Choosing the right forex broker is crucial to one’s success as a forex trader. For a beginner to the world of forex trading, it can be quite a challenge to pick a broker, what with so many choices available out there. To make the choice easier, it is strongly advisable to test a potential platform by trading using that broker’s demo account.
Compare the Best Forex Trading Demo Accounts
Min Deposit: $50
Min Deposit: $100
Min Deposit: $0
Min Deposit: $100
Min Deposit: $50
Min Deposit: $0
Min Deposit: $10
Min Deposit: $100
Min Deposit: $100
What Are Demo Accounts in Forex Trading?
Demo accounts are basically the same as actual trading accounts, except that you don’t risk any capital. That is, you can practice trading in live market conditions without actually using any of your money. Because of this, demo accounts are highly invaluable for beginners learning the ropes of forex trading. Later on in this article, we will take a look at some of the best forex trading demo accounts today.
Firstly, let’s talk about opening a demo account. The first step is to go to the website of an online broker and look for the appropriate link. Usually, it will be on a very prominent button right on the landing page. They actually encourage people to open demo accounts so that they can showcase the unique features of their platform. Ultimately, the broker’s goal is to entice people to sign up for an actual account with them.
Top 10 Best Forex Trading Demo Accounts
Here’s our top ick of top 10 forex trading demo accounts for beginners:
| Forex Broker | Virtual Funds | Currency Pairs | Minimum Initial Deposit |
|
eToro |
$100,000 |
40 |
$10 |
|
Plus500 |
$50,000 |
60 |
$100 |
|
AvaTrade |
$100,000 |
60 |
$100 |
|
XTB |
$100,000 |
48 |
£250 |
|
IG Markets |
$10,000 |
97 |
$0 |
|
Fusion Markets |
$10,000 |
90 |
$0 |
|
FP markets |
$100,000 |
71 |
$100 |
|
BlackBull Markets |
$100,000 |
72 |
$0 |
|
IFC Markets |
$10,000 |
48 |
$1 |
|
easyMarkets |
$100,000 |
18 |
$50 |
What Are the Benefits of Using Demo Accounts?
A lot of traders would not even hesitate about opening a demo account because of the fact that it is free. When you think about it, though, a free trial is not all that it has to offer. There are many more benefits that you can gain from these free trials, and these would make you a better trader in the long run.
It lets you learn without financial risk
Demo accounts usually give you access to most, if not all, the fundamental features of a trading platform. Hence, you can use these tools in a real live trading environment, which is the best way to learn. On top of it all, you are not putting in any of your own money so there is absolutely no financial risk.
It familiarizes you with the unique features of a trading platform
Trading platforms are not all built the same. Each comes with unique features that set them apart from the competition. The best way for you to be familiar with such features is through a demo account that lets you experience them hands on. Once you master these features, it will be easier to trade using a real account.
It allows you to build and hone your trading strategy
Many assume that beginners are the ones who can benefit the most from a demo account, but that is not always the case. Even experienced traders use demo accounts from time to time if they want to try out a new strategy and see how it performs on the market.
It helps build your confidence as a trader
The more you trade, the more confident you will be in your approach and strategies. With demo accounts, you can practice repeatedly, as long as you still have enough virtual funds to use for trading.
It gives you a better sense of risk management
For many new traders, the idea of risk management in forex trading is a very abstract idea. It only becomes real once you actually make a trade and feel the anxiety from the possibility of taking a loss. Using demo accounts creates this sense of caution and makes traders take risk management a lot more seriously.
It provides a basis for broker comparison
If you are in the process of searching for a good forex broker, then you can test potential candidates better by trying their demo accounts. This way, you will be able to compare individual features and services more accurately, helping you arrive at the right choice.
Free Forex Demo Accounts Reviewed
Nearly all online brokers these days offer a demo account so that you can get a feel of their platform. Of course, the features and inclusions of these accounts vary across brokers. To give you an idea of which ones might be most suitable for your goals and trading style, we have compiled a list of the best forex trading demo accounts in Europe today.
