9 Best Forex Demo Accounts 2024

Why Trust Techopedia
Why Trust Techopedia

Forex demo accounts allow you to trade in live market conditions without risking any capital. Not only are demo accounts great for beginners learning their craft, but experienced traders looking to perfect their strategy.

In this guide, we reveal the ten best forex demo accounts for 2024. We cover all important metrics, such as supported forex pairs, the amount of demo funds you’ll receive, time limits, analysis tools, and much more.

List of the 9 Best Forex Demo Accounts 2024

You’ll find the 9 best forex demo accounts for 2024 listed below:

  1. eToroFree $100,000 demo account with support for virtually trading 5,500+ instruments including forex, stocks, crypto, and more. The demo account supports copy trading and offers access to all of eToro’s trading tools. You can also reset the account at any time.
  2. Plus500: You’ll get $50,000 in virtual funds when opening a Plus500 demo account. This commission-free trading platform supports a huge range of pairs, not to mention forex options. Plus500 has its own trading suite, which can be accessed online or via an iOS/Android app. Plus500 offers charting tools and custom order types, although its platform is more suitable for beginners.
  3. XTB: XTB is a licensed forex broker that supports dozens of major, minor, and exotic pairs. You can open a free demo account without needing to provide any payment details. You can choose from MT4 or its native trading suite, xStation 5. Both platforms will appeal to technical traders who want access to advanced trading tools. XTB is a commission-free broker with competitive spreads.
  4. AvaTrade: AvaTrade is a multi-asset broker that supports forex, options, indices, stocks, bonds, and more. It has a native web trading platform and mobile app, but also supports MT4 and MT5. AvaTrade doesn’t charge commissions and its forex spreads start from 0.9 pips. The AvaTrade demo account comes pre-loaded with $100,000 in virtual funds.
  5. Skilling: Skilling’s forex demo account takes seconds to open and offers $10,000 in practice funds. This regulated broker supports commission-free trading on 73 forex pairs. It also supports other assets, including cryptocurrencies and indices. Skilling’s native platform is user-friendly and it also supports MT4 and cTrader.
  6. IG: IG is another US-friendly forex broker that offers a free demo account. You’ll get $10,000 in virtual funds and have access to over 80 forex pairs. This commission-free broker offers spreads from 0.8 pips on USD/EUR. The demo account is available on IG’s native platform or MT4.
  7. Forex.com: Forex.com is a global forex broker that supports US clients. Its demo account is funded with $50,000 in virtual funds and it mirrors live market conditions. You can use the Forex.com demo account for 90 days before it expires. US clients have three real-money accounts to choose from, including DMAs (direct market access).
  8. FXTM: FXTM is a popular forex trading platform that supports MT4 and MT5. You can open a free forex demo account on either of these platforms. There are multiple real-money accounts to choose from too, covering zero-spread and commission-free plans. In addition to forex, you can also trade stocks, indices, and commodities.
  9. Oanda: Oanda is an established forex broker with over 25 years in the industry. It offers competitive trading fees across dozens of forex pairs, and margin requirements are low. Oanda has its own trading suite that comes with advanced technical analysis tools. It also supports MT4. You can open an Oanda demo account without providing any payment details.

Best Forex Paper Trading Platforms Reviewed

Demo accounts are offered by regulated forex brokers that typically support dozens of pairs. You’ll need to ensure the demo account mirrors live market conditions and that it supports your preferred analysis tools.

What’s more, if you’re planning to trade forex with real money further down the line, consider commissions, spreads, and account minimums.

We explore these metrics below, where we review the ten best forex demo accounts for 2024.

1. eToro – Best Forex Demo Account with Copy Trading Tools

Regulated by leading bodies in the US, UK and Europe eToro offers a free $100,000 demo account that gives you unimpeded access to this broker’s platform. With the demo account, you can practice trading upto 55 forex CFD pairs along with stocks, commodities, cryptocurrencies, options, and more.

You’re able to trade using eToro’s proprietary charting platform, which is packed with technical indicators and drawing tools. You can also access all of eToro’s news and forex analysis.

eToro practice investing

eToro’s demo account is designed to help you mimic real trading. You can reduce your account balance to as little as $2,000, which is great if you plan to trade with a small account. The demo account also includes trading fees, so you can factor these into your strategy when determining whether it’s profitable.

