Best Forex Demo Account Review (2021)

Markets.com Demo Account

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 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.

Key Strengths Of Markets.com Forex Demo Account:

• Fast execution speeds
• Unlimited virtual cash
• A demo account is valid for 3 months
• Up to 300:1 leverage offshore (FSC) and 30:1 in Australia, the UK, and Europe for retail traders
• 67 forex pairs, as well as a range of financial instruments such as commodities, metals, stocks, and bonds
• The option of MT4, MT5, or Marketsx trading platforms
• Regulated by ASIC, CySec, FCA, and FSC

IC Markets 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 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 decentralised and exchange-traded CFDs such as stocks. In time, this platform will because the world’s most popular platforms as MT4.

IC Markets offers 64 currency pairs and an ECN-like environment with fast execution speeds and high leverage. Traders can choose between their standard account and raw spreads account which has commissions of $3.50 side trip.

Key Strengths Of IC Markets Forex Demo Account:

• Fast execution speeds
• Unlimited virtual cash (you set the amount)
• Demo account is valid until 30 days of inactivity
• Up to 500:1 leverage offshore (FSA) and 30:1 in Australia, the UK and Europe for retail traders
• 64 forex pairs, as well as a range of financial instruments such as commodities, metals, stocks, and bonds
• MT4, MT5 or cTrader trading platform
• Regulated by ASIC, CySec, and FSA

Plus500 Demo Trading Account

Plus500 is one of the world’s largest CFDs providers. Plus500 have designed their platforms 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.

Key Strengths Of Plus 500 Demo Account:

• Demo account has 50,000 in virtual cash (resets when below 200)
• Demo account has No time limit (FREE unlimited account)
• Risk management such as guaranteed stop-loss/take-profit
• Offers extensive CFD range including unique sector indices and options
• Use of ‘guaranteed stops’ in demo accounts
• Regulated by ASIC, FCA and CySEC

Note: Plus500UK Ltd does not offer crypto trading due to FCA compliance requirements for forex brokers. Crypto is available with all other subsidiaries.

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘72% of retail CFD accounts lose money’

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 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.

Key Strengths Of OANDA Markets Demo FX Account:

• 100,000 virtual trading unit that can be reset anytime
• Demo platform never expires
• Choose from 5 trading platforms (OandaTrade, MetaTrader 4, TradingView)
• 70+ currency pairs including exotic currencies
• Trade directly from the Charts
• No requotes or rejections

View Oanda Review >>Visit Oanda >>

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

Key Strengths Of FXCM Demo FX Account:

• $5,000 to $20,000, £50,000 in virtual funds (depending on chosen platform) to trade in the demo account
• CFD trading with no commission fees
•  Regulated with ASIC, FCA, FSCA (South Africa)

*FXCM can be compensated in several ways, which includes but not limited to adding a mark-up to the spreads it receives from liquidity providers and adding a mark-up to rollover etc. Commission-based pricing is applicable to Active Trader account types.

View FXCM Review >>Visit FXCM >>

eToro Demo Forex Trading Account

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 if eToro virtual money and has no time limitations.

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.

Key Strengths Of eToro Demo FX Account:

• 100,000 eToro virtual cash with automatic refresh
• No time limitation
• No commission
• Social trading with CopyTrader and CopyPortfolio

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 choose from. Choosing MetaTrader 4 also means you can practice with expert advisors and 18 free indicators and add-ons.

Key Strengths Of IG Markets Demo FX Account:

• $20,000 in virtual cash with IG Platform and 17,000 markets
• $10,000 in virtual cash with MetaTrader 4 and 80+ markets
• Free access to charting packages and add on indicators
• Regulated by ASIC, FCA, BaFIN (Germany), FMA (New Zealand), FINMA (Switzerland), MAS (Singapore), DFSA (Dubai), CFTC/NFA (USA).

View IG Markets Review >>Visit IG Markets >>

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 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.

Key Strengths Of ThinkForex Demo FX Account:

• Seven demo account currencies
• Expert Advisors (EAs) testing available
• No scalping limit
• 500:1 leverage in South Africa (FSCA) and the Seychelles (FSA)
• 30:1 leverage in Australia (ASIC) and the UK (FCA)

View ThinkMarkets Review >>Visit ThinkMarkets >>

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.

The most 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.

Key Strengths Of A GO Markets Demo FX Account:

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

View Axi Review >>Visit Axi >>

TD-Ameritrade Broker Demo Account

ThinkOrSwim is TD-Ameritrade’s proprietary trading platform and 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
• Customisable alerts

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 $100,00 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.

Key Strengths Of A GO Markets Demo FX Account:

• ThinkOrSwim Trading platform
• 70 currency pairs
• Suitable for American traders
• Commission-free trading
• Regulated in USA by CFTC, NFA, SEC