Best Demo Accounts For Forex Trading

Our top demo accounts based on the trading platform experience are.

  • Pepperstone - Best Forex Demo Account With MetaTrader 4
  • IC Markets - Top CFD Demo Account With MetaTrader 5
  • BlackBull Markets - Top Demo Choice for Lightning Fast Execution
  • Plus500 - Top Demo Account For Novice Forex Traders
  • OANDA - Top Demo Account For Unlimited Forex Trading
  • Eightcap - Great Account to Test FX and Cryptocurrency Trading
  • eToro - Top Demo Account For Social And Copy Trading
  • IG Group - Best Range of Trading Products for a Test Account
Broker Review 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 Visit Broker
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
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
81 FCA, CIRO, ASIC
MAS, JFSA, FSC-BVI
KNF, NFA/CFTC, MFSA
0.6 0.9 0.7 - - - - - $0 70+ 4+ Visit Site
75 FCA,ASIC,
CySEC,SCB
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $100 40+ 250+ 30:1 500:1 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
 

What Are The Best Demo Accounts For Forex Trading?

Before you sign up for any broker, it’s strongly advised to open a demo account so you can practice trading with virtual money in real-time market conditions. Our 2024 forex broker list included brokers with demo accounts, but we felt this comparison just focusing on demo account features would provide the best value.

1. Pepperstone Best Forex Demo Account With MetaTrader 4

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 1.12
GBP/USD = 1.69
AUD/USD = 1.22

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$0

Why We Recommend Pepperstone

We liked how Pepperstone offered a genuine trading experience that stands head and shoulders above the rest. We’ve personally traded forex on their platform and can attest that their demo account makes it a breeze to simulate real trading conditions. The demo allows for easy replication of your go-to strategies and chart setups, offering a seamless transition to a live account when ready. If you’re after a demo account that truly prepares you for the live markets, Pepperstone should be your first port of call.

Pros & Cons

  • Fastest Execution Times
  • Unlimited virtual funds
  • Four trading platforms
  • Limited automation tools
  • Demo account is limited to 30 days
  • Educational resources are dated

Broker Details

best forex demo account 2024
We opened a RAW spread demo account to explore Pepperstone’s features and services. Opening the demo account was easy; you need a few personal details like your name and email address. We liked that you didn’t need financial details to set up the demo account or go through multiple questionnaires, which other brokers make you do before opening a demo account.

Pepperstone’s demo account allows you to access MetaTrader 4, an excellent trading platform with 30+ indicators built in, or you can customise your own. We think Pepperstone is a solid choice for MetaTrader 4 as they provide third-party tools to enhance the platform with 28 smart tools to extend the functionality of MT4.

One feature that caught our attention was the sentiment indicator, which provides valuable insights into how Pepperstone’s clients are positioned in the markets. We think this tool is helpful as you can use the crowd’s wisdom to determine if you should be long or short the market.

Pepperstone offers a choice of accounts, allowing you to select the one that best suits your trading preferences and fee structure. While exploring the accounts, we found the RAW spreads averaged 0.1 pips on EUR/USD, and the standard account had wider spreads of 1.12 pips but no commission. Notably, both account types offer spreads lower than the industry averages for their respective categories.

During our tests on the RAW account, we noticed that the actual spreads on major currency pairs were 0.0 pips. Intrigued by this finding, we tasked our analyst Ross Collins to investigate how frequently Pepperstone offers these zero-pip spreads.

His findings revealed that Pepperstone offered 0.0 pips on major pairs an impressive 100% of the time, meaning you would only pay the $3.50 commission per lot traded. With 0.0 pips on its majors 100% of the time, you can significantly reduce your trading costs, especially if you trade frequently on major currency pairs.