Another great thing about eToro’s demo account is that you can use it to copy trade. This allows you to see how profitable you could be while copying experienced forex traders on eToro. There are no fees for copy trading on eToro, either for paper trading or live trading making eToro one of the most competitive platforms on the market today.

You can switch between paper trading and live trading at any time with just a click. That makes it easy to use eToro’s demo account to test out new strategies while also trading forex for real in your brokerage account.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
$100,000 None 55 1:400 Proprietary web and mobile trading platforms

Pros pros

  • Open a demo account for free with no minimum deposit
  • Access all of eToro’s charting and analysis tools
  • Reset your account balance at any time
  • Supports demo copy trading
  • Switch between paper and live trading at any time

Cons cons

  • Must contact customer support reset your account balance
  • $10 per month fee after 12 months of inactivity

76% of retail CFD accounts lose money – your capital is at risk.

2. Plus500 – Regulated CFD and Forex Broker With $50,000 in Demo Funds 

Plus500 is a regulated CFD and forex broker that supports dozens of currency pairs. You’ll also find other asset classes, such as stocks, indices, ETFs, commodities, and cryptocurrencies. All of the markets on Plus500 are commission-free. That said, Plus500 doesn’t publish its minimum spreads, so you’ll need to check this before placing orders.

Nonetheless, we found that spreads are typically competitive on major and minor pairs. What’s more, Plus500 doesn’t charge any account, deposit, or withdrawal fees. You can also open a demo account fee-free, which comes with $50,000 in paper funds. You’ll be trading on Plus500’s native platform, available via web browsers and a mobile app. The latter covers Android and iOS.

Plus500 review

The Plus500 demo account provides real market quotes, so you’re trading in live market conditions. There are many trading and analysis tools available on Plus500. This includes customized charts with time frames ranging from one minute to one week. You can also deploy market, limit, stop-loss, trailing stop-loss, and take-profit orders.

We also like that you can set your risk-management orders based on the number of pips. In addition, Plus500 allows you to create watchlists and set up alerts. The latter will inform you when your chosen currency pair hits a pre-defined price. We also like Plus500 for its market insights. This includes financial news and sentiment bars on whether the broader markets are long or short on each currency pair.

You’ll also find education guides, which go hand-in-hand with the Plus500 demo account. When you’re ready to upgrade to a real money account, Plus500 requires a minimum deposit of $100. No deposit or withdrawal fees are charged. Plus500 accepts debit/credit cards, bank wires, and PayPal, Skrill, and Trustly.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
$50,000 No time limit 60+ 1:30 Proprietary web and mobile trading platforms

Pros pros

  • Regulated forex trading platform with free demo accounts
  • $50,000 in demo forex trading funds and no time limits
  • 0% commission on forex, stocks, indices, and other assets
  • Lots of charting and analysis tools – including risk-management orders
  • Leverage of up to 1:30 on major forex pairs

Cons cons

  • Minimum deposit of $100 on real money accounts

Remember that CFDs are a leveraged product and can result in the loss of your entire capital.

3. XTB – Free Forex Demo Accounts With Leverage of up to 1:500  

XTB offers one of the best forex trading demo accounts for high leverage. Put simply, eligible clients can trade forex with leverage of up to 1:500. This offers $500 worth of trading capital for every $1 staked. Before trading with real money, you can open a free demo account that comes with $100,000 in virtual funds. This tracks the live forex markets, so you’ll be trading real currency exchange rates.

Do note that the demo account is only available for four weeks. Nonetheless, you’ll find 48 forex pairs on the XTB platform. This covers all majors and minors, plus a selection of exotics. All of the forex pairs supported can be traded at 0% commission. Moreover, XTB offers spreads from 1.3 pips on EUR/USD and GBP/USD.

XTB review

When opening a demo account on XTB, you can choose from two platforms. Most traders opt for xStation 5 – which is native to XTB. This is available as desktop software for Windows and Mac. You can also trade via your web browser or the xStation 5 app. All three options come with advanced trading tools and technical indicators. You’ll also have access to custom order types, plus economic news.

Alternatively, XTB is also one of the best MT4 brokers. You’ll be given demo login details after registering with XTB, which you can then connect with MT4. Once you’ve got to grips with XTB and you decide to trade forex with your own money, you can upgrade to a real account. There’s no minimum deposit requirement to meet and you can add funds via a debit/credit card or e-wallet. Your capital is safe, as XTB is regulated by the FCA and CySEC.

