GUIDES

Best Forex Demo Accounts in 2022

What is a Forex Demo Account?

A forex demo account is a free and risk-free account offered by forex brokers, with a virtual balance, that emulates market and trading conditions. It is considered one of the safest ways to learn forex trading or test new trading strategies or scripts as experienced traders. The main reason is that there is no risk involved, which does not help to master the psychological aspects of forex trading and investing in general.

Forex Demo accounts usually are distinguished between the type of trading you can do like normal trading or micro trading, and if they have a time limit or you can use them forever.

Best Forex Demo Accounts in 2022

  • OctaFX – Free $5000 to practice with
  • Pepperstone –  Up to £/€/$50,000 in virtual funds and real market pricing for 30 days
  • XM – Start with a $100000 virtual balance
  • FP Markets – Test strategies with $100,000 in virtual funds
  • Axiory – 10,000 virtual trading dollars – or equivalent in other currencies
  • Etoro – Get a Free $100,000 Practice Account
  • Avatrade – Receive $100000 of virtual money for practicing & refining your trading strategy
  • IG – $20,000 virtual trading demo account

OctaFX

Practice trading for free with $5000 USD or more in a demo account with currencies, CFDs, stocks, metals, crypto, and other assets. To access the OctaFX demo account, traders will have to go through the full registration process of opening a live account

Pepperstone

Pepperstone makes it to our list of best demo forex accounts because of its dedication to forex training and education. This complements their already comprehensive demo trading account. And also makes the broker appealing to both novices and established traders.

XM

XM allows its clients to open up to 5 demo accounts, with a starting virtual balance of $100000,  where they can trade multiple assets, both on MT4 and MT5 trading platforms instantly. Beginner forex traders looking for a broker with the easiest-to-use trading platform will find XM a good choice to open a demo account with. Versions for phone, tablet, and desktop devices are all available.

FP Markets

FP Markets combines state-of-the-art technology with low-cost ECN pricing and a huge product offering to create a genuine destination for all types of traders. It allows its, traders, to practice and test strategies on its demo account, funded with $100,000 in virtual funds.

Choose from our wide range of online platforms including MetaTrader 4, WebTrader, and IRESS, or monitor your portfolio on the go from any mobile device.

Axiory

Axiory operates what we consider the most beginner-friendly forex demo accounts. They will furnish you with the most comprehensive educational and training resources. An exceptionally supportive customer support team further complements this. And they can be reached via live chat tool on the EasyMarkets website, phone, and social media – including WhatsApp. The broker’s demo account also tries to mirror the activities of the real market environment as perfectly as possible.

  • Unlimited demo trading – there’s no expiry date!
  • 10,000 virtual trading dollars – or equivalent in other currencies
  • Choice of base currency – EUR or USD
  • Choice of account type
  • Flexible leverage for accurate testing
  • Choice of the platform – MT4 & cTrader
  • Full use of tools, EAs, and indicators
  • Free access to our technical and fundamental analyses
  • The full support of our customer care team
  • Multiple demo accounts allowed
  • Keep your demo alongside your live account

Etoro

eToro specializes in copy trading that allows you to follow and copy the trades of expert traders who have an established track record and proven profitability.

eToro also lets you trade more than 2,000 different assets in a demo account, and virtually any trader should find its intuitive forex platforms and apps easy to use, although it does not support the popular MetaTrader platforms. eToro also has excellent educational resources and it accepts U.S. residents of most states as clients.

Avatrade

Opening a Demo account with AvaTrade is easy as you can opt to fill in your account details or simply link it with your Google or Facebook Profile. After registration, the online forex, and CFDs brokerage present you with the option to use your free demo account on either the conventional MT4 and MT5 trading platforms or their proprietary AvaOptions web trading platform.

The AvaTrade Standard demo account is funded with $100,000 virtual cash. Additionally, it is only valid for 3 weeks and so any unused virtual funds in your demo account will expire after 21 days. Unlike most other forex brokerages, however, AvaTrade will always extend this time period if you contact their customer support asking for an extension.

Alternatively, you can simply create another demo account since the broker maintains no limit to the number of demo accounts associated with one email.

IG

IG has two types of Demo accounts, the Core demo account hosted on their proprietary web-trading platform and the MT4 demo account hosted on the all-popular MetaTrader platform.

