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 15 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
USD 100 MiFID, FSA, ASIC, BVI, FFAJ, FSCA, ADMG, FRSA 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency AUD, EUR, USD, GBP, CHF Yes 1:400 🛒 Instruments Forex, Bonds, Stocks, Commodities, ETFs, Indices, Crypto 🏛️ Visit Broker
Minimum Deposit
Regulators
Islamic Account
Leverage
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:
| ✔️Pros | ❌Cons |
| Multiple platforms | No US clients allowed |
| Wide range of products | |
| Trading bonuses | |
| Many regulations |
Exness
Overall Rating Rated #1 of USD 10 FSA, CBCS, FSC, FSC, FSCA, CySEC, FCA 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency USD, EUR, ZAR, CHF, NZD, SGD, JPY, AUD Yes 1:unlimited 🛒 Instruments 100+ Forex, Cryptocurrencies, Energies, Metals, Shares, Stocks, Commodities 🏛️ Visit Broker
4.9/5
Recommended FX BrokersMin. DepositRegulators Islamic Account Leverage
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:
| ✔️Pros | ❌Cons |
| Very low minimum deposit | No trading bonuses |
| Can be used with MetaTrader | Educational content on a different website |
| 8 base currencies | |
| Unlimited leverage |
BDSwiss
USD 200 CySec, FSC, FSA, BaFin, NFA 📱 Platforms MT4, MT5, BDSwiss app Yes 💵 Account Currency EUR, USD, GBP, PLN, CHF, SEK, DKK, NOK Yes 1:500 🛒 Instruments Forex, Commodities, Shares, Indices, CryptocurrenciesMinimum Deposit Regulators Islamic Account Leverage
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:
| ✔️Pros | ❌Cons |
| Trading academy | 3 base currencies |
| 3 platforms | No US citizens |
| Low trading fees | No trading bonus |
| Daily market analysis |
HotForex
Overall Rating USD 5 FCA, FSA, FSCA, DFSA, CySEC, FSC 📱 Platfoms MT4, MT5 ₿ Crypto No 💵 Account Currency USD, ZAR, USD, NGN Yes 1:1000 🛒 Instruments Forex, Metals, Energies, Indices, Shares, Commodities, Bonds, Stocks, ETFs 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
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:
| ✔️Pros | ❌Cons |
| 5 accounts | High trading fees |
| Instruments from 8 asset classes | Inactivity is penalised |
| Many trading tools | |
| Negative Balance Protection |
OANDA
Overall Rating Open and fund your OANDA account (min$25) and get a welcome bonus up to $5,000!
3.9/5
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:
| ✔️Pros | ❌Cons |
| Many regulations | No crypto |
| Active trader account | No live chat |
| Great selection of tools | |
| Negative Balance protection |
XM
Overall Rating USD 5 ESMA, CySEC, ASIC, FCA, IFSC, DFSA 📱 Platforms Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform ₿ Crypto No 💵 Account Currency USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB Yes 1:1000 🛒 Instruments Commodities, Forex, Stocks, Crypto, Metals, Shares, Energies 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
XM is another great option if you are new to trading and want to start with a low minimum deposit.
This is a highly-regulated broker that offers trading bonuses to clients and over 1,000 trading instruments.
