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Best Forex Demo Accounts

BrokerNotes.co

Written by BrokerNotes.co
Edited by John Bringans
Fact-checked by Joey Shadeck
Fact-checked by Steven Hatzakis

October 10, 2023

Please note:

A member of our editorial team used a proprietary blend of Generative AI technologies to assist in the creation of the content on this page. All information contained herein has been fact-checked by our lead writer in conjunction with our research team, and thoroughly edited by our editorial staff. Learn more about our generative AI policies, our editorial principles, and our testing methodologies.

If you’re new to trading forex, you’ve probably heard the term “demo account” thrown around more than a few times. A demo account lets you practice trading without risking any of your actual money. It’s a popular way to get to grips with the forex market for beginners who want to learn how to trade but aren't ready to risk any real money. In this article, we’ll explore everything you need to know about demo accounts: what they are, how to open one, and the pros and cons of trading with them.

You might have also heard the term "paper trading." Paper trading refers to the practice of trading in a simulated environment without risking actual money ("paper trading" is interchangeable with "demo account"). In the past, simulated trading was done by keeping a paper trail of hypothetical trades, hence the term “paper trading.”

What are forex demo accounts?

Forex demo accounts are simulated accounts that allow traders to learn how to trade with virtual money. Demo accounts are free to use and widely available; most reputable forex brokers offer some version of a demo account. Demo accounts allow you to practice trading, get a feel for how the forex market works, and experiment with different trading strategies and techniques – all without the added stress of losing your actual money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers with Demo Accounts

Here are the best forex brokers that offer demo accounts.

  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Interactive Brokers - 9.9/10 Overall
  • CMC Markets - 9.6/10 Overall
  • TD Ameritrade - 9.3/10 Overall
  • FOREX.com
    - 9.4/10 Overall
  • City Index - 9.3/10 Overall
  • XTB - 9.1/10 Overall
  • eToro - 8.8/10 Overall
IG
9.9/10 Overall
Summary Review Trading Platforms
Minimum DepositÂŁ250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Visit Site

Join 239,000+ traders worldwide.

(Trading forex carries a high level of risk.)

Saxo Bank
9.7/10 Overall
Summary Review Trading Platforms
Minimum Deposit0
Tier-1 Licenses7
Tradeable Symbols (Total)70000

Saxo Bank is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo Bank delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Interactive Brokers
9.9/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
CMC Markets
9.6/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)12074

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
TD Ameritrade
9.3/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)0

TD Ameritrade, part of financial conglomerate Charles Schwab, is a leader in platform technology and trusted by millions of investors globally with trillions in assets under its brands. Available exclusively to U.S. residents, TD Ameritrade's forex offering consists of just over 70 currency pairs, along with powerful research and trading tools.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
FOREX.com
9.4/10 Overall
Summary Review Trading Platforms
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500

FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Visit Site

A Global Market Leader!

(Trading forex carries a high level of risk.)

City Index
9.3/10 Overall
Summary Review Trading Platforms
Minimum DepositÂŁ100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
XTB
9.1/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)6010

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
eToro
8.8/10 Overall
Summary Review Trading Platforms
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No

Forex broker demo account platform comparison

Here's how the top forex brokers offering demo accounts stack up against each other:

Company Virtual Trading (Demo) Proprietary Platform MetaTrader 4 (MT4) MetaTrader 5 (MT5) cTrader ZuluTrade Social Trading / Copy Trading
IG logoIG Yes Yes Yes No No No No
Saxo Bank logoSaxo Bank Yes Yes No No No No Yes
Interactive Brokers logoInteractive Brokers Yes Yes No No No No No
CMC Markets logoCMC Markets Yes Yes Yes No No No Yes
TD Ameritrade logoTD Ameritrade Yes Yes No No No No No
FOREX.com logoFOREX.com Yes Yes Yes Yes No No No
City Index logoCity Index Yes Yes Yes No No No Yes

FAQs

What is the best forex broker that offers a demo account?

IG is the best forex broker that provides access to a demo account. Year after year, IG has shown itself to be the best broker in the forex industry. Highly trusted and regulated in a staggering eight Tier-1 jurisdictions, IG holds a Trust Score rating of 99. Though IG does offer MetaTrader 4, IG’s proprietary web-based trading platform steals the show with its wide variety of rich features, market research, and powerful trading tools. Fans of social copy trading will appreciate IG’s seamless integration of trading signals into its web platform. IG has won countless Annual Awards from our sister site, ForexBrokers.com, and is a fantastic choice for forex traders of all experience levels.

