Key sections
Which broker has the best forex demo account in NZ?
In my opinion there is no single best demo account. BlackBull Markets is first on our NZ desk ranking, but its pages state neither a demo length nor a virtual balance, so a trader practising there is using terms it does not publish. If you want a demo that does not expire, I would start with CMC Markets' Next Generation demo or Plus500, both of which state that plainly. Where a stated starting balance matters to you, IG publishes one on its own platform and Axi publishes one (currency not stated) chosen at setup. For MT4 or MT5 practice on the platform you will trade live, BlackBull Markets, IG, ThinkMarkets, and Axi all publish demo support for those platforms, and that platform match is the first thing I would check.
The 8 demo accounts ranked by NZ desk score
The NZ desk ranking lists brokers highest-first. These eight brokers hold the highest NZ desk scores among the FMA-licensed issuers whose own New Zealand pages state at least one demo term (length, virtual balance or demo platform). Six of the eight brokers have global-test background and two were previously desk-only, yet all current NZ desk scores derive from a desk-based assessment of published sources rather than new account, spread or execution tests. Every broker is scored from published information, not tested.
- BlackBull Markets, NZ desk score 88.5, desk-based assessment, scored from published information, not tested
- CMC Markets, NZ desk score 86.8, desk-based assessment, scored from published information, not tested
- IG Group, NZ desk score 82, desk-based assessment, scored from published information, not tested
- ThinkMarkets, NZ desk score 81, desk-based assessment, scored from published information, not tested
- Axi, NZ desk score 80, desk-based assessment, scored from published information, not tested
- Zero Markets, NZ desk score 74.3, desk-based assessment, scored from published information, not tested
- Plus500, NZ desk score 71.3, desk-based assessment, scored from published information, not tested
- Pacific Financial Derivatives, NZ desk score 64, desk-based assessment, scored from published information, not tested
Demo account comparison table
| Broker | NZ desk score | Demo length | Virtual funds | Demo platforms | Live minimum deposit |
|---|---|---|---|---|---|
| BlackBull Markets | 88.5 | Not stated | Not stated | MT5, cTrader, TradingView | US$0 |
| CMC Markets | 86.8 | Next Generation: none; MT4: 30 days | $10,000 (currency not stated) | Next Generation, MT4, apps | No minimum |
| IG Group | 82 | Not stated | A$20,000 (IG platform); $10,000 (MT4) | IG platform, apps, MT4, MT5 | None by bank transfer; NZ$100 by card |
| ThinkMarkets | 81 | 14 or 30 days (two pages differ) | Not stated | ThinkTrader, MT4, MT5 | 50 (currency not stated) |
| Axi | 80 | 30 days; none with a funded live account | $50,000 (currency not stated) | MT4, MT5 | No account minimum |
| Zero Markets | 74.3 | None while used; ends after over 30 days inactive | Not stated | Not stated | NZ$20 |
| Plus500 | 71.3 | No limit while the account is open | Unlimited, reset any time | Plus500 platform | Per payment method |
| Pacific Financial Derivatives | 64 | 15 days | $10,000 default (currency not stated) | PFD Trader (MT4) | No minimum stipulated |
Every term in this table is the broker's own, read on 16 October 2026 from pages serving New Zealand. "Not stated" means the pages we read did not say, not that the term is absent, and a bare $ is printed where the broker gave no currency.
The 8 demo accounts compared
BlackBull Markets lets you choose a demo instead of a live account when registering, and demo and live accounts can be held at the same time, with published set-up guides for MT5, cTrader, and TradingView. Its MT4 guide exists, but its own step 4 tells the reader to choose MetaTrader 5, so the MT4 route is unclear on its own guide. Neither the demo's length, its virtual funds amount, nor whether it is free is stated, and BlackBull says demo market conditions "may differ slightly" from live. I would pick it if you already know the platform and just want execution practice without needing published terms.
- Licence holder
- Black Bull Group Limited, FMA derivatives issuer licence, FSP403326
- Demo length
- Not stated
- Virtual funds
- Virtual funds; amount not stated
- Top-up or reset
- Not stated
- Demo platforms
- MT5, cTrader, TradingView; MT4 demo guide also published
- Live minimum deposit
- US$0
Sources for BlackBull Markets
- blackbull.com, demo and live accounts explained, read 16 October 2026
- blackbull.com, open a demo account, read 16 October 2026
- blackbull.com, cTrader demo, read 16 October 2026
- blackbull.com, TradingView demo, read 16 October 2026
CMC Markets offers a free demo with $10,000 (currency not stated) in virtual funds, on CMC Next Generation, MT4, and mobile and tablet apps, and sign-up needs an email address, full name, phone number, and password. The Next Generation demo does not expire and you can add virtual funds at any time via the Payments menu. The MT4 demo is different: CMC's demo FAQ says it expires after 30 days with no trade activity, and its MT4 FAQ says it closes if you do not log in at least once every 30 days, two different triggers, so log in and trade to keep it active. In my view that limit is tight for building a track record on MT4. Note the demo does not display prices for share CFDs.
