Top Forex Demo Accounts

Our best MAS regulated forex demo account list is.

  • Pepperstone - Best Forex Demo Account With MetaTrader 4
  • IC Markets - Top CFD Demo Account With MetaTrader 5
  • BlackBull Markets - Top Demo Choice for Fast Execution
  • Plus500 - Top Demo Account For Novice Forex Traders
  • OANDA - Top Demo Account For Unlimited Forex Trading
  • Eightcap - Great Account For Crypto Trading With TradingView
  • eToro - Top Demo Account For Social And Copy Trading
  • IG Group - Best Range of Trading Products for a Test Account
Broker Our Rating Regulation Standard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
72 FMA, FSA 1.20 1.4 1.7 0.23 0.72 0.65 $3.00 72ms $0 64+ 11+ 500:1 500:1 Visit Site
81 FCA, CIRO, ASIC
MAS, JFSA, FSC-BVI
KNF, NFA/CFTC, MFSA
0.6 0.9 0.7 - - - - - $0 70+ 4+ Visit Site
75 ASIC, SCB
FCA,CySEC
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $250 (Raw)
$500 (Standard)
40+ 250+ 500:1 500:1 Visit Site
57 ASIC, CySEC, MAS
FCA, FMA, DFSA
EFSA, FSA, FSCA
1.70 2.3 1.4 - - - - 140ms $100 71+ 15+ 30:1 300:1 Visit Site
43 ASIC, CySEC, MFSA
FCA, FSA, FINRA
GFSC
1.0 2.0 1.0 - - - - 130ms $200 (Australia), $50-$100 (EU) 49+ 46+ 30:1 400:1 Visit Site
71 ASIC, FCA, BaFin
FINMA, NFA/CFTC, MAS
CySEC, DFSA, FMA
JFSA, BMA, FSCA
1.13 1.66 1.01 0.16 0.59 0.29 $6.00 174ms $450 100+ 12+ 30:1 200:1 Visit Site

1. Pepperstone Best Forex Demo Account With MetaTrader 4

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader, TradingView, Capitalise.ai

Minimum Deposit

$0

Why We Recommend Pepperstone

Pepperstone won us over by having the best Forex demo account with MetaTrader 4. There are several reasons for that but chief among them are combining a transparent fee structure, ECN-like spreads, and fast execution speeds, especially while using MT4.

When testing out Pepperstone’s demo account on MT4, we found the trading experience extremely smooth, from the broker’s account opening to trading itself. In fact, we scored Pepperstone a perfect 15/15 for account opening experience, which no other broker could match.

Pros & Cons

  • Lowest EUR/USD spreads
  • Top-tier liquidity and fast execution
  • Industry-leading platform range
  • SGD base currency trading accounts
  • No deposit or withdrawal fees
  • Non-MAS regulated broker
  • Doesn’t offer spot trading
  • Demo account only for 30 days
  • No local office in Singapore

Broker Details

Pepperstone is an Australian forex broker that provides an ECN-like environment for traders wanting access to foreign exchange markets and CFD markets. The transparent fee structure, ECN-like spreads, and fast execution speeds make Pepperstone an excellent option for Singapore-based forex traders. To achieve institutional grade spreads, the FX broker uses multiple liquidity sources and straight-through processing (STP) execution.best singapore forex broker

In addition to tight spreads and automated trading, Pepperstone provides resources to assist traders with sophisticated trading strategies as well as view real-time market news and data. Selecting Pepperstone as your forex broker will give you access to their quality newsfeed, economic calendar, daily market report emails, as well as real-time, interactive charts with over 50 technical indicators. Traders have access to forex, crypto and CFD markets comprised of:

  • 60+ currency pairs
  • 22 cryptocurrencies
  • 25 commodity CFDs
  • 28 stock index CFDs

Through a professional investor account with Pepperstone, you will have access to leverage of up to 500:1 in the forex market, while the maximum leverage for retail investor accounts is 30:1. Pepperstone offers nine currencies to set up your trading account, with clients being able to choose the Singapore Dollar as their base currency. Other base currencies include JPY, AUD, CAD, NZD, HKD, USD, GBP, and EUR.