IG Trading Platform Screenshots

IG web trading platform IG web trading order window trading form chart IG web trading platform charts. IG web trading platform signals Autochartist IG web options trading platform options chain IG web options trading platform IG cryptocurrency watchlist IG MT4 desktop trading platform IG MT4 desktop trading platform charts

What are the requirements for opening a forex demo account?

The requirements for opening a forex demo account will vary depending on your broker and your country of residence. In most cases, you’ll need to fill out an application with your broker providing basic information such as your name, address, phone number, and trading experience. Some brokers may also require you to verify your identity before opening a demo account. Once your application is approved, you’ll be granted access to a demo account and you can start practicing with virtual funds.

Is trading with a demo account worth it?

Yes, trading with a demo account can be worth it – especially for beginner investors and traders. Demo accounts give inexperienced traders the opportunity to practice trading and to experiment with trading strategies in a risk-free trading environment. Trading with a demo account can help you gain confidence in your abilities and experience the highs and lows of the market without the risk of losing any real money.

What should I look for in a forex demo account?

It's important to make sure that your broker's demo account offers the same platform(s) that you'll be using when trading with live funds (real money). Many of the best forex brokers in the industry offer a range of proprietary trading platforms (platforms created in-house by the broker). Popular third-party platforms include MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and Zulutrade.

analyticsUsing a demo account should feel realistic

A demo account should simulate actual trading conditions and incorporate spread data from live markets to provide a realistic understanding of how instruments like CFDs operate in a live trading environment.

Pros and Cons of Demo Accounts

The good: Demo accounts give traders the opportunity to practice trading with virtual funds, test trading strategies, and gain confidence as a trader. The bad: Demo accounts are not a perfect simulation of what you'll face in the real market, and there is a chance that you may become too comfortable trading in a virtual environment.

Check out the Pros and Cons of using a demo account to learn how to trade:

Pros

  • Risk-free learning: Practice trading without risking any real money. Demo accounts allow you to learn the ropes of forex trading and understand the mechanisms of the currency market.
  • Platform familiarity: Get comfortable with your trading platform of choice and learn how to place orders, set stop losses, navigate charts, and use technical analysis tools.
  • Strategy testing: Test out trading strategies in a demo account to see how they perform before using them in the live forex market.
  • Understanding market behavior: Learn about market trends, economic indicators, and other market factors that influence currency pair prices.
  • Emotional control: Develop a disciplined trading mindset by trading in a risk-free environment. Demo accounts can help you control emotions that can negatively impact your trading decisions.

Cons

  • No real monetary risk: The lack of genuine financial risk can lead to the development of bad trading habits. Over-trading, neglecting risk management, or not respecting stop-loss orders are habits that can be detrimental when switching to a live account.
  • Lack of emotional involvement: Demo accounts can't replicate or simulate the psychological pressure of trading with real money.
  • Different market conditions: The simulated market conditions in a demo account might not fully represent the live trading environment. For example, orders in a demo account are always filled, while in live trading, orders can be affected by slippage and market liquidity.
  • Data accuracy: Some demo accounts may not provide accurate data or may not correctly incorporate factors like spreads and commissions.
  • Overconfidence: Success in a demo environment can lead to overconfidence when transitioning to live trading. It's important to remember that successful demo trading does not guarantee success in live trading.

currency_exchangeTo sum it up:

While demo accounts are a valuable tool for beginners (and even experienced traders testing new strategies), they should be used with an understanding of their limitations. Think of demo accounts as a helpful stepping stone to live trading – not as a perfect simulation.

