Brokers Providing Demo Account
A demo account is a type of account funded with virtual money. By using this demo, traders are experienced with the trading platform and its various features. A demo account also helps traders to understand how forex market works, before deciding to set up a real account funded with the customer's actual money. Demo accounts are offered by lots of online trading platforms, including stock trading platforms, foreign exchange trading venues, and commodities exchanges.
Below you will find a list of Forex Brokers that offer demo account for trading.
| Broker | Max Leverage | Min Deposit | |
|---|---|---|---|
| Dukascopy Hong Kong 1998
| 1:200 | $100 | Review |
| ActivTrades Bahamas 2001
| 1:400 | $100 | Review |
| Axi Australia 2007
| 1:500 | $1 | Review |
| XTB Austria 2002
| 1:30 | $1 | Review |
| Interactive Brokers Australia 1977
| 1:100 | $10000 | Review |
| Windsor Brokers China 1998
| 1:500 | $100 | Review |
| FP Markets Australia 2005
| 1:500 | $100 | Review |
| Vantage Australia 2006
| 1:500 | $200 | Review |
| HYCM Hong Kong 1977
| 1:325 | $100 | Review |
| Pepperstone Australia 2010
| 1:30 | $200 | Review |
| IG Australia 1974
| 1:50 | $1 | Review |
| easyMarkets Australia 2001
| 1:400 | $25 | Review |
| Hantec Markets Australia 2009
| 1:30 | $1000 | Review |
| IC Markets Australia 2007
| 1:500 | $200 | Review |
| AGEA Montenegro 2005 | 1:500 | $1 | Review |
| Admirals Argentina 2001
| 1:500 | $100 | Review |
| AvaTrade Australia 2006
| 1:400 | $100 | Review |
| Exness Cyprus 2008
| 1:2000 | $1 | Review |
| GOMarkets Australia 2008
| 1:500 | $200 | Review |
| ThinkMarkets Australia 2010
| 1:500 | $1 | Review |
| Fxview Cyprus 2018
| 1:30 EU 1 | $5 | Review |
| Forex.com Australia 1999
| 1:200 | $250 | Review |
| Plus500 Australia 2008
| 1:300 | $100 | Review |
| Tickmill Seychelles 2014
| 1:500 | $100 | Review |
| Libertex Armenia 1997
| 1:600 | $1 | Review |
| eToro China 2007
| 1:400 | $200 | Review |
| TMGM Australia 2013
| 1:500 | $100 | Review |
| Saxo Bank China 1992
| 1:200 | $2000 | Review |
| Blueberry Markets Australia 2016
| 1:500 | $100 | Review |
| FXOpen Australia 2003
| 1:500 | $1 | Review |
| HF Markets Cyprus 2010
| 1:1000 | $5 | Review |
| OANDA British Virgin Islands 1996
| 1:20 | $1 | Review |
| OvalX Cyprus 1965
| 1:400 | $100 | Review |
| FXPRIMUS Cyprus 2009
| 1:500 | $2500 | Review |
| FXTM Belize 2011
| 1:2000 | $10 | Review |
| FxPro Bahamas 2006
| 1:50 | $100 | Review |
| BDSwiss Cyprus 2012
| 1:400 | $100 | Review |
| RoboForex Belize 2009
| 1:2000 | $10 | Review |
| Juno Markets Vanuatu 2014 | 1:500 | $100 | Review |
| FIBOGroup Austria 1998
| 1:1000 | $1 | Review |
| Axiory Belize 2011
| 1:777 | $10 | Review |
| Orbex Cyprus 2009
| 1:500 | $200 | Review |
| OctaFX Saint Vincent and the Grenadines 2011
| 1:500 | $100 | Review |
| CPT Markets Belize 2008
| 1:500 | $500 | Review |
| Fullerton Markets Saint Vincent and the Grenadines 2015
| 1:500 | $200 | Review |
| InstaForex Russian Federation 2007
| 1:1000 | $1 | Review |
| JustForex Cyprus 2012
| 1:3000 | $1 | Review |
| IronFX Australia 2010
| 1:30 | $100 | Review |
| Swissquote Hong Kong 1996