Pros
  • Trade Risk-Free
  • Use Virtual Funds
  • Get Used to the Platform
  • Test Your Trading Strategies
  • No Stress
  • Get Familiar With Markets
Cons
  • Lack of Accountability
  • Time Limitations
  • Emotionless Trading
  • Limited Market Data
  • Potential To Overtrade
  • Overconfidence if Successful
Average Spreads
(21/02/2019)
EUR/USD USD/JPY AUD/USD GBP/USD
Pepperstone 0.16* 0.25* 0.27* 0.49*
London Capital Group 0.20 0.30 0.40 0,60
Price Markets 0.20 0.20 0,60 0.80
IG Markets 0.263* 0.293* 0.512* 0.992*
XTB 0.30 0.50 0.50 0.60
AxiTrader 0.44* 0.62* 0.42* 0.85*
CMC Markets 0.805 0.879 0.751 2.793

Razor vs. Standard Accounts

When signing up with an online forex broker, traders are required to make an initial deposit of $200 and can pick between a Pepperstone Razor or Standard account. Both account types allow scalping, hedging, and Expert Advisors and provide traders access to foreign exchange and CFD markets.

FX Per Lot Commission From: MetaTrader 4 Propriety Broker
Pepperstone 2.29 GBP N/A
London Capital Group 10 USD 4.50 USD
Price Markets 3.5 USD 3.5 USD
IG (DMA Account) N/A 6.00 USD
XTB 3.00 GBP 3.00 GBP
AxiTrader $7 USD per lot N/A

A Standard Account is a great option for investors’ new to forex trading. Fees and commission are built into foreign exchange spreads, ranging from 1.0-1.3 pips.

Initially designed for scalpers and algorithmic trading, Pepperstone’s Razor Account gives investors’ access to low spreads seen in ECN environments. Pepperstone works with over 20 top-tier liquidity providers allowing for ECN-like spreads as low as 0.0 pips. Spreads are fee-free with the round-turn commission of SGD$9.10 attached to trades.

 

Pepperstone Forex Pairs Singapore SGD
Active Trader Program

If you’re trading high volumes, Pepperstone’s Active Trader Program will reward you. The program allows you to earn cash rebates as well as gain access to reduced commissions. Forex rebates are settled daily and paid into your trading account.  For instance, if you’re trading 200-500 lots per month, you could be rebated up to approximately $500.

VIP Account

Upgrading from a retail investor account to a VIP account gives traders access to premium rebates through the active program. As well as higher rebates, VIP clients gain access to a Pepperstone client manager, exclusive VIP events, trading seminars and new products on the market.

An ECN-like Trading Environment with No Dealing Desk Involvement

Pepperstone offers ultra-fast execution and no dealing desk (NDD) execution for both Razor and Standard accounts. When online trading, Pepperstone clients enjoy reduced latency due to servers in New York and London with fibre-optic connections to liquidity providers. The forex broker offers lightning-fast execution with most executed in less than 30 milliseconds.

Trading Platforms

Pepperstone offers three trading platform options.

  • MetaTrader 5: A highly customizable, user-friendly trading platform with a range of asset classes, ultra-fast processing speeds, development of Expert Advisors with MQL5, advanced charting with 21 timeframes, multithreaded backtesting, and access to Smart Trader tools. The platform is available online as well as on macOS, Windows, Android and iOS devices.
  • MetaTrader 4: The predecessor to MT5 offers access to Smart Trader tools, the MQL4 programming language, extensive technical indicators, and multiple order types. MT4 is available as a web-based platform or download for Android, iOS, and Windows. MT4 can be downloaded on Mac computers with additional software installations.
  • cTrader: Designed by traders to be an intuitive trading platform, cTrader offers a functional workspace with advanced features suitable for all investors. Traders can customize code in C#, evaluate markets with various indicators, and access educational resources to develop their trading knowledge.

Pepperstone Trading Platforms

Pepperstone is regulated by the Australian Securities and Investments Commission (ASIC) in Australia, the CMA in Kenya, the DFSA in Dubai, SCB in the Bahamas, CySEC in Europe and the FCA (Financial Conduct Authority) in the UK. Although not regulated by the Monetary Authority of Singapore (MAS), they are seen as trustworthy and a top forex broker for 2024. Similar to MAS regulation, regulators such as ASIC require a broker’s to hold an Australian Financial Services License (AFSL) and display strong risk disclaimers. Additionally, policies like segregated client funds ensure your trading account balance is held in segregated funds at top-tier banks and not used for operational purposes.

In addition to ECN-like spreads, ultra-fast order execution and CFD trading, the internationally regulated broker also offers award-winning customer support. Pepperstone’s multilingual customer service is accessible via live chat, phone and email, 24/5. Demo accounts are offered for all Pepperstone account types and trading platform options.

View Pepperstone ReviewVisit Pepperstone

2. IC Markets Top CFD Demo Account With MetaTrader 5

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$200

Why We Recommend IC Markets

We like IC Markets for two key reasons: its low trading costs and MT5 trading experience. In fact, we even awarded IC Markets as our best MT5 broker overall.

