27🏅Best Forex Trading Demo Accounts

27 Best Forex Trading Demo Accounts

27 Best Forex Trading Demo Accounts

According to research in South Africa, what are the best Forex Trading  Demo Accounts and why are they such an important offering?

A demo account is a “pretend” account that still have most of the capabilities of a “real” account.

You can open a demo account for free with most Forex brokers because it is the best way to learn the ins and outs of their trading platform, and have a good time trading without risk, so you’ll fall in love with them and deposit real money.

The demo account allows you to learn about the mechanics of Forex trading and test your trading skills and processes with ZERO risk.

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It is recommended that you use a demo account until you have the skills and confidence to then trade with real money in a real account.

Usually these accounts are offered on a trial basis with an amount of virtual money that you can risk.  This may be offered for a limited time or they may be unlimited depending on the Forex broker.

This is a list of some great Forex Brokers that offer demo trading accounts.  Please note that they are not listed in any order.  This is not a ranking system but rather a comprehensive list of good brokers that have demo trading accounts to help beginner traders learn how the world of Forex trading works and build knowledge and confidence.

XM.com Review

XM

XM Group is a great broker for beginners providing demo trading account on all their account types including Micro, Standard, XM Zero, and XM Ultra Low depending on your choice.

All XM demo trading accounts are available on an unlimited basis that do not expire.  If you do not trade in 30 days, however, you may need to renew your XM demo account.

XM has a superb range of learning material, market analysis, webinars and seminars, to keep you informed and educated.

 

Pros and Cons

ProsCons
Excellent educational toolsLimited product portfolio
Easy and fast account openingInactivity fee after 90 days
No withdrawal feesOnly average Forex fees
Low minimum deposit 
avatrade

AvaTrade

AvaTrade is a respected online broker; not only is it the oldest and biggest in the world, but its dedication to customer service and support has won it many awards throughout the years.

Some of these include, “Best Customer Support”, “Best Alert System”, “Best Financial Derivative Trading Provider”, and “Best Forex Broker of the Year”.

Avatrade is regulated in 6 jurisdictions overall, and within the EU they must remain compliant with ESMA regulations and therefore your demo account will depend on your region.

Your demo account will have the same features as your live account.  You can trade all the same assets in real market conditions, with only difference being that you are trading with $100,000 of virtual currency.

There is no expiration time for inactivity, but the account does however run out after 21-days. This period can be extended by contacting AvaTrade customer support or you can simply open another demo account.

Pros and Cons

ProsCons
Easy and Fast account openingOnly CFDs, Forex and Crypto offered
Free deposit and withdrawal optionsPoor phone support
No withdrawals feesInactivity fee

 

Alpari Review

Alpari

Alpari Financial Services Ltd (Alpari) is considered one of the top Forex brokers on the foreign exchange market today.

As a beginner, you’ll be able to enjoy access to a free demo account, a micro account, and social trading.

Demo accounts with Alpari are valid indefinitely. Accounts of this type will remain active as long as you log in on the trading platform at least once every 10 days.

Alpari is great because it has a range of account types, really outstanding customer service and favourable trading conditions.

 

Pros and Cons

ProsCons
Low minimum depositLimited educational resources
Best Broker for copy trading accountsLack of resource tools
Diverse selection of tradeable assetsHigh fees
Demo accounts and social trading available for the beginner traderWithdrawal fees
Good support in over 30 languages 

 

FXTM Review

 

FXTM

FXTM is a reputable broker and has a strong focus on educating and providing training resources for new traders.

You will find plenty of educational resources for beginners and new traders get demo accounts on four different accounts.

FXTM is very user-friendly and is one of the few brokers to offer 24 hour support 7 days a week, allowing traders to use their weekends or holidays to get set up.

Pros and Cons

ProsCons
Great customer ServiceInactivity and withdrawal fees
Strong Educational tools for the beginner traderHigh CFD fees
Fast account openingLimited product range
  

 

FP Markets Review

FP Markets

FP Markets is a solid broker with a long track record in the Forex market. Their customer support is a real stand out with traders rating them highly for fast response as well as a very reliable trading experience.

FP Markets give $100,000 of virtual money to use for your demo account.  Demo accounts do not expire unless you do not use it for more than 30 days.  You will not be able to reactivate it in this case.

 

Pros and Cons

ProsCons
Great Educational toolsLimited portfolio
Great Customer ServiceWeb Platform needs to be updated a bit
Large Product offeringHigh fee for international bank withdrawal
Easy and quick account opening 

 

GO Markets Review 

 

Go Markets

GO Markets is a solid broker with lots of features. Go Markets probably fits all kinds of traders whether you are a beginner or experienced trader. The broker provides analytics and offers great educational tools.

