11 Best Demo Accounts For Forex Trading.
Opening a demo account with a forex broker is recommended for new traders or those looking to test trading strategies with automation. We compared the top forex demo accounts and paired them to different trader requirements.
Best Demo Accounts For Forex Trading.
IC Markets Has The Best MT5 CFD Demo Account.
IC Markets demo account offers virtual forex trading on the world’s top trading platforms (MetaTrader 4, MetaTrader 5 and cTrader). Unlike most brokers which limit the virtual cash and time you can use the demo account, IC Markets allows you to choose how much virtual cash you wish to trade and the account will only be closed after 30 days of inactivity. IC Markets demo account is free, you don’t need to open an account (which requires a $200 deposit) to practice trading.
MetaTrader 5MetaTrader 5 (MT5) is the successor to MetaTrader 4 (which is widely considered the gold standard for platforms). MetaTrader 5 offers more technical indicators, graphical tools and faster processing than MT4. One notable difference is that MT5 is designed for decentralized and exchange-traded CFDs such as stocks. In time, this platform should become as popular as MT4.
IC Markets offers 64 currency pairs and an ECN-like environment with fast execution speeds and high leverage. Traders have a choice a standard account with no commissions and raw spreads account which has commissions of $3.50 side trip.
Plus500 Demo Trading Account.
Plus500 is one of the world’s largest CFDs providers. The broker’s point of difference is an in-house developed trading platform to help traders take advantage of the wide range of CFDs available with ease. CFDs available in addition to the usual forex and indices include an extensive range of commodities including some rare options such as lean hogs, cattle, and 13 cryptocurrencies. Traders can also trade options, stocks, and indices for sectors such as cannabis, lithium, and real estate.
Plus500 does not charge commissions which means fees are included in the spread and include risk management tools such as negative balance protection and guaranteed stop-loss.
Pepperstone Has The Best MT4 Forex Demo Account.
best forex demo accountPepperstone has one of the best demo accounts as it allows you to practice with MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader forex trading platforms.
MetaTrader 4 is the best choice of platform for a demo trading account, as it is considered the gold standard when it comes to trading platforms. This platform offers all the essential trading tools to familiarize yourself with trading such as 30 indicators, 31 graphical tools, 9 timeframes, automated trading, and social trading.
With over 60 currency pairs to choose from, all with ECN-like tight spreads, Pepperstone will help you minimize your trading costs. Pepperstone is known for its lightning-fast execution speed of 30ms on average which will help you avoid slippage and its award-winning customer service team, many of who are traders themselves. Traders can choose from their commission-free standard account and razor account with $7.00 commissions round-turn per lot.
Pepperstone’s demo trading account is ranked first due to the ease of setting up an account, a balance of virtual money to simulate live trading and access to an environment similar to ECN trading. You can view a complete review of Pepperstone. After familiarizing themselves with the platform and forex broker, users can sign up for a real money account and start trading forex and cryptocurrencies.
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OANDA Demo Trading Account.
Oanda’s offers a choice of their in-house developed platform OandaTrade which is available as a web trader, desktop and mobile version and MetaTrader 4. With both platforms, your demo account will have 100,000 virtual units for trade which never expires.
Choosing Oanda gives you a choice of 2 retail investor account, the Premium account which is a spread only product and the Core account which has a commission of $7 per 1k round turn and ECN like trading execution.
The latest version of the brokers’ trading platform (Oanda trade v20) offers institutional-grade execution of less than 1ms, a guarantee of no requote or rejections and trading directly from the charts.
FXCM Demo Forex Trading Account.
FXCM allows you to choose from 4 trading platforms to demo. These include Trading Station, MetaTrader 4, Ninja Trader and TradingView. Trading Station is FXCM’s own proprietary trading platform which is the best option (along with MetaTrader 4)if you wish to use trading automation with FXCM automation and backtesting. NinjaTrader is the best option should you use to access advanced charting and trade management options. TradingView is the best option if you wish to practice social trading.
FXCM only offers one account, and this account is spread only meaning there are no commissions*. FXCM like to be open about their transparency, the broker publishes regular reports on their trading execution performance. In 2020 Q2 59.92% of orders had no slippage and 28.48% of orders had positive slippage. 73.24 of limit and limit entry order has positive slippage.
IG Markets.