This is because IC Markets combines tight spreads, low commissions, and excellent MT5 integrations, which puts it above the rest of the competition.

Our testing of IC Markets’ CFD Demo account using MT5 proved that fact in spades.

Pros & Cons

  • Lowest trading costs
  • Top MT5 integrations
  • No withdrawal or deposit fees
  • Average execution speeds
  • No TradingView platform
  • Education could be better

Boker Details

IC Markets is an FCA, CySEC and ASIC-regulated forex broker where trades are executed on third-party trading platforms (cTrader, MT4, and MT5). They offer 10 base currencies, low initial deposits, and 24/7 customer service.

Fees are low with no inactivity, deposit or withdrawal fees charged. Depending on your investment preferences, there is the choice of the following account structures and pricing.

MetaTrader

  • Raw structure: spreads from 0.0 with a $7 round trip commission
  • Standard structure: spreads from 1.0 with $0 commission

cTrader

  • Raw structure: spreads from 0.0 with a $6 round trip commission

The online forex broker also offers the additional option of an Islamic account for those following Sharia Law. As Islamic traders cannot receive or make payments derived from interest rates, the swap-free account charges a flat-rate overnight financing fee to comply with Islamic finance practices.
IC Markets - Platforms
Leverage

IC Markets offer flexibility with position sizes, with investors gaining access to leverage up to 500:1 on forex trades and Commodity CFDs.

Other instruments offer relatively high leverage compared with the market average. Futures CFDs, Indices CFDs, and Bond CFDs all have a maximum leverage of 200:1.

Execution Speed

IC Markets MT4 and MT5 servers are located in the Equinix NY4 data center in New York. The low latency trading environment provides an average execution speed of 40ms, ideal for high-frequency trading.

IC Markets allows clients to easily set up their account with the Singapore Dollar (SGD) as their base currency, or alternatively the US Dollar (USD) and Hong Kong Dollar (HKD), or AUD, EUR, GBP, NZD, JPY, HKD, CHF or CAD.

Range of Products

Using IC Markets as your forex broker will grant you access to a wide range of markets, including:

  • 60+ foreign currencies
  • 17 commodities
  • 1600 stocks
  • 25+ indices
  • 11+ bonds

3. BlackBull Markets Top Demo Choice for Fast Execution

BlackBull Markets

Forex Panel Score

72

Average Spread

EUR/USD = 0.23
GBP/USD = 0.72
AUD/USD = 0.65

Trading Platforms

MT4, MT5, TradingView, Blackbull Trade

Minimum Deposit

$0

Why We Recommend BlackBull Markets

It’s no competition, BlackBull Markets has the fastest execution speeds we’ve ever seen. The broker ranked 1st and 2nd for limit and market orders respectively, putting it at number 1 overall when we tested using its MT4 demo account.

A fast execution speed is extremely important to us as a way of avoiding slippage (I.E. reducing your trading costs) but also having a reliable platform trading experience.

BlackBull Markets ticks this box in spades, as one of only two brokers to have execution speeds under 100ms (0.1 seconds) for limit and market orders.

Pros & Cons

  • Fastest execution speeds
  • High forex leverage of 1:500
  • Competitive spreads
  • Limited in-house market analysis
  • Withdrawal fees
  • High minimum deposit for ECN Prime

Broker Details

Fastest Execution Speeds on Demo Account

Based on testing conducted by our team on the broker’s demo account, BlackBull Markets had the fastest execution speeds of any broker. The broker had execution speeds of 72ms for limit orders and 90ms for market orders, putting BlackBull Markets firmly at the top of our list of 20 brokers.

Tiered Account Types and Spreads

BlackBull Markets sits just above the industry average spreads with spreads of 1.2 pips for 0.23 pips across its Standard and Prime accounts for the EUR/USD. For the lowest spreads, we recommend the ECN Prime account, although you’ll need a $2000 minimum deposit to start trading.

blackbull brief account types and platforms

Diverse Platform Range

While you can only use MT4 and MT5 on the broker’s demo account, BlackBull Markets offers a diverse range of platforms once you sign up for a live account. We like that charting platform TradingView is included, which is one of our favourites. BlackBull Markets also offers three unique proprietary platforms (Trade, CopyTrader and Shares), for general, copy and shares trading.

Our Verdict on BlackBull Markets

With the fastest execution speeds using MT4 and MT5, BlackBull Markets offers a great demo account trading experience. While spreads are just above the industry average, fast execution speeds and a diverse platform range add to the broker’s appeal.

