What is forex demo account?

A practice account on a real trading platform that enables you to trade without depositing any funds. By using this feature, you will have access to join in the live market environments with real-time pricing for free.

What can I do with forex demo account?

Learn about the characteristics of market as well as the frequent changes in the market. Pratice how to make orders in the trading platform. Get the hang of the platform's tools and how to navigate them. Figure out your trading goals. Try out various kinds of trading plans to determine the the ideal setup.

What are the advantages of demo account?

Test unlimited number of strategies, simulate trading and learn how to practice technical analysis, identifying your strengths and weaknesses which will help you define your trading strategies and routines. All is given for free.

Where can I start demo trading?

Practically in any broker offering the demo account. Nowadays, almost all forex brokers provide demo account as a gateway to introduce their services to new clients.

Forex Demo Account

-A Start of Your Trading Journey-

1. What Is a Forex Demo Account?

Before committing your time and money to forex trading, you should be familiar with the ins and outs of the business. That's why forex brokers provide a demo account. A forex demo account is a practice account on a real trading platform funded by virtual money. This feature allows you to experience the real market without actually being exposed to the risk.

2. How to Start a Demo Account?

You can create a demo account in less than 10 minutes. Basically, you only need to register in a forex broker that provides a free demo account, which is practically everywhere if you look for it.

Here is one example of setting up a forex demo account that you can follow:

Go to the broker's official website.
Look for the button for account registration.
Follow the instruction and make sure to fill the registration form with the correct data (email address, phone number, etc.) because the broker would like to send verification codes to your email or phone.
After successfully opening an account with the broker, log in to the Member Area and create a demo account. The broker will give you the access to their platform so you can start demo trading.

3. Why is It a Must?

For beginners, forex trading is a vast world to explore; often seems so vast that some can be intimidated to embark on the journey.

In other words...

FOREX TRADING IS NOT AS SIMPLE AS IT MAY SEEM

Before fully committing your time and money to forex trading, you should be familiar with the ins and outs of the business. Forex demo account is very important as you don't want to risk losing your investments due to lack of knowledge and practice.

In demo account, you can:

Learn about the characteristics of market as well as the frequent changes in the market.
Pratice how to make orders in the trading platform.
Get the hang of the platform's tools and how to navigate them.
Figure out your trading goals.
Try out various kinds of trading plans to determine the the ideal setup.

The key is to approach things at your own pace until you fully comprehend the fast-changing world of forex trading. And that is something that only forex demo account can provide without any real cost.

Want More Options to Start Demo Trading?

Nowadays, almost all broker provide their clients with free demo accounts so there is practically unlimited choices for you to create a demo account. Here are some of the most recommended brokers that you can choose:

4.23/5

Year Established : 2007

Regulation : ASIC ACN 123 289 109, CySEC 362/18 and Securities Commission of The Bahamas SIA-F214

Account types : Standard and Raw Spread

Spread : Variable

Maximum Leverage : 1:500

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IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. Read Full Review

4.16/5

Year Established : 2008

Regulation : CySEC 178/12, FCA (UK) 730729, FSA (Seychelles) SD025, FSC (Mauritius) 176967, FSCA (South Africa) 51024 and The Financial Commission 22.07.2021

Account types : Standard, Raw Spread, Pro, Standard Cent and Zero

Spread : Variable and Fixed

Maximum Leverage : 1:2000

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The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, Exness can be your best choice. It is a favorite broker for traders because of low spreads and flexible account types. This broker is also well known for its maximum support on bot new and existing partners. Read Full Review

3.67/5

Year Established : 2012

Regulation : BaFin HRB 160749B, CFTC/NFA 0486419, CySEC 199/13, FSA (Seychelles) SD047 and FSC (Mauritius) C116016172

Account types : Basic (Global Bdswiss), Black (Global Bdswiss), Basic (EU BDSwiss) and Black (EU BDSwiss)

Spread : Variable and Fixed

Maximum Leverage : 1:400

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BDSwiss is a brokerage firm which has become one of the largest trading groups for retail market. It gathers more than a million clients and counting. In providing the service, BDSwiss supports fast account opening and quality customer support, as well as global establishment through companies in the US and European area. Read Full Review

3.42/5

Year Established : 2009

Regulation : ASIC 443670, BaFin 124161, CNMV (Spain) 2010157773, CONSOB (Italy) 3046, CySEC 120/10, FCA (UK) 538324, FSP (New Zealand) FSP235905 and ESMA