In addition, XTB is authorized and regulated by KNF in Poland, and its parent company is listed on the Warsaw Stock Exchange. We also like that XTB supports thousands of stocks and ETFs, which can buy and sell at 0% commission. It also supports indices and commodities.  If you need any assistance on your XTB demo account, its customer service team is available 24/5. You can speak to an agent near-instantly via live chat.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
$100,000 Four weeks 48 1:500 Proprietary web and mobile trading platforms, plus MT4

Pros pros

  • Free demo account comes with $100,000 in paper funds
  • Supports over 50 commission-free forex pairs
  • Choose from xStation 5 or MT4
  • Regulated by multiple licensing bodies

Cons cons

  • Demo account expires after four weeks

78% of retail investor accounts lose money when trading CFDs with this provider.

4. AvaTrade – Trade Major Forex Pairs From 0.9 Pips With $100,000 in Demo Funds   

AvaTrade also offers one of the best forex demo accounts in the market. It takes less than two minutes to get started and you’ll receive $100,000 in demo funds. Although the demo account expires after just 21 days, you can extend it at any time. You simply need to add a new demo account via the AvaTrade dashboard.

What’s more, you have plenty of options when choosing your preferred demo platform. For example, AvaTrade supports MT4 and MT5. It also has its own proprietary web trading platform and mobile app. AvaTrade also offers a separate trading suite if you want to trade forex options. AvaOptions comes as desktop software and supports plenty of options trading strategies.

AvaTrade review

In terms of markets, AvaTrade supports 53 forex pairs. There are no trading commissions to pay and major currencies can be traded from 0.9 pips. AvaTrade also supports leveraged bonds, commodities, indices, ETFs, and stocks. If you’re looking to trade on margin, AvaTrade offers leverage of up to 1:400. Real money accounts require a minimum deposit of $100. No deposit or withdrawal fees are charged.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
$100,000 21 days, but you can extend your demo account at any time 53 1:400 Proprietary web and mobile trading platforms, plus MT4 and MT5

Pros pros

  • Established forex trading platform that’s regulated in nine jurisdictions
  • Trade forex commission-free with spreads of just 0.9 pips
  • Free demo account with $100,000 in paper funds
  • Choose from AvaTrade’s native platform or MT4/5
  • No deposit or withdrawal fees on real money accounts

Cons cons

  • You’ll need to keep extending the demo account every 21 days

Trading CFDs and FX Options entails risk and could result in the loss of your capital.

5. Skilling – Trade 73 Forex Pairs at 0% Commission and No Time Limits on the Demo Account         

Skilling is an online forex broker that’s used by beginners and experienced traders alike. It supports multiple trading platforms, including MT4 and cTrader. Newbies might prefer Skilling’s native platform, which was designed with novice traders in mind. It’s clean and simple to use, although it still comes packed with features. This includes drawing tools and technical indicators.

When you open a demo account with Skilling, you can choose any supported trading platform. You’ll be given $10,000 in paper trading funds and there are no time limits on the demo account. Skilling supports over 1,200 financial instruments, so you won’t be short of trading opportunities. This includes 73 forex pairs across the majors, minors, and exotics.

Skilling review

You can also trade commodities, cryptocurrencies, indices, ETFs, and stocks. Trading fees depend on the type of Skilling account you open. Beginners usually opt for the standard account, which offers commission-free trading and forex spreads from 0.7 pips. The minimum deposit was recently reduced to €100 making it ideal for those on a budget. The premium account offers spreads from 0.1 pips and you’ll pay a $30 commission for every $1 million traded. The premium account requires a minimum deposit of €5,000.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
$10,000 No time limit 73 1:1000 Proprietary web and mobile trading platforms, plus MT4 and cTrader

Pros pros

  • Supports 73 forex pairs – plus stocks, ETFs, indices, and other assets
  • Commission-free accounts offer competitive spreads of 0.7 pips
  • Premium account comes with minimum spreads of 0.1 pips
  • $10,000 demo account comes with no time limits
  • Choose from Skilling Trader, MT4, or cTrader

Cons cons

  • €5,000 minimum deposit on the premium account

71% of the retail investors lose money when trading with this CFD provider. Trading financial products on margin carries a high degree of risk and is not suitable for all investors.

