| Broker | Features |
|---|---|
  FeaturedGo to XTB | Excellent 24-hour customer service. More than 3000 instruments to trade. Regulated broker.(*) Warning: Your capital is at risk. 79% of retail CFD accounts lose money. XTB offers a free demo account for 4 weeks of use. You can convert it to unlimited if you open a live account.Demo Account: Yes Minimum Deposit: 0 €/$ Trading Platforms: xStation5, iOS App, Android App. Execution: Market Maker / STP Regulation:  FCA, CNMV and IFSCWeb Page: https:/www.xtb.com |
 FeaturedGo to Pepperstone | Very low spreads on over 1,200 instruments. 24/7 support, fast execution and no requotes.(*) Warning: Between 74-89 % of retail investor accounts lose money when trading CFDs. The Pepperstone demo account is free and limited to 30 days of use (unlimited if you open a real account and request it to support).Demo Account: Yes Minimum Deposit: 200 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader, TradingView. Execution: STP / NDD Regulation: FCA, ASIC, CySEC, BaFin, DFSA, CMA and SCBWeb Page: https://www.pepperstone.com |
 FeaturedGo to eToro | Buy stocks without commission. Automatically copy the best investors with the eToro CopyTrader tool.(*) Warning: 77% of retail CFD accounts lose money.
eToro offers a free demo account with unlimited trading time.Demo Account: Yes, unlimited Minimum Deposit: 200 $ Trading Platforms: WebTrader, iOS App, Android App. Execution: Market Maker Regulation: FCA, CySEC and ASICWeb Page: https://www.etoro.com |
 Go to XM Group | Bonus of $30 without deposit and bonuses of up to $5,000 per deposit. Trade Forex with ultra-low spreads.(*) Clients registered with XM Group's EU-regulated entity do not have access to the bonds. XM broker allows you to open a free demo account, select the available balance and it is unlimited.Demo Account: Yes, unlimited Minimum Deposit: 5 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Market Maker Regulation: CySEC, FSC and ASICWeb Page: https://www.xm.com |
 Go to IC Markets | True ECN account with ultra-low spreads and ultra-fast execution designed for scalping and automated trading systems. IC Markets offers a free demo, which allows you to choose your initial balance, with unlimited use (but will be deactivated if you have no activity within 30 days).Demo Account: Yes Minimum Deposit: 200 $ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader. Execution: ECN Regulation: ASIC, CySEC and FSAWeb Page: https://www.icmarkets.com |
CFD Service  Go to Plus500 | Broker with more than 23 million registered customers since its inception and a Trust Pilot Score of 4.2 out of 5.(*) Warning: 86% of retail CFD accounts lose money. You can open a demo account with Plus500 in seconds without any personal or bank details. It is free and unlimited.Demo Account: Yes, unlimited Minimum Deposit: 100 €/$ Trading Platforms: WebTrader, iOS App, Android App. Execution: Market Maker Regulation: FCA, CySEC, ASIC, FSCA, DFSA and FSAWeb Page: https://www.plus500.com |
 Go to IQ Option | $1 minimum investment. Powerful and intuitive trading platform. Fast withdrawals.(*) Warning: Your capital might be at risk. The IQ Option demo account is free of charge and unlimited.Demo Account: Yes, unlimited Minimum Deposit: 50 €/$ Trading Platforms: Proprietary Platform, iOS App, Android App. Execution: Market Maker Regulation: CySECWeb Page: https://www.iqoption.com |
 Go to Exness | Low spreads as low as 0.0 pips. No swaps on most instruments. Instant withdrawals. The Exness demo account is free and you can use it for as long as you need (the MT4 demo expires after 180 days of inactivity and the MT5 demo expires after 21 days of inactivity).Demo Account: Yes Minimum Deposit: 10 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Market Maker / ECN Regulation: FCA, CySEC, FSCA, FSC, CBCS, FSA and SDLWeb Page: https://www.exness.com |
 Go to AvaTrade | One of the most regulated brokers worldwide (in 9 different jurisdictions). The AvaTrade demo account is free and lasts for 21 days (which you can extend by contacting customer support).Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: WebTrader, MetaTrader 4, MetaTrader 5, iOS App, Android App. Execution: Market Maker Regulation: Central Bank of Ireland, ASIC, BVI, FSCA and FSAWeb Page: www.avatrade.com |
 Go to Eightcap | Eightcap offers a free demo account that you can use to try out its services and test trades for 30 days.Demo Account: Yes Minimum Deposit: 100 $ Trading Platforms: MetaTrader 4, MetaTrader 5, TradingView. Execution: STP / ECN Regulation: ASIC and SCBWeb Page: https://www.eightcap.com |
 Go to Axi | The Axi broker offers a 30-day trial account completely free of charge.Demo Account: Yes Minimum Deposit: 0 €/$ Trading Platforms: MetaTrader 4. Execution: STP / ECN Regulation: FCA, ASIC, FSA and DFSAWeb Page: https://www.axi.com |
 Go to RoboForex | $30 welcome bonus with a minimum deposit of $10 and bonuses up to $50,000 per deposit. The broker RoboForex offers a demo account for trading in simulation mode which is free and unlimited.Demo Account: Yes, unlimited Minimum Deposit: 0 €/$ Trading Platforms: WebTrader, MetaTrader 4, MetaTrader 5, iOS App, Android App. Execution: STP / ECN Regulation: FSCWeb Page: https://www.roboforex.com |
 Go to FP Markets | FP Markets offers a free demo account, with no time limit, but will be deleted if inactive for more than 30 days.Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader, IRESS. Execution: ECN Regulation: ASIC, CySEC and FSPWeb Page: https://www.fpmarkets.com |
 Go to OANDA | The online broker Oanda offers a free demo account with no time limit.Demo Account: Yes, unlimited Minimum Deposit: 0 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Non Dealing Desk Regulation: FCA, ASIC, NFA, IIROC, BVI FSCWeb Page: https://www.oanda.com |
What are the best brokers with demo accounts?
