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:

IC Markets
4.23/5

Year Established : 2007

Regulation : ASIC ACN 123 289 109, CySEC 362/18, Securities Commission of The Bahamas SIA-F214 and The Financial Commission 25.11.2021

Account types : Raw Spread and Standard

Spread : Variable

Maximum Leverage : 1:500

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
Exness
4.16/5

Year Established : 2008

Regulation : CySEC 178/12, FCA (UK) 730729, FSA (Seychelles) SD025, FSC (BVI) SIBA/L/20/1133, FSC (Mauritius) 176967, FSCA (South Africa) 51024 and The Financial Commission 22.07.2021

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

Spread : Variable and Fixed

Maximum Leverage : 1:2000

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
BDSwiss
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 (EU BDSwiss), Black (EU BDSwiss), Black (Global Bdswiss) and Basic (Global Bdswiss)

Spread : Fixed and Variable

Maximum Leverage : 1:400

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
XM
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 : XM Ultra Low, Islamic, Micro and Standard

Spread : Variable

Maximum Leverage : 1:888

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
easyMarkets
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 : Premium, Standard and VIP

Spread : Fixed

Maximum Leverage : 1:400

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
OctaFX
3.59/5

Year Established : 2011

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

Account types : OctaFX MT5 and OctaFX MT4

Spread : Variable

Maximum Leverage : 1:500

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
FXTM
3.41/5

Year Established : 2011

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

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

Spread : Variable and Fixed

Maximum Leverage : 1:2000

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
HotForex
3.81/5

Year Established : 2010

Regulation : Capital Markets Authority of Kenya 26/01/2022, 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) 466

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

Spread : Variable

Maximum Leverage : 1:1000

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
FBS
3.28/5

Year Established : 2009

Regulation : ASIC 426359, CySEC 331/17, FSCA (South Africa) 50885, IFSC (Belize) IFSC/000102/310 and FCA temporary permit 808276

Account types : Crypto, Standard, Cent, Zero Spread, Micro and ECN

Spread : Fixed and Variable

Maximum Leverage : 1:3000

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
InstaForex
3.54/5

Year Established : 2007

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

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

Spread : Fixed

Maximum Leverage : 1:1000

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.