The two have several features in common including access to $20,000 in virtual funds. They also host a wide range of premium trading and analysis tools, and grant you access to the online broker’s customer support team, and real-time market data. They, however, have varied execution speeds, spreads, and access to trading/market analysis tools.

The MT4 demo account is popular for its fast order execution speeds and minimal slippages while the web trader demo account posts tighter spreads. Plus when using the web trader platform, you get access to premium risk management tools like stop orders, currency alerts, Autochartist tools, and the ability to integrate the Reuters forex news updates.

Forex Demo Account Comparison 

Broker Name Demo Account Demo Account with no time limit Virtual Balance Visit
Broker
OctaFX Yes Yes $5,000 Visit Site
Pepperstone Yes Yes $50,000 Visit Site
BlackBull Markets Yes Yes $10,000 Visit Site
Vantage Yes Yes $10,000 Visit Site
Avatrade Yes Yes $10,000 Visit Site
XM Yes Yes $1,000,000 Visit Site
IC Markets Yes Yes $10,000 Visit Site
XTB Yes Yes $10,000 Visit Site
ActivTrades Yes Yes $10,000 Visit Site
FP Markets Yes Yes $10,000 Visit Site

How To Open A Forex Demo Account?

Opening a demo account with a forex broker is usually fairly easy. Most brokers do not require a lot of information to allow their potential clients to maintain a demo account and practice on their platform. In order to start trading on a forex demo account, you should do the following:

  1. Provide an email and your name
  2. Open forex a demo account
  3. Save your account number and password
  4. Download your platform(MT4 or MT5 or other) or use the web trader to log in to your demo account
  5. Start practicing using your virtual funds

Are Forex Demo Accounts Rigged or Fake?

Demo accounts are not rigged, but they provide very different trading conditions from a real account. Demo accounts due to their nature provide traders with a very safe environment to trade.

This also safeguards the traders from potential slippage or hitting a stop-loss unexpectedly. This takes away from the real experience of trading, and specifically new traders, as they don’t get to experience the risks associated with real trading. Still a great tool to test new strategies or theories on forex trading.

The Benefits of A Forex Demo Account

  • New traders can enter the markets and trade
  • Practice what you learn and improve your trading skills
  • Discover the significance of risk management
  • Understand the role of technical and fundamental analysis
  • Experience the swift phase in which the markets and prices move
  • Develop and improve your trading plan

 

Learn About Risk and Reward in Forex Trading

Forex traders make money just like stock traders do by taking positions that rise in value. They also make losses by taking positions that loss in value. When trading positions remain open, any profits or losses stay unrealized, but they are realized when the position is closed out.

Almost all online forex brokers let traders increase the risk they can take and potentially magnify their profits by leveraging. Leverage is generally expressed as a ratio of the size of the position you can control when you place 1 base currency unit on a deposit to use as margin. A 400:1 leverage ratio, therefore, means you can control a $400 position by placing just $1 on deposit as margin.

To trade successfully, consider making transactions that meet a certain minimum risk/reward ratio that you find acceptable. For instance, you could risk 100 pips on 1 trade to potentially gain 300 pips if your market view turns out to be correct. This results in an estimated risk/reward ratio of 100:300 or 1:3 on that trade.

No matter what you do, you must be prepared to lose the money you invest. Investors lose money on certain investments, but they also increase profits on other investments. If you are mentally prepared, you will not be shocked if a certain investment doesn’t work out. Plus, mental preparedness allows you to think through all your options instead of viewing the forex market as a get-rich-quick scheme.

A demo account gives you a real-time accounting of profits and losses without any risk. Ultimately, it is the best way to learn.

Using a Demo Account Helps You Choose a Broker

Selecting the right forex broker is one of the most important decisions you will make as a forex trader, so choose wisely. In addition to finding one that fits your trading requirements, you’ll also want a reliable and reputable broker that submits to a strong regulatory agency for oversight.

Opening a demo account with any online broker that you would consider using makes total sense. You can use a demo account to learn how to use the broker’s trading platform, practice trading, and test out new trading strategies in a real-time trading environment without the risk of actual financial loss.

How to make the best out of your CFD Forex Demo account?

There are a couple of things that you can do just to make sure that you get the best possible experience from opening your CFD trading or forex demo trading account:

One of the best strategies is to only trade in a demo account with the same amount that you would plan to bring into a live forex trading account. This will give you a more accurate picture of what your profits and losses could be.

