You can get one through most forex brokers nowadays, with no financial commitment required. All you need is some time to practice your trading strategies and familiarise yourself with a forex platform. A forex demo account is your first big step into the forex market which can help determine if you will be a successful forex trader over the long run.

That being said, here we will take a look at the pros and cons of free forex accounts and how you can get started. A free forex demo account lets you trade the forex market without making any minimum deposit. You can speculate and buy or sell currency pairs without needing to take any financial risk. It is a vital part of a forex traders learning process which enables you to make mistakes and learn from them without losing your funds.

It is very easy to open a free forex account and anyone can do it. All you need to do is choose a forex broker and open a demo account. This usually involves submitting a short application form where you choose your account type, balance and leverage.

After this, you will be sent the demo account details so you can login to the forex platform and start trading online. You can also open free forex accounts from directly within some trading platforms and trading apps , including MetaTrader.

The major difference is that with real accounts you will trade with real funds, while demo accounts use virtual money with no real value to trade. Other than that, the market conditions for demo accounts are very similar as they are for real accounts, making them ideal for practicing your strategies. However, you should keep in mind that forex demo accounts do not always use real liquidity so you could see different spreads and slippage, which can make a big difference when using forex scalping strategies.

Demo accounts will often offer better execution than real accounts since orders are filled automatically and instantaneously. In the real world, it can take time for orders to be filled especially when using a dealing desk forex broker. By the time the order is executed, prices might have already changed due to live market conditions. This can also have a significant impact on your results.

That is why some experts suggest forex micro accounts to trade for real but with minimal risk. Even then, you might still not have the same emotions when compared to trading standard lot sizes. Some professional will say that a few weeks is enough. Meanwhile, some say that you will know when you are ready. On the other hand, some experts believe that demo trading is just a waste of time as it will not give you any real experience.

If you feel this is the case, you could always try a forex broker with cent accounts to get a feel for trading in a real environment using small position sizes. Thankfully, most brokers will not impose any limitations on how long you can use a demo account for.

Some of them will have a day limit or less , but you can always open another free demo account if it does expire. They have offices located around the world, which include Sydney and Berlin.

Here, you will be able to trade these assets in live market conditions with a virtual fund of £50, This platform is also available on Google Play and Apple iTunes, so you can trade on your mobile device or tablet. Their customer service can be reached via email, WhatsApp, SMS message, or telephone.

You can refer to their website to find the specific number for your country of residence. This company operates under many names, but it is mainly known as FxPro. With the experience of over 15 years, this broker has expanded its reach to over counties and has over executed trades per second. They offer 15 major forex and 55 minor pairs that you can practice trading using their free demo account. Keep in mind that your demo account is only available for days.

Signing up is a straightforward process. They will ask for your country of residence, full name, email, and desired password. These include English, French, Dutch, Russian, Arabic, Chinese, Spanish, Polish, Italian, Hungarian, Portugues, Indonesian, Malay, Vietnamese, Indian, Japanese, Korean, Czech, and Swiss. Getting a response might take a while, but rest assured that their customer service representatives are knowledgeable and will be able to assist you regardless of your concern. This broker offers its services around the globe except for clients from Iraq, New Zealand, Myanmar, Zimbabwe, Canada, the United States of America, and Iran.

Libertex , also known as Libertex Group, operates under Indication Investments Ltd and was founded in To date, they have more than 2 million clients from 11 different countries. This multi-award-winning broker has more than 50 currency pairs for clients to trade. This allows you to practice trading their offered currency pairs with no risk.

Signing up for a demo account is the same as signing up for a live account. All you need is your email and password, and you can start honing your trading skills. Despite not having an online chat system, you can contact them via email.

It may take a while to get a response, around an hour to one business day, but you can rest assured that your questions will be answered, and you will get the help you need from them.

Their website supports seven languages: English, Spanish, Italian, Polish, Dutch, French, and Portuguese. This particular broker offers its services to countries that are a part of the European Economic Area or EEA. Risk warning: At first glance, Pepperstone does not seem like it is on par with any of the big shot brokers out there.

Since it has only been operating for 11 years and they seem to offer mediocre service, one might think that this broker does not deserve to be on this list.

This is exactly why Pepperstone has been regarded as one of the largest forex brokers in the world. On their platform, you will have the opportunity to trade forex pairs, including major, minor, and exotic pairs.