- Licence holder
- CMC Markets NZ Limited, FMA derivatives issuer licence, FSP41187
- Demo length
- Next Generation demo does not expire; MT4 demo expires after 30 days without trades (FAQ) or without a log-in (MT4 FAQ)
- Virtual funds
- $10,000 (currency not stated); top up any time on Next Generation
- Top-up or reset
- Next Generation: via the Payments menu; MT4: not stated
- Demo platforms
- CMC Next Generation, MT4, mobile and tablet apps
- Live minimum deposit
- No minimum
Sources for CMC Markets
- cmcmarkets.com/en-nz, demo account, read 16 October 2026
- cmcmarkets.com/en-nz, demo account FAQ, read 16 October 2026
- cmcmarkets.com/en-nz, MT4 FAQ, read 16 October 2026
IG serves New Zealand from its Australian page, and its demos run on the IG web platform, mobile apps, MT4, and MT5, with the MT5 demo created inside the MT5 platform itself. Virtual funds are A$20,000 on the IG platform and $10,000 (currency not stated) on the MT4 demo, and you can top up with the "Add funds" button at no cost. Demo length is not stated on any page we read. IG says demo trades are not subject to slippage, interest and dividend adjustments, or out-of-hours price moves, so fills will look cleaner than live trading, a gap I would keep in mind when you judge the results.
- Licence holder
- IG Australia Pty Ltd, FMA derivatives issuer licence, FSP684191
- Demo length
- Not stated
- Virtual funds
- A$20,000 on the IG platform; $10,000 on MT4 (currency not stated)
- Top-up or reset
- Yes, Add funds button
- Demo platforms
- IG web platform, mobile apps, MT4, MT5 (MT5 demo opened inside MT5)
- Live minimum deposit
- None by bank transfer; NZ$100 by card or PayPal
Sources for IG Group
- ig.com/au, demo account (serves New Zealand), read 16 October 2026
- ig.com/au, CFD platform help, read 16 October 2026
- ig.com/au, MT4 demo account, read 16 October 2026
- ig.com/au, live or demo MT5 account, read 16 October 2026
ThinkMarkets states its demo is free of charge, with no download, setup, or subscription fees, on ThinkTrader, MT4, and MT5. Its two New Zealand pages give different expiry rules: the demo page says demos expire 14 days after registration and only live account holders can have a demo that does not expire, while the support FAQ says demos expire after 30 days without trades or inactivity. The virtual funds amount is not stated, though support can adjust the balance and leverage on request, the base currency is fixed at creation, and you can hold more than one demo. I would confirm the exact expiry with support before you commit, because the two published rules differ.
- Licence holder
- TF Global Markets (Aust) Ltd, FMA derivatives issuer licence, FSP623289
- Demo length
- Demo page: 14 days from registration; NZ support FAQ: 30 days without trades. Live clients can keep a demo that does not expire
- Virtual funds
- Virtual funds; amount not stated
- Top-up or reset
- Balance adjusted on request (support)
- Demo platforms
- ThinkTrader, MT4, MT5
- Live minimum deposit
- 50, currency not stated, or the equivalent in your account currency
Sources for ThinkMarkets
- thinkmarkets.com/nz, demo account, read 16 October 2026
- thinkmarkets.com/nz, account opening FAQ, read 16 October 2026
Axi's demo is free, runs on MT4 and MT5 in Standard and Pro versions that use the same spreads and swap rates as the matching live accounts, and starts with $50,000 (currency not stated), though you choose the starting balance, currency, and leverage at setup. The base currency cannot be changed later. The demo expires 30 days from setup and cannot be reactivated, but it does not expire if you open and fund an Axi live account, and virtual funds cannot be added or removed directly, so changes go through the Account Manager or Client Services. Because the Standard and Pro demos carry the same spreads and swap rates as the matching live accounts, I would use this demo to rehearse what each trade would actually cost.