Account types : Micro, Standard, Islamic and XM Ultra Low

Spread : Variable

Maximum Leverage : 1:888

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XM is one of the more experienced brokers in the forex brokerage industry today. Since its founding, the broker has experienced a lot of changes, including the addition of zero spread Account, Shares trading, and Webinar feature in various different languages with native instructors for each language. Read Full Review

4.33/5

Year Established : 2001

Regulation : ASIC 246566, CySEC 079/07, FSA (Seychelles) 19.09.2020 and FSC (BVI) 15.20.2020

Account types : VIP, Standard and Premium

Spread : Fixed

Maximum Leverage : 1:400

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Formerly known as easy-forex, this broker expanded CFD offerings to include global indices, options, metals, forex, commodities, and cryptocurrencies. Simple, honest, and transparent become three values that are carried by the company. Read Full Review

3.59/5

Year Established : 2011

Regulation : CySEC 372/18, FCA (UK) 679306 and IFSA (St. Vincent and Grenadines) 19776 IBC 2011

Account types : cTrader ECN, MT4 Micro and MT5 Pro

Spread : Variable

Maximum Leverage : 1:500

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OctaFX offers a range of instruments including forex pairs as well as CFD trading on precious metals, indices, and cryptocurrencies. Regarded as a good fit for all types of traders, OctaFX is available for beginners to experienced traders. They have a solid reputation as a friendly broker for various strategy users like news traders and even scalpers. Read Full Review

3.73/5

Year Established : 2011

Regulation : CySEC 185/12, FCA (UK) 777911, FSC (Mauritius) C113012295 and FSCA (South Africa) 46614

Account types : FXTM ECN, Standard, Cent, ECN Zero, FXTM Pro and ECN

Spread : Variable and Fixed

Maximum Leverage : 1:2000

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Trading environment in FXTM exceeds its peers with the availability of more than 100 instruments to trade with, various types of accounts to be chosen, leverage up to 1:2000, and various deposit and withdrawal facilities. Over the years, it has become an ideal place for newbies and other types of traders to trade in the market. Read Full Review

3.81/5

Year Established : 2010

Regulation : CySEC 183/12, DFSA (Dubai) F004885, FCA (UK) 801701, FSA (Seychelles) 8419176-1, FSA (St. Vincent & Grenadines) 22747, FSC (Mauritius) 094286 and FSCA (South Africa) 46632

Account types : Micro, Premium, HFCOPY, VIP, Islamic Account and Zero spread

Spread : Variable

Maximum Leverage : 1:1000

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HotForex provides trading services and facilities to both retail and institutional clients. It has more than 1,500,000 live accounts opened and 200 employees globally. Traders do not need to prepare a big capital in order to open an account in this broker. Also, there are various trading softwares and tools to facilitate customers to trade forex and CFD online. Read Full Review

3.28/5

Year Established : 2009

Regulation : ASIC 426359, CySEC 331/17 and IFSC (Belize) IFSC/60/230/TS/12

Account types : Standart, Cent, Zero Spread, ECN and Micro

Spread : Variable and Fixed

Maximum Leverage : 1:3000

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FBS is a widely known broker among retail traders. It continually grows to become a preferred broker because of flexible trading conditions that enable traders to trade with various instruments, low deposit, minimum spread, and other trading advantages. Read Full Review

3.54/5

Year Established : 2007

Regulation : FSA (St. Vincent & Grenadines) IBC22945 and FSC (BVI) SIBA/L/14/1082

Account types : Insta.Standard, Insta.Eurica, Cent.Standard and Cent.Eurica

Spread : Fixed

Maximum Leverage : 1:1000

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InstaForex is an international broker that provides trading services to as many as 7 million traders from various countries. The Russian-based broker has a long history and has won numerous awards. Furthermore, it offers myriad of features and always up to date on the most recent trend in the market. Read Full Review

More on Forex Demo Account

Pros and Cons of Forex Demo Account

A thorough introduction on forex demo account, why it really matters, as well as the pros and cons.

Guide to Successfully Start Demo Trading

The basic guide of starting a forex demo account and how to navigate it as a trading simulation.

Other Brokers Offering Forex Demo Accounts

A selection of brokers offering free forex demo account. Start demo trading by registering in one of these brokers.