1) Pepperstone

Pepperstone is Australia’s fastest-growing forex broker due to their low ECN-like spreads starting at 0.0 pips, fast execution speeds and customer service that has won multiple awards. They are ASIC (Australia) and FCA (UK) regulated.  Their demo trading account is 30 days for either MetaTrader 4 (MT4) or cTrader. MT4 and cTrader are renowned worldwide as the best foreign exchange trading platforms, with a reputation among experienced investors as the gold standard for trading forex. Pepperstone’s demo account is ranked first due to the ease of setting up an account, a balance of virtual money to simulate trades, and the access an environment similar to ECN trading. You can view a complete review of Pepperstone or more details of the practice account here. After familiarising themselves with the platform and forex broker, users can sign up to a real money account and start trading forex and cryptocurrencies.

Forex Trading With PepperstoneKey Strengths Of Pepperstone’s Forex Demo Account:

  • Fastest Execution Times
  • Up to 500:1 Leverage (same as their main account)
  • $50,000 in virtual money
  • MT4, MT5 or cTrader trading platforms
  • Excellent trading conditions and customer service

View Pepperstone Review >>Visit Pepperstone >>

2) easyMarkets – Best for Beginners

easyMarkets (formerly Easy Forex) is known as the leading Australian forex broker for those newer to forex trading or those with a more risk-averse approach to trading. Unlike other forex brokers, easyMarkets offer fixed spreads so investors can develop risk management strategies by being aware of trading costs, regardless of the market conditions. Unlike most demo accounts, easyMarkets requires clients to open an account and are automatically provided with a bonus account where virtual money is provided. When you are ready to trade with real money, you get a 20% bonus* (up to $2000) when you make your first deposit.

Key Strengths Of easyMarkets Demo Account:

EasyMarkets Forex Demo Account

  • Free 10 minute coaching session from an expert analysts
  • Access to forex educational videos
  • Use of ‘guaranteed stops’ in demo accounts
  • MT4 trading platform

View easyMarkets Review >>Visit easyMarkets>>

3) Plus500

Plus500 is one of the worlds largest CFDs provider with an AFSL. They use their own proprietary software for windows and also have iPhone and Android apps, as well as a Webtrader platform. A new feature with the broker is you can fund your account via PayPal. They don’t charge commissions with spread focused forex fees.

Plus 500 Forex AccountKey Strengths Of Plus 500 Demo Account:

  • No time limit (FREE unlimited account)
  • Setup, check and simulate trading strategies
  • Online help and support team backup
  • Use of ‘guaranteed stops’ in demo accounts

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’

4) IC Markets

IC Markets demo account offers virtual forex trading on the worlds top trading platforms (MetaTrader 4 & cTrader). Trading with virtual money rather than real money allows investors to develop their trading style in a risk-free environment. IC Markets demo forex trading accounts have similar features as retail investor accounts using real money, including the ability to test expert advisors and automated trading strategies. IC markets provide an ECN-like environment with fast execution speeds and high leverage which may be useful for more experienced traders. Although it is worth noting when trading real money, high leverage comes with high risk therefore clients should read risk warnings before entering highly leveraged positions.

IC Markets DemoKey Strengths Of IC Markets Forex Demo Account:

  • Fast execution speeds
  • Up to 500:1 leverage with demo forex trading
  • 64 forex pairs, as well as a range of financial instruments such as commodities, metals, stocks, and bonds
  • MT4 or cTrader trading platform
View IC Markets Review >>Visit IC Markets >>

5) Go Markets

GO Markets demo forex trading accounts are available on MetaTrader 4 and mirror a live trading environment for foreign currency traders. The forex broker offers tight spreads and fast execution speeds, with accounts funded via a range of deposit options including PayPal and AMEX.

GO Markets Forex Demo AccountKey Strengths Of GO Markets Demo FX Account:

  • Exact replica MT4 account
  • 50+ forex pairs
  • Price Improvement Technology

View Go Markest Review >>Visit GO Markets >>

6) OANDA

OANDA is a forex broker offering competitive spreads and is a user-friendly trading environment for less-experienced traders. OANDA’s demo account is on MetaTrader 4, and has no time restrictions as well as providing the full-functionality of a retail investor account using real funds.

