If you’re looking to trade forex online for the very first time – you might want to start off with a demo account. This will allow you to trade in live forex market conditions without needing to risk any capital. Then, when you feel comfortable with how currency trading works, you might then consider upgrading to a real money account.
In this guide, we review the best forex demo accounts right now.
75% of retail investors lose money trading CFDs at this site
Top Forex Demo Accounts 2021
If you’re strapped for time and looking to start trading via a top-rated demo account right now – check out the list of the best providers below. By scrolling down, you can read a full review of each demo account in more detail.
- eToro – Overall Best Forex Demo Account for 2021
- Libertex – Forex Demo Account with ZERO Spreads
- Forex.com – Best Forex Demo Account for Professional Traders
- Plus500 – Biggest CFD Broker in UK
- FXCM – Best Forex Demo Account for Spread Betting
- Capital.com – Best Forex Demo Account for Beginners
- AvaTrade – Best Forex Demo Account or Mobile Trading
Best Forex Demo Accounts Reviewed
Before you consider which forex demo account to use, it is important to remember that your chosen provider is also a brokerage site. In other words, you will need to open an account with a forex trading platform before you can use its demo facility.
As such, you need to look at factors other than just the demo account – such as tradable forex pairs, spreads, commissions, customer support, and more. After all, there is every chance that eventually – you’ll look to start trading currencies with real money.
To point you in the right direction, below we discuss a selection of the best forex demo accounts.
1. eToro – Over Best Forex Demo Account
eToro is now one of the most popular online trading platforms. With more than 17 million global clients, the broker is often the go-to provider for newbies.
Not only is this because the trading platform is really easy to use, but eToro is home to a wealth of educational and training materials.
Plus, you’ll have access to a fully-fledged forex demo account facility as soon as you register. This mirrors the real eToro trading platform like-for-like, in terms of supported markets, real time pricing, and liquidity. The key difference is, of course, that you will be trading with paper money.
In fact, the forex demo account comes pre-loaded with a $100,000 demo fund balance. In terms of supported markets, eToro gives you access to over 55 forex pairs. This covers majors, minors, and plenty of exotics, too. In addition to forex, eToro also supports stocks, ETFs, cryptocurrencies, indices, and commodities.
All supported assets – including forex, can be traded commission-free at eToro. This means that once you eventually start trading with real money, you’ll be doing so in a super cost-effective way. The eToro demo account can be accessed online or via the provider’s mobile app.
There is no time limit on this, so you can switch between the demo and real account any time you wish. An additional feature that some of you might be interested in is the eToro Copy Trading tool. As a social trading platform, eToro allows you to copy an experienced forex trader like-for-like – at an amount proportionate to what you invest.
Once you start trading forex with your own capital, the minimum deposit is just $200. The platform supports debit/credit cards, e-wallets, and bank transfers. eToro is heavily regulated, including an FCA license. Your funds are also protected by the FSCS.
|CFD trading fee||0.09% per trade in ETF CFDs and stocks CFDs; from 0.75% per trade in crypto CFDs|
|Forex trading fee||Spread, 2.1 pips for GBP/USD|
|Crypto trading fee||Spread, 0.75% for Bitcoin|
|Inactivity fee||$10 a month after one year|
- Super user-friendly online broker and trading platform
- Trade thousands of assets with tight spreads
- 100% commission-free
- You can also trade stocks, indices, ETFs, cryptocurrencies, and more
- Deposit funds with a debit/credit card, e-wallet, or bank account
- Social trading and copy trading
- Regulated by the FCA, ASIC, and CySEC
- Not suitable for advanced traders that like to perform technical analysis
75% of retail investors lose money trading CFDs at this site
2. Libertex – Forex Demo Account with ZERO Spreads
Libertex is one of the most established forex and CFD trading platforms in the online space. Launched over 23 years ago, the platform is now home to almost 3 million traders.
Perhaps the most attractive aspect of choosing this provider is that Libertex is a zero spread broker. This means that there is no gap between the buy and sell price of your chosen forex pair.