Zero Spread Testing
Broker Time At Minimum Spread
Pepperstone 100%
City Index 100%
Fusion Markets 98.55%
ThinkMarkets 97.93%
IC Markets 97.83%
TMGM 97.83%
FP Markets 97.83%
Eightcap 97.83%
Admirals 95.60%
Blueberry Markets 94.20%
GO Markets 87.68%
BlackBull Markets 86.96%

pepperstone accounts and products australia 1 pip

View Pepperstone ReviewVisit Pepperstone

Broker Screenshots

2. IC Markets Top CFD Demo Account With MetaTrader 5

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.62
GBP/USD = 0.83
AUD/USD = 0.77

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$200

Why We Recommend IC Markets

We liked how IC Markets brings to the table features akin to Pepperstone, particularly when it comes to quick spreads and ECN-style execution. One advantage that caught our eye was their excellent trading spreads, making it an ideal choice for traders looking to test their strategies under real market conditions. While they offer automation, social trading, and copy trading, these options are less extensive than those with Pepperstone. We’ve ranked IC Markets second for these reasons, but it’s still a strong option for those keen to test trades with great spreads.

Pros & Cons

  • Fast execution speeds
  • Unlimited virtual cash
  • 64 forex pairs
  • High minimum deposit
  • Limited trading options

Broker Details

We found that IC Markets offers its demo account with MetaTrader 5, which doesn’t expire unless you fail to place a trade once every twenty days. We appreciate this feature as it allows you to practice and refine your strategies without the pressure of the account expiring.

During our tests, we explored the MetaTrader 5 platform provided by IC Markets. It offers a solid array of tools for technical analysis, including 38+ indicators, 15+ drawing tools, and three chart types.

What stood out for us was the inclusion of the depth of market tool, letting you view the liquidity providers’ order books and see where other traders place their orders. We find this feature interesting because it provides a snapshot of where the money is currently concentrated and which side, buy or sell, is stronger.

While using the demo account, our analyst Ross to test IC Markets’ Standard account spreads for the major forex pairs and compare them to 14 other brokers we’ve tested. This allowed us to gauge the competitiveness of IC Markets’ pricing structure.

Ross found that IC Markets had the lowest average spread of 1.03 pips across its major pairs. We also found they offered the lowest EUR/USD and USD/JPY spreads, averaging 0.73 and 1.09 pips, respectively.

Remember, this is a commission-free account, so these spreads are exceptionally low compared to industry standards.

EURUSD SPREAD USDJPY SPREAD
IC Markets 0.73 IC Markets 1.09
Admiral Markets 0.74 CMC Markets 1.17
CMC Markets 0.8 TMGM 1.26
FXCM 0.93 FusionMarkets 1.27
TMGM 1 Admiral Markets 1.32
FusionMarkets 1.01 FXCM 1.38
OandA 1.06 FP Markets 1.51
City Index 1.16 Go Markets 1.52
EightCap 1.16 EightCap 1.55
FP Markets 1.19 OANDA 1.55
Pepperstone 1.21 Pepperstone 1.55
Blackbull Markets 1.34 Axi 1.62
Go Markets 1.34 City Index 1.74
Axi 1.45 FXPro 1.87
FXPro 1.59 Blackbull Markets 2

ic markets trading platforms and demo accounts

Broker Screenshots

3. BlackBull Markets Top Demo Choice for Lightning Fast Execution

BlackBull Markets

Forex Panel Score

72

Average Spread

EUR/USD = 1.2
GBP/USD = 1.4
AUD/USD = 1.7

Trading Platforms

MT4, MT5, TradingView,
BlackBull Trade

Minimum Deposit

$0

Why We Recommend BlackBull Markets

We liked BlackBull Markets for its remarkable execution speeds, easily making it our top demo choice for traders after lightning-fast transactions. The platform provides considerable leverage, all backed by negative balance protection, giving you a solid safety net. On top of that, there’s no minimum deposit for their ECN Standard account, which makes it easy to get started. While their ECN Prime has a $2,000 minimum deposit, which could be a hurdle for some, the speed and leverage may make it worthwhile. Despite a final grade of 58 out of 100, we still consider BlackBull Markets a compelling option for those prioritising execution speed in a demo account.

Pros & Cons

  • Fast execution speeds
  • Easy signup process
  • Available demo platforms
  • Demo expires quickly
  • Leverage caps
  • High minimum deposit

Broker Details

We appreciate the various trading platforms, including TradingView, MT4, MT5, and cTrader. This variety enables you to experiment with different interfaces and tools, ensuring you find the platform that best fits your trading style, all without risking real money.

One standout feature we noticed is that BlackBull Markets supplements you with a free subscription to TradingView Pro, depending on your chosen trading platform. We looked into this further, as the upgraded TradingView plans offer great benefits, such as access to more trading indicators on your charts and more price alerts.