- Licence holder
- AxiCorp Financial Services Pty Ltd, FMA derivatives issuer licence, FSP518226
- Demo length
- 30 days from setup, cannot be reactivated; does not expire once you open and fund a live account
- Virtual funds
- $50,000 (currency not stated); starting balance chosen at setup
- Top-up or reset
- On request to Client Services
- Demo platforms
- MT4, MT5 (Standard and Pro demos)
- Live minimum deposit
- No account minimum; card US$5, bank transfer US$50
Sources for Axi
- axi.com/au, demo account (serves New Zealand), read 16 October 2026
- Axi help centre, does a demo account expire, read 16 October 2026
Zero Markets states its demo is free and does not expire while you use it regularly, but it expires after more than 30 days of inactivity and cannot be reactivated. The virtual funds amount is not stated, though you can ask to amend the demo balance through the client portal, live chat, or email, and demo platforms are not stated on any New Zealand page. Zero Markets says demo and real accounts are identical in function, but demo trades are not executed in the live market, so fills can be faster with less slippage than a live account would show. I would treat the inactivity rule as the main trade-off, because the demo otherwise suits a New Zealand trader who plans to trade often.
- Licence holder
- Zero Markets (NZ) Limited, FMA derivatives issuer licence, FSP569807
- Demo length
- Does not expire while used; expires after more than 30 days inactive, cannot be reactivated
- Virtual funds
- Amount not stated; balance changed on request
- Top-up or reset
- On request (client portal, live chat or email)
- Demo platforms
- Not stated
- Live minimum deposit
- NZ$20 or the equivalent in other currencies
Sources for Zero Markets
- zeromarkets.co.nz, support centre, read 16 October 2026
- zeromarkets.co.nz, home page, read 16 October 2026
Plus500's demo is stated as "completely free with no time limit", with unlimited virtual funds that can be set up to the initial demo amount (the figure is not stated) and reset any time; when the balance falls to 200 EUR (or equivalent) or below, the initial amount is reinstated automatically. It runs only on Plus500's own web platform and app, with no MT4 or MT5, and you pick Demo Mode during registration and can switch between demo and real money in the platform, with the same markets as a real account. I would choose it for open-ended practice, provided you plan to stay on Plus500's own platform rather than MetaTrader.
- Licence holder
- Plus500AU Pty Ltd, FMA derivatives issuer licence, FSP486026
- Demo length
- No time limit while the account is open
- Virtual funds
- Unlimited virtual funds; you set funds up to the initial demo amount (figure not stated) and can reset
- Top-up or reset
- Yes, reset any time; reinstated at 200 EUR or below
- Demo platforms
- Plus500 web platform and app
- Live minimum deposit
- Set per payment method; deposits in NZD
Sources for Plus500
- plus500.com/en-nz, demo account, read 16 October 2026
- plus500.com/en-nz, more virtual money in demo, read 16 October 2026
Pacific Financial Derivatives, an Auckland company, states plainly that its "Demo account expires in 15 days", with $10,000 (currency not stated) by default and an option to select higher credit amounts. The demo runs on PFD Trader (MT4), downloaded for Windows from the demo tab, and you can open more than one demo account. Whether the demo is free and whether you can top it up are not stated. I would treat it as a short MT4 rehearsal rather than a long-term one, since another demo can be opened when it lapses.
- Licence holder
- Pacific Financial Derivatives Limited, FMA derivatives issuer licence, FSP28944
- Demo length
- 15 days
- Virtual funds
- $10,000 by default (currency not stated); higher amounts selectable
- Top-up or reset
- Not stated
- Demo platforms
- PFD Trader (MT4) for Windows
- Live minimum deposit
- No minimum deposit stipulated (PFDTrader and PFDPro)
Sources for Pacific Financial Derivatives
- pfd-nz.com, account open (demo tab), read 16 October 2026
- pfd-nz.com, products, read 16 October 2026
Which forex demo accounts do not expire in NZ?
The demos that do not expire are CMC Markets’ Next Generation demo, Plus500’s demo while the account stays open, Zero Markets’ demo while you use it regularly, Axi’s demo once you open and fund a live account, and, per ThinkMarkets’ demo page, any ThinkMarkets demo held by a live account holder. The remaining demos either carry a stated limit or state no length, and BlackBull Markets and IG state none.
