their strategies. Real trading accounts, in contrast, offer traders access to real markets where they can generate profits or incur losses.

About the Author

Dan Blystoneauthor

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

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