We found that the cost of these upgrades is relatively low, and we’ve broken down the trading volume required for each tier of the TradingView plan below.

TradingView Plan Trading Volume
Essential Account One lot traded per month
Plus Account Five lots traded per month
Premium Account Ten lots traded per month

Our analyst, Ross Collins, conducted tests on the broker’s execution speeds and compared them across the industry. His findings were impressive, showing BlackBull Markets led the pack with a 72ms limit order speed and a 90ms market order speed, securing its position as the fastest broker.

Broker Overall Limit Order Speed Limit Order Rank Market Order Speed Market Order Rank
BlackBull Markets 1 72 1 90 2
Fusion Markets 2 79 3 77 1
Pepperstone 3 77 2 100 5
HugosWay 4 104 7 94 3
TMGM 5 94 5 129 7
FXCM 6 108 8 123 6
City Index 6 95 6 131 8
Axi 8 90 4 164 16
Eightcap 9 143 12 139 10

We believe execution speed is crucial, particularly if you’re using fast-paced trading strategies or scalping, where milliseconds can mean the difference between profit and loss.

The excellent speed offered by BlackBull Markets can help you enter your trades faster while reducing the likelihood of slippage, saving you on trading costs over time.

BlackBull Markets trading platforms and demo accounts

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

We liked Plus500’s focus on risk management, mainly when using their practice account. Their platform offers solid tools for traders keen to keep their risks medium to low, an aspect we found pretty beneficial. It’s a strong starting point for anyone with a casual interest in the forex market. Plus500 offers a demo account that shines in risk management, making it a good pick for traders aiming to hone that particular skill.

Pros & Cons

  • FREE unlimited account
  • Risk management features
  • Diverse range of CFDs
  • Limited account types
  • Restricted platform options
  • Lacks advanced tools

Broker Details

In our tests, we found that Plus500 had an unlimited time demo account, complete with $40,000 in virtual funds. The ability to “deposit” new funds using their internal transfer system enhances the realism of the trading experience and serves as a practical tutorial on managing real funds. Which we thought was a clever and subtle educational tool.

The Plus500 platform impressed us, offering over 100 indicators, more than ten chart types, and a solid choice of risk management tools. The platform struck us as beginner-friendly, providing just what you need to start trading without overwhelming you with its clean design and easy-to-access charting tools.

One feature that positions Plus500 as a top choice for novice forex traders is the guaranteed stop-loss orders, which we found readily available on every order ticket we opened. We appreciate brokers that offer this option, as it can protect your losses during volatile markets and avoid slippage, which is especially crucial if you are still learning the ropes.

Using the demo account, we explored the vast range of trading products available, including 71 currency pairs, over 1,100 shares, 30 indicators, 15 crypto markets, and 12 commodities. Such a wide range provides invaluable learning opportunities, helping you to understand market dynamics and refine your trading strategies in a risk-free environment.

plus500 trading platform and demo account

Broker Screenshots

5. OANDA Top Demo Account For Unlimited Forex Trading

OANDA

Forex Panel Score

81

Average Spread

EUR/USD = 0.6
GBP/USD = 0.9
AUD/USD = 0.7

Trading Platforms

MT4, TradingView, Oanda Trade (FxTrade)

Minimum Deposit

$0

Why We Recommend OANDA

We liked OANDA’s demo account for its comprehensive feature set, making it our top recommendation for those keen to experiment with automated trading. In our experience, OANDA’s platform has shown itself to be a strong contender for traders eager to dive into automated strategies. This makes it a highly viable option for those who want to simulate realistic trading conditions while testing out bots.

Pros & Cons

  • Flexible leverage
  • 70+ currency pairs
  • No requotes or rejections
  • Customer support is not 24/7
  • No share CFDs
  • Doesn’t offer ECN/STP

Broker Details

During our review of OANDA, we were particularly impressed by the unlimited access to their demo account, which comes loaded with $100,000 in virtual funds on the OANDA Trade platform.

This generous offering allows you to practice without the pressure of a looming expiration date, a feature we highly value so you can refine your strategies.