The fixed or inactivity limits are short, and they differ from page to page: Pacific Financial Derivatives gives a New Zealand trader 15 days, Axi gives 30 days from setup with no reactivation, Zero Markets expires its demo after more than 30 days of inactivity, CMC’s MT4 demo expires after 30 days with no trade activity per its demo FAQ or closes if you do not log in at least once every 30 days per its MT4 FAQ, and ThinkMarkets says 14 days after registration on its demo page but 30 days without trades or inactivity in its support FAQ. I would treat those two as unconfirmed until the platform’s own message appears, and my advice is to log in and trade regularly whichever demo you keep.
How much virtual money do NZ demo accounts give?
The stated balances vary widely. IG gives A$20,000 on its own platform and $10,000 (currency not stated) on its MT4 demo, Axi gives $50,000 (currency not stated) with the starting balance chosen at setup, CMC Markets gives $10,000 (currency not stated), and Pacific Financial Derivatives gives $10,000 by default (currency not stated) with higher amounts selectable. Plus500 calls its funds “unlimited” but caps them at an initial amount it does not state, reinstating that amount automatically when the balance falls to 200 EUR (or equivalent) or below. BlackBull Markets, ThinkMarkets, and Zero Markets state no amount at all, though ThinkMarkets’ support and Zero Markets’ client portal can adjust the balance on request.
The balance matters more than it looks, because the size of your real trades should set the size of your practice trades. A New Zealand trader who plans to start live with a few hundred dollars and practises on a large default balance can build habits around position sizes that will never actually be used, so I would set the demo balance, where the broker lets you, close to the live amount you intend to start with. I would rather practise on a figure close to the real starting amount than on an impressive one.
Which demo accounts let you practise on MT4 or MT5?
Six of the eight publish demo support for MT4 or MT5: BlackBull Markets (MT5, cTrader, and TradingView guides, with an MT4 guide whose step 4 points to MetaTrader 5), CMC Markets (MT4), IG (MT4 and MT5, the MT5 demo created inside the platform), ThinkMarkets (MT4 and MT5), Axi (MT4 and MT5), and Pacific Financial Derivatives (PFD Trader, which is MT4). Plus500 uses its own web platform and app only, and Zero Markets does not state its demo platforms on any New Zealand page. My rule is to practise on the platform you will trade live, because order entry, charting, and the feel of execution differ enough between platforms that skills you build on one do not transfer perfectly to another, and I would fix the platform choice before the broker.
How to use a demo account before you trade live
A demo account works best when you treat it as rehearsal for a specific live plan, not as a game.
- Pick the platform you will actually trade live, and choose a broker whose demo runs on it.
- I would set the virtual balance, where the broker allows it, close to the live amount you intend to start with.
- Write down your entry rules, position sizes, and stop placement before the first practice trade.
- Trade the sessions that fit the hours actually available, which can be checked against our Forex Market Hours in New Zealand (NZST/NZDT) guide.
- Log every practice trade and review the fills honestly, remembering that IG, for example, states its demo trades are not subject to slippage or out-of-hours price moves.
- Keep using the demo until the results are repeatable, and I would only then apply for the live account.
Before you go live, know that the Financial Markets Authority says forex trading for profit is very risky and it regularly receives complaints from consumers who have lost money, and a licensed derivatives provider must give you a product disclosure statement (PDS), which the FMA says to read carefully. A demo involves no PDS because no real money is traded, so the provider issues the PDS when the live application goes in. Our CFD Trading in New Zealand (2026) guide covers what to check at that point.
How much do you need to open a live account after a demo?
The minimums after the demo range from nothing to small fixed figures. BlackBull Markets lists US$0, CMC Markets and Axi have no account minimum (Axi’s minimum deposit is US$5 by card and US$50 by bank transfer), Pacific Financial Derivatives stipulates no minimum on its PFDTrader and PFDPro products, and IG requires nothing by bank transfer but NZ$100 by card or PayPal. Zero Markets asks NZ$20 or the equivalent, ThinkMarkets asks 50 (currency not stated) or the equivalent in your account currency, and Plus500 sets its minimum per payment method with deposits in NZD. None of these is a barrier to entry, so I would choose your live broker on trading terms rather than the deposit, and I would treat the minimum as the last filter. You can compare the full field in our Best Forex Brokers in New Zealand (2026) guide.
FAQs
Which Broker Has The Best Forex Demo Account In NZ?
Which Forex Demo Accounts Do Not Expire In NZ?
How Much Virtual Money Do NZ Demo Accounts Give?
Is A Forex Demo Account Free In NZ?
Can You Lose Real Money On A Demo Account?
Do You Need An FMA-Licensed Broker For A Demo Account In NZ?
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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