12 🥇 Best Forex Demo accounts with NO time limit – ( Reviewed ) 2020

Demo accounts with no time limits

 

According to research in South Africa, a demo account is a term which refers to a free practice trading account gives a prospective traders chance to practice trading or to test out new strategies, funded with virtual money and not the traders’ actual capital. The “fake” money then allows traders to understand the broker’s trading platform and try out multiple trade strategies without risking real cash.

The demo account offers traders all the features of a real trading account, including access to market data, analysis tools/indicators, and even customer support. The only significant difference between a live and a demo account is that it doesn’t have access to live market data but solely relies on simulated data.

 

A review about eToro
 

eToro

 

Best for Social Trading

 

eToro specializes in social trading which allows traders to follow and copy the trades of expert traders with an established track record and proven profitability.  eToro also lets traders trade more than 2,000 different assets in a demo account.

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.

eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

eToro trading accounts on offer include:  Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

 

XM.com Review in south africa
 

XM Group

 

XM Group provides traders with a large selection of assets to choose from and is regulated by some of the most respected financial bodies in the sector.

 

Pros and Cons

 

Pros Cons
Offers traders 57 currency pairs and CFD trading in commodities, indices, metals, energies, and cryptocurrencies. Not available to US customers due to regulatory constraints
Major trading platforms MT4 and MT5 are offered to all traders. Metatrader trading platforms only
Regulated by the world’s most respected regulatory bodies.
An accomplished and well-rounded package -the best broker for new traders.

 

XM Group is owned by Trading Point Financial Instruments Ltd and was established in 2009 and the company is an international brand, with headquarters in Sydney, London, and Belize.

 

A review of FxPro
 

FXPro

 

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies tradingFXPro is a global broker and has a head office located in the UK.

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

What can be traded with FXPro?

 

  • Over 250 instruments
  • Over 70 currency pairs

 

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

 

A review of HotForex
 

HotForex

 

The HotForex MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar.

 

The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

 

Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs.

 

Features

 

  • Supports: MT4, MT5 for desktop, web & mobile
  • Minimum deposit: $5
  • Leverage: 1:1000

 

Trading Instruments: Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals

 

A review of XTB
 

XTB

 

XTB is a trusted multi-asset broker regulated in several major financial centres and provides a well-rounded, competitive offering including excellent customer service and the xStation 5 trading platform.  XTB was founded in 2002 and is publicly-traded and regulated in one tier-1 jurisdiction, making it a low-risk broker for forex and CFDs trading. XTB is the top choice for 230,000+ Forex traders globally.

 

Features

 

Feature XTB
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 49
CFDs – Total Offered 1894
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

XTB offers traders a Standard (for UK and Ireland residents only) and a commission-based Pro account and each account will come with its own execution method and spread model, in terms of commissions and fees.  The xStation 5 is the primary platform offering alongside the full MetaTrader 4 suite. Since xStation 5 does not support automated trading, MT4 must be used. A Mobile trading option is also on offer.

 

A review of Vantage FX
 

Vantage FX

 

Vantage FX was founded in 2009 and offers retail forex and CFD traders the Metatrader platform suite, ChartIQ, as well as auto trading on ZuluTrade and Myfxbook and is considered average-risk.  Vantage FX is mainly a MetaTrader broker and offers traders the popular platform suite developed by MetaQuotes Software Corporation, which includes MetaTrader4 (MT4) and MetaTrader 5 (MT5).

 

Features

 

Feature Vantage FX
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 38
CFDs – Total Offered 24
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

Regardless of the platform a trader chooses to use, the trading cost at Vantage FX depends on the account opened and seeing that Vantage FX is a MetaTrader broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Google Playstore, respectively.

 

A review on Plus500
 

Plus500

 

Best for Unlimited Demo Time

 

Plus500 is a top CFD provider which offers traders over 1,000 assets available for trading in a demo account that includes 70 forex currency pairs, as well as stocks, cryptocurrencies, exchange-traded funds (ETFs), indices and options.

 

Plus500 was founded in 2008 with over 300,000 active customers to date and is a leader in the CFD trading industry with a simple to use trading platform, and appealing trading conditions.

 

Trading conditions

 

Minimum Deposit ZAR 1500
Base currencies AUD, EUR, USD
Number of FX Pairs 70+
Hedging Allowed No
Scalping No
Swap-Free Accounts Yes

 

There are two account types on offer – a demo account with play money, and a live account where clients will need to deposit real funds once the account is verified. Plus500 offers 24/7 customer support via email, online chat and WhatsApp message in 31 different languages.

 

A review of IC Markets
 

IC Markets

 

IC Markets is based in Australia and offers traders the lowest brokerage fees including:

 

  • Low spreads on major currency pairs and exotic pairings
  • Low commissions for MT4, MT5 or cTrader forex traders
  • No Deposit or Withdrawal Fees

 

Commissions Offered by IC Markets

 

Forex traders in Nigeria can receive some of the lowest commissions from IC Markets including:

 

  • USD $3.5 (per lot per side) for MetaTrader 4
  • USD $3.5 (per lot per side) for MetaTrader 5
  • USD $3.0 (per USD 100k) for cTrader

 

There is no commission for the standard account (commission-free account).

 

A review about Markets.com
 

Markets.com

 

Markets.com is an online broker which founded in 2008 and offers Forex, CFDs and Spread Bets. Spread Bets are only available to UK customers trading and Markets.com is a global broker with a head office situated in Cyprus.