Plus, many of the markets offered by Libertex can be traded commission-free. In terms of its forex demo account facility, this comes with a €50,000 paper trading balance. This is more than enough for you to get to grips with trading currency pairs in a risk-averse manner.
You actually have two options at Libertex when it comes to the demo account. If you’re a complete newbie, then you can trade via the Libertex website. This is a platform built by Libertex itself and it is particularly popular with inexperienced traders. Alternatively, you can also use your demo funds via MT4.
This third-party platform is often used by seasoned traders, as it comes packed with advanced chart reading tools and technical indicators. Either way, there is no time limit on how long you can use the demo account at Libertex. When you eventually decide to start trading with your own capital, the minimum deposit here is just £100.
You can choose from an assortment of payment methods at this MT4 broker, such as a debit/credit card, bank transfer, or an e-wallet. After your initial deposit, the minimum goes down to just £10 per transaction. Finally, Libertex is also available via an Android/iOS mobile app – should you wish to trade on the move.
|CFD trading fee||Free|
|Forex trading fee||Commission. 0.008% for GBP/USD.|
|Crypto trading fee||Commission. 1.23% for Bitcoin.|
|Inactivity fee||$5 a month after 180 days|
- Zero spread CFD trading
- Very competitive commissions – starting from 0% upwards
- Good educational resources
- Long established broker
- Compatible with MT4
- Great choice of markets[/su_list]
- Only offers CFDs[/su_list]
83% of retail investors lose money trading CFDs at this site.
3. Forex.com – Best Forex Demo Account for Professional Traders
So far in this guide, we stressed that forex demo accounts are ideal for newbies that wish to learn the ropes of currency trading before risking any capital. However, we should make it clear that demo accounts are also suitable for experienced traders that wish to test or perfect a new strategy.
If this sounds like you, then Forex.com is well worth considering. As the name implies, this popular online platform is a specialist forex broker. It gives you access to more than 80 currency pairs – many of which come from the emerging markets.
You will never struggle for liquidity on this platform and the number of trading tools on offer is highly extensive. In terms of the demo account itself, most traders will opt for MT4. All you need to do is quickly open an account with Forex.com and then enter your login credentials into the MT4 platform – which you can access online or via desktop software.
Once you do, you’ll then have access to £10,000 in demo account funds. In particular, Forex.com is an advocate of the best trading robots and EAs, so this is a good platform to try out a new automated system. In fact, it even offers dedicated forex VPNs, which are highly conducive for running advanced trading bots around the clock.
If and when you decide to upgrade to a real money account, Forex.com offers some very competitive trading fees. There are several account plans to choose from, one of which allows you to trade commission-free. If you’re a seasoned pro trading larger volumes, an alternative account type offers spreads from just 0.2 pips on major pairs.
This will attract a small commission of $5 per $100,000 traded. There is also an STP Pro account, which gets the spread down to an industry-leading 0.1 pips. If you decide to trade with real capital, the minimum deposit is £100 on debit/credit cards and Paypal, and nothing when opting for a bank transfer.
|CFD trading fee||Variable spread|
|Forex trading fee||Spread. 0.2 pips for EUR/USD|
|Crypto trading fee||N/A|
|Inactivity fee||$15 a month after 365 days|
- Specialist forex trading app
- Access to dozens of currency pairs
- Particularly strong when it comes to exotic currencies
- No minimum deposit when opting for a bank wire
- Also offers CFDs
- Heavily regulated – including US licenses
- Top-notch forex and economic new
- KYC process is a bit long-winded
There is no guarantee you will make money with this provider.
4. Plus500 – Biggest CFD Broker in UK
On top of commodities, stocks, indices, and ETFs – Plus500 offers a huge forex trading facility. Like most brokers in this space, the provider covers all major and minor pairs.
However, Plus500 takes things to the next level by offering dozens of emerging currencies, too. For example, you can trade pairs that contain the Thai baht, South African rand, Mexican peso, and more. Each and every forex pair hosted by Plus500 can be traded commission-free and with competitive spreads.