Oanda Trading Demo AccountKey Strengths Of OANDA Markets Demo FX Account:

  • Unlimited free access to the demo account
  • Opportunity to reset the 100,000 unit anytime
  • 60+ currency pairs including exotic currencies

View Oanda Review >>Visit Oanda >>

7) CMC Markets

CMC Markets has a unique approach to currency trading with its award-winning charting and advanced platform features. The broker offers leverage products of up to 500:1 with spreads starting from 0.7 pips. CMC Markets platform offers automated executions with no re-quotes.

CMC Markets LogoKey Strengths Of CMC Demo FX Account:

  • $10,000 virtual funds to trade in the demo account
  • The ability for CFD trading with no feed fee
  • Full use of their propriety platform

View CMC Markets Review >>Visit CMC Markets>>

8) IG Markets

IG Markets are one of Australia’s largest forex brokers and stockbrokers. They have competitive spreads and three platforms from the popular MetaTrader 4 to L2 Dealer & Pro Real-Time. Automated trades can be processed but their demo account will not have slippage and out of hours price movements which should be understood by Australian forex traders.

IG CFD LogoKey Strengths Of IG Markets Demo FX Account:

  • $20,000 virtual funds in the demo account
  • Real charts, prices and more
  • No charges for the charting package

View IG Markets Review >>Visit IG Markets >>

9) ThinkMarkets

ThinkMarkets offers tight spreads available on both MetaTrader 4 and cTrader for Australian forex traders. ThinkMarkets provides excellent educational material including guides, an online university, as well as live events to assist its traders to improve their currency trading knowledge. They also offer customer support while currency markets are open.

ThinkMarkets LogoKey Strengths Of ThinkForex Demo FX Account:

  • Seven demo account currencies
  • Expert Advisors (EAs) testing available
  • No scalping limit
  • 500:1 Leverage

View ThinkMarkets Review >>Visit ThinkMarkets >>

10) AxiTrader

A 30 day 100% free demo account is available with AxiTrader. Users will have access to real-time live spreads via their MetaTrader 4 Demo account as well as award-winning customer service. Access to their customer service is highly valued as it means you can ask trading questions while you learn about forex trading and develop your trading style.  Additionally, AxiTraders demo account holders gain access to their excellent suite of education tools that includes e-books, videos and a trading glossary.

Key Strengths Of A GO Markets Demo FX Account:

  • $50k of virtual currency in a demo accountAxitrader demo account
  • Dedicated Account Manager
  • 24/5 Support over live chat or phone
  • Authorised and regulated by ASIC

View AxiTrader Review >>Visit Axitrader >>

What Should I Look For In A Forex Demo Account?

The most important element when choosing a forex demo account is the platforms offered. Traders generally have a personal preference in regards to trading platforms, usually either MetaTrader 4 or cTrader. The second important factor is the features within the demo account that will replicate a trading environment where real money is used, this includes leverage, customer service, guaranteed stops and spreads. Like choosing the best forex platform for you when forex trading, having the right features within the platform to suit your forex strategy can be critical to future success. A third factor is execution speed which helps traders make fast trades with reduced slippage in higher volatility markets that can carry high risk. The final factor is the expiration date of the demo account, with some demos lasting a month while others are unlimited.

Why Are Demo Accounts So Important?

Trading financial instruments such as forex and shares is a high-risk investment, especially if you are exploring different forex and CFD markets for the first time. Forex and CFD markets such as cryptocurrency are high-risk environments, therefore traders should be cautious when taking on highly leveraged positions. When adding leverage to the equation, traders run the risk of losing more money than you originally deposited in your trading account. It is for this reason that becoming well equipped to deal with the volatility and high-risk nature of financial markets is paramount.

Understanding Volatility With A Demo Account

Learning to trade forex can be achieved by reading and research as well as utilising forex brokers educational tools. However, the most effective way is to practice trading via a demo account, allowing you to develop strategies and your trading style. Demo accounts allow users to familiarise themselves with various markets and trading platforms. Virtual money accounts are suitable for levels of experience and we encourage you to practice trading with a forex broker listed above prior to trading with real money.

Background To Our Forex Demo Review

This demo account review was compiled and published in 2016 and was updated in January 2020. It was put together by the dedicated staff at Compare Forex Brokers who spent a significant amount of time researching the industry. As the market changes rapidly and brokers continue to offer new features all the time, please validate all information read above with the Forex broker’s dedicated website. We aim to update our analyses frequently but sometimes inconsistencies can be found.