New traders will need to make a minimum deposit of $100 and a demo account is available for those who wants to try before they ‘buy’ in.

 

Traders can trade in a wide variety of instruments and currency pairs

 

  • Over 100 instruments
  • Over 80 currency pairs

 

Markets.com offers both of the MetaTrader platforms; MT4 and MT5. plus, mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Markets.com Trading Accounts on Offer include:

 

  • Demo account
  • Mini account
  • Standard account
  • Islamic account

 

Markets.com support a wide range of languages including Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Norwegian, Polish, Romanian, Russian, Spanish, and Turkish.

 

A review about CMC Markets
 

CMC Markets

 

CMC Markets Has the Lowest Minimum Deposit and is one of the largest online brokers for stock market and currency trading in Nigeria. CMC Markets offer:

 

  • A range of financial markets including Bitcoin
  • $0 minimum deposit and easy funding methods
  • Advanced charting through the Next Generation CFD platform

 

Financial Markets With CMC

 

CMC Markets specialise in trading forex with over 330 forex pairs but this is not the only CFDs financial markets traders can trade.

 

Other CFDs include:

 

  • Indices
  • Shares
  • Efts
  • Commodities and treasuries

 

A more recent addition is cryptocurrencies which ranges from:

 

Bitcoin, Ethereum, Litecoin and to Tron. Leverage ranges based on the crypto chosen with more well know cryptocurrencies like bitcoin offering more leverage compared to niche currencies pairs.

 

Funding with CMC Markets

 

CMC Markets offers basic funding methods including:

 

  • Credit Cards (minus AMEX or Diners cars)
  • Debit Cards
  • Bank account transfers

 

The biggest advantage is that CMC Markets has a $0 minimum deposit which means that you can move from a demo account to a live account without a large deposit required.

 

Advanced Charting Through the Next Generation Platform

 

CMC offers the choice of MT4 forex trading platform or the next generation platform.

 

Other key features of the Next Generation charting include:

 

  • 35+ drawing tools
  • Technical indicators
  • Price History
  • Chart Intervals
  • Customised Charts

 

These five key features and the ability to trade directly from charts is why CMC’s CFD trading platform is considered the leader when it comes to charting.

 

A review about Instaforex
 

InstaForex

 

InstaForex is a MetaTrader only broker.

 

Pros and Cons

 

Pros Cons
InstaForex TV videos are cleanly recorded, consistently delivered, and the broker’s in-house market commentary is relevant and timely Default MetaTrader platform offered with no premium features
While InstaForex is authorised by the FCA, it is not regulated by the FCA

 

Is Instaforex Safe?

 

Instaforex is considered high-risk and is not publicly traded and does not operate a bank. Instaforex is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust).

 

Commissions & Fees

 

InstaForex offers users two main account types:

 

  • Standard (ECN / non-dealing desk)
  • Eurica (dealing desk).

 

Both above mentioned accounts have a 1 USD minimum deposit.

 

Research & Education

 

InstaForex provides a range of offerings which includes InstaForex’s daily market analysis blogs and technical analysis posts via MT5. Interviews, weekly reviews, and educational videos are also available.

 

Education primarily includes videos, a glossary, and a variety of text articles based on forex trading.

 

Platforms & Tools

 

InstaForex is a MetaTrader4-only broker – offering the MT4 platform suite from MetaQuotes Software Corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web.

 

  • InstaForex features only the default functionality
  • No other third-party platforms or plugins provided to traders

 

iOS and Android versions of the MetaTrader 4 mobile app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively.

 

A review about FBS
 

FBS

 

FBS offers traders a choice of four accounts and all accounts offer market execution and the chance to trade in micro lots in Cent accounts for more precise risk management.

 

Benefits

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Cent $1 0.01 lot 1:1000 from 1 pip
Standard $100 0.01 lot 1:3000 from 0.5 pips
Zero Spread $500 0.01 lot 1:3000 0 pips + $20/lot
Micro $5 0.01 lot 1:3000 fixed, from 3 pips
ECN $1000 0.1 lot 1:500 from -1 pip + $6/lot

 

FBS is a popular international broker and offers clients competitive trading conditions, a wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.  An account with FBS can be opened for just $1.

 

In Conclusion

 

Traders need a demo account in order to gain a deeper understanding of their preferred broker, their brokers trading platform, their operations, key trading tools, and indicators and one of the most important things a trader can learn from interacting with a demo account is the number of trading pairs available.

Traders will learn how to test the efficiency of different trading strategies or even come up with some of their own, according to research in South Africa.

 

Frequently Asked Questions

 

What is a demo account in forex?

An account that is funded with fake money & allows you to practice/experiment forex trading in an environment ‘close to the real thing’, before deciding to set up a real account with real money.

Do demo forex accounts have time limits?

There are brands that have restrictions on the time limit of demo accounts, but not all of them.

Which forex demo accounts have No time limits?

Here is a list of the 12 Best Forex Demo accounts with NO time limit.

How do I open a forex demo account?

 Different brokers will have different rules when it comes to opening a forex demo account some brokers will need traders to open a real account alongside the demo, others will in turn demand that the demo be opened and run as a separate entity. The bottom line – the demo account should be free.

How long should I trade in demo mode?

Although you do learn from trading on demo, the best way you will learn is when you trade with your own money. There are professionals who advises beginner traders to stick to a demo account for 5-10 months.

 

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