If you are considering trading for the first time, testing out new strategies or thinking of changing to a new broker, we recommend trying one of these 30 Best Forex Trading Demo Accounts before making any financial commitments.
Benefits of using demo accounts:
- Risk-free trading experience
- Real-life market environment
- Ability to test out platform features
- An opportunity to try new tools and features
- A way to experiment with different account types
- A means of testing out strategies
- Virtual funds can be topped up at no cost
- Some demo accounts have unlimited funds
Disadvantages of using demo accounts:
- Demo accounts often have a limited lifespan
- Any profits made are not real
- Virtual funds cannot be converted to real money
- May not be a true representation of market conditions during certain trends
Not only do beginners need demo accounts so that they can get a feel for trading without losing any money, but demo accounts also give professional traders a way to compare the more advanced tools and features offered by brokers, and to test proprietary platforms, platform execution, network stability, customer support and more.
AvaTrade is a MetaTrader-friendly broker but state-of-the-art proprietary platforms are also provided. These platforms are called AvaTradeGo and AvaOptions.
AvaTrade offers an incredible educational library and we highly recommend this broker if you are considering trading for the very first time.
Not only does AvaTrade offer demo accounts, but this broker is also suitable for clients of the Muslim faith and offers swap-free accounts.
If you’d like to trade with AvaTrade, 100 USD will get you started and you can fund your account using GBP, EUR, USD, CHF or AUD.
Pros and Cons of AvaTrade:
|Multiple platforms||No US clients allowed|
|Wide range of products|
If you are looking for a beginner-friendly broker with a low minimum deposit, then we recommend trying Exness.
With Exness, you can trade over 100 Forex pairs, more than 80 stocks and several other instruments.
Account options are flexible with this broker and minimum deposits can be made using NZD, EUR, ZAR, AUD, SGD, JPY, CHF and USD, and you can have multiple accounts funded with different currencies.
Exness is regulated by CySEC and several other entities, and it currently has over 100,000 clients.
Pros and Cons of Exness:
|Very low minimum deposit||No trading bonuses|
|Can be used with MetaTrader||Educational content on a different website|
|8 base currencies|
BDSwiss operates under the supervision and guidance of CySEC, FSA, BaFIN and FSC, and has won many awards since 2012.
More than 200 instruments can be traded with this broker and clients benefit from a wide range of trading tools for research and analysis.
A minimum deposit of 100 USD will activate your live account and you can fund your account using EUR, USD or GBP.
Pros and Cons of BDSwiss:
|Trading academy||3 base currencies|
|3 platforms||No US citizens|
|Low trading fees||No trading bonus|
|Daily market analysis|
HotForex makes it easy to enter the markets with a low initial deposit requirement of only 5 USD.
This broker offers a total of 5 accounts and accounts can be funded using USD, NGN, USD or ZAR.
You can trade Commodities, Metals, Indices, Bonds, Energies, Stocks, Forex, ETFs and Shares, and beginners will find it easy to start trading with HotForex.
Pros and Cons of HotForex:
|5 accounts||High trading fees|
|Instruments from 8 asset classes||Inactivity is penalised|
|Many trading tools|
|Negative Balance Protection|
OANDA is regulated by several entities, including ASIC, FCA and IIROC, and is one of the leading brokers for trading stocks and Forex.
Unlike most brokers, OANDA does not require any minimum deposit for an account to be activated, but once you do fund your account, you can do so using GBP, JPY, AUD, SGD EUR, USD, CHF, CAD or HKD.
OANDA offers 2 proprietary platforms, one for trading and one for APIs, and can also be connected to MetaTrader 4.
Pros and Cons of OANDA:
|Many regulations||No crypto|
|Active trader account||No live chat|
|Great selection of tools|
|Negative Balance protection|
XM is another great option if you are new to trading and want to start with a low minimum deposit. All you need is 5 USD and you can deposit your funds in any of the following currencies: PLN, RUB, CHF, AUD, USD, GBP, JPY, HUF or EUR.
This is a highly-regulated broker that offers trading bonuses to clients and over 1,000 trading instruments.
Pros and Cons of XM:
|Many products to choose from||No fixed spreads|
|Available in 196 countries||No US clients|
|5 million clients||Inactivity fees|
Alpari is a great option for beginners or experienced traders who would like to test strategies or learn how to trade.