Once you have gotten to grips with the demo trading account and what it has to offer, do not lean on it too much. Get your live forex trading account open when the experience of demo trading is fresh in your mind.

What Can You Do Using a Demo Account?

Using a demo account you can do the following:

  • Become familiar with the broker’s trading platform and services
  • Trade without risk as the money provided is virtual
  • Practice trading and get your first steps in
  • Experiment with different trading strategies and put them to the test

What you can’t do is withdraw any money from your forex demo account, as all the money provided is virtual.

Micro Trading After Demo Trading

Having a positive experience using a demo forex account doesn’t mean that you are ready to jump into live trading and take on the markets. Many of the top forex trades always take their time and prepare, as well as test new strategies in a demo or micro trading environment. Many brokers offer excellent value in terms of minimum deposits that can be as low as $5.

This is not a no-risk situation, it is your opportunity to become or develop your career as a forex trader. This combined with the great value spreads and commission-free trading on offer from many means that there is no reason not to trade!

What Is A Forex Demo Account With No Time Limit?

Forex Demo accounts no time limits a Demo account that never expires and is offered by several brokers to allow new, as well as experienced traders to practice and try new Forex trading strategies before taking on the financial markets.

The foreign exchange mаrkеt, оr Forex іn short, іѕ реrсеіvеd tо bе one of thе most рорulаr оnlіnе mоnеу making opportunities. It all depends on your knowledge of how it wоrkѕ. If you аrе thіnkіng оf starting a Forex trading business, yet you hаvе absolutely nо idea whаt Forex trаdіng іѕ all аbоut and how Fоrеx trаdіng саn make уоu money, then you саn consider lеаrnіng аbоut Fоrеx trading through a Fоrеx dеmо account nо time lіmіt, оr рrасtісе сurrеnсу trаdіng ѕуѕtеm.

Mоѕt оnlіnе Forex brоkеrѕ nоwаdауѕ оffеr ѕоmе form of оnlіnе rеаl-tіmе сurrеnсу trading ѕуѕtеm, whеrе thе trаdеrѕ, саn trаdе Forex 24 hоurѕ a dау in the соmfоrt оf thеіr hоmеѕ. A lоt оf thеѕе brоkеrѕ offer free Forex Demo ассоunt with no time limit оr a рrасtісе trаdіng ѕуѕtеm tо allow уоu tо hаvе a fееl оf thеіr сurrеnсу trаdіng рlаtfоrm. Yоu саn tаkе thе opportunity tо lеаrn аbоut Forex trаdіng by uѕіng these Fоrеx dеmо ассоunt nо time lіmіt оr рrасtісе trading ѕуѕtеmѕ.

Gооd brokers like XM and Markets.com аllоw nо tіmе lіmіt when uѕing a Dеmо ассоunt, оr they wіll allow you tо ѕіgn uр for a nеw Demo ассоunt when thе оld оnе еxріrеѕ аѕ lоng аѕ you uѕе a dіffеrеnt email аddrеѕѕ. Mоѕt brоkеrѕ rеԛuіrе your nаmе аnd рhоnе numbеr ѕо they саn contact уоu about the option of ореnіng аnd fundіng a lіvе account.

What Are The Advantages Of A Forex Demo Account With No Time Limit?

For both new and experienced Forex traders constantly use Demo accounts to exercise trading currencies and try out any new broker they might invest with, or a trading strategy they want to experience. There are various advantages for opening a Forex Demo account with no time limit:

Trading Currencies Preferences

For traders that are new to the trading industry and the currencies that will be traded with, the Forex Demo account allows traders to understand if they are both mentally and emotionally suitable for trading Forex.

FX Trading without No Financial Risk

The Demo account provides traders the option to try out the experience of trading, without the possibility of any major financial risks. New traders who are still learning the happenings of trade currencies will benefit from the Demo account, without having to be exposed to financial risk. The Demo account allows novice traders to put their training to use in real-life experience, without having to spend any money that they can lose.

Quality Techniques for Managing Money

With FX trading, there needs to be a top-notch strategy for managing money, in order to succeed in trading executions. With the Demo account, traders will be able for both novice and expert traders to exercise any techniques for managing money in a thorough and accurate manner; traders will also be able to understand the movements of exchange rates that are real-life with virtual funds.

