The 9 brokers on this page, ranked
Ordered by score, highest first, among the nine brands on our list with a demo account, both kinds together: seven scores come from our global testing; two were scored from each firm's published Canadian information through the same eight categories.
Which brokers on our CIRO dealer list offer a demo account?
1. OANDA
Minimum deposit for a live account, as stated: No minimum deposit (standard pricing)
2. FXCM
Minimum deposit for a live account, as stated: 'the account minimum for any new account is 5,000' (base currency)
3. FOREX.com
Minimum deposit for a live account, as stated: Minimum initial deposit $100
4. CMC Markets
Minimum deposit for a live account, as stated: No minimum deposit
5. AvaTrade
Minimum deposit for a live account, as stated: CAD 300 (CAD account) or USD 250 (USD account)
6. Interactive Brokers
Minimum deposit for a live account, as stated: USD 0
7. Plus500
Minimum deposit for a live account, as stated: C$100
8. Questrade
Scored on eight of eight categories.
Minimum deposit for a live account, as stated: It costs $0 to open
9. Fortrade
Scored on eight of eight categories.
Minimum deposit for a live account, as stated: Recommended C$/US$/EUR 500; possible to start with as little as C$/US$/EUR 100
IIROC Temporary Order, November 9, 2022
Made under IIROC's rules; CIRO, IIROC's successor, keeps it in effect (2024 CIRO 36, Settlement Agreement para 51(f)).
- “Fortrade shall not open any new client accounts”
- “shall not make recommendations”
- “Fortrade shall not seek the deposit of additional funds into existing client accounts”
Source: Re Fortrade Canada Ltd., 2024 CIRO 36, Appendix A, printed pages 16-17 of 18; Settlement Agreement para 51(f). A search of ciro.ca on October 14, 2026 found no notice lifting the order.
Demo accounts at the 9 brokers, side by side
The demos differ most in how long they last and how much virtual money they give you. FXCM offers “$50,000 of virtual money,” and two help pages give 30 days, only one tying that to inactivity. FOREX.com gives “$50,000” for 90 days after sign up on its platforms, 30 days on MT4 unless trades are open. CMC Markets says its demo does not expire, and Plus500 sets no time limit, with funds it calls unlimited that you set, up to the initial demo amount. The EUR/USD column is each firm’s advertised figure, not one we tested. I would check the time limit first, since FOREX.com’s demo “cannot be renewed.”
The same nine brands also appear in our guide to forex brokers for beginners in Canada, which adds each firm’s minimum deposit for a live account and five steps to your first live trade.
Five of the nine brands here, including OANDA, CMC Markets, and AvaTrade, name MetaTrader 4 on their Canadian sites, and an MT4 demo can run on different terms, as with FOREX.com, whose MT4 demo lasts 30 days unless trades are open, against 90 days for its main demo.
| Broker | CIRO dealer member | Demo account, as stated | Advertised EUR/USD spread and basis | Sources |
|---|---|---|---|---|
| OANDA | OANDA (Canada) Corporation ULC | Available; the demo "does not expire" (MT4 demo sub-accounts close after 90 days of inactivity); you add the virtual funds, no default balance stated | 0.6 pips, advertised typical, Standard account | Demo account: Canadian site, October 29, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| FXCM | Friedberg Mercantile Group Ltd. | Free demo with "$50,000 of virtual money"; length: 30 days, worded two ways on two help pages ("automatically expire after thirty days"; "expire after 30 Days of inactivity") | Spread-only ('opening and closing fees are built into the spread') | Demo account: Canadian site, October 29, 2026; Help centre, expiry, October 29, 2026; Help centre, new demo, October 29, 2026; EUR/USD spread: Firm document, September 26, 2026 |