Once you have activated your trading account, you will gain access to a wide range of trading tools and over 300 instruments.
Accounts can be funded using USD, GBP, EUR or NGN and you can trade a variety of CFDs, Metals and Forex. With Alpari.
Pros and Cons of Alpari:
|Can be used with MetaTrader||Not many regulations|
|Trading bonuses||No crypto|
|Flexible accounts||4 base currencies|
|2 million clients|
FXTM is regulated by FCA, CySEC, FSC and accounts can be activated with only 10 USD and using EUR, NGN, USD or GBP.
If you want to trade with high leverage, FXTM offers a 1:2000 maximum leverage ratio and you can choose from one of 3 platforms, including MT4, MT5 and the FXTM Trader app.
This broker is ideal for copy trading and clients can choose from more than 5,000 tested strategies that can be copied.
Pros and Cons of FXTM:
|5,000+ strategies||No US clients|
|Low min deposit||Penalty fees|
|High max leverage|
We recommend FP Markets for CFD traders, who can trade over 10,000 instruments once they have activated their live accounts with this broker.
FP Markets offers free VPS services and allows the use of Expert Advisors, along with providing clients with a variety of advanced trading tools and features.
This broker is also suitable for social traders and beginners.
Pros and Cons of FP Markets:
|10 currencies for account funding||No trading bonuses|
|Tier-1 regulations||No fixed spreads|
|Multiple platforms to trade on|
GO Markets is a great option for newbies, as well as experienced traders who are looking for a broker that provides advanced trading tools and MetaTrader compatibility.
With GO Markets, you can use Autochartist, Trading Central, a-Quant and MetaTrader Genesis tools and you will also be able to use Myfxbook.
The minimum deposit is higher than most brokers (200 USD) but we believe it’s worth it if you’re looking for quality tools and features.
Pros and Cons of GO Markets:
|Top-tier regulations||No swap-free account|
|5+ base currencies||High min deposit|
XTB offers its own platform called xStation5, along with one type of accoun that requires no minimum deposit and supports 5 base currencies.
This broker is regulated by IFSC, KNF and FCA, and offers demo accounts and swap free account.
The XTB tradin academy can be used by beginners nad customer support is available through live chat, email and telephonic support.
Pros and Cons of XTB:
|No minimum deposit||Penalty fees|
|2,000+ instruments||No US citizens|
Plus500 is a popular broker with more than 400,000 clients. This broker is currently a sponsor for 5 sport teams andhas won many awards since 2008.
We recommend Plus500 for beginners and clients can choose between two types of accounts for trading.
These accounts can be funded using JPY, SGD, CAD, CHF, EUR, CZK, NOK, SEK, AUD, HUF, PLN, GBP, USD or TRY.
Pros and Cons of Plus500
|Many base currencies||No MT4 or MT5|
|Tier-1 regulations||Inactivity fees|
|Suitable for beginners||No US clients|
|Sponsor for athletes|
IC Markets is a MetaTrader-friendly broker that is also compatible with cTrader and offers over 1,780 instruments across several asset classes, including Bonds, Forex, Crypto, Stocks, Commodities, Indices and Futures.
IC Markets is regulated by CySEC, FSA and ASIC, and accounts can be funded using GBP, HKD, NZD, EUR, CHF CAD, JPY, SGD, USD or AUD.
There are 3 types of accounts to choose from and clients of the Muslim faith have the option to change to swap-free accounts.
Pros and Cons of IC Markets:
|1,000+ instruments||No US clients|
|10 base currencies||High minimum deposit|
eToro has over 17 mil clients and we recommend this broker for inexperienced traders and NASDAQ traders.
eToro offers a trading academy with plenty of guides, videos and webinars that can be used with the demo account.
An eToro account can be activated with only 50 USD and accounts can be funded using CNY, USD, GBP, AUD, EUR, JPY, CAD or RUB.
Pros and Cons of eToro:
|Low minimum deposit||No MetaTrader support|
|5+ base currencies||No trading bonuses|
CMC Markets is trusted by more than 300,000 clients and offers 3 flexible accounts and over 300 trdable FX pairs.