4. Plus500 Top Demo Account For Novice Forex Traders

Plus500

Forex Panel Score

57

Average Spread

EUR/USD = 1.7
GBP/USD = 2.3
AUD/USD = 1.4

Trading Platforms

Plus500 Trading Platform

Minimum Deposit

$100

Why We Recommend Plus500

While we’re an experienced team at CompareForexBrokers, we understand novice forex traders require low trading costs, a simple, reliable trading platform and risk management tools.

When we tested Plus500’s demo account, the broker ticks all of these boxes, offering commission-free trading, a user-friendly proprietary platform and a guaranteed stop loss order (GSLO) to minimise your risk.

In our opinion, this gives Plus500 the best combination of features that beginners will appreciate.

Pros & Cons

  • Offers swap-free Islamic account
  • Decent trading costs with no withdrawal fee
  • Won several awards for customer service
  • Minimum deposit of only $100
  • No MetaTrader 5, cTrader, or Trading View
  • Dedicated account manager only for professional accounts
  • No commission-based account
  • Plus500 proprietary trading platform users may find it hard to switch to another trading platform.

Broker Details

Plus500 is a top global trading platform available in 31 languages. The Singapore subsidiary, Plus500SG, is MAS (Monetary Authority of Singapore) regulated and offers trading in forex, commodities, indices, and over 2000 CFDs.

The Plus500 trading platform provides access to both standard and unique resources to develop strategies but lacks comprehensive analytical tools. Yet an economic calendar, over 100 technical indicators, and a ‘traders sentiment’ feature that shows the ratio of buyers/sellers for a particular instrument are beneficial to experienced traders who prefer to do their research on alternative software.

Plus500 Fees
No Commission

The average spread is 0.6 pips, and no commission is charged with fees built into the spread. Clients have access to five free withdrawals per month, so the chances of being charged fees are low.

Strong Transparency and Oversight

Plus500 SG is MAS regulated and a subsidiary of Plus500. The parent company is listed on the UK stock exchange, part of the FTSE 250 Index, and FCA regulated.

Transparency is another reason they are one of Singapore’s best forex brokers. As well as following the Monetary Authority of Singapore’s  Client Money Protection guidelines, Plus500 discloses its financial statements.

Plus500’s customer service is among the best, they are contactable via live chat 24/7.

5. OANDA Top Demo Account For Unlimited Forex Trading

OANDA

Forex Panel Score

81

Average Spread

EUR/USD = 1.4
GBP/USD = 2
AUD/USD = 1.4

Trading Platforms

MT4, TradingView, OANDA Trade (fx Trade)

Minimum Deposit

$0

Why We Recommend OANDA

We liked that OANDA gives you free and unlimited access to trade forex and test your trading strategies under real market conditions.

After we tested OANDA’s demo account, we found it was great for those wanting to experiment with automated trading.

While we prefer using MT4, you can also practice with OANDA Trade Fx, the broker’s proprietary platform. We particularly liked Multicharts, excellent for backtesting and automation, and the Elliott Wave analysis app MotiveWave.

Pros & Cons

  • Highly trusted broker
  • Over 70 forex pairs
  • No requotes or rejections
  • Customer support is not 24/7
  • Doesn’t offer share CFDs
  • No ECN/STP trading

Broker Details

OANDA is a great option for beginners looking for a forex trading platform in Singapore.  They are MAS (Monetary Authority of Singapore) regulated, offer nine base currencies, and access to customer service 24 hours a day, Sunday to Friday.

With 70 major and minor currency pairs, choosing OANDA as your trading platform will give you access to a wide range of forex investment opportunities. As well as forex trading, you will have access to indices, commodities, spot metals, and bonds. 

OANDA offers two fee structures and no minimum deposit. Spreads are as low as 0.3 pips with the commission + core spread or 1.4 pips with a spread-only structure.

For more experienced investors’, OANDA trades can be executed through MetaTrader 4. To upgrade to a premium account clients require a deposit of $50,000 but will have access to tighter spreads.

Educational Resources

The wide range of training and research tools available make OANDA the best trading platform for beginners. Investors’ can develop strategies using OANDA’s newsfeed, currency heat maps, webinars, as well as economic and technical analysis tools.

Oanda for Beginners

The intuitive web and mobile layouts are user-friendly to those new to forex trading. The award-winning mobile app is available on both iOS and Android. To keep up to date with the latest market changes, set up alerts to notify you of the latest price movements.