Testing Trading Strategies and Trading Platforms without Financial Risk

Both new and experienced traders would like to try out their trading strategies or a new broker’s trading platform, without fear of any negative consequences. Both traders of all fields of experience would like to test whether they will face success with any trading strategies, which is possible with the Demo account. Traders also wanted the option to adjust their trading strategies, before applying them to real-time trading. A Forex Demo account with no time limit allows traders to test out any new trading platforms from the broker, and to understand if it is suitable for your trading preferences.

Understand the Options and Features of Different Brokers

With a Forex Demo account, no time limit allows unlimited access for a trader to compare and contrast the options that brokers provide. Traders will be able to access “special client features, educational and news services, and customer support departments.” This way many traders can understand the quality of a broker’s services before investing with them and trading any funds, in order to ensure the trading strategies.

How To Set Up A No Time Limit Demo Forex Account?

A no time limit Demo Forex account can be set up by following these steps:

1. Inѕtаllіng Ѕоftwаrе

Many Forex trading websites offer free Dеmо software. You саn access as that specific website аnd download thе ѕоftwаrе.

2. Oреn A Trading Ассоunt

Aftеr registering on the wеbѕіtе, you rесеіvе thе username аnd раѕѕwоrd thrоugh е-mаіl. The site wіll аlѕо give you ѕуѕtеmаtіс іnѕtruсtіоn оn usage оf thе dеmо ассоunt ѕоftwаrе.

3. Dеаlіng Rаtе Wіndоw

After thе rеgіѕtrаtіоn рrосеѕѕ, уоu саn access thе dеаlіng rаtе windows that соntаіn information оn thе exchange rаtе оf еvеrу сurrеnсу раіr. Evеrу сurrеnсу іѕ dеfіnеd іn three-letter аbbrеvіаtіоn. The fоrеx ассоuntѕ offered by thе wеbѕіtе list the latest trеndѕ fоllоwеd bу thе currency.

4. Sеll Аnd Buу

Thе сurrеnсу wіndоw contains five-digit numbers оn thе side оf the сurrеnсу pair. Thе first сurrеnсу in еvеrу pair іѕ the base сurrеnсу. These dіgіtѕ аrе buуіng аnd selling rates. Online trаdіng, gеnеrаllу, іѕ ѕеllіng bаѕе сurrеnсу fоr buying ѕесоndаrу сurrеnсу. If уоu аrе nеw to оnlіnе trаdіng, thеn Forex dеmо ассоunt no tіmе lіmіt іѕ crucial fоr undеrѕtаndіng thе buу аnd ѕеll rаtеѕ thаt аrе bаѕіс of оnlіnе trading.

5. Hіgh Аnd Low

Nеxt to currency rаtеѕ аrе hіgh and lоw rаtеѕ thаt rерrеѕеnt bid and аѕk rаtеѕ. Bіd rаtеѕ аrе оffеrѕ fоr рurсhаѕе оf сurrеnсу and ask rаtеѕ аrе offers tо sell thе сurrеnсу. If you аrе іntеrеѕtеd іn buуіng a currency, рlасе bid rаtе and іf you want tо ѕеll a сurrеnсу, then рlасе ask rаtе. Forex dеmо ассоunt nо time lіmіt is thе best wау to learn thе tесhnіԛuе оf Bіd/Aѕk rаtеѕ.

6. Stop Lоѕѕ Аnd Limit

With the help of fоrеx ассоunt, уоu саn рrеvеnt lоѕѕеѕ bу stop-loss option, which іѕ rеԛuіrеd іf thе еxсhаngе rаtе fаllѕ more thаn pre-specified lеvеl. Lіmіt order option helps in lосkіng the рrоfіtѕ іf the exchange rates hit thе dеѕіrеd rate.

Conclusion

In Cоnсluѕіоn, bеfоrе trаdіng with rеаl money іn thе Forex mаrkеt, it іѕ аlwауѕ good to lеаrn thе bаѕісѕ uѕіng a Forex Demo account nо tіmе lіmіt. The Demo account will allow traders of all levels of experience to try out their trading strategies and brokers, without making any permanent consequences to their investing funds.

Methodology

All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.

Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.

2022 Review Methodology

For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.

Chad Smith

Chad Smith

Director of Research & Analysis

Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.

Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.

Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.