A live account can be activated without making a deposit but several base currencies are supported, including SEK, NZD, PLN, NOK, SGD, USD, CAD, AUS, EUR and GBP.
CMC Markets rewards its clients with cash rebates and there is more than 11,000 instruments in total.
Pros and Cons of CMC Markets:
|11,000+ instruments||Low leverage|
|Cash rebates program||Not many regulations|
Pepperstone is a leading CFD broker and is suitable for beginners and social traders.
This broker has over 300,000 clients and is regulated by CMA, FCA, DFSA, ASIC, BaFIN, CySEC and SCB.
Pepperstone offers 2 accounts and accounts can be funded with several currencies, including AUD, NZD, SGD, EUR, JPY, GBP, HKD, USD and CHF.
Pros and Cons of Pepperstone:
|Many top-tier regulations||Minimum deposit is high|
|Variety of trading tools|
As a Forex.com client, you will be able to trade Indices, Commodities, Metals, Stocks, Crypto and Forex, with a total of more than 4,000 shares on offer.
The minimum deposit at Forex.com is 50 USD and accounts can be funded using EUR, JPY CHF, GBP, AUD or USD.
Forex.com offers its clients many advanced trading tools and if you are a high-volume trader, you can use the active trader program.
Pros and Cons of Forex.com:
|Cash rebates program||No swap-free accounts|
|SMART trading tools||Inactivity fees|
HYCM offers 3 types of accounts and a great VIP program, and a minimum deposit of 100 USD will activate your live trading account.
With Forex.com, you can trade Cryptocurrencies, Commodities, Forex, Stocks, Indices and ETFs, and over 300 instruments can be traded in total.
Forex.com is regulated by FCA, DIFC, CySEC and CIMA, and is compatible with both MT4 and MT5.
Pros and Cons of HYCM:
|300+ instruments||No accounts for US citizens|
|MetaTrader support||Monthly penalty fees for inactivity|
|Negative Balance Protection|
FBS accommodates all styles of trading and is regulated by ASIC, IFSC, CySEC and FSCA.
This broker offers multiple account types and accounts can be funded using USD or EUR.
A minimum deposit of only 1 USD is required and flexible payment methods are provided.
This broker is compatible with MetaTrader 4 and 5, as well as CopyTrade and FBS Trade.
Pros and Cons of FBS:
|17 mil clients||Low maximum leverage|
|Low minimum deposit||2 base currencies|
|5 accounts||Swap Free only available on some accounts|
FxPro is regulated by FSCA, FCA and CySEC, and is a popular Forex broker with a good track record.
This broker supports multiple platforms, including MT4 and MT5, cTrader and the proprietary FxPro platform, but only 1 type of account is offered.
The FxPro trading account can be funded using JPY, CHF, PLN, USD, EUR, AUD, ZAR or GBP, and a minimum deposit of 100 USD is required.
Pros and Cons of FxPro:
|Tier-1 regulations||1 account types|
|5+ base currencies||Inactivity fees|
Markets.com provides a knowledge centre with eBooks, analysis reports, webinars, and more, making it a suitable option for inexperienced traders.
This broker requires a minimum deposit of 100 USD and accept several currencies for funding, including SEK, CZK, DKK, NOK, AUD, PLN, ZAR, EUR, USD, GBP and CHF.
Markets.com is regulated by FSCA, CySEC and ASIC, and offers two of its own platforms with unique features on each.
Marketsx is similar to most traditional trading accounts and Marketsi is designed for stock trading and strategy building.
Pros and Cons of Markets.com:
|Tier-1 regulations||No trading bonuses|
|2,000+ CFDs||Inactivity fees|
|Strategy builder tool|
|5+ base currencies supported|
As an easyMarkets client, you will also be able to choose from 3 different platforms, including MT4, TradingView and the proprietary easyMarkets app.
easyMarkets provides trading guides, eBooks and other learning material for beginners and we recommend trying this broker if you are new to trading.
Pros and Cons of easyMarkets:
|No slippage||No US clients|
FXCM rewards its clients with cash rebates and a referral program, and also accommodates for beginners by providing a wide range of trading material to help inexperienced traders learn how to trade with ease.
As an FXCM client, you will be able to trade Commodities, Shares, Crypto, Forex and Indices, and a minimum deposit of only 50 USD can get you started.