This gives you more choices and opportunities to test out your trading strategies on different pairs. You will also get to choose whether you want to train on their MetaTrader 4 or cTrader platform. Within the given 30 days, you will be able to access all the tools and services that are provided on your platform of choice.

You can freely contact their customer support representatives at any hour during weekdays. You can either call them on their landline or send them an email with your query or concern. You can also check their support tab to see a list of all the popular FAQs. Their website also supports Chinese, Spanish, Vietnamese, and Thai. Pepperstone accepts clients from almost all countries except for Saudi Arabia, Canada, Brazil, New Zealand, India, and the United States of America. As the name suggests, a forex demo account allows you to trade forex or currency pairs using virtual cash and would never put your real-life capital at risk.

This is the type of account that allows the user or client to practice new and old strategies. In some cases, however, there is either a specified time limit that they can use the platform, and for some, the virtual fund allocated for you is non-adjustable.

Having a demo account is the safest way to learn how to trade and is a fast and efficient way for you to learn the ropes in the world of trading and forex.

For new clients and beginners alike, a tutorial provided by most brokers would be enough for you to navigate the platform and all its intricacies. Depending on the platform and broker you use for the demo account, you can even reset your account balance or perhaps make a new account to start fresh if you want to try something new or use up your virtual funds in your previous account. No documents such as ID and signed documents will be asked of you, but there may be a limit to the number of accounts you can create.

Be sure to check each broker for their guidelines on demo accounts. Practicing and choosing the right leverage, allocation, and trade management strategies will help you become a better trader. Trades on this account may be done manually or can even be done using a bot or ExpertAdvisors that are coded by the client or subscribed through a third-party programmer.

Some platforms allow backtesting to test out existing strategies and bots through the ups and downs over the past year. Using such would give you an idea of your hit rate, average gains, drawdowns, and other advanced data such as beta and estimated CAGR compound annual growth rate. For forex demo accounts specifically, it is good to simulate the real trading conditions such as spread difference, the live movement of prices , and the commissions you will incur per trade.

Traders, in general, sometimes also hit a losing streak or may encounter a situation that leads to trading anxiety. Having demo accounts would fix this and bring back the confidence you need to enter your trades and have conviction in them. Trading forex has a lot of advantages, especially when traded using a demo account. It can be traded 24 hours a day, and this provides a good avenue for beginners to learn, given its volatility. Generally, trading forex would only cost you a small trading fee in the form of either swaps, commissions, or spreads.

Some of these fees might not even be present depending on the trading conditions of the broker you choose to partner with. Furthermore, using leverage could possibly exponentially increase your possible gains, even for demo accounts. Keep in mind that whatever gains or losses you incur in your demo account will not affect your real-life capital. Having all of these trading conditions simulated on a demo account would prepare you to trade with real money once you use your live account.

With all of these advantages of trading forex, even on a demo account, there are quite a few disadvantages that you should keep in mind. Spending too much time trading on a demo account might make one overconfident. Comfort breeds negligence. Once you start trading on a live account, there is no room for negligence. Take note of your total available capital. That way, you can ensure that for every trade, you can keep a mental or physical note on the amount of capital you are risking and the amount you are prepared to lose in the event that the trade goes wrong.

Once you find an asset you want to trade, input your desired lot size and type of execution. Should you choose to enter the trade at a certain price rather than just Market Execution, be sure to double-check the value with your desired trade direction may it be long or short.

Margin is automatically applied to your account, but you still need to set up your stop loss levels and take profit levels. These major pairs are more than enough to handle your liquidity concerns as well since they are the most traded pairs. Using the demo account, familiarize yourself with lot sizes, margin levels, and the terminology used by each broker as these vary depending on the asset traded and choice of broker.

This gives you the advantage of learning how to trade even longer-term charts as patterns emerge using different indicators and techniques. Forex is generally a ranging market meaning the strategies here are a bit different from other asset classes. However, it might not be like the exact live account, but they try to provide them as close as possible.

Opening a HotForex demo account is different from other forex trading platforms. Everyone has to sign up for the myHF area to open a forex demo account, which gives them unlimited usage with possibilities to check different trading strategies. However, the existing client can open the HotForex demo account too by login into the myHF area. Instead, they provide the demo account for 30 days with all the benefits of a live account.