The integration of TradingView’s advanced charting within the OANDA Trade platform caught our attention. With over 80 indicators and 10+ chart types, this collaboration ensures you have top-notch analytical tools available, making it an ideal choice if you use technical analysis.

What stands out to us is the platform’s default trade ticket feature, which significantly simplifies the trading process. The platform ensures that all future trade tickets automatically reflect these settings by allowing us to pre-set our trade size, stop loss, and take profit levels.

This saves time and minimises the risk of costly errors due to manual input mistakes—a thoughtful detail that enhances user experience.

OANDA extends its demo account offerings to other platforms, such as TradingView and MetaTrader 4, although these have expiration dates. This variety allows you to explore OANDA’s services across different trading environments, enriching your understanding of the tools and features each platform provides.

OANDA’s performance in our live spread tests was excellent, with spreads on EUR/USD averaging at 0.6 pips, significantly lower than the industry average of 1.24 pips. We found this was consistent across major currency pairs, with an average spread of 0.7 pips, positioning OANDA as a highly competitive low-cost broker in the forex market.

oanda trading platforms and demo account

Broker EUR/USD
OANDA 0.6
IC Markets 0.62
Eightcap 1
eToro 1
CMC Markets 1.12
IG 1.13
Pepperstone 1.12
Blackbull Markets 1.2
Plus500 1.7
Industry Average 1.24

Broker Screenshots

6. Eightcap Great Account to Test FX and Cryptocurrency Trading

Eightcap

Forex Panel Score

75

Average Spread

EUR/USD = 1.0
GBP/USD = 1.0
AUD/USD = 1.2

Trading Platforms

MT4, MT5, TradingView

Minimum Deposit

$100

Why We Recommend Eightcap

We liked Eightcap’s demo account as a great platform to test both FX and cryptocurrency trading. Being Melbourne-based, it offers a range of cryptocurrency options on its practice account, making it a solid choice for Aussies keen to get a handle on crypto trading alongside forex. It particularly shines as an alternative to eToro for those looking to delve deeply into technical analysis. The platform provides a user-friendly experience that aids in understanding both the forex and crypto markets.

Pros & Cons

  • Comprehensive crypto selection
  • No limit on virtual funds
  • Seamless transition from demo to live account
  • Limited demo platform options
  • Incomplete MetaTrader 5 experience
  • Has a minimum deposit

Broker Details

After opening our demo account with Eightcap, we were pleased to find that it supports MetaTrader 5 and TradingView, granting access to an impressive array of 95 cryptocurrency markets. This range includes heavyweights like Bitcoin, Ethereum, and Litecoin, alongside other names such as Ripple and Cardano, offering one of the most extensive cryptocurrency selections we’ve encountered among forex brokers.

Broker Cryptocurrency Markets
Eightcap 95
eToro 41
Pepperstone 19
IC Markets 18
IG Group 15
Plus500 15
BlackBull Markets 11
OANDA 4

However, despite Eightcap’s strong choice in cryptocurrency, we noticed a limitation in its overall market variety. The broker provides access to 56 forex pairs, 16 indices, 586 shares, and eight commodities, and when compared to brokers like IG Group (17,000 markets), Eightcap’s offerings seem modest.

Our tests revealed that Eightcap features competitive spreads, with an average of 0.2 pips on EUR/USD, slightly lower than the industry standard (0.22 pips).

RAW Spreads Tested By Ross Collins
0.19 0.19 0.41 0.36 0.61
0.22 0.23 0.17 0.27 0.16
0.19 0.23 0.27 0.24 0.24
0.22 0.42 0.62 0.25 0.56
0.20 0.48 0.44 0.47 0.64
0.44 0.68 0.90 0.64 0.75
0.46 0.85 0.96 1.04 1.01

Avg. spreads are taken from each broker's website and updated monthly. Last update on 06/01/2024

If you’re interested in automating cryptocurrency trading strategies without learning how to program them through complex programming, Eightcap’s partnership with Capitalse.ai is a standout feature. Available for free, even with a demo account, Capitalse.ai is a user-friendly, no-code platform that translates your trading strategy rules and parameters into automated systems.