Pros and Cons of FXCM:
|Suitable for copy traders||High bank withdrawal fees|
|Plenty of educational content||4 base currencies|
|Trading bonuses||Penalty fees for inactivity|
|Low minimum deposit|
IG is regulated by several top-tier agencies, including CFTC, JFSA, FCA, FINMA, ASIC, DIFC and MAS.
This broker provides plenty of educational material through its trading academy and we recommend IG for beginners.
If you are a professional trader, IG also offers corporate and institutional accounts, and advanced tools for more experienced traders.
Pros and Cons of IG:
|17,000+ markets||High minimum deposit|
|Trading bonuses||No swap-free accounts|
|Low trading fees|
City Index is trusted by over 300,000 clients and is regulated by ASIC, FCA, JFSA, IIROC and CFTC.
The minimum deposit at City Index is relatively low and you can fund your account using AUD, EUR, CHF, PLN, HUF, GBP, USD and JPY.
City Index provides a great range of tools, such as trading signals, charts, volatility alerts and analytics tools to measure performance.
Pros and Cons of City Index:
|12,000+ markets||Inactivity is penalised|
|Trading bonuses||High fees on stock CFDs|
|5+ base currencies|
ActivTrades is a No Dealing Desk broker that has won many awards over the years and offers tight spreads, starting at 0.5 pips, and guarantees no requotes.
As an ActivTrades client, you will benefit from a referral program, cashback rewards and an active trader program.
ActivTrades supports fully automated trading and a wide range of trading tools, including SmartOrders, SmartCalculators and SmartLines.
ActivTrades Pros and Cons
|Negative Balance Protection||No US clients|
|Trading bonuses||Not many regulations|
|No requotes||4 base currencies|
|Tight spreads||High minimum deposits|
Blackbull Markets is an FSA-regulated Forex broker that offers MetaTrader 4 and 5 support, and is also compatible with Myfxbook and ZuluTrade.
With Blackbull Markets, you can trade more than 300 instruments and there are 3 account types to choose from.
Blackbull Markets also gives clients of the Muslim faith the option to use swap-free accounts and an active trader account is provided for high-volume traders.
Pros and Cons
|5+ base currencies||No access to US clients|
|Trading bonuses||No fixed spreads|
|MetaTrader support||Not many regulations|
Dukascopy currently supports more than 10 base currencies that can be used to fund accounts and a minimum deposit of 100 USD will get you started.
With this broker, you can trade Crypto, Energy, Bonds, ETFs, Stocks, Indexes, Forex and Metals,
Dukascopy is regulated by JFSA, FINMA and FCMC, and is a member of the Swiss Banking Group.
Dukascopy Pros and Cons
|20+ currencies supported||High commission fees|
|Great range of trading tools||Lacking educational content|
|High maximum leverage||Not available in US|
|Variety of trading services and features|
Interactive Brokers is a leader in Forex and CFD trading and we high recommend this broker to all types of traders.
This broker provides learning material and an excellent trading academy for beginners, and as a client, you will be able to trade more than 7,000 CFDs, over 100 currency pairs and much more.
Interactive Brokers has a good reputation and is regulated by FCA ASIC, CFTC and USSEC.
Pros and Cons of Interactive Brokers:
|No minimum deposit||No Islamic accounts|
|10+ base currencies||No trading bonuses|
|100+ order types|
As a Tickmill client, you can trade Energies, Stocks, Commodities, Forex, Indices, Bonds, CFDs, Metals and Shares, and a great variety of trading tools, such as Autochartist, Myfxbook and Pelican trading features, are available.
This broker is suitable for inexperienced traders and is regulated by MiFID, FSCS, CYSEC, ESMA, FSA, FCA.
Pros and Cons of Tickmill:
|Negative Balance Protection||No US clients|
|MetaTrader support||3 base currencies|
|Trading bonuses||No crypto|
We highly recommend trying a demo account first if you are considering changing accounts or brokers, or if you have never traded before but would like to experience a risk-free trading environment where you can experiment with different tools, test strategies and apply your trading knowledge.
Demo accounts offer many benefits to potential and existing clients, and these 30 Best Forex Trading Demo Accounts are available with 30 of the most trusted, most regulated Forex brokers in the industry.