In terms of the demo account facility, you can use this as soon as you go through the account opening process. This should take you no more than a few minutes. The demo account amount is 40.000,00 €. Once the balance of the demo account drops to 200 EUR (or the equivalent currency amount) or below, the initial demo amount will be automatically reinstated by the system.
This allows you to take as long as you need before you start trading with your own capital. When you do, the minimum deposit is just £100. Plus500 supports a variety of payment methods, including debit/credit cards, Paypal, and a bank transfer. Finally, Plus500 can be accessed online or via the provider’s mobile app.
|CFD trading fee||Variable spread|
|Forex trading fee||Spread. 1.3 pips for GBP/USD|
|Crypto trading fee||Spread. 4.11% for Bitcoin|
|Inactivity fee||£10 per month after three months|
- A commission-free trading policy
- Tight spreads
- CFDs for stocks, forex, commodities, and more
- In-house trading platform, available on web browsers and mobile phones
- Plenty of features including risk management tool, price alerts, and trader’s sentiment tool
- No social trading tools
- CFDs only
76.4% of retail CFD accounts lose money.
5. Capital.com – Best Forex Demo Account for Beginners
On the one hand, experienced trading pros will look at the Capital.com platform as overly basic for their needs. However, if this is your first time trading forex – or any asset class for that matter, then the platform is likely going to be up your street.
Crucially, Capital.com is super easy to use, is free of complex jargon, and offers a free demo account facility to all users. This allows you to trade in a 100% risk-free manner until you feel comfortable testing your forex skills with real money. While learning the ropes, you might want to make full use of the many educational resources on offer.
This includes plenty of guides, courses, videos, and a fully-fledged educational app called InvestMate. On top of risk-free trading and educational materials, Capital.com is also perfect for newbies as the minimum deposit is just £20.
This means that once you make the transition from a demo account to a real money account, you can trade with an inconsequential amount. Plus, you can easily deposit funds with a debit/credit card or e-wallet – both online or via the Capital.com mobile app.
In terms of the specifics, Capital.com offers dozens of forex pairs – covering majors, minors, and several exotics. It also offers CFDs in the form of stocks, metals, energies, and more. Most importantly, Capitall.com does not charge any trading commissions, so it’s only the spread that you will pay.
|CFD trading fee||Variable spread|
|Forex trading fee||Spread. 0.8 pips for GBP/USD|
|Crypto trading fee||Spread. 100 pips for Bitcoin/USD|
- Low spreads
- 100% commission-free
- Demo accounts
- Trade CFDs and forex
- Spread betting
- Great educational tools
- Can’t own stocks
- Too basic for experienced pros
Your capital is at risk
6. AvaTrade – Best Forex Demo Account for Mobile Trading
Although you are best advised to trade via a desktop device to get the most out of a demo account, some of you might also like the option of doing this through a mobile app.
If so, it’s well worth checking out AvaTrade. This popular forex and CFD trading platform has been active in this space for over 12 years and it is regulated in 6 jurisdictions.
You will have access to an abundance of forex trading pairs on this platform – all of which can be traded commission-free. Spreads on major currency pairs are often industry-leading, especially with the likes of EUR/USD and AUD/USD.
Once you download the mobile app – which the provider calls AvaTradeGo, you will first need to open an account. Then, you can start trading with demo funds directly from the palm of your hands. You can also access your demo account online. AvaTrade offers its own native platform, as well as support for MT4/5.
If you decide to upgrade to a real money account, AvaTrade requires a minimum deposit of just £100. You can facilitate this via debit/credit card and the transaction will be processed instantly. Finally, on top of commission-free trading, there is no ongoing platform fee and you won’t be charged on deposits/withdrawals.
AvaTrade is a MetaTrader 5 broker and is compatible with MT4 and Zulutrade.
|CFD trading fee||Variable spread|
|Forex trading fee||Spread. 0.9 pips for EUR/USD|
|Crypto trading fee||Commission. 0.25% (over-market) for Bitcoin/USD|
|Inactivity fee||$50 per quarter after three months of inactivity|
- Supports MT4/5
- Commission-free platform
- Wide range of tradable instruments
- Educational materials
- Islamic trading account
- ASIC regulated
- Does not offer traditional stock ownership – CFDs only
72% of retail CFD accounts lose money with this provider.