| 1:100 | $1000 | Review |
| ForexMart Cyprus 2014
| 1:500 | $1 | Review |
| XM Australia 2009
| 1:888 | $5 | Review |
| FXCM Australia 1999
| 1:400 | $1 | Review |
| Grand Capital Armenia 2006
| 1:500 | $10 | Review |
| Weltrade Belarus 2006
| 1:500 | $25 | Review |
| FirewoodFX Saint Vincent and the Grenadines 2014 | 1:1000 | $10 | Review |
| FXOptimax Saint Vincent and the Grenadines 2009
| 1:1000 | $10 | Review |
| LiteFinance Bulgaria 2005
| 1:500 | $50 | Review |
| LiteForex Bulgaria 2005
| 1:500 | $50 | Review |
| FBS China 2009
| 1:3000 | $1 | Review |
| NordFX Cyprus 2008
| 1:1000 | $10 | Review |
| Olymp Trade Cyprus 2014
| 1:500 | $2 | Review |
| FXDD Malta 2002
| 1:30 | $250 | Review |
| iFOREX Cyprus 1996
| 1:30 | $100 | Review |
| FreshForex Russian Federation 2004
| 1:2000 | $1 | Review |
| GKFX Chile 2009
| 1:30 | $200 | Review |
| Xtrade Cyprus 2010
| 1:400 | $100 | Review |
| PaxForex Saint Vincent and the Grenadines 2010 | 1:500 | $10 | Review |
| TenkoFX Belize 2011
| 1:500 | $10 | Review |
| LQDFX Malta 2015 | 1:500 | $20 | Review |
| TriumphFX Australia 2009
| 1:500 | $100 | Review |
| Forex4You British Virgin Islands 2007
| 1:1000 | $1 | Review |
| SimpleFX Saint Vincent and the Grenadines 2014 | 1:500 | $1 | Review |
| M4Markets Seychelles 2019
| 1:1000 | $5 | Review |
| Royal Australia 2008
| 1:30 | $50 | Review |
| MARKETSX Cyprus 2006
| 1:300 | $100 | Review |
| GAINSY Saint Vincent and the Grenadines 2012
| 1:500 | $10 | Review |
| Blackwell Global Bahamas 2010
| 1:200 | $1 | Review |
| ICM Capital China 2009
| 1:30 | $200 | Review |
| IFC Markets British Virgin Islands 2006
| 1:400 | $1 | Review |
| Larson & Holz IT Austria 2004
| 1:500 | $250 | Review |
| DF Markets United Kingdom 2010
| 1:200 | $10 | Review |
| ICM Brokers Saint Vincent and the Grenadines 2007 | 1:400 | $300 | Review |
| AccentForex Vanuatu 2010
| 1:500 | $10 | Review |
| Profiforex Belize 2010 | 1:500 | $1 | Review |
| FXPCM Canada 2007
| 1:500 | $100 | Review |
| Renesource Capital Latvia 1998
| 1:100 | $10 | Review |
| Synergy Markets Australia 2011
| 1:500 | $100 | Review |
| Trade360 Cyprus 2013
| 1:200 | $500 | Review |
| NatureForex Belize 2011
| 1:1000 | $20 | Review |
| Alvexo Cyprus 2014
| 1:400 | $500 | Review |
| Forex Optimum Indonesia 2009
| 1:500 | $10 | Review |
| Titan FX Vanuatu 2013
| 1:500 | $200 | Review |
| OneTrade United Kingdom 2011
| 1:100 | $500 | Review |
| Trade12 Marshall Islands 2015 | 1:400 | $250 | Review |
| WSSolution Saint Vincent and the Grenadines 2015 | 1:400 | $250 | Review |
| Bolmax Management Estonia 2009 | 1:100 | $100 | Review |
| FXGlobe Cyprus 2008
| 1:500 | $250 | Review |
| ADS Prime United Kingdom 2010
| 1:500 | $200 | Review |
| Valutrades Seychelles 2013
| 1:400 | $100 | Review |
| PhillipCapital Australia 1975
| 1:200 | $200 | Review |
| Trust Capital Lebanon 2011
| 1:400 | $10000 | Review |
| Forex.ee Estonia 2004 | 1:500 | $10 | Review |
| GBE brokers Cyprus 2013
| 1:30 | $500 | Review |
| WesternFX Bangladesh 2013
| 1:500 | $25 | Review |
| Forexite British Virgin Islands 1999
| 1:100 | $1 | Review |
| Corner Trader Switzerland 1952 | 1:200 | $1 | Review |