GO Markets offers very low Forex fees. You can be up and running very quickly as both the account opening and depositing is super easy and fast. Additionally, you’ll get many high-quality educational tools ranging from a demo account to e-book

Overall, GO Markets is an incredibly strong Forex and CFD broker for traders. Great customer service and good spreads make it an attractive option.

Go Markets provide $50,000 in virtual funds to practice within the Demo environment. They offer real-time spreads and fast execution so you build your confidence as a trader.

 

Pros and Cons

ProsCons
Low minimum depositOnly two account types
Very fast execution of trades 
Good trading analysis tools on offer 
Low Forex fees 
  
XTB Review

XTB

XTB offers both Standard and Pro accounts for you to choose from as a trader. Both account types come with an available demo trading account.

Unlike with some brokers, their demo trading accounts do not expire.  However, if you do not trade for more than 30 days the demo account may be closed.
XTB provides a well-rounded, competitive offering overall with outstanding customer service and the xStation 5 trading platform, which delivers a great experience.

XTB also offers a great host of educational tools with videos, tutorials, webinars, and more to help you grow as a top Forex trader

 

Pros and Cons

ProsCons
Free and fast deposit and withdrawalLimited portfolio
Fast and easy account openingPoor email support
Low Forex feesHigh Stock CFD fees
Low minimum deposit 
HotForex Review

Hot Forex

HotForex offers a whole lot in terms of demo accounts as they offer a total of 6 account types to its traders and each one of these account types can be linked with a demo trading account.

These demo accounts don’t expire but if you are inactive for a period of 29 days or more, your demo trading account with HotForex may be closed.

HotForex offers more than 45 top currency pairs from all around the world with an excellently competitive HotForex spread starting at 0 pips.

You can also enjoy risk free trading in over 70 CFD trading options available across the board in stocks, indices, commodities, cryptos, futures, and bonds, when you join with a HotForex demo trading account.

 

Pros and Cons

ProsCons
No fees for deposits or withdrawalsCommissions high on Zero account
Spreads are low on EUR/USD and average on other pairs 
Plus500 Review

Plus 500

The Plus500 web-based trading platform is extremely user-friendly making it excellent for beginner Forex and CFD traders since the platform is designed to make the trading experience simple.

The Plus500 demo trading account is limited to only one trading account type as this is what the broker offers to all of its live traders.

From this demo trading account, however, you can experience trading with more than 70 Forex trading pairs on an account which does not expire even if you are inactive.

Pros and Cons

ProsCons
Easy, user friendly platformLack of depth in research tools
Listed on the London Stock ExchangeOnly an average educational section
Low trading feesLimited product range.  Only CFD and Forex
IC Markets Review

IC Markets

IC Markets offers two account types and demo accounts can be used in both account types offered.

IC Markets demo trading accounts do not expire. Once you have started Forex trading with this broker, you can access more than 65 currency pairs at a really low spread.

Another important feature of Forex trading through IC Markets is that your account can be linked up with Zulutrade if you are interested in getting involved with Copytrading.

 

Pros and Cons

ProsCons
Low Forex feesNo negative balance protection
Easy and fast account openingOnly Forex, crypto and CFD trading
Free deposit and withdrawal 
Low minimum deposit 
eToro Review

eToro

When it comes to Forex trading and CFD trading, eToro is a well-known name in the Forex market.

eToro is also a winner in 2020 for its easy-to-use copy-trading platform where traders can copy the trades of other users across over 1,900 instruments, including CFDs on popular cryptocurrencies.

The one downside of eToro is pricing; otherwise, eToro delivers a great amount of services and values that make it a great overall pick.

Regarding their demo accounts: Creating an account is straightforward, free of charge and it has no obligations to use it for real.

On top of this, every new trader who signs up for a demo account from eToro starts with $100,000 to ensure that they learn everything they need to know about trading, making them as comfortable and confident as possible when they choose to invest their own money.

 

Pros and Cons

ProsCons
Easy and fast account openingWithdrawing money is slow and expensive
No deposit fees Account only based in one currency
Low minimum depositHigh Forex fees
CMC Markets Review

CMC Markets

CMC Markets is excellent for new traders with great educational resources to help you learn how to trade and get more confident as you grow as a trader.

The CMC Markets Next Generation platform delivers terrific tools, comprehensive market research, an excellent mobile app, and a wide selection of nearly 10,000 tradeable instruments.

CMC Markets are another top broker offering demo trading accounts to you as a Forex trader that can help you get to know the platforms and assets on offer much better. Demo accounts do not expire at any time.

 

Pros and Cons

ProsCons
Wide range of productsWithdrawing money is slow
No fees for deposit and withdrawalsSlow support response times
Great educational resources for beginner tradersInactivity fee after 10 months
Low Forex feesAccount verification is complicated
No minimum deposit 
OANDA Review

Oanda

Developed within academia, Oanda has grown and built a reputation for being a trustworthy exchange and the most trusted retail Forex platform.

