| Updated: December 2, 2024If you are new to forex trading, you might be having a tough time choosing a proper broker for your future trades. That is why we have listed 10 of the most suitable forex brands that cater to beginners and experienced traders, offering them tools like demo accounts, educational materials, and plenty of instruments that can help them advance in forex trading.
Fusion Markets74-89% of retail CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
Pepperstone75.5% of retail investor accounts lose money
AvaTrade76% of retail investor accounts lose money
eToro51% of retail investor accounts lose money
Plus50082% of retail investor accounts lose money
Admirals73% of retail investor accounts lose money
IG70% of retail client accounts lose money
Tickmill70% of retail investor accounts lose money
Iron FX67.62% of retail investor accounts lose moneyComprehensive Comparison of the Top 10 Forex Brokers with Demo Accounts
| Forex Broker | Demo account available? | Min Deposit | Trading Platforms | Regulators |
|---|---|---|---|---|
| 1. FP Markets | Yes | $50 (AU$100) | MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines) |
| 2. Fusion Markets | Yes | $0 | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
| 3. AvaTrade | Yes | $100 | MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade | FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662) |
| 4. Plus500 | Yes | $100 | Proprietary desktop and mobile platforms | FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727), BaFin registration, SCB (SIA-F250) |
| 5. Iron FX | Yes | $100 | MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App | FCA (licensing no. 585561), FSCA (licensing no. 45276) |
| 6. IG | Yes | $50 | MT4, L2 Dealer, ProRealTime, IG proprietary software, TradingView | ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) |
| 7. Pepperstone | Yes | $0 | TradingView, MT5, MT4, cTrader | UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas) |
| 8. Tickmill | Yes | $100 | MT4, MT5, WebTrader, ZuluTrade | CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464), DFSA (F007663) |
| 9. Admirals | Yes | $100 ($1 for Invest MT5 Account) | MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader | CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No.SD073) |
| 10. eToro | Yes | $50 or $100 based on country ($10 for the UK) | eToro Investing, eToro App, TradingView, eToro CopyTrader | FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN, AMF, SEC, GFSC |
Top 10 Brokers Offering Demo Accounts
Traders who sign up with Fusion Markets can practice their forex trading strategies by opening a demo account. The broker will allow you to open a classic or ZERO demo account, choosing from trading platforms like MT4, MT5, cTrader, and TradingView. The ZERO account type will allow you to trade with a spread as low as 0 pips and a fixed rate commission of $4.50, meanwhile, classic account users will have the commission built into the spread, with the average price of a trade being around 0.9 pips. Fusion Markets’ demo account stays active for 30 days, after which you can request to reactivate it for free once you make a deposit into your live account.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. FP Markets
You can start your forex trading journey with FP Markets, which is a well-experienced and reliable retail broker. To help you get accustomed to the forex trading market, FP Markets offers a commission-based demo account with a virtual balance of $100,000. All prices and charts that will be available on the MT4 platform, will be displayed in real-time, allowing you to enjoy a realistic forex trading experience. FP Markets customers can choose to open either a Standard or Raw demo account and open their training profile on the MT4, MT5, Ctrader, or TradingView platform.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.92% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 3. Pepperstone
At Pepperstone, traders can enjoy the best trading conditions, with various markets and multiple instruments offering every type of trader a smooth experience. If you do not feel comfortable placing orders and making trading decisions while staking your real money right away, you may try the demo account of Pepperstone. It is a safe and risk-free way to explore the MT4, MT5, and cTrader platforms, with prices and market trends being updated in real time to help you make trading decisions. While you can learn how to trade, the demo account of Pepperstone is also a great tool to test your forex strategies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 4. AvaTrade
Whether it is for learning how to trade or simply developing your trading strategies, the demo account of AvaTrade is one of the best solutions for your successful forex trades. Members of the broker can open an unlimited demo account that will allow them to test MT4, MT5, and AvaTrade’s proprietary WebTrader platform. If you prefer trading on the go, you can also open a demo account on the AvaTrade app. Depending on your preferences, you can open a standard or a professional demo account, with the main difference between the two account types being the pricing of a trade.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 5. eToro