IG Markets was founded in the UK in 1974 as a spread betting business and later renamed IG Group when listing on the London Stock Exchange in 2000. Being a UK company, IG is a solid option for UK forex traders for a demo account. By choosing IG as your demo account, you can benefit from CFD trading such as forex, options, ETFs, interest rates and bonds. If you are in the UK, you can also spread bet and binary trade. Some countries also have the possibility of trading stocks (not CFDs).
IG Markets allow you to use their own in-house IG Platform and MetaTrader 4 as demo trading platforms. With the IG platform, you will get access to their online trading platform, $20,000 of virtual funds and 17,000 markets. Choosing this platform means you will get free access to exclusive educational content on the IG Academy which new traders will appreciate and chart packages that may otherwise incur a fee.
If you prefer to practice using MetaTrader 4, IG gives you access to $10,000 in virtual currencies and 80+ markets to trade with. Choosing MetaTrader 4 also means you can practice with expert advisors and 18 free indicators and add-ons.
eToro Demo Forex Trading Accountetoro best social trading platform.
eToro is a social trading platform which makes it different to most other platforms. So learning the eToro trading platform with a practice account is very handy. The eToro account is available for free and includes 100,000 of eToro virtual money and has no time limitations.
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eToro’s biggest feature is its social trading component. Rather than conducting your own analysis and placing each individual order, social-copy trading platforms allow you to follow and copy the strategies of successful traders with a wealth of experience. Key features include:
CopyTrader (Copy People): Openbook’s standard account mirroring service, where you copy the trading strategies of other users, rather than placing trades yourself. CopyPortfolio: designed as a longer-term investment, CopyPortfolios are bundles of CFDs that include different traders’ strategies and asset classes.
ThinkMarkets MetaTrader 4 Demo Account.
ThinkMarkets demo account allows you to practice with their ThinkTrader platform ThinkTrader is one of the best trading apps in the market for mobile trading. With a quad screen display, 80 indicators, 50 drawing tools, 14 chart types and 200 cloud-based alerts, ThinkTrader is rated 5 stars by over 15,000 users in the Android and copycat crypto trading iOS mobile app stores.
ThinkMarkets trading includes 25,000 virtual currency and is available for use as long as you don’t leave it inactive for 30 days.
AxiTrader MT4 Demo Account.
A 30-day 100% free demo account is available with Axi (formerly AxiTrader). This broker offers access to MetaTrader 4 and $50,000 in virtual cash with no minimum deposit requirements to open an account.
A unique feature of Axi’s demo account is the inclusion of a dedicated account manager in addition to their 24/5 client support. Axi customer support is award-winning and highly valued, as it means you can ask trading questions while you learn about forex trading and develop your trading style.
Markets.com Demo Accountmarkets.com 150_100 logo new.
Markets.com demo account offers virtual forex trading on the world’s top trading platforms (MetaTrader 4, MetaTrader 5, and Marketsx). Unlike most brokers which limit the virtual cash you can use the demo account, Markets.com gives you unlimited and makes it valid for 3 months. Markets.com demo account is free, you don’t need to open an account (which requires a $250 deposit) to practice trading.
MetaTrader 5MetaTrader 5 (MT5) is the successor to MetaTrader 4 (which is widely considered the gold standard for platforms). MetaTrader 5 offers more technical indicators, graphical tools, and faster processing than MT4. One notable difference is that MT5 is designed for decentralized and exchange-traded CFDs such as stocks. In time, this platform will because the world’s most popular platforms as MT4.
Markets.com offers 67 currency pairs and is a market maker with fast execution speeds and high leverage options. Traders only have one account to trade on, which makes understanding their spreads and costs easier.
TD Ameritrade Broker Demo Account.
ThinkOrSwim is TD-Ameritrade’s proprietary trading platform and is available to traders based in the United States as a desktop, web trader or mobile trading platform.
ThinkOrSwim provides a good range of features, with inbuilt tools for both automaton and charting.
Advanced, professional-grade charting and technical analysis tools In-app chat and community chat rooms Backtesting features Market monitors and heat maps Real-time market news Customizable alerts.
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To explore the ThinkOrSwim platform in a risk-free environment, TD-Ameritrade offers a demo account with full access to the software. A virtual trading balance of $100,000 is provided to practice trading with free access for 60 days.
TD-Ameritrade is one of the few brokers that offers forex trading in the USA. Choosing ThinkOrSwim means you can trade 70 forex pairs with no commissions and leverage of up to 50:1 for major pairs and 20:1 for minor pairs.
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