6. IG – $10,000 in Free Demo Funds and 0% Commission on all Forex Markets       

IG is a UK-based forex broker that serves clients globally. This includes a US division that’s registered with the National Futures Association and the Commodity Futures Trading Commission. As a US client, you’ll be able to open a free demo account for forex trading. This comes with $10,000 in virtual funds. IG doesn’t state whether its demo account comes with an expiry date.

But reports from existing clients suggest it stops working after a couple of months. Nevertheless, we like that you can use the demo account on MT4 or IG’s proprietary trading platform. The latter comes with 28 technical indicators and 19 drawing tools. It also supports custom charts with up to four time frames at any time. IG’s native platform also comes as an iOS and Android app.

IG demo account for US clients

All supported platforms offer access to over 80 forex pairs. IG doesn’t charge forex trading commissions and spreads start from 0.8 pips on majors. Leverage is available but limits depend on the country of residence. For example, US clients are limited to 1:50. UK clients are capped to leverage of 1:30, as per FCA guidelines.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
$10,000 Not stated 80+ Depends on the country of residence. Limits are offered in line with the regulatory body you fall under Proprietary web and mobile trading platforms, plus MT4

Pros pros

  • Global forex broker supporting US clients
  • $10,000 demo account for IG’s native platform and MT4
  • Supports over 80 currency pairs at 0% commission
  • Competitive forex spreads start from 0.8 pips
  • US clients can trade with leverage of up to 1:50

Cons cons

  • Does not state whether its demo accounts have an expiry date

7. Forex.com – US-Friendly Forex Broker With Three Trading Accounts to Choose From        

Forex.com is an established online forex broker that’s regulated in multiple countries. This includes everything from the US, Canada, and Singapore to the UK, Japan, and Australia. Therefore, you can trade forex in confidence at this broker. Forex.com offers a free demo account to all users. It comes pre-loaded with $50,000 in virtual funds.

That said, the Forex.com demo account expires after 90 days and it can’t be extended. What’s more, if you opt for the MT4 demo account, this is reduced to 30 days. Nonetheless, this should be enough time to sharpen your trading skills before upgrading to a real money account. Forex.com supports over 80 currency pairs and the demo account mirrors live trading conditions.

Forex.com demo account

Trading fees depend on the account type you open. For example, standard and MT4 accounts are commission-free and come with minimum forex spreads of 1 pip. The raw pricing account offers spreads from 0.0 pips alongside a $7 commission per traded lot. If you’re based in the US, you can also open a DMA (direct market access) account. This offers access to the same forex prices as financial institutions.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
$50,000 90 days (Forex.com’s native platform) or 30 days (MT4) 80+ Depends on the country of residence. Limits are offered in line with the regulatory body you fall under Proprietary web and mobile trading platforms, plus MT4, MT5, and TradingView

Pros pros

  • Regulated in many jurisdictions, including the US, Canada, Singapore, and the UK
  • Multiple account types and trading platforms to choose from
  • Demo account comes with $50,000 in virtual funds
  • Trade more than 80 currency pairs around the clock
  • US clients have access to forex DMA accounts

Cons cons

  • MT4 demo accounts expire after 30 days

8. FXTM – Unlimited Forex Demo Account Funds for MT4/5  

FXTM is a leading forex broker that offers multiple account types. It also offers some of the lowest trading fees in the market. For example, if you open an advantage account, you can trade major forex pairs with spreads of 0.0 pips. What’s more, commissions start from just $0.40 per trade.

FXTM also offers micro accounts, which come with 0% commission and spreads from 1.5 pips. This account type has a minimum deposit of just $10. That said, you can start off with the free forex paper trading account, which doesn’t require a deposit or any payment details. Moreover, you can choose how much you want to add to your demo account – there are no limitations.