Whenever you are ready to dive into the forex trading market, you can trust eToro to offer the best trading conditions to every type of trader. What is more, the broker offers its customers to start their trading endeavors with a demo account that will allow them to trade live markets in real time, without risking any real money. The demo account will offer traders instant access to eToro’s proprietary platform and its functionalities, allowing beginners to quickly get used to trading. Experienced traders can also use eToro’s virtual platform to practice their trading strategies and switch to their live accounts once they are ready to place real-money orders.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. - 6. Plus500
Whether you are new to trading or you are simply looking for a brand offering the best trading conditions for your trades, you can trust Plus500. This well-experienced retail broker offers its customers access to a wide range of trading markets, all available on its proprietary platform. To get a better understanding of the platform’s features and instruments, and to practice your forex trading strategies, you can create a demo account. To start your practice training, you can simply provide an email and a password that you will use to sign into your Plus500 account. You can easily switch between your demo and live trading account and practice any strategy that you have in mind.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 7. Iron FX
Offering a smooth trading experience to any type of forex trader, IronFX is a great choice for your trading sessions. To help those who are new to forex and allow experienced traders to safely test out their trading strategies, IronFX offers the option to open a demo account. The process of opening a demo account is extremely simple, allowing you to select between Floating Spread and STP/ECN Absolute Zero demo account types. Upon creating your demo account, you can also choose the maximum leverage to trade with, allowing you to set up the same conditions you would normally trade with while using your live trading account.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 8. IG
If you are looking for a trading broker for your first steps in the forex market, you can safely pick IG. Being one of the veterans in the trading sector, IG offers a great selection of tools for trading beginners, including a demo trading account with a virtual balance of $20,000 to use for your training trades. While being a useful tool for beginners, IG’s demo account is also a great option for experienced traders who wish to test their forex trading strategies.
CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money. - 9. Tickmill
You will be able to make the most of your trading if you join Tickmill, which is a leading retail broker, catering to the needs of numerous traders. If you need help with your first steps in forex trading, you can start your journey with Tickmill’s demo account. It will allow you to trade more than 180 CFD instruments without risking any real money. The demo forex and CFD demo account of Tickmill will allow you to explore the interface and features of the MT4 and MT5 platforms, helping you advance your trading skills. Keep in mind that the demo account at Tickmill is active only 28 days after you have created it.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 10. Admirals
You can always enjoy a smooth trading experience as an Admiral Markets customer, no matter whether you are a beginner or an experienced trader. If you need help with getting accustomed to the forex market and the trading platform supported by Admiral Markets, you can open a demo account. It will duplicate the current market conditions, allowing you to make risk-free trades with virtual money. Upon creating a demo account, it will be active for 30 days. To keep it active for your future trading tests, you have to open a live account and log into it at least once every 30 days.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is a Demo Trading Account?
Most reputable forex brokers will allow their registered clients to open demo accounts before they start trading real funds. This type of tool can be very useful for trading beginners who need help with trading platforms, analysis, and other tools that may later help them make better trading decisions. The best part about demo trading is that you will risk none of your real money and will still have the chance to master new trading skills and apply whatever you have learned.
With demo accounts, you use virtual money to place orders that you can actually make whenever you start using real money. Most platform types offer demo accounts, allowing you to get familiar with their interfaces, special features, covered markets, and trading tools. In addition to being a great solution for inexperienced forex traders, demo accounts are also extremely suitable for testing trading strategies, allowing traders to monitor what would actually happen when placing specific order types.
How Do Demo Accounts Function?
You will notice that any reliable broker brand offers the option to open a demo account before you opt for a live account that requires funding your trading wallet before placing any orders. Demo accounts are pre-charged with a specific amount of virtual money that can be used for your demo trades. This trading software uses the good-old paper trading method where beginners would write down trades they would actually make on a forex market they are currently analyzing, with this method also requiring writing down the close position you would usually choose to make.