The Axi demo account supports the fastest possible execution speed with real-time spreads. Axi uses the MetaTrader 4 platform for their trading service, which is able to replicate the live forex market environment for the demo account. However, you need to provide all the necessary info to sign up. Admiral Markets demo account gives access to a variety of instruments such as shares, indices, CFDs, and forex. With the unexpired Admiral Markets demo account, you try any new strategies before deploying in the live account.

Some important features of the Admiral Markets demo account are trading on any devices, live trading environment, real-time news, and free-market data. You can open an XTB demo account within a minute by submitting your country and email address.

With access to the powerful platforms, the XTB demo account provides a tight spread, which starts from 0. Additionally, 24 hours of customer service from Sunday to Friday is also available for each XTB demo account holder.

An Exness demo account is an excellent way to practice before venturing into real trading. However, you need to create a general account first to get access to the Exness demo account.

At the time of the signup process, you will have the option to select the desired leverage, initial balance, and currency. However, you may replenish the demo account if you are out of the fund in the middle of your trading.

MetaTrader 4 demo account is definitely an excellent way to practice though indicators and all other trading features, just like the regular MetaTrader 4 platform.

Usually, all the MetaTrader 4 forex brokers offer MetaTrader 4 demo account through their brokerage service. In addition to that, copy trading along with access to the expert advisor will also be available with an MT4 demo account. MetaTrader 5 demo account lets you access the real platform in the training mode.

So, you cannot withdraw any earnings from MetaTrader 5 demo account. A forex demo account is essential even if you decide on live trading. It has been seen that many expert traders usually test their strategies through a demo account before applying it originally. Besides, the free forex demo account lets you measure the authenticity of a broker. However, a demo account may not get you any real earning, but it is a great practice tool before going live.

This will allow you to trade in live forex market conditions without needing to risk any capital. Then, when you feel comfortable with how currency trading works, you might then consider upgrading to a real money account.

By scrolling down, you can read a full review of each demo account in more detail. Before you consider which forex demo account to use, it is important to remember that your chosen provider is also a brokerage site. In other words, you will need to open an account with a forex trading platform before you can use its demo facility.

As such, you need to look at factors other than just the demo account — such as tradable forex pairs, spreads, commissions, customer support, and more. To point you in the right direction, below we discuss a selection of the best forex demo accounts. eToro is now one of the most popular online trading platforms. With more than 17 million global clients, the broker is often the go-to provider for newbies.

Not only is this because the trading platform is really easy to use, but eToro is home to a wealth of educational and training materials. This mirrors the real eToro trading platform like-for-like, in terms of supported markets, real time pricing, and liquidity.

The key difference is, of course, that you will be trading with paper money. You should consider whether you can afford to take the high risk of losing your money. In terms of supported markets, eToro gives you access to over 55 forex pairs. This covers majors, minors, and plenty of exotics, too.

In addition to forex, eToro also supports stocks, ETFs, cryptocurrencies, indices, and commodities. All supported assets — including forex, can be traded commission-free at eToro. There is no time limit on this, so you can switch between the demo and real account any time you wish. An additional feature that some of you might be interested in is the eToro Copy Trading tool. As a social trading platform , eToro allows you to copy an experienced forex trader like-for-like — at an amount proportionate to what you invest.

eToro is heavily regulated, including an FCA license. Your funds are also protected by the FSCS. Libertex is one of the most established forex and CFD trading platforms in the online space. Launched over 23 years ago, the platform is now home to almost 3 million traders. Perhaps the most attractive aspect of choosing this provider is that Libertex is a tight spread broker.

This means that there is no gap between the buy and sell price of your chosen forex pair. Plus, many of the markets offered by Libertex can be traded commission-free. This is more than enough for you to get to grips with trading currency pairs in a risk-averse manner. You actually have two options at Libertex when it comes to the demo account.

If you're a complete newbie, then you can trade via the Libertex website. This is a platform built by Libertex itself and it is particularly popular with inexperienced traders.

Alternatively, you can also use your demo funds via MT4. This third-party platform is often used by seasoned traders, as it comes packed with advanced chart reading tools and technical indicators. Either way, there is no time limit on how long you can use the demo account at Libertex. When you eventually decide to start trading with your own capital, the minimum deposit here is just £ After your initial deposit, the minimum goes down to just £10 per transaction.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Although you are best advised to trade via a desktop device to get the most out of a demo account, some of you might also like the option of doing this through a mobile app.