| Vinson Financials Cyprus 2004 | 1:500 | $200 | Review |
| Invast Financial Services Australia 1960
| 1:400 | $100 | Review |
| Hirose Financial UK Malaysia 2010
| 1:30 | $1 | Review |
| Core Liquidity Markets Australia 2013
| 1:500 | $100 | Review |
| XGLOBAL Markets Cyprus 2012
| 1:30 | $100 | Review |
| PFD New Zealand 1999
| 1:300 | $1 | Review |
| Price Markets United Kingdom 2003
| 1:50 | $5000 | Review |
| Traders Trust Bermuda 2009
| 1:500 | $50 | Review |
| Euro Pacific Bank Saint Vincent and the Grenadines 2011 | 1:100 | $2500 | Review |
| FX Choice Belize 2010
| 1:200 | $100 | Review |
| HMS Markets Luxembourg 1972
| 1:50 | $5000 | Review |
| 24option Albania 2009
| 1:400 | $100 | Review |
| Ingot Brokers Australia 2004
| 1:400 | $100 | Review |
| Capital Index Australia 2014
| 1:200 | $100 | Review |
| LMFX Macedonia 2015 | 1:1000 | $50 | Review |
| Abshire-Smith United Kingdom 2011
| 1:200 | $500 | Review |
| Eightcap Australia 2009
| 1:500 | $100 | Review |
| NSFX Malta 2011
| 1:50 | $300 | Review |
| Tallinex Estonia 2012 | 1:1000 | $100 | Review |
| ForexCT Australia 2006 | 1:400 | $500 | Review |
| MTrading China 2001
| 1:1000 | $100 | Review |
| Tradeo Cyprus 2012
| 1:30 | $250 | Review |
| FxNet United Arab Emirates 2012
| 1:500 | $50 | Review |
| TMS Brokers Poland 1997 | 1:30 | $1000 | Review |
| FxGrow Cyprus 2008
| 1:100 | $100 | Review |
| CMC Markets Australia 1989
| 1:500 | $1 | Review |
| DeltaStock Bulgaria 1998
| 1:200 | $100 | Review |
| FXGM Cyprus 2011
| 1:30 | $200 | Review |
| Spread Co United Kingdom 2006
| 1:10 | $160 | Review |
| Advanced Markets Bermuda 2006
| 1:50 | $1000 | Review |
| ATC Brokers Cayman Islands 2005
| 1:200 | $5000 | Review |
| AAAFx Greece 2010
| 1:30 | $300 | Review |
| FXFlat France 1997
| 1:400 | $200 | Review |
| Bulbrokers Bulgaria 1998
| 1:200 | $100 | Review |
| FXPIG Vanuatu 2010
| 1:400 | $200 | Review |
| LCG United Kingdom 1996
| 1:200 | $10000 | Review |
| Finotec United Kingdom 1998
| 1:200 | $200 | Review |
| Velocity Trade New Zealand 1999
| 1:200 | $1000 | Review |
| FXCL Ireland 2006
| 1:1000 | $1 | Review |
| ForexChief Vanuatu 2014 | 1:1000 | $10 | Review |
| One Financial Markets United Arab Emirates 2007
| 1:30 | $250 | Review |
| GCI Anguilla 2002 | 1:400 | $500 | Review |
| Finq Seychelles 2005
| 1:300 | $100 | Review |
| Fondex Cyprus 2010
| 1:30 | $250 | Review |
| Questrade FX Canada 1999 | 1:200 | $1000 | Review |
| ITRADER Cyprus 2016 | 1:200 | $100 | Review |
| Deriv Malaysia 1999
| 1:1000 | $5 | Review |
| Videforex United Kingdom 2016 | 1:100 | $250 | Review |
| Evolve Markets Saint Vincent and the Grenadines 2016 | 1:1000 | $1 | Review |
| Binary.com Japan 1999
| 1:1000 | $1 | Review |
| CM Trading Cyprus 2011
| 1:200 | $100 | Review |
| AAFX Trading Australia 2004
| 1:2000 | $100 | Review |
| City Index Australia 2001
| 1:30 | $250 | Review |
| EverFX Cyprus 2015
| 1:500 | $250 | Review |
| TradeView Forex Cayman Islands 2006
| 1:400 | $100 | Review |
| TryMarkets United Arab Emirates 2012
| 1:500 | $500 | Review |
| Core Spreads United Kingdom 2014
| 1:240 | $1 | Review |
| eXcentral Cyprus 2019