How to Choose the Best Forex Demo Account for You
We have presented a selection of the best forex demo accounts right now. While some are suitable for newbies attempting to learn how to trade currencies for the first time, others are more conducive to advanced trading strategies.
Crucially, no-two forex demo accounts are the same, so it’s worth doing a bit of research before you get started. With this in mind, below we explain what you need to look out for in your search for the best forex demo account.
Amount of Demo Funds
The best forex demo accounts that we reviewed come pre-loaded with a set amount of paper funds. For example, while eToro offers $100,000 in demo money, Forex.com offers £10,000.
You’ll want to ensure that the amount being offered is sufficient enough for you to learn the ropes of forex trading. After all, if you’re a newbie, there is every chance that you will encounter more losing trade than wining ones – especially at the start of your trading journey.
On the other hand, some of the best forex demo accounts allow you to top-up your paper trading balance. For example, Plus500 will increase your paper balance back to £20,000 when it drops below £200.
You also need to explore whether or not the demo account comes with a time limit. We came across plenty of providers that only give you 30-days of usage.
This might not be enough time for you to learn how the forex trading market works if you are just starting out. This is why the best forex demo accounts come with no time limit at all. In particular, this is really useful if and when you come up with a new trading strategy later down the line.
In the case of eToro, there is no limit on how long you can use the demo account. On the contrary, you can switch between demo and real money mode at the click of a button.
Demo Account Functionality
This metric is perhaps the most important. In a nutshell, the best forex demo accounts will mirror live trading conditions like-for-like. In other words, you will be trading in live conditions, but in a 100% risk-free manner.
This is crucial, as the whole point of using a demo account is to learn and build effective trading strategies that eventually – you can use in the real forex scene.
As noted above, most forex trading platforms require you to open an account before you can gain access to its demo account facility. This is fair, as the provider is allowing you to trade in live market conditions risk-free.
However, we came across several platforms that also ask you to make a deposit before you can use the demo account. These providers should be avoided, as the best forex demo account will never stipulate a requirement to deposit funds.
Once again, forex demo accounts are offered by regulated trading sites. While some sites offer dozens of currency pairs, others are somewhat thin on the ground.
As such, it’s important to check what forex trading pairs the platform offers, before going through the motions of using the demo account facility.
The most commonly traded markets are major pairs – which include the likes of EUR/USD, GBP/USD, and AUD/USD. But, if you’re looking to trade an exotic currency like the Thai baht, make sure this is supported.
Trading Tools & Analysis
Put simply, you should only consider a forex demo account if it comes packed with trading tools. If it doesn’t, then you won’t be able to perform analysis in-house and thus – make rational, sensible trading decisions. You may also want to explore the best forex signals providers, these work on your chosen broker account and aim to provide tips and insights in to future market trends.
When reviewing the best forex demo accounts, we came across the following tools:
Copy and Automated Trading
If you want to trade forex with real money but don’t know where to start – it’s worth considering an automated trading tool. There are several variations available in the market. For example, eToro offers a Copy Trading feature, which allows you to mirror the trades of an experienced forex pro.
Your capital is at risk.
Some forex brokers offer support for MT4/5, which allows you to install a third-party robot. This will trade around the clock on your behalf. You should, however, run the robot in demo mode for at least a few weeks to see how it performs in live market conditions.
In order to find trends when trading forex, you need access to technical indicators. There are more than 100+ such indicators in the market – all of which will analyze a particular metric.
For example, the RSI (Relative Strength Index) looks to assess whether a forex pair is potentially over or undervalued.
With this in mind, you’ll want to choose a forex demo account that comes packed with technical indicators, chart drawing tools, and other important analysis features. On the other hand, as long as the platform offers support for MT4/5, this will come with all of the technical research tools you’ll need.
How to Start Forex Trading
So now that we have discussed what you need to do to find the best forex demo account for your needs, it’s now time to get started!