Oanda offers a great and easy-to-use web trading platform, and a quick and user-friendly account opening process with no minimum deposit

Oanda may be the only one of the reputable brokers that allow traders to have an infinite amount of virtual funds for their demo account, released in batches of $100,000.  You are free to reset the virtual balance back to the original amount anytime. This is of infinite value as you are learning to trade and building confidence.

Pros and Cons

ProsCons
Low feesHigh bank withdrawal fee
Easy and digital account openingPoor customer service
Easy to use web trading platformLimited offering of only Forex and CFDs
Low minimum depositID verification issues can delay account opening
Pepperstone Review

Pepperstone

Pepperstone demo account users are given $50,000 in virtual currencies that they have to use within thirty days.

The demo account can be operated on both their platforms, just like the rest of the live accounts maintained by the broker.

Registering a demo account with Pepperstone requires as much information as registering and verifying a live account. This makes transitioning rather effortless and just a deposit away.

 

Pros and Cons

ProsCons
Free withdrawals and depositsLimited product portfolio of CFD, Forex an Crypto
Great customer serviceNo Research or technical analysis data
Low minimum deposit 
Low Forex fees 
No Minimum deposit 
Forex.com

Forex.com

FOREX.com is a one-stop-shop for Forex traders especially if you are based in the U.S. Forex.com offers a large range of tradable currencies and an impressive trading platform, The platform also has an extensive education center that provides free, informative Forex trading courses at multiple skill levels.

Forex.com starts you off with a $50,000 demo account regardless if you are a beginner trader or an experienced professional seeking to register on their platform.

Their emphasis is on the educational aspect of trading. Their team of experienced traders is constantly updating their Forex education library, treating traders to market forecast and hosting regular ‘strategy reorganization’ webinars.

Forex.com’s platform is easy to use and offers well displayed and easily customizable charts and layouts.

 

Pros and Cons

ProsCons
Low Forex feesLimited product portfolio
Great variety of currency pairsNon user friendly trading platform
Lots of educational and research toolsInactivity fee
Low minimum depositSlow account verification

 

HYCM Review

HYCM

With over 40 years of operating in the market, HYCM brings is well-established and highly trusted having numerous global awards under its belt.

HYCM provides research from Trading central which has an excellent track record with 30 million traders.

It offers a number of currency pairs for trading as well as a CFD’s on indices, metals, energy products, commodities like cotton and sugar, and stocks and more…

Compared to competitors, HYCM also allows you to trade multiple markets through one integrated account.

HYCM allows traders, whether beginners or experience, a $50,000 demo account. The funds, however, will only be active for two weeks. This may be a real negative but on the other hand, they haven’t placed a restriction on the number of demo accounts an individual trader can open.

Pros and Cons

ProsCons
Don’t need identity verification to start tradingOnly one platform available
Platform easy to useFixed spreads only
High Speed in executing trades 
Wide range of trading instruments 
No Minimum deposit 
FBS Review

FBS

FBS boasts of 12 million traders from over 190 countries.

FBS offers 5 different accounts to choose. These are all available with demo trading accounts if you are a new user interested in signing up with the broker.

The FBS demo trading account trial period lasts for a total of 90 days. If you do want to keep using the account after this it is possible though by contacting the support team

Pros and Cons

ProsCons
Good research toolsHigher than normal spreads
Investor compensation in case of fraud 
Low deposit for account opening 
Great education tools available 
AxiTrader Review

AxiTrader

Axitrader offers a $50,000 risk-free demo account on the dynamic MetaTrader platform.

One great thing is that their demo account allows traders to execute trades using real-time data from both the industry and the broker. You can, therefore, be confident that you are learning in real-time environments with the safety that your trades are risk-free.

AxilTrader demo accounts expire within thirty days but the broker is open for negotiations and encourage individuals who wish to see their demo accounts expiry time extended contact their customer support team.

 

Pros and Cons

ProsCons
Dedicate support team over multiple channelsShort demo time doesn’t allow time to master trading
Great educational toolsLimited currency pairs
FxPro Review

FxPro

FXPro is another well-known broker in the Forex trading market. They are multi-award winning and offer 4 account types all of which have demo trading accounts available. These are the FXPro MT4, MT5, cTrader, and Edge accounts.

This FXPro demo trading account is unlimited in duration but will close after 30 days of inactivity. If this happens, all you need to do is reopen another account.

 

Pros and Cons

ProsCons
Great customer serviceTemperamental website
Quick transactionsMinimum transaction size
Access to multiple trading platforms 

 

Markets.com Review

Markets.com

Markets.com offers demo trading accounts on all their accounts and they do not expire at all even if you are not active in trading.