| 1:30 | $250 | Review |
| TFI Markets Cyprus 1999
| 1:500 | $50 | Review |
| Key to Markets United Kingdom 2010
| 1:500 | $100 | Review |
| Darwinex United Kingdom 2012
| 1:200 | $10000 | Review |
| Credit Financier Invest Cyprus 1998
| 1:30 | $1 | Review |
| FXGlory Cyprus 2011 | 1:3000 | $1 | Review |
| VARIANSE United Kingdom 2015
| 1:30 | $500 | Review |
| Milton Markets New Zealand 2014
| 1:1000 | $100 | Review |
| SuperForex Belize 2013
| 1:1000 | $1 | Review |
| ForexTB Cyprus 2020
| 1:30 | $250 | Review |
| Ubrokers Greece 2020
| 1:30 | $250 | Review |
| Investous Belize 2018
| 1:500 | $250 | Review |
| Blaze Markets Australia 2020
| 1:200 | $100 | Review |
| CryptoGT Marshall Islands 2017 | 1:500 | $BTC 0.0001 | Review |
| FXGT Cyprus 2019
| 1:500 | $10 | Review |
| HFTrading New Zealand 2019
| 1:400 | $300 | Review |
| Forex24 Cyprus
| 1:400 | $2000 | Review |
| XtreamForex Marshall Islands 2015 | 1:1000 | $5 | Review |
| Trading 212 United Kingdom 2006
| 1:30 | $10 | Review |
| Moneta Markets Australia 2020
| 1:500 | $50 | Review |
| AZAforex Saint Vincent and the Grenadines 2016 | 1:1000 | $1 | Review |
| ForexVox United Kingdom 2019
| 1:500 | $1 | Review |
| AdroFx Saint Lucia 2018
| 1:500 | $25 | Review |
| BMFN Australia 1988
| 1:400 | $50 | Review |
| CedarFX Saint Vincent and the Grenadines 2020 | 1:500 | $10 | Review |
| Fusion Markets Australia 2018
| 1:500 | $1 | Review |
| FinmaxFX Seychelles 2017
| 1:200 | $250 | Review |
| SquaredFinancial Cyprus 2017
| 1:30 | $250 | Review |
| EuropeFX Cyprus 2014
| 1:30 | $1000 | Review |
| CLMarkets Australia 2013
| 1:500 | $100 | Review |
| TradeATF Belize 2013
| 1:500 | $100 | Review |
| BlackBull Markets New Zealand 2014
| 1:500 | $50 | Review |
| SmartFX United Arab Emirates 2018
| 1:400 | $200 | Review |
| IQ Option Cyprus 2013
| 1:300 | $1 | Review |
| AMarkets Saint Vincent and the Grenadines 2007
| 1:1000 | $100 | Review |
| ROinvesting Cyprus 2015
| 1:400 | $100 | Review |
| MaxiMarkets Russian Federation 2008 | 1:200 | $500 | Review |
| USGFX Australia 2006
| 1:500 | $100 | Review |
| TrioMarkets Cyprus 2014
| 1:30 | $250 | Review |
| Financial Spreads United Kingdom 2007
| 1:200 | $1 | Review |
| ATFX Cyprus 2015
| 1:30 | $200 | Review |
| Alfa Capital Cyprus 2003
| 1:100 | $1 | Review |
| MultiBank United States 2005
| 1:500 | $50 | Review |
| UFX United Kingdom 2009
| 1:200 | $100 | Review |
| LonghornFX Saint Vincent and the Grenadines 2020 | 1:500 | $10 | Review |
| TOP1Markets Australia 2018
| 1:100 | $100 | Review |
| CapitalCore Saint Vincent and the Grenadines 2019 | 1:2000 | $10 | Review |
| Solid ECN Saint Vincent and the Grenadines 2017
| 1:1000 | $1 | Review |
| Rockfort Markets New Zealand 2015
| 1:500 | $200 | Review |
| Absolute Markets Saint Vincent and the Grenadines 2021 | 1:1000 | $50 | Review |
| OffersFX Cyprus 2010
| 1:400 | $200 | Review |
| Investizo Saint Vincent and the Grenadines 2019
| 1:1000 | $10 | Review |
| Equiti Armenia 2007
| 1:500 | $500 | Review |
| OpoFinance Saint Vincent and the Grenadines 2021
| 1:500 | $100 | Review |
| FX Sign Georgia 2015
| 1:1000 | $1 | Review |
| JFD Brokers Bulgaria 2011
