Pepperstone is Australia’s fastest-growing forex broker due to their low 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. These two forex trading platforms are the most popular worldwide. This demo account was ranked first due to the ease of setting it up and the fast execution speeds of trades (similar to it’s standard or razor account options. You can view a complete review of Peppestone or more details of the practice account here.
Key Strengths Of Pepperstone’s Forex Demo Account:
- Fastest Execution Times
- Up to 500:1 Leverage (same as their main account)
- $50,000 in “virtual” funds included
- MT4, MT5 or cTrader trading platform options
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 adverse’ approach to trading. Unlike other forex brokers, they have ‘fixed spreads’ so you always know your trading costs irrelevant of market conditions. Unlike most other demo accounts, for easyMarkets you need to open an account and are automatically provided a bonus account. When you are ready to then trade you get a 20% Bonus* (up to $2k) when you make your first deposit. View more easyMarkets details here.
Key Strengths Of easyMarkets 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
Plus500 is one of the worlds largest CFDs provider with an AFSL. They use their own proprietary software for windows and also have an iPhone/Android app as well as a webtrader. A new feature with the broker is you can fund your account via PayPal. They don’t charge commissions with spread focused forex fees. View Plus500 demo account details or more information on Plus500.
Key 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
4) IC Markets
IC Markets demo account offers the two leading platforms (MetaTrader 4 & cTrader) to allow traders to trade in a risk-free environment. There forex trading accounts have all the same features as real accounts including the ability to test expert advisors including automated trading strategies. They have fast execution speeds as an ECN trader and high leverage which may be useful for more experienced, high-risk baring traders. View the IC Markets detailed review or practice account details here.
Key Strengths Of IC Markets Forex Demo Account:
- Fast execution speeds
- Up to 500:1 leverage when demo forex trading
- 64 forex pairings and range of financial instruments such as metals
- MT4 or cTrader trading platform options
5) Go Markets
GO Markets forex trading accounts are only MetaTrader 4 and mirror the same live trading environment for traders. The forex broker offers low fast execution speeds and has funding sources from PayPal to AMEX. View the complete GoMarkets write-up or open a demo account below.
Key Strengths Of GO Markets Demo FX Account:
- Exact replica MT4 account
- 50+ forex pairings
- Price Improvement Technology
OANDA is a customer service first forex broker focusing on open and transparency when it comes to trading fees, fast execution and competitive spreads. This focus flows through to the OANDA trading account which unlike more other fx brokers is unlimited in both times and use. The demo accounts are MetaTrader 4 enabled.
Key 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
7) CMC Markets
CMC Markets has a unique approach to currency trading with their own award-winning charting and advanced platform features. The broker offers leverage products of up to 500:1 with spreads starting from 0.7pts. Their platform offers automated executions without re-quotes. View more details on the CMC practice account or visit view the review of CMC Markets page.
Key Strengths Of CMC Demo FX Account:
- $10,000 virtual funds to trade in the demo account
- Ability for CFD trading with no feed fee
- Full use of their propriety platform
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. Get more IG practice account details or open a demo account below.
Key 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
ThinkForex offers tight spreads and both MetaTrader 4 and cTrader for Australian forex traders. They have guides, an online university and live events to assist its traders to improve their currency trading knowledge. They also offer support at all hours while currency markets are open. You can view more ThinkForex trading details here.
Key Strengths Of ThinkForex Demo FX Account:
- Seven demo account currencies
- Expert Advisors (EAs) testing available
- No scalping limit
- 500:1 Leverage
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 and AxiTraders 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. This is supplement by AxiTraders excellent suite of education tools made up of e-books, videos and glossary. Get more details of the AxiTrader practice account or the features of AxiTrader.
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, phone
- Authorised and Regulated by ASIC
What Should I Look For In A Forex Demo Account?
The most important element when choosing a forex demo account is the platform(s) offered. Traders generally stick to certain platforms, especially either MetaTrader 4 or cTrader and there is little point familiarising yourself with one platform but then trading with a different one. The second important factor is the features within the demo account which will align with the live account such as leverage, 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. The final factor is the exploration date of the demo account with some lasting a month while others will be unlimited.
Why Are Demo Accounts So Important?
Trading anything from FOREX to shares is risky especially if you don’t know what you’re doing. There’s an equal chance of making money and losing it too. When adding leverage to the equation, you 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 vagaries of financial markets is paramount.
One can learn how to trade by reading and researching. However, a more effective way is to actually practice trading ‘live’ in real markets. This is exactly what a demo Forex account provides. It gets you accustomed to the markets and allows you to familiarise yourself with your trading platform of choice. Demo accounts are suitable for all investors so we encourage you to try practice your forex trading with one and please ensure that you fully understand the risks involved with forex trading.
Background To Our Forex Demo Review
This demo account review was compiled and published in 2016 and was updated in December 2019. 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.