Final thoughts

Forex demo accounts are an excellent way to learn how to trade risk-free. They are an essential tool for beginners who are looking to get a feel for the market before risking their own money. While there are limitations to trading with a demo account, it’s a great way to practice and develop your trading strategies. However, it’s important to remember that forex trading in the real market is different from trading with virtual money.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG 9.9 ÂŁ250.00 0.98 info 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 0 0.9 info 99 70000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets 9.6 $0 0.51 info 99 12074 CMC Markets Review
TD Ameritrade logoTD Ameritrade 9.3 $0 1.25 info 99 0 TD Ameritrade Review
FOREX.com logoFOREX.com 9.4 $100 1.4 info 99 5500 FOREX.com Review Visit Site
City Index logoCity Index 9.3 ÂŁ100.00 1.4 info 99 13500 City Index Review
XTB logoXTB 9.1 $0 1.07 info 96 6010 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 info 90 3479 eToro Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review
AvaTrade logoAvaTrade 8.7 $100 0.92 info 94 1260 AvaTrade Review
FXCM logoFXCM 8.5 Starts from $50 1.38 info 95 440 FXCM Review
Plus500 logoPlus500 8.6 €100 0.8 (August 2021) info 99 5500 info Plus500 Review
Capital.com logoCapital.com 8.7 $20 info 0.67 info 87 3119 Capital.com Review
XM Group logoXM Group 8.4 $5 1.6 info 88 1429 XM Group Review
Pepperstone logoPepperstone 8.4 $200 0.77 info 95 2342 Pepperstone Review
OANDA logoOANDA 8.5 $0 1.57 info 93 1744 info OANDA Review
Admiral Markets logoAdmiral Markets 8.5 $100 0.8 info 93 6942 Admiral Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
IC Markets logoIC Markets 8.1 $200 0.62 info 84 3583 IC Markets Review
Markets.com logoMarkets.com 8.1 $100 1.9 info 96 2179 Markets.com Review
FxPro logoFxPro 8.1 $100 1.51 info 90 2249 FxPro Review
Tickmill logoTickmill 8.1 $100 0.51 info 83 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A info 95 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 8.0 $0 0.827 info 77 26000 BlackBull Markets Review
DooPrime logoDooPrime 7.8 $100 N/A info 83 10000 DooPrime Review
Vantage logoVantage 8.0 $50 1.30 info 90 1000 Vantage Review
BDSwiss logoBDSwiss 7.7 $100-$5000 info 1.6 info 76 1081 BDSwiss Review
HFM logoHFM 7.9 $0 1.2 info 86 3500 HFM Review
FlowBank logoFlowBank 7.7 $0 N/A info 80 408600 FlowBank Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.9 $20 0.6 info 88 1199 HYCM Review
Trading 212 logoTrading 212 7.7 €10 N/A info 77 9732 Trading 212 Review
ThinkMarkets logoThinkMarkets 7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review
Trade Nation logoTrade Nation 7.6 $0 0.6 85 601 Trade Nation Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 info 72 1016 Moneta Markets Review
VT Markets logoVT Markets 7.3 $100 1.2 info 70 1000 VT Markets Review
TMGM logoTMGM 7.6 $100 0.96 info 83 12000 TMGM Review
ACY Securities logoACY Securities 7.4 $50 1.2 info 75 2200 ACY Securities Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 info 80 199 easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 info 71 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX 7.2 $50 1.2 83 340 IronFX Review
Exness logoExness 7.0 $1 0.9 info 71 112 Exness Review
Spreadex logoSpreadex 7.2 $0 0.78 info 71 2000 Spreadex Review
IFC Markets logoIFC Markets 7.2 $1 1.44 info 67 630 ATFX Review
Trade360 logoTrade360 7.2 $250 N/A info 76 1062 Trade360 Review
Axi logoAxi 7.1 $0 N/A info 81 175 Axitrader Review
GKFX logoGKFX 7.0 $0 N/A info 65 354 GKFX Review
Vestle logoVestle 7.0 -1 N/A 78 750 Vestle Review
Octa logoOcta 7.2 $25 0.9 info 70 229 OctaFX Review
FXOpen logoFXOpen 7 $100 N/A info 80 87 FXOpen Review
TeleTrade logoTeleTrade 7.1 $100 N/A 71 500 Teletrade Review
FXPrimus logoFXPrimus 7.0 $100 N/A info 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers 6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A info 68 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX 6.7 $500 N/A 67 425 LegacyFX Review
FXGT.com logoFXGT.com 6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX 6.5 $500 N/A info 73 150 ATFX Review
Xtrade logoXtrade 6.5 $250 N/A info 80 142 Xtrade Review
xxxRIP UFX logoxxxRIP UFX 6.6 $100 3 info 67 619 UFX Review

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Methodology

At BrokerNotes.co, our data-driven reviews of online brokers are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our in-depth trading guides are created with the same rigorous, data-driven approach.

Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.

Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.

Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.

When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.

Our rigorous data validation process provides our readers with quality data they can trust. Click here to 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 about foreign exchange risk.

About the Editorial Team

BrokerNotes.co
BrokerNotes.co

BrokerNotes is powered by a dynamic team of writers, researchers, content strategists, data analysts, editors, traders, and investors. We are obsessed with creating the best finance content on the internet, and we are dedicated to helping our readers make great choices for their money.

John Bringans
John Bringans

John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

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