| 1:400 | $500 | Review |
| Crystal Ball Markets Saint Vincent and the Grenadines 2020
| 1:1000 | $50 | Review |
| Geratsu Saint Vincent and the Grenadines 2020 | 1:1000 | $10 | Review |
| Markets.com Cyprus 2006
| 1:300 | $100 | Review |
| FinPros Seychelles 2020
| 1:400 | $800 | Review |
| ADSS United Kingdom 2010
| 1:500 | $200 | Review |
| HotForex Cyprus 2010
| 1:1000 | $5 | Review |
| Emd Broker Georgia 2020
| 1:300 | $100 | Review |
| LMAX Global United Kingdom 2008
| 1:30 | $10000 | Review |
| Trading.com United Kingdom 2018
| 1:30 | $5 | Review |
| Alfa Capital Markets Cyprus 2003
| 1:100 | $1 | Review |
| AETOS Australia 2007
| 1:200 | $250 | Review |
| Opoforex Saint Vincent and the Grenadines 2021
| 1:500 | $100 | Review |
| VT Markets Austria 2016
| 1:500 | $200 | Review |
| Evotrade Seychelles 2010 | 1:200 | $250 | Review |
| Eurotrader Marshall Islands 2015
| 1:500 | $50 | Review |
| Axiance Cyprus 2015
| 1:500 | $100 | Review |
| Milton Prime Cyprus 2014
| 1:500 | $300 | Review |
| Esperio Saint Vincent and the Grenadines 2021 | 1:1000 | $1 | Review |
| Capital.com Australia 2017
| 1:30 | $20 | Review |
| Colmex Pro Cyprus 2009
| 1:30 | $2000 | Review |
| LiquidityX Greece 1994
| 1:30 | $250 | Review |
| Evest Vanuatu 2021
| 1:400 | $250 | Review |
| Sage FX Saint Vincent and the Grenadines 2020 | 1:500 | $10 | Review |
| Number One Capital Markets Turkey 2017
| 1:1000 | $5 | Review |
| GANNMarkets Montenegro 2018 | 1:400 | $10 | Review |
| CryptoAltum Marshall Islands 2019 | 1:500 | $0.002 BTC | Review |
| FCI Markets United Kingdom 2016
| 1:100 | $500 | Review |
| Streams Saint Vincent and the Grenadines 2019 | 1:500 | $100 | Review |
| Axes Ukraine 2018
| 1:500 | $500 | Review |
| Tifia Indonesia 2011
| 1:1000 | $10 | Review |
| Swiss Markets Cyprus 2016
| 1:500 | $200 | Review |
| FXB Trading Saint Vincent and the Grenadines 2015
| 1:500 | $250 | Review |
| World Forex Vanuatu 2007
| 1:500 | $1 | Review |
| Markets Cube Cyprus 2017 | 1:100 | $5000 | Review |
| Global Market Index China 2009
| 1:200 | $25 | Review |
| CrescoFX United Kingdom 2012
| 1:500 | $10000 | Review |
| Global Prime Australia 2010
| 1:200 | $200 | Review |
| EBH Forex Bulgaria 2012
| 1:30 | $100 | Review |
| AMEGA Cyprus 2018 | 1:1000 | $1 | Review |
| Big Boss Hong Kong 2014
| 1:999 | $1 | Review |
| Capital Street FX Bulgaria 2012
| 1:3500 | $100 | Review |
| ETO Markets Australia 2013
| 1:30 | $200 | Review |
| Equiti Global Markets Armenia 2007
| 1:500 | $500 | Review |
| Coinexx United Kingdom 2017 | 1:500 | $7 | Review |
| Markets Invest Hungary 2017 | 1:1000 | $250 | Review |
| JAFX Saint Vincent and the Grenadines 2013 | 1:500 | $10 | Review |
| TradeCMX Saint Vincent and the Grenadines 2012
| 1:500 | $1000 | Review |
| ayondo Germany 2008 | 1:200 | $100 | Review |
| Gerchik & Co Vanuatu 2015
| 1:100 | $100 | Review |
| AAATrade Cyprus 2013
| 1:200 | $1 | Review |
| Trade Fintech United Kingdom 2016 | 1:200 | $250 | Review |
| JCMFX Belize 2014
| 1:1000 | $10 | Review |
| FX Giants Cyprus 2015
| 1:30 | $100 | Review |
| Alpari Saint Vincent and the Grenadines 1998
| 1:1000 | $1 | Review |
| JFD Bank Bulgaria 2011