One of the best ways to learn how to invest in the stock market and familiarise yourself with the different trading platforms each online broker offers is to open a demo account to get started.
Demo accounts are trading accounts that generally offer the same features and functionalities as a real account, but come pre-loaded with a certain amount of fictitious money . In other words, they are trading accounts in simulation mode, with a fictitious capital that you can use to test trades without having to make a deposit or put your money at risk.
Basically, we could summarise the benefits of starting to invest in a demo account in the following points:
- It allows you to familiarize yourself with the trading platform: so that you can master it, as it is the main tool of this profession.
- If you are a beginner trader, you will be able to gain experience in the financial markets before you start risking money.
- You will have the opportunity to test trading strategies to prove their soundness.
- You will be able to test the conditions offered by your broker in practice.
Most Forex and CFD brokers offer the possibility to open a demo trading account, as it is a practical way for traders to test their trading platforms and see the trading conditions before they start investing with real money.
Trading platforms for investing in the stock market can vary from broker to broker. Many brokers offer Metatrader 4 platform, or MetaTrader 5, integrating their trading conditions into it. Others, however, choose to develop and offer their own trading platform, which may be more convenient and intuitive for novice or less experienced traders.
In short, the possibility of testing the trading platform on a demo account is a good way to find out if the platform will suit your needs before you deposit your money and start investing.
The balance of the demo account varies depending on each online broker and its policy in this regard, but it is always more than enough to test, as a general rule. Some brokers do not impose any time limit on the use of the demo account (you can even use a live account and a demo account simultaneously to test new trading strategies on the demo account while trading on the live account). Other brokers choose to set a time limitation (15 days, 1 month, etc.); or close the demo account in case of inactivity.
In any case, the demo account today is an extremely useful tool for risk-free practice and very popular with traders all over the world. Whatever your country (United Kingdom, South Africa, Australia, Saudi Arabia, Abu Dhabi, Dubai, Kuwait, New Zealand, India, Thailand, Malaysia, Taiwan, Singapore,…) there are online brokers that offer this type of account for you to test their services.
The demo account is a simulator, and should be understood as such. Our recommendation is that you use the demo account only to familiarise yourself with the trading platform: most beginners usually start trading on the demo account without too much control, without any pressure or fear of losing as their money is not at stake. The ideal way to learn to trade is that once you have seen how the platform works, you move to a live account and start trading with small amounts of money and a lot of caution, this way, you will learn to be disciplined, to analyse trades carefully and to develop your own trading method.
In this regard, it is important to note that you need to trade with discipline on a demo account, just as you would on a live account. Otherwise, you will not get the full potential of this tool and mistakes will not be corrected, dragging them into your real trading. The fact of not having the feeling that we are risking real capital can lead the trader to carry out an ill-advised operation.
After having tested and analysed numerous online brokers, the ones you can see in the comparison table above are what we consider to be the best brokers with demo accounts where you do not need to make a deposit beforehand.
Are forex demo accounts secure?
In the world of forex trading, one of the primary concerns we hear is about security. And rightly so! It’s our hard-earned money we’re investing after all. But rest easy, forex demo accounts are indeed secure. The funds you use in a demo account are virtual, meaning you’re not putting real money at risk. Your personal information is also kept secure using high-level encryption, just like it would be with a real trading account.
What are the advantages of a forex demo account?
The benefits of using a forex demo account are numerous. For starters, it offers a risk-free environment to learn the ropes of forex trading. Newbies can understand how the market works, experiment with different strategies, and become familiar with the trading platform without worrying about losing actual money.
In our opinion, the most significant advantage is the opportunity to practice. As the saying goes, “practice makes perfect.” Much like learning to drive a car, the more you practice forex trading in a simulated environment, the better you’ll be when it comes to the real deal.
What are the disadvantages of a forex demo account?
While demo accounts are a great tool, they do have some disadvantages. For one, they can create a false sense of confidence. Because you’re not trading with real money, you may take risks you wouldn’t otherwise take. This can develop bad habits that could lead to significant losses when you start trading with actual cash.
Another disadvantage is that demo accounts may not perfectly mimic real-world trading conditions. For example, the speed at which trades are executed might differ slightly.
How can I open a risk-free demo account?
Opening a risk-free demo account is pretty simple. Most online forex platforms offer demo accounts. You’ll typically need to provide some basic information to create an account, and then you’re good to go. Remember, it’s important to choose a platform that is user-friendly and aligns with your trading style.
Why are forex practice accounts so important for beginners?
Forex practice accounts are an invaluable tool for beginners. They allow you to gain practical experience without the worry of losing actual money. Think of it as a sandbox where you can play around, make mistakes, learn from them, and improve your skills.
In our view, practice accounts are the best way to get your feet wet in the forex world. They can help you understand market trends and learn how to analyze them effectively.
What are the alternatives to forex demo accounts?
While forex demo accounts are an excellent learning tool, there are alternatives. Some traders opt for micro accounts, which allow you to trade with very small amounts of money. This can give you a taste of real-world trading conditions while limiting potential losses.
Another alternative is to use forex simulators, which mimic real-world trading conditions but use virtual money. However, in our opinion, nothing beats the value of a good old demo account for beginners.
Forex demo accounts are a great tool for both beginners and experienced traders to practice, test strategies, and learn the nuances of the forex market. However, like any tool, they must be used wisely and not as a crutch for poor trading habits.
References and sources:
- Demo Account
- Why Demo Trading is Different from Live Trading
- Download MT4 and Open MetaTrader 4 Demo Account Without a Broker