Paper trading used to be a great method allowing traders to practice buying and selling, and demo accounts are considered a modernized version of paper trading. Whether you lose money or you gain profit, you will not risk (and earn) any real funds. When using demo accounts, beginners are advised to follow the same strategy they would implement while trading with real money. That means assessing the risk and placing orders you would be comfortable making when you open a live trading account.
Can Investors Learn from Using Demo Accounts?
Beginners in the trading sector can benefit from the use of demo accounts as this type of trading can be very educational while costing no real money to execute trades. Since demo accounts replace the real current conditions in the market, inexperienced traders can track how their orders would actually develop if they were to trade with their live accounts.
Demo accounts are also useful for developing trading strategies. While it is advised to stick to the same risk levels you would be comfortable with when trading actual funds, you may diversify your trading strategy when using a demo account. This is a great opportunity to see which trading method would be most beneficial and lose no real money whenever a particular strategy fails you.
Traders can also test Expert Advisors (EAs) on their demo accounts. To do that, they need to install the EA on their account, the same way they would install the trading robot on a live account. Once it is set up for trading, the EAs can be tested, allowing traders to verify the success rate of the automated trading tool without risking any real money.
As brokers tend to offer different trading platforms, you may need some time to get accustomed to the specific features of each trading software. Opening a demo account will help you learn the ins and outs of each platform supported by the broker of your choice, allowing you to use different tools that can make your trades faster, smoother, and much more informed.
Types of Trading Demo Accounts
While demo trading accounts can be a suitable tool for inexperienced traders, they can also be a useful instrument for traders who wish to upgrade to a different type of forex trading. Since many brokers tend to offer their customers a range of accounts, they also allow them to start each type of trading experience with demo accounts.
Standard accounts usually cater to retail traders who will usually have no minimum deposit requirements, can trade a wide range of instruments, and pay extremely low surcharges built into the spread. Trading conditions are easily replicated into demo accounts, giving traders the chance to practice the trades they would most likely execute once they opt for live account trading.
With standard accounts often coming with restrictions on leverage and trading volumes, traders might consider upgrading to professional trading accounts or zero accounts. To qualify for this type of trading account, investors must meet some requirements that prove they have the funds to engage in trades of higher volumes. Conveniently enough, many brokers will allow their customers to open demo professional/zero accounts that will apply lower spread, often starting at 0 pips. That way, traders can get familiar with the different styles of trading before they start risking their real money on higher-volume trades.
Using Bots with Demo Trading Accounts
Often, traders can use forex bots whenever they are trading with a demo account. This type of software allows investors to make informed decisions they might struggle with whenever they are still new to the forex market. These robots will suggest trading options, you can test with your demo account without risking any real money. If the trades you have made based on the forex bot’s suggestions turn out to be successful, you may also rely on this type of software whenever you open a live trading account.
Forex brokers rely on precise market indicators, analysis, and trends to generate trading suggestions for your forex trades. However, it is up to you to choose whether to trust the bot or place orders you find to be more suitable.
While this is not exactly a demo account, we would also like to mention backtesting, which is a tool supported by some trading platforms. It allows you to test trading strategies, thanks to the use of bots that will rely on historic market data to perform trades you would make. The bots will use virtual money to make the trade, allowing you to assess the success rate of the trading strategy you plan on implementing.
Which Demo Account Types are Best for Inexperienced Traders?
As mentioned above, brokers will allow their customers to open different types of demo accounts that can cater to the preferences of various traders. That said, if you are not well-experienced in trading, you may be wondering which account variation is suitable to start with. Depending on your trading knowledge and goals, you may want to explore different account options.
If you are still new to forex trading, you may want to try trading with an STP demo account. It is mainly suitable for beginners or casual traders as the STP-account type follows a pricing model based only on the spread. Meanwhile, professional/zero accounts may allow traders to place orders with tighter spreads but would charge higher commissions, which is also a thing to take into account.
Since most brokers will allow their customers to open a wide range of trading accounts, we suggest traders try out all demo accounts they will have access to. That way, they can determine which trading style is most suitable to their budget, willingness to take risks, and overall trading goals.