| 1:400 | $500 | Review |
| Ally Invest United States 2009
| 1:50 | $1 | Review |
| Land-FX China 2013
| 1:500 | $300 | Review |
| TegasFX Singapore 2016
| 1:200 | $200 | Review |
| CFDTimes Cyprus 2012
| 1:500 | $5 | Review |
| Fortrade United Kingdom 2013
| 1:100 | $500 | Review |
| Turnkey Forex United Kingdom 2009 | 1:400 | $200 | Review |
| CMS Trader Australia 2013 | 1:400 | $500 | Review |
| Circle Markets New Zealand 2016
| 1:500 | $50 | Review |
| CIBFX Vanuatu 2005
| 1:200 | $500 | Review |
| Anzo Capital Australia 2015
| 1:1000 | $100 | Review |
| Boston Merchant Financial Australia 1988
| 1:400 | $50 | Review |
| EagleFX Dominica 2018 | 1:500 | $10 | Review |
| Purple Trading Cyprus 2015
| 1:30 | $100 | Review |
| AMP Global Cyprus 2018
| 1:50 | $100 | Review |
| Invest100 Saint Vincent and the Grenadines 2018
| 1:400 | $250 | Review |
| CMS Prime United Arab Emirates 2004
| 1:500 | $500 | Review |
| Scandinavian Capital Markets Sweden 2011
| 1:100 | $10000 | Review |
| Dizicx Mauritius 2016
| 1:400 | $100 | Review |
| VPFX Malaysia 2020
| 1:500 | $100 | Review |
| XBTFX Saint Vincent and the Grenadines 2019
| 1:500 | $1 | Review |
| FXGate Malaysia 2019
| 1:100 | $100 | Review |
| Skilling Cyprus 2016
| 1:500 | $100 | Review |
| SFEX Hong Kong 2019
| 1:100 | $1000 | Review |
| StreamsFxGlobal Saint Vincent and the Grenadines 2019 | 1:100 | $200 | Review |
| streamsfx Cyprus 2019
| 1:30 | $500 | Review |
| Yadix Seychelles 2010
| 1:500 | $100 | Review |
| NAGA Cyprus 2015
| 1:500 | $250 | Review |
| Your FX Broker Cayman Islands 2020
| 1:100 | $100 | Review |
| CryptoRocket Saint Vincent and the Grenadines 2019 | 1:500 | $10 | Review |
| Just2Trade Cyprus 2015
| 1:500 | $100 | Review |
| Trendex Hong Kong 2019 | 1:400 | $500 | Review |
| TurboForex Argentina 2010
| 1:500 | $250 | Review |
| Fort Financial Services China 2010
| 1:1000 | $5 | Review |
| Trade8 Switzerland 2017 | 1:300 | $BTC1 | Review |
| TradeFW Cyprus 2018
| 1:30 | $250 | Review |
| UBFX China 2016
| 1:400 | $1 | Review |
| FXLinked Seychelles 2018
| 1:400 | $10 | Review |
| RCPro Estonia 2018 | 1:200 | $500 | Review |
| PrimeXBT Saint Vincent and the Grenadines 2018 | 1:1000 | $BTC1 | Review |
| INFINOX United Kingdom 2009
| 1:30 | $100 | Review |
| FX Trading Pro United States 2018
| 1:50 | $20 | Review |
| CapitalXP Saint Vincent and the Grenadines 2015 | 1:100 | $250 | Review |
| ACY Securities Australia 2013
| 1:500 | $50 | Review |
| TradeLTD Estonia 2017 | 1:200 | $200 | Review |
| TIOmarkets United Kingdom 2019
| 1:200 | $1 | Review |
| LegacyFx Cyprus 2017
| 1:200 | $500 | Review |
| One Global Market United Kingdom 2016
| 1:30 | $10000 | Review |
| Lirunex Indonesia 2016
| 1:1000 | $25 | Review |
As a training ground for new traders to hone their skill and discipline before jumping into the live market, the demo account allows new traders to see what the market looks like and how it works without losing any real money. New traders may use it to make them feel confident enough to place some real money in the market. More experienced traders are also welcome here if they want to test a new trading strategy.