6. Eightcap Great Account For Crypto Trading With TradingView

Eightcap

Forex Panel Score

75

Average Spread

EUR/USD = 0.06
GBP/USD = 0.73
AUD/USD = 0.27

Trading Platforms

MT4, MT5, TradingView, Capitalise.ai

Minimum Deposit

$100

Why We Recommend Eightcap

When we tested Eightcap’s live account, the broker stood out with a great account for crypto trading using the TradingView platform.

While you can’t use TradingView in a demo account, you can practice trading using both MT4 and MT5, which we like as not all brokers offer.

While we like Eightcap’s large range of cryptocurrencies on its demo account, what stood out to us was the unlimited virtual funds you can use while practising your trading.

Pros & Cons

  • Wide range of cryptocurrencies and stocks.
  • Commission-free trading.
  • Free deposits and withdrawals.
  • 24-hour customer service Tues-Fri
  • Not regulated by the MAS
  • No demo account with TradingView
  • Low commodities selection
  • No proprietary trading platform

Broker Details

Competitive Spreads Overall

According to its published spreads, Eightcap offers competitive average spreads for both its Standard and RAW accounts. Eightcap averages just over a pip across all major currency pairs for its Standard account but excels with spreads of 0.06 pips for EUR/USD on its RAW account.

eightcap accounts and products

Top Crypto Trading on TradingView

From our testing, Eightcap is the top broker for crypto trading, offering 95 cryptocurrencies to trade. The fact that you can trade with one of our favourite platforms, TradingView, on the broker’s demo account further adds to Eightcap’s appeal. TradingView is the premier charting platform out there, offering an intuitive user interface with over 100 technical indicators.

You also have the option of using MT4 or MT5 on Eightcap’s demo account.

Our Verdict on Eightcap

Overall, Eightcap is our favourite crypto broker, with the ability to trade its 95 crypto pairs with TradingView on the broker’s demo account.

7. eToro Top Demo Account For Social And Copy Trading

eToro

Forex Panel Score

43

Average Spread

EUR/USD = 1
GBP/USD = 2
AUD/USD = 1

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50

Why We Recommend eToro

eToro’s social trading reputation precedes itself, but when we tested the broker’s demo account, eToro truly lives up to its name.

We particularly liked eToro’s simple user interface, making it the top choice for those interested in copying other trader strategies in a dynamic, community setting.

The eToro platform is simple, which we found not only user-friendly but it makes it easy to follow and replicate the strategies of seasoned traders.

All in all, eToro is perfect if you’re looking to bypass the complexities of individual analysis and trade placements.

Pros & Cons

  • Large community of 20 million users
  • No management fees or hidden costs
  • Singapore traders can copy 100 traders
  • Offers a popular investor program
  • High minimum deposit of USD 500
  • Does not offer algorithmic trading
  • The trader you copy may not be skilled

Broker Details

Account Type and Average Spreads

Given eToro is a market maker, the broker only offers a commission-free Standard account, with spreads averaging 1 pip for the EUR/USD, which is the industry average.

One slight downside of eToro’s account is that hedging and scalping is not permitted, but you do have the option of algorithmic trading via copy trading.

etoro brief account types and products

Top Social Trading Broker

It’s not just us, eToro is regularly voted as the top social trading broker in the industry. You can practice trading using eToro’s excellent and user-friendly proprietary trading platforms on its demo account. We also like eToro’s product range, which includes nearly 3000 stock CFDs and 263 ETFs, to help diversify your portfolio.

Our Verdict of eToro

With 30 million users, eToro is the world’s renowned social and copy trading broker. We concur based on our testing of eToro’s user-friendly proprietary platforms on the broker’s demo account.

8. IG Group Best Range of Trading Products for a Test Account

IG Group

Forex Panel Score

71

Average Spread

EUR/USD = 0.16
GBP/USD = 0.59
AUD/USD = 0.29

Trading Platforms

MT4, IG Trading Platform, L2 Dealer, ProRealTime

Minimum Deposit

$0

Why We Recommend IG Group

While we’re primarily forex traders, we like IG Group’s huge range of trading instruments, easily having the best range of products for those seeking to diversify their trading portfolio.

We particularly liked that you can trade with the IG trading platform, MT4 and L2 Dealer in IG Group’s demo account, letting you test multiple platforms before opening a live account.

Your demo account will also last for 2 years, more than any other broker we’ve tested, giving you plenty of time to master your trading.

Pros & Cons

  • Biggest range of tradable markets
  • Two-year demo account
  • L2 Dealer, MT4 and IG platforms
  • Platform-based trading differences
  • Limited Customer service
  • Slow execution speeds

Broker Details

ig markets account types products singapore