Pros and Cons of XM:
| ✔️Pros | ❌Cons |
| Many products to choose from | No fixed spreads |
| Available in 196 countries | No US clients |
| 5 million clients | Inactivity fees |
| Many regulations |
Alpari
USD 5 FSC 📱 Platforms MT4, MT5, Alpari Mobile ₿ Crypto No 💵 Account Currency USD, EUR, GBP, NGN Yes 1:1000 🛒 Instruments Forex, Metals, CFDs 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
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:
| ✔️Pros | ❌Cons |
| Can be used with MetaTrader | Not many regulations |
| Trading bonuses | No crypto |
| Flexible accounts | 4 base currencies |
| 2 million clients |
FXTM
Overall Rating USD 10 CySEC, FCA, FSC 📱 Platforms MT4, MT5, FXTM Trader ₿ Crypto No 💵 Account Currency USD, EUR, GBP, NGN Yes 1:2000 🛒 Instruments Metals, Stocks, CFDs, Indices, Forex, Commodities 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
FXTM is regulated by FCA, CySEC and 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:
| ✔️Pros | ❌Cons |
| 5,000+ strategies | No US clients |
| Low min deposit | Penalty fees |
| High max leverage |
FP Markets
Overall Rating USD 100 ASIC, CySEC 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency EUR, GBP, USD, AUD, CAD, SGD, HKD, JPY, NZD, CHF Yes 1:500 🛒 Instruments Forex, Shares, Metals, Indices, Commodities, crypto 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account 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:
| ✔️Pros | ❌Cons |
| 10 currencies for account funding | No trading bonuses |
| Tier-1 regulations | No fixed spreads |
| Multiple platforms to trade on |
GO Markets
Overall Rating USD 200 FSC, ASIC, AFSL 📱 Platforms MT4, MT5, GO Webtrader Yes 💵 Account Currency AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD No 1:500 🛒 Instruments Forex, Shares, Indices, Metals, Commodities
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
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:
| ✔️Pros | ❌Cons |
| Top-tier regulations | No swap-free account |
| 5+ base currencies | High min deposit |
| Free VPS |
XTB
Overall Rating USD 0 FCA, KNF, CySEC, IFSC 📱 Platforms xStation 5 ₿ Crypto Yes 💵 Account Currency EUR, USD, GBP, HUF Yes 📊 Leverage 1:500 🛒 Instruments 2,100+ Forex, Commodities, Indices, Crypto, Stocks, ETFs, CFDs 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account
XTB offers its own platform called xStation5, along with one type of account 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 accounts.
The XTB tradin academy can be used by beginners and customer support is available through live chat, email and telephonic support.
Pros and Cons of XTB:
| ✔️Pros | ❌Cons |
| No minimum deposit | Penalty fees |
| 2,000+ instruments | No US citizens |
| Beginner-friendly | |
| Proprietary platform |
Plus500
Overall Rating USD 100 FCA, CySEC, ASIC, FMA 📱 Platforms Plus500 app ₿ Crypto Yes 💵 Account Currency USD, GBP, EUR, CHF, AUD, JPY, PLN, HUF, CZK, CAD, TRY, SEK, NOK, SGD Yes 📊 Leverage 1:300 🛒 Instruments Forex, Indices, Cryptocurrency, Commodities, Shares, Options, ETFs 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account
Plus500 is a popular broker with more than 400,000 clients. This broker is currently a sponsor for 5 sports teams and has 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
| ✔️Pros | ❌Cons |
| Many base currencies | No MT4 or MT5 |
| Tier-1 regulations | Inactivity fees |
| Suitable for beginners | No US clients |
| Sponsor for athletes |
IC Markets
Overall Rating USD 200 FSA, CySEC, ASIC 📱 Platforms MT4, MT5, cTrader ₿ Crypto Yes 💵 Account Currency AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF Yes 1:500 🛒 Instruments Stocks, Commodities, Indices, Forex, Bonds, Crypto, Futures 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
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:
| ✔️Pros | ❌Cons |
| 1,000+ instruments | No US clients |
| 10 base currencies | High minimum deposit |
| Tier-1 regulations |
eToro
Overall Rating USD 50 FCA, CySEC, ASIC 📱 Platforms eToro app, OpenBook, eToro CopyTrade ₿ Crypto Yes 💵 Account Currency USD, AUD, CNY, CAD, GBP, EUR, JPY, RUB Yes 1:30 🛒 Instruments Stocks, Commodities, Indices, Forex, ETFs, Cryptocurrencies 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
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:
| ✔️Pros | ❌Cons |
| Low minimum deposit | No MetaTrader support |
| 5+ base currencies | No trading bonuses |
| High-ranking regulations | |
| beginner-friendly |
CMC Markets
Overall Rating USD 0 FCA 📱 Platforms MT4, CMC Markets Next Generation app ₿ Crypto Yes 💵 Account Currency GBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD Yes 1:30 🛒 Instruments Forex, Indices, Crypto, Commodities, Shares, Treasuries, ETFs 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
CMC Markets is trusted by more than 300,000 clients and offers 3 flexible accounts and over 300 tradable 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 are more than 11,000 instruments in total.
Pros and Cons of CMC Markets:
| ✔️Pros | ❌Cons |
| 11,000+ instruments | Low leverage |
| Cash rebates program | Not many regulations |
| Multiple accounts |
Conclusion
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 15 Best Forex Trading Demo Accounts are available with 30 of the most trusted, most regulated Forex brokers in the industry.
Good luck with your trading!
Disclaimer
Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.
The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.