Here we have a list of how a demo account may benefit you and what downsides you need to avoid.
Demo Account: The Pros
Absolutely Free of Charge
Not a single penny is required in order to set up this account. Just create one and the broker of your choice will provide you with some virtual funds, some forex broker can provide up to $100,000 virtual fund and some leverage.
No Financial Risk
If there is one thing about forex trading that bears no risk, that thing will be a demo account. Use that virtual money all you want. You may continue to do real trading if you think you like it and can profit out of it or quit if this does not suit you.
An Early Way of Knowing Your Broker's Quality
A demo account is something that a forex broker may provide for a new trader in order to show them the ropes. You can see for yourself how a particular forex broker works in providing services for clients by registering for its demo account. See how it communicates with you, try the demo trading platform, figure out the spread and/or commission applied, and many others in relation to how a good forex broker should be.
Free Simulation of Trading Tools
Forex trading is carried out with the help of several tools like any other trade. Like a mechanic that does not fasten a bolt with a bare hand, a forex trader does not use the platform by itself. There are many tools that you can use to predict what is coming up next, and they can be tried out without risking your money in a demo account.
A Practical Way to Hone Your Skills
This is the main goal of a demo account; practice without risk. If you can take this training ground seriously, you might be able to jump into the market and actually place real money there. You might not be 100% immune to losses but at least most of that risk should be mitigated by now.
Demo Account: The Cons
Ignorance of Risks
What seems to be a beneficial convenience may turn out to be a major downfall if you do not aware of it. The absence of consequences to your real money can get you carried away in trading carelessly. If this habit continues to live after you progress to the live account, you will find yourself penniless in no time.
Tendency to Gamble
While it is not wrong to treat a demo account like a game of gamble, it is advised that whoever wants to get into forex trading must use the demo account as intended and that is to train, practice, and learn. Such caution is taken to prevent said behavior from transferring over to a live account.
The Comfort Zone
Although your profit from a demo account is a sum of virtual money that can't be withdrawn or liquidated into real money, it still brings about some sort of excitement. This is where things get dangerous. Being too comfortable in the demo account can hinder you from the real success of trading with a live account.
Doesn't Fully Reflect the Real Trading Condition
There is literally nothing to lose in a demo account, and its platform basically enables traders to trade in the real-time forex market, not the simulated one. Yet, it is important to note that because the orders are all virtual in the demo account, everything tends to go smoothly without any major disturbance like slippage, market freeze, requote, or other execution problems. Any trader who likes to trade in a volatile market would be surprised by the risks of running into such problems when they experience live trading for the first time. If not anticipated carefully, these kinds of problems can lead to damaging losses that destroy your account.
So, Is Demo Account Really Useful?
Every successful trader has lost some amount of cash during their career, so do not feel bad when you do. A demo account exists to give you the training field so that you can learn everything without paying a high price. Still, that small pleasure can trick your brain into thinking that risk is simply non-existent. When that effect sets in, your account could bleed out too soon. Thus, it is important to know how to use the demo account wisely.
The second you enter live trading, always remember that your hard-earned money is literally on the line. Tread carefully as to not losing it. When you do lose some of it, remember the pain and take it to the heart so you can execute your next move with greater caution.