FXTM review

When it comes to trading platforms, you can choose from MT4 and MT5. Both options offer access to dozens of currency pairs that can be traded 24/7. FXTM also supports stocks, indices, and commodities. Finally, FXTM offers lots of educational tools, plus an economic calendar and market insights.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
Unlimited – You get to choose your demo balance Not stated 60+ 1:2000 MT4 and MT5

Pros pros

  • Unlimited demo account balances – choose how much to start with
  • Minimum/maximum demo trades of $1/$1 million
  • Multiple accounts to choose from – including 0.0 spread plans
  • Minimum real money deposit of just $10
  • Supports MT4 and MT5

Cons cons

  • Does not have a proprietary trading platform

9. Oanda – 25+ Years in the Online Brokerage Space  and Regulated in Multiple Countries 

Oanda is an established online broker, with the platform active in the space for over 25 years. It’s regulated in multiple countries, including the UK, Singapore, Canada, the US, and Australia. Moreover, Oanda offers competitive trading fees. For example, beginners can open a spread-only account, meaning no trading commissions.

This offers spreads of 0.6 pips on EUR/USD and USD/JPY. If you’re looking to trade larger amounts, the core pricing account offers spreads from just 0.1 pips. This comes with a $40 commission for every $1 million traded. Either way, you can start off with a free demo account. Existing clients claim that Oanda’s demo account comes with $100,000 in paper funds and there are no time limits.

Oanda forex review

You won’t need to enter any payment details, but you’ll need to provide some basic personal information. In terms of markets, Oanda supports over 70 forex pairs. It also supports indices, commodities, and bonds. Oanda has its own native trading suite, available via web browsers and a mobile app. It also supports MT4.

Demo Account Funds Demo Account Time Limit No. Forex Pairs Max. Leverage Trading Platforms
$100,000 No time limit 70+ Depends on the country of residence. Limits are offered in line with the regulatory body you fall under Proprietary web and mobile trading platforms, plus MT4

Pros pros

  • Heavily regulated forex broker with over 25+ years in the industry
  • Choose from a spread-only or zero-spread account
  • Supports over 70 forex pairs
  • No minimum deposit requirements on real money accounts
  • Demo accounts come with $100,000 in practice funds

Cons cons

  • Zero-spread accounts come with a $40 commission per $1 million traded – which is higher than other brokers

What is a Forex Demo Account? The Basics 

Demo accounts allow you to trade forex in risk-free conditions. Instead of trading with real capital, you’ll be using virtual funds. This offers many benefits, especially to beginners. For example, demo accounts are ideal for learning how the forex markets work. The best forex demo accounts track live market conditions, meaning you’re trading real currency quotes.

As a newbie, you’ll be able to practice using pricing charts, technical indicators, and drawing tools. You can also get a feel for how different order types work, such as markets, limits, stop-losses, and take-profits. This is all without risking any of your own money. After all, it can take many months before you’re proficient at trading forex and making consistent profits.

Demo accounts are also useful for experienced traders who want to perfect their skills. Or perhaps, try out a new trading strategy in a risk-free environment. For example, if a swing trader wants to incorporate scalping into their strategy, demo accounts are ideal. The trader can continue practicing in demo mode until they are ready to enter the real forex markets.

In addition, demo accounts allow you to try a new forex broker out before making a deposit. You can assess key metrics such as average spreads, trading volumes, liquidity, and execution times. You can also assess whether or not the broker’s trading suite is right for your skill set. Just remember – some demo accounts come with a time limit, so you’ll need to check this before proceeding.

Reasons to Use a Forex Demo Account

In this section, we explore some of the core reasons to use a forex demo account in 2024.

Learn How to Trade Forex

There’s a reason why the majority of beginners lose money trading forex – they haven’t spent enough time learning their craft. This is no different from investing in stocks without knowledge of how to research and analyze companies.

With this in mind, forex demo accounts allow you to learn how to trade in a risk-free environment. This starts with the absolute basics, such as understanding how currency pairs work, how to place orders, and how to read pricing charts.

After that, you can move on to technical analysis. This means analyzing forex charts with technical indicators and looking for trends and potential trading opportunities. Some of the best technical indicators to start with include the relative strength index (RSI), moving average convergence/divergence (MACD), and Fibonacci retracement levels.

While it can take time to perfect the art of technical analysis, it will eventually pay off.

Testing Forex Signals and Robots 

There are many automated systems that allow you to trade forex passively. This includes forex signals and robots, otherwise called EAs (expert advisors). However, it wouldn’t be wise to use automated trading systems without knowing if they’re actually profitable. Demo accounts are ideal for this purpose.

  • For example, suppose you’re looking to use Learn2Trade, which offers the best forex signals for 2024.
  • You decide to test Learn2Trade’s signals via a demo account for several weeks.
  • At the end of your trial, you can assess whether the signals made money.
  • If they did, and you’re happy with the returns, you can then trade Learn2Trade’s signals with real capital.