If so, it's well worth checking out AvaTrade. This popular forex and CFD trading platform has been active in this space for over 12 years and it is regulated in 6 jurisdictions. You will have access to an abundance of forex trading pairs on this platform - all of which can be traded commission-free. Once you download the mobile app - which the provider calls AvaTradeGo, you will first need to open an account.

Then, you can start trading with demo funds directly from the palm of your hands. You can also access your demo account online. If you decide to upgrade to a real money account, AvaTrade requires a minimum deposit of just £ AvaTrade is a MetaTrader 5 broker and is compatible with MT4 and Zulutrade. So far in this guide, we stressed that forex demo accounts are ideal for newbies that wish to learn the ropes of currency trading before risking any capital.

However, we should make it clear that demo accounts are also suitable for experienced traders that wish to test or perfect a new strategy. If this sounds like you, then Forex. com is well worth considering. As the name implies, this popular online platform is a specialist forex broker.

It gives you access to more than 80 currency pairs - many of which come from the emerging markets. You will never struggle for liquidity on this platform and the number of trading tools on offer is highly extensive. In terms of the demo account itself, most traders will opt for MT4. All you need to do is quickly open an account with Forex. com and then enter your login credentials into the MT4 platform - which you can access online or via desktop software.

Once you do, you'll then have access to £10, in demo account funds. In particular, Forex. com is an advocate of the best trading robots and EAs, so this is a good platform to try out a new automated system.

In fact, it even offers dedicated forex VPNs, which are highly conducive for running advanced trading bots around the clock.

If and when you decide to upgrade to a real money account, Forex. com offers some very competitive trading fees. There are several account plans to choose from, one of which allows you to trade commission-free. If you're a seasoned pro trading larger volumes, an alternative account type offers spreads from just 0. There is also an STP Pro account, which gets the spread down to an industry-leading 0.

Visit Forex. com Now There is no guarantee you will make money with this provider. Plus is one of the most popular CFD trading platforms. The provider is authorized and regulated by the FCA and its parent company is listed on the London Stock Exchange. On top of commodities, stocks, indices, and ETFs - Plus offers a huge forex trading facility. Like most brokers in this space, the provider covers all major and minor pairs. However, Plus takes things to the next level by offering dozens of emerging currencies, too.

For example, you can trade pairs that contain the Thai baht, South African rand, Mexican peso, and more. Each and every forex pair hosted by Plus can be traded commission-free and with competitive spreads. In terms of the demo account facility, you can use this as soon as you go through the account opening process. This should take you no more than a few minutes. The demo account amount is Once the balance of the demo account drops to EUR or the equivalent currency amount or below, the initial demo amount will be automatically reinstated by the system.

This allows you to take as long as you need before you start trading with your own capital. When you do, the minimum deposit is just £ Finally, Plus can be accessed online or via the provider's mobile app. We have presented a selection of the best forex demo accounts right now. While some are suitable for newbies attempting to learn how to trade currencies for the first time, others are more conducive to advanced trading strategies.

Crucially, no two forex demo accounts are the same, so it's worth doing a bit of research before you get started. With this in mind, below we explain what you need to look out for in your search for the best forex demo account. The best forex demo accounts that we reviewed come pre-loaded with a set amount of paper funds. com offers £10, You'll want to ensure that the amount being offered is sufficient enough for you to learn the ropes of forex trading.

After all, if you're a newbie, there is every chance that you will encounter more losing trade than wining ones - especially at the start of your trading journey. On the other hand, some of the best forex demo accounts allow you to top-up your paper trading balance. For example, Plus will increase your paper balance back to £20, when it drops below £ You also need to explore whether or not the demo account comes with a time limit. We came across plenty of providers that only give you days of usage.

This might not be enough time for you to learn how the forex trading market works if you are just starting out. This is why the best forex demo accounts come with no time limit at all. In particular, this is really useful if and when you come up with a new trading strategy later down the line.

In the case of eToro, there is no limit on how long you can use the demo account. On the contrary, you can switch between demo and real money mode at the click of a button.

We also use third-party cookies that help us analyze and understand how you use this website. We also use different external services like Google Webfonts, Google Maps, and external Video providers. Due to security reasons we are not able to show or modify cookies from other domains. Trading Forex, CFD, Binary Options, and other financial instruments carries a high risk of loss and is not suitable for all investors. Privacy Policy.

Categories:

• Forex
• Binary Options
• Binary Options online
• Forex Brokers
• Forex Bitcoin