| FOREX.com | GAIN Capital - FOREX.com Canada Ltd. | "$50,000 in virtual funds"; demo accounts "last for 90 days after sign up" (MT4 demo accounts 30 days unless trades are open; MT5 demo page "90 days risk-free trading", its description "30 days risk-free trading") and "cannot be renewed" | 1 pip, advertised "as low as", Standard account | Demo account: Canadian site, October 29, 2026; MT5 demo page, October 29, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| CMC Markets | CMC Markets Canada Inc. | Yes, with "$10,000 in virtual funds", more addable "at any time"; does not expire ("keep your demo account open for as long as you like") | 0.5 pips, advertised minimum, Standard account | Demo account: Canadian site, October 29, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| AvaTrade | Friedberg Mercantile Group Ltd. | Available, covering MT4, MT5, WebTrader and the mobile app; balance conflict: help centre "a standard Demo balance, set at $/€/£ 100,000", demo page description "$10,000 of virtual money"; length conflict: help centre "active for 21 days" (extension on request before expiry), demo page "an unlimited demo account" | 0.6 pips, advertised standard spread, Standard account | Demo account: Canadian site, October 29, 2026; Help centre, balance, October 29, 2026; Help centre, length, October 29, 2026; EUR/USD spread: Firm document, September 26, 2026 |
| Interactive Brokers | Interactive Brokers Canada Inc. | Paper Trading: "All new accounts include a Paper Trading account" (simulated capital, real market data); also a stand-alone Free Trial that converts to a live account; balance and time limit not stated on either page | Spreads 'as narrow as 1/10 PIP'; commission 0.20 basis point x trade value | Demo account: Canadian site, October 29, 2026; Free Trial page, October 29, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| Plus500 | Plus500CA Ltd. | Free demo "with unlimited virtual funds" and "no time limit"; you set the funds to a "preferred amount" ("Up to the initial demo amount") and can "reset them anytime" | Spread only, no commission. Fees page gives an illustrative EUR/USD example of a 0.6 pip market spread | Demo account: Canadian site, October 29, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| Questrade | Questrade Inc. | Questrade Global practice account: "Practice for 30 days" with "$100,000 CAD virtual cash"; the same page's description says "90 days risk-free" | 1.9 pips, advertised target spread, Forex and CFDs account | Demo account: Canadian site, October 29, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| Fortrade | Fortrade Canada Limited | Free demo account with $10,000 in virtual funds; length not stated | 2 pips, advertised average, Real account | Demo account: Canadian site, October 29, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
Some of the abbreviations on this page are expanded to the regulator's full name: a broker regulated by CIRO is regulated by the Canadian Investment Regulatory Organization.
CIRO and CIPF for the nine brands with a demo account: the eight dealer members in the table above are all in the CIRO dealer directory and all eight on the CIPF member list, read September 26, 2026; each entry is on CIRO-Regulated Forex Brokers in Canada.
From demo to live
CMC Markets moves you from demo to live via its “Open a Live Account” button, keeping the demo open. You convert Interactive Brokers’ Free Trial via Open Account, then Finish an Application; settings transfer once approved and funded. OANDA cannot convert a demo; you register a separate live account. Plus500’s one account has demo and Real tabs, switchable anytime.
For an individual account, Interactive Brokers asks for good or extensive product knowledge; at least 100 trades for any product type, or 100 simulated trades in its demo; and prior execution of 100 or more trades. The two trade conditions differ on simulated trades. Currencies and margin fit only Individual, Joint, and Trust accounts, never an RRSP, Spousal RRSP, RRIF, TFSA, or FHSA. Questrade calls risk capital “a uniquely Canadian regulatory concept”: you provide a limit when you open an FX account, Questrade approves it, it caps cumulative deposits, and raising it takes a financial update form Questrade approves.
An IIROC Temporary Order CIRO keeps in effect bars Fortrade from opening new client accounts, so its demo cannot lead to a new live account. I would not plan on it while the order stands. The questions below cover what to confirm.
FAQs
Which forex demo account is the best in Canada?
How long does a forex demo account last in Canada?
How much virtual money does a Canadian forex demo account give?
Do you need to deposit money to open a forex demo account in Canada?
Can you practise on MetaTrader 4 or MetaTrader 5 with a demo in Canada?
Related pages
About the author
Justin Grossbard is the Co-Founder and CEO of CompareForexBrokers, which he established with Noam Korbl in 2014. He has over 20 years of professional experience in online marketing and holds a Master's in Marketing from Monash University.
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