The same strategy can be used when testing a forex robot. While you’ll likely need to buy the robot first, you should still test it in live market conditions.

By doing this through a demo account, you won’t lose money if the robot goes on an extended losing run. Forex robots are usually compatible with MT4 or MT5. As such, you’ll need to choose a forex demo account that supports these platforms.

Backtesting a New Forex Trading Strategy 

Forex trading demo accounts are also ideal for backtesting a new strategy. Backtesting is a very important process, as it allows you to evaluate how a strategy would have performed based on historical market data.

You can evaluate the results over your preferred time frame and make adjustments if needed. At no stage do you need to risk any money, as you’ll be backtesting through a demo account.

MT4 backtesting

What’s more, once you’ve completed the backtesting process, you can then test the strategy in live market conditions. Once again, you’ll be using a demo account that tracks real forex quotes. This means you’ll have a solid idea of whether the strategy works.

What’s the Best Forex Demo Account for Backtesting Strategies?

  • We found that the best forex paper trading platform for backtesting strategies is MT4.
  • It gives you access to historical market data via the ‘Strategy Tester’ tool, which you can find under the ‘View’ menu.
  • However, you’ll first need to get some MT4 demo account login details.
  • XTB is a great option here, as it offers $100,000 in demo funds. Plus, it takes just seconds to open a demo account and no payment details are required.

Trialing a New Forex Broker 

There are hundreds of forex brokers in the market. One of the best ways to choose the right broker is by opening a demo account. This will enable you to test the broker extensively before making a deposit.

For example, you test its trading platform to ensure it aligns with your skill set. You can also evaluate execution speeds, meaning the time it takes to execute your order. If you find that it’s taking too long, the broker might not have enough liquidity on its platform.

Demo accounts also allow you to analyze market spreads for the hours you wish to trade. This is important, as forex brokers typically advertise their ‘minimum’ spreads, which might not always be available. Ultimately, you’re not risking anything by using a demo account – so it’s a great way to try a new broker.

Tips on Selecting the Best Forex Demo Account

All forex demo accounts allow you to trade currencies without risking any money. However, you’ll need to consider other metrics when choosing a provider – such as the amount of demo funds you’ll receive and how long the account is valid.

In addition, most forex traders start with a demo account before trading with real money. As such, you always need to factor in what commissions and spreads the broker charges, not to mention its minimum deposit requirement and regulatory status.

Read on for more information on how to choose the best demo account for forex trading.

Size of Demo Forex Trader Account

First, it’s a good idea to check how much the demo account comes pre-loaded with. XTB, for example, offers $100,000 in virtual capital.

This is more than enough to practice trade without needing to worry about running out of funds. In fact, even if you do run out of virtual capital, you can replenish your demo account at any time.

That said, not all forex demo accounts allow you to replenish your balance. In some cases, once you run out of funds, you won’t be able to use the demo account anymore.

Demo Account Time Frame 

It’s also important to check how long you can use the demo account before it expires. This is because the vast majority of demo forex trading accounts come with a time limit.

For example:

  • XTB gives you four weeks to use its demo account.
  • AvaTrade gives you just 21 days, but you can extend it via your account dashboard.
  • When using an MT4 demo account via Forex.com, you’ll get just 30 days before it expires.

What Happens When My Forex Demo Account Expires

  • In most cases, forex demo accounts with a time limit.
  • This averages 30-90 days, depending on the broker.
  • When your time limit expires, you won’t be able to continue using the demo account.
  • That said, some brokers allow you to create a new demo account with a fresh balance.

Live Forex Quotes 

If your chosen demo account doesn’t track real forex rates, it doesn’t serve its purpose. After all, the whole point of using a demo account is to get exposure to the forex markets risk-free.

This means replicating live market conditions like-for-like. For instance, if GBP/USD moves from 1.2609 to 1.2643, you should expect the same from your demo account. You should also expect to see real order books and liquidity levels, not to mention actual market spreads.

Crucially, demo accounts allow you to evaluate whether your skill set and strategy can actually make money. The only way to do this is if the demo account mirrors the same conditions as a real money account. Fortunately, the best forex demo accounts discussed today – such as XTB, and Plus500, all meet this minimum criteria.