There is no time like the present in this respect, as the best providers require no deposit to use the demo facility. Instead, you simply need to open an account.
To show you how easy this is with top-rated FCA broker eToro, we are now going to walk you through the process step-by-step.
Step 1: Open a Trading Account
As noted above, the first is to open an account. Simple head over to the eToro website, click on ‘Join Now’, and follow the on-screen instructions.
Your capital is at risk.
The platform will collect some personal information from you – as well as your contact details. You will also need to choose a username and password and verify your mobile number.
Step 2: Change to Demo Mode
Once you have opened an account, eToro will ask you to make a deposit. You can skip this step and instead switch ‘demo mode’ on. In doing so, you will have $100,000 in paper funds at your disposal.
Step 3: Search for a Forex Market
Now you can search for a forex market that takes your interest. If you know which pair you wish to trade, search for it. In the example below, we are looking to trade EUR/USD.
Alternatively, click on the ‘Trade Markets’ button to view what forex pairs the platform supports. When you find a pair you like, click on the ‘Trade’ button.
Step 4: Place a Demo Forex Trade
You will now see an order box on-screen. Put simply, eToro needs to know what trade you wish to place. As such, you first need to choose from a ‘buy’ or ‘sell’ order – depending on which way you think the price of the forex pair will go.
Then, you need to select your stake. Don’t worry, this is paper money, so you can stake as much or little as you like without needing to worry about monetary loss!
Finally, to complete your position, click on the ‘Open Trade’ button.
Once you close the position, you will be able to view the profit or loss on the trade.
Step 5: Upgrade to a Real Money Account
Perhaps a few days, weeks, or even months later – you might decide that you have the required skills to start trading forex with real money. If and when this is the case, doing this via eToro will result in a 100% commission-free experience.
All you need to do is:
- Meet a minimum deposit of $200 – or about £145.
- To do this instantly, choose from a debit/credit card or an e-wallet like Paypal
- Change your eToro account from demo mode into real money mode
Then, it’s just a case of repeating the steps you took when trading via the demo account facility.
Best Forex Demo Account – Conclusion
In summary, there are hundreds of online brokers that offer forex demo accounts However, it’s important to remember that at some point – you will likely want to start trading currencies with real money. As such, you should choose a forex demo account that meets your long-term trading goals.
As per our findings, we found that eToro offers the best forex demo account. By going through a quick 5-minute registration process, you’ll have access to 55+ forex pairs via a $100,000 paper trading balance. Once you eventually make the transition to a live account, you’ll benefit from a 100% commission experience.
eToro – Best Forex Demo Account with 0% Commission
Your capital is at risk.
75% of retail investor accounts lose money when trading CFDs with this provider.
What is a forex demo account?
The best forex demo accounts are offered by regulated brokers. Once you open an account, you will be able to trade forex in a 100% risk-free manner. Then, eventually, you might consider upgrading to a real money account.
What is the best forex demo account Metatrader 4?
If you're looking for the best Forex demo account Metatrader 4, you might want to consider Forex.com, Libertex, or FXCM.
How do you get a forex trading free demo account?
If you want a forex trading free demo account that mirrors live market conditions, you will first need to register with a suitable broker. In most cases, the best free forex demo account for beginners will not ask you to make a deposit to gain access.
What is the best free forex demo account for beginners?
We found that the best free forex demo account for beginners is eToro. Not only is the platform easy to use, but it takes minutes to register. Once you do, you'll have access to a demo account facility that is pre-loaded with $100,000 in paper funds.
Can you trade forex for free?
If you want to trade forex for free, you can do so via a top-rated demo account facility. You will, of course, be trading with paper funds, so you won't be able to make real money.
What is the best forex demo account for copy trading?
If you want to trade forex without lifting a finger, you can do so via FCA broker eToro. The platform allows you to select a seasoned forex trader and then copy all buy and sell positions like-for-like. eToro offers demo accounts too, all of which come with a paper trading balance of $100,000.
Are forex demo accounts legit?
Yes, as long as the trading platform is regulated by a financial body like the FCA or CySEC.