After following their beginner-friendly tutorials, we found this tool remarkably easy to use, which allowed us to generate an automated strategy within minutes of starting the tutorial. This is especially appealing if you want to leverage the volatile crypto market with automated strategies, as Capitalise.ai allows you to apply these strategies to cryptocurrencies.

eightcap trading platforsm and demo

Broker Screenshots

7. eToro Top Demo Account For Social And Copy Trading

eToro

Forex Panel Score

43

Average Spread

EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0

Trading Platforms

eToro Trading Platforms

Minimum Deposit

$50

Why We Recommend eToro

We liked eToro’s social media-style interface, which makes it the go-to choice for traders interested in learning from others in a dynamic community setting. The platform simplifies the trading process by allowing you to follow and replicate the strategies of seasoned traders, which can be a real boon if you’re looking to bypass the intricacies of individual analysis and trade placements. It’s a one-stop shop for those wanting a social twist to their trading experience.

Pros & Cons

  • 100,000 eToro virtual cash
  • No time limitation
  • No commission trading
  • Slow customer support response
  • Demo account limitations
  • No support for third-party trading platforms

Broker Details

best social trading platformeToro’s demo account stands out for its integration with the CopyTrader platform, offering a unique opportunity to forward-test traders you might consider copying. With an unlimited demo that doesn’t expire and a generous $100,000 in virtual funds, eToro sets you up for a risk-free test of manual trading and social trading.

We particularly like having the CopyTrader feature within the demo environment, which allowed us to learn the mechanics of selecting traders to copy without any financial risk.

The platform’s advanced filtering capabilities with 14 different settings made it easy to sift through the 2,000,000+ trader profiles. Although narrowing our options to just five might seem limited, these were precisely aligned with our preferences, demonstrating the filter’s effectiveness in tailoring your copy trading experience to your specific goals.

If you want to trade manually, eToro’s platform allows you to do this. It offers a range of products, including 49 forex pairs, 13 indices, 2900+ stocks, and 41 commodities. Leveraging TradingView’s charts, eToro provides access to over 100 indicators, nine chart types, and eight timeframes, giving you a solid choice of analytical tools to develop your trading strategies.

etoro trading platforms and demo accounts

Broker Screenshots

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

IG Group

Forex Panel Score

71

Average Spread

EUR/USD = 1.13
GBP/USD = 1.66
AUD/USD = 1.01

Trading Platforms

MT4, IG Trading Platform, L2 Dealer

Minimum Deposit

$0

Why We Recommend IG Group

We liked IG Group for its expansive range of trading instruments, easily making it our top pick for those seeking diversity in a demo account. The broker offers competitive spreads and top-notch customer service, which we found invaluable in our trading journey. Whether you’re looking to practice with forex, commodities, or other financial instruments, IG Group offers a demo account that lets you spread your wings.

Pros & Cons

  • Easy and fast account opening with no credit card required
  • Two-year lifespan
  • Access to ProRealTime
  • Platform-based market limitations
  • Customer service is limited over the weekend
  • Lacks social trading tools

Broker Details

While exploring our IG Group demo account, we were impressed by the extensive range of financial instruments available, covering 17,000 markets – the most we’ve found available from any broker. This includes a selection of 80+ forex pairs, over 12,000 shares, 130 indices, 41 commodities, 15 cryptocurrencies, and more than 6,000 ETFs.

During our tests, we found that IG Group offers a demo account that doesn’t expire and starts with a $10,000 balance. We like that you could top up this amount whenever necessary, providing you with unlimited virtual funds for practice trading.

In our testing, we found that IG Group offers multiple trading platforms, each with its dedicated demo account. This allows you to test each platform individually and find the one that best suits your trading style.

The IG Trading Platform, their flagship offering, is a decent web-based platform granting access to IG’s full market range. It has an impressive charting package, with over 28 indicators and trading signals from PIA First and AutoChartist, helping you find new trading ideas throughout the day.

If you want to automate your trades, MetaTrader 4 is available, where you can code your own Expert Advisors to automate your trading strategy. ProRealTime stands out if you use price action strategies, featuring ProRealTrend tools that automate drawing support/resistance levels and trend lines.

Lastly, the L2 Dealer platform provides direct market access and level II pricing. It displays open and pending orders directly from liquidity providers, a critical tool for gauging market sentiment before making a trade.

ig trading platforms demo account

Broker Screenshots