Supported Trading Platforms  

You should also think about what trading platform you want to use with your forex demo account. For example, many online brokers have their own proprietary trading software. Depending on the broker, this might be aimed at beginners or experienced traders.

For example, Plus500’s native platform is suitable for newbies. Both offer a smooth and clean trading interface that’s easy to navigate. You’ll still have access to trading tools, but they are designed with novice traders in mind.

On the flip side, XTB’s native platform is suitable for advanced traders. It comes packed with analysis tools and features, including technical indicators and custom charts. Plus, you can download XTB on your desktop device for a seamless trading experience.

Alternatively, many online brokers also support third-party trading suites. XTB and AvaTrade, for example, support MT4. If you want to trade on MT5, FXTM is a good option. Either way, you’ll be provided with unique login details for MT4/5 by your chosen forex broker.

Can I Use MT4 in Demo Mode Without a Forex Broker Account?

  • The simple answer is no – you can’t use MT4 in demo mode without having a brokerage account
  • This is because MT4 is a third-party trading platform – it doesn’t directly offer trading services.
  • So, when you’re logged into MT4, the forex quotes you see are provided by the respective broker. In other words, MT4 itself does not have access to live forex quotes.
  • Fortunately, it takes just seconds to open a demo account with XTB. You’ll then be provided with your login details for MT4 – no deposit is required.

Trading Tools and Analysis   

Demo accounts are ideal for getting to grips with trading tools. So it’s worth seeing what’s supported before choosing a provider.

If you prefer to take a more hands-on approach to forex trading, you’ll want to look for a demo account that supports technical indicators and drawing tools. Just make sure they’re right for your experience level.

Available Currency Pairs 

You should think about what forex pairs you want to trade before choosing a demo account provider. The availability of pairs will vary from one broker to the next.

In most cases, you’ll have access to all major and minor pairs. Exotic pairs are a lot more volatile, so you’ll need to check what the broker supports. Some of the most popular exotic pairs include USD/TRY, EUR/MXN, USD/SEK, and USD/HUF.

XTB, and Plus500 offer a good range of exotics. While more risky, their increased volatility offers the chance to target larger profit margins.

Do I Need to Deposit Funds to Get a Forex Demo Account?

  • The best forex demo accounts do not require you to make a deposit. Let alone add any payment details.
  • This ensures that you can test the demo account before making a financial commitment.
  • If you come across a demo account that requires a deposit, you should choose another provider.
  • That said, it’s still worth checking what payment methods the broker accepts. Further down the line, you might want to upgrade to a real money account – which will require a deposit.

Trading Fees and Spreads 

When you trade forex on a demo account – you’re evaluating whether you can make consistent gains in live market conditions. And to assess this effectively, you must incorporate trading fees into your analysis. After all, fees have a direct impact on your return-on-investment.

  • The two most important trading fees to assess are commissions and spreads.
  • The commission is charged when you enter and exit a trade. It’s usually a flat fee based on how much you trade.
  • For example, Oanda charges $40 for every $1 million traded on its core pricing plan.
  • While Skilling charges a $30 commission for every $1 million traded.
  • By paying a commission, you’ll get much lower spreads. For instance, Oanda and Skilling offer spreads from 0.1 pips.

However, if you’re a beginner who’s looking to trade small amounts, a commission-free account will be more suitable.

Ultimately, you’ll want to choose a provider that offers the lowest commissions and spreads – allowing you to trade cost-effectively.

How Long Should I Use a Forex Demo Account?

There’s no set time frame for how long you should use a forex demo account. It really depends on whether or not you feel comfortable enough to begin trading with real money.

For example, if you’re a complete beginner, you’ll likely need to use a demo account for several months. This will enable you to grasp how technical analysis works – a crucial component of forex trading.

Just remember, some forex demo accounts come with time restrictions.

Conclusion

Demo accounts are invaluable if you’re a novice forex trader; you can buy and sell currency pairs without risking any capital. To start practicing your forex trading strategy today – head over to eToro.

It takes minutes to open a free demo account and you’ll get $100,000 in virtual funds. With eToro’s demo account, you can trade more than 55 Forex CFD pairs.

76% of retail CFD accounts lose money – your capital is at risk.

References

FAQs

Which forex demo is the best?

Are forex demo accounts accurate?

Why do I trade better on a demo account?

How long should I be demo trading?

Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…