They offer trading in more than 70 global currency pairs but trading here has much more to offer than only Forex.  There is CFD trading, commodities and cryptocurrency.

One great benefit with Markets.com is that there are no Forex trading commissions at all.

Pros and Cons

ProsCons
Large range of trading instrumentsProfessional account needed for best trading conditions
Fixed spreadsMinimum transaction size
Commission free accountsLack of telephone support
Low minimum deposit 
Multiple trading platforms 
easyMarkets Review

EasyMarkets

Easy Markets has what many consider to be the most beginner-friendly Forex demo accounts.

They have a very comprehensive offering of educational and training resources with a very good support structure on many fronts to back that up. They can be contacted on their live chat tool on the EasyMarkets website, by phone, and social media – including WhatsApp.

The broker’s demo account also tries to mirror the activities of the real market environment as perfectly as possible so you can learn your skills and gain confidence in real time scenarios while having the ability to cancel losing trades on their proprietary Easy markets platform using the ‘deal cancellation’ feature.

EasyMarkets gives you access to $10,000 virtual currency in your demo account.

Pros and Cons

ProsCons
Excellent customer supportDeal cancellations not available on the MT4 platform
Real scenarios to trade in 

FXCM Review South Africa

FXCM

FXCM focuses on traders who want to learn how to start trading the financial markets. New traders can take advantage of the trading tools and Forex education that FXCM offers.

Their demo trading account is comprehensive for both novices and established traders.

 

Pros and Cons

ProsCons
Good and technical research toolsLimited product portfolio
Great educational contentNo website trading platform
Low minimum depositPoor mobile platform
Good support team 
ThinkMarkets Review

Think Forex

You can open a free account with ThinkForex which they call ThinkMarkets – on both their platforms on which you can trade over 35 of the most popular currency pairs.

The ThinkForex demo accounts also gives you very advanced trading and analytical tools.

Pros and Cons

ProsCons
Easy and fast account openingNot great on Forex training and education for beginner traders
Good customer support on multiple channels 

 

ThinkorSwim Review

ThinkorSwim

ThinkorSwim is in the TD Ameritrade family and is a very comprehensive platform with access to more than 300 analytical tools.

You get unlimited access to excellent resources and tools about trading which can be applied in a demo account that you can interact with for 60 days.

Most importantly, the data on the demo trading environment gives you a very real- time feel to learn on.

Pros and Cons

ProsCons
Huge stock of tools 
Great educational resource 
Fast trading execution 
Good customer support 

 

IG Group Review

IG

This platform’s great all-round experience along with the fact that it is one of the most regulated and trusted globally make IG one of the best overall brokers in the market today.

IG is one of the few platforms that serves traders of all experience levels, whether a beginner or experienced one.

Of the four IG Markets platforms, however, only two have demo options. Most Forex traders should try the core platform which is simple to use and free.

The downside is that their demo accounts only last 30 days.

Pros and Cons

ProsCons
Great customer support over multiple channels30 Days not enough time to skill up and gain confidence in Forex trading
High degree of regulationLimited amount of currency pairs
Numerous technical indicators 

 

CityIndex Review

City Index

Traders confidently choose City Index for competitive spreads, great platform options, premium research tools, and reliable customer service.

City Index offers a demo account with £10,000 in virtual cash, with unlimited access to their trading platforms for 12 weeks.

Both beginner and advanced traders have access to the broker’s online Trading Academy courses and videos, as well as in-depth market analysis and research covering all asset classes via articles and webinars.

City Index is backed by GAIN Capital, which is one of the largest retail brokers globally

 

Pros and Cons

ProsCons
First class trading platform12 weeks is better than some but may not be be enough time to skill up and gain confidence in Forex trading
Great educational resourceBasic research tools
No minimum initial deposit to start trading for bank transfersNo Volume discounts
Low Forex fees 

 

GKFX Prime Review South Africa

 

GKFX

GKFX is a broker that believes more is more.  They offer a lot of tools and info for the trader.

As standard they offer top quality service and enough information to keep traders well informed.

Demo accounts are backed by good educational tools and the demo account will not expire, as long as you aren’t inactive for more than 30 days.

 

Pros and Cons

ProsCons
Great customer supportLimited trading platforms
Comprehensive market analysisNo social trading

 

What are
the best demo forex accounts?

See
SAShares website here for a list of the 27 Best Trading Demo accounts.

https://www.sashares.co.za/best-forex-trading-demo-accounts/

How can
a beginner learn to trade forex?

With a demo
account provided by most forex brokers.

What is
a demo account in forex?

A ‘pretend’
account that assist you, especially beginner traders to learn the mechanics of
forex trading without the risk.

How can
I practice forex trading?

With a demo
account from the broker.

Can you
withdraw from a demo account?

 

No.

 

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📢 OctaFX$8🔥Claim Bonus

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