1. Fusion Markets
Setting up a demo account at Fusion Markets is quick and easy. You just need to enter basic information and choose some trading options. Once you have successfully created the account, you can use it for as long as 30 days without spending any real money. For this period, you will have $10,000 to use for trading more than 90 tradable instruments using the MT4 platform.
2. FP markets
One of the most reputable forex brokers in the UK today, FP markets offers a generous free demo account where you get virtual funds for practice trading. For this free trial, you can get full access to the entire MetaTrader suite and fully customize it to meet your needs. However, you can only use the demo account for 30 days.
3. BlackBull Markets
If you are looking to practice on either the MT4 or MT5 trading platforms, the demo account at BlackBull Markets is an excellent venue. Use as much as $100,000 to make trades on more than 70 currency pairs, plus a few other instruments. You have 30 days to use this free demo account and practice in a 100% risk-free environment.
4. IFC Markets
Everything that IFC Markets has to offer in their live accounts is also available in their demo accounts. The specific features that you can experience in the demo account depend on the platform that you choose. You have the option to demo either MT4, MT5, or NTTX, which is available for both fixed and floating spreads.
5. AvaTrade
Unlike most brokers that rely on MT4 and MT5, AvaTrade also has its own proprietary trading platform. Here, users can trade a large variety of currency pairs, indices, options, bonds, stocks, and other tradable assets. You can experiment with all these instruments in the demo account, which comes with $100,000 in demo funds.
6. easyMarkets
Completing our list of best forex trading demo accounts is easyMarkets. To sign up, all you need is to submit your email address and phone number and you’re good to go. You will receive $100,000 in a virtual fund to use for trading across all live account markets. You can create only one demo account per email address, but you can continue using the account for as long as you have available funds in it.
7. eToro
With funds of $100,000 and the opportunity to trade over 5,500 forex, crypto, stocks, and other instruments, eToro is easily one of the best forex trading demo accounts on our list. Firstly, they give users access to the entire eToro library of trading tools. Secondly, they let you practice copy trading, which is one of the platform’s most notable features. Finally, they have excellent customer support, which is very helpful in the learning process.
8. Plus500
A Plus500 demo account entitles you to $50,000 of trading funds, which you can use to trade an extensive list of currency pairs. Its platform includes charting tools and advanced features, but the interface is highly suitable for beginners still learning the ropes.
9. XTB
If you are into technical trading and are looking for access to cutting edge trading tools, XTB’s demo account provides the perfect opportunity. Opening a demo account is very quick – you don’t even need to provide payment details. Once you have an account, you can use either MT4 or the platform’s own xStation5 trading suite, and begin honing your trading strategies. You also get $100,000 to practice trading 2100+ CFDs on forex, commodities, indices, stocks, and ETFs.
10. IG Markets
The fund limit for IG Markets demo account is on the low side with only $10,000 but this broker easily makes it into our list of best forex trading demo accounts because they give you the chance to trade any of 80 currency pairs. This broker does not take commissions for trades, and their spreads are quite attractive as well. IG Markets has its own trading platform, but if you are very familiar with MT4, you can opt to use that as well.
Conclusion
Cole Martin councluded that torex traders have a wide range of great options when it comes to online brokers. To figure out which of these companies would best fit your trading style and needs, we suggest that you examine the best forex trading demo accounts that we have enumerated above. The size of the virtual funds available in the demo account is a huge deciding factor.
Obviously, the more trial money there is in the account, the more you can use it to practice and learn the platform. The duration of the demo account is another key consideration. Some demos are only available for a limited period, like 30 days, while others can be used for as long as funds are still available. In any case, it is advisable to make the most of a demo account so that you can decide whether a particular broker is the right choice for you or not. Indeed, the best forex trading demo accounts can play a significant role as you navigate the world of forex trading.
