Trading forex with Forex Demo Accounts is a great way to get started in the biggest financial marketplace in the entire globe. To get started, all you need is a sample account with the online broker of your choice. In order to choose the best Forex Demo Accounts for your level of experience and trading needs, you must first conduct some preliminary research on the numerous forex brokers that are now accessible.
We’ve compiled a selection of the most beneficial sample accounts to get you started. Let’s examine the top brokers offering demo accounts in 2022.
Best Forex Demo Accounts
1. eToro
One of the most well-known forex trading platforms nowadays is eToro. The broker is frequently the first choice for new customers because it has more than 17 million clients worldwide.
This is due in part to the trading platform’s simplicity as well as the abundance of training and instructional resources available on eToro.
Additionally, as soon as you register, you’ll get access to a fully functional forex demo account facility. Regarding supported markets, real-time pricing, and liquidity, this exactly replicates the genuine eToro trading platform. Of course, the main distinction is that you’ll be dealing with paper money.
In fact, a $100,000 demo fund balance is already pre-loaded onto the forex demo account, making it ideal for practice trading. You have access to more than 55 currency pairs through eToro in terms of supported marketplaces. This comprises major currencies, minor currencies, and a variety of exotic currencies. In addition to Forex, eToro provides support for stocks, exchange-traded funds, cryptocurrencies, indexes, and commodities.
You can change between the demo and the real account whenever you like because there is no time restriction on this. One more element that some of you might find intriguing is the eToro Copy Trading tool. With eToro’s social trading platform, you may mimic an expert FX trader like-for-like and at a scale proportional to your investment.
The bare minimum needed to start trading forex with your own funds is just $200. The FX trading platform accepts bank transfers, debit/credit cards, and e-wallets. eToro is strictly governed and has an FCA license. The FSCS also safeguards your money.
2. Capital.com
On the one hand, seasoned traders will consider the Capital.com platform to be too simplistic for their requirements. If this is your first experience trading forex or any other investment vehicle, however, you will likely find the interface to be to your comfort.
Importantly, Capital.com is really simple to use, devoid of complicated language, and provides all customers with a free demo account option. This enables you to trade completely risk-free up until the point where you feel comfortable practicing your forex trading with actual money. You might wish to utilize all of the available instructional resources while getting the hang of things.
This contains a tonne of manuals, training programs, videos, and an extensive educational tool called InvestMate. Capital.com is ideal for beginners because it offers risk-free trading as well as educational resources and only requires a £20 minimum investment.
This suggests that if you transfer from a demo account to a real cash account, you can trade with a very small sum. Additionally, it’s simple to deposit money with a debit/credit card or an e-wallet online or using the Capital.com mobile app.
Regarding specifications, Capital.com provides hundreds of currency pairs, including majors, minors, and a number of exotics. Additionally, it provides CFDs for stocks, commodities, energy, and other items. Most importantly, Capitall.com just charges the spread; there are no trading commission fees.
3. Libertex
One of the oldest and most well-known online trading platforms for FX and CFDs is Libertex. The site, which was established more than 23 years ago, today has approximately 3 million dealers.
The fact that Libertex is a tight spread broker is arguably the most alluring feature of selecting this provider. This shows that the purchase and sell rates of the currency pair you have chosen are identical.
Additionally, Libertex offers a number of marketplaces that can be traded commission-free. With regard to its forex demo account feature, new traders could use a €50,000 paper trading amount as a practice account to conduct trial trading for free. This knowledge is more than sufficient to teach you how to trade forex pairs in an uncertainty freeway.
Even complete novices can trade on the Libertex platform. his platform was created by Libertex and is especially well-liked by novice traders. Alternatively, you can utilize MT4 and your demo funds.
Experienced traders frequently utilize this third-party platform because it is loaded with sophisticated chart reading tools and technical indicators. Libertex offers a demo account that you are free to use for as long as you like. The minimum deposit required here is a mere £100 if you wish to start trading with your own money in the future.
Payment methods available from this MT4 broker include debit/credit cards, bank transfers, and e-wallets. The minimum per transaction drops to merely £10 after your initial deposit. A mobile app for Android and iOS is available from Libertex if you wish to trade while on the road.
4. AvaTrade
This well-known FX and CFD trading platform has been operating in this market for more than 12 years and is licensed in six different countries.
You will have exposure to a wide variety of forex market pairs on AvaTrade, all of which can be transacted with zero commissions. Particularly for popular currency combinations like EUR/USD and AUD/USD, spreads on significant currency pairs are frequently industry-leading.
For using the mobile phone app, which the provider calls AvaTradeGo, you must first create an account. Then, you can immediately begin trading with demo money in your hands. Online access is also available to your demo account. AvaTrade provides support for MT4/5 in addition to its own proprietary platform.
AvaTrade just needs a deposit of £100 if you choose to switch to a real money account. The payment will be finished instantly and can be made with a debit/credit card. Finally, in addition to commission-free trading, you won’t be charged for the platform or for deposits or withdrawals.
5. Forex.com
This well-known internet resource is a specialized FX app, as the name suggests. More than 80 forex pairs are available to you; many of them are from emerging nations.
On this platform, there is always enough liquidity, and the selection of trading tools is very broad. The majority of traders will select MT4 for their demo account. Simply open an account with Forex.com as soon as possible, and then input your login information on the MT4 platform, which you may access online or using desktop software.
Following that, you’ll have accessibility to £10,000 in demo account cash. It is a fantastic idea to test out a new automatic system on Forex.com because it supports the greatest trading robots and EAs. In reality, it provides specialized forex VPNs, which are ideal for continuously running sophisticated trading bots.
Forex.com offers some extremely affordable trading fees if and when you decide to upgrade to a real money account. There are numerous account plans available, one of which enables commission-free trading. An alternate account type offers spreads starting at just 0.2 pips on main pairs if you’re an experienced pro trading higher volumes.
A minor commission of $5 for every $100,000 transacted will result from this. Additionally, there is an STP Pro account, which reduces the spread to a sector-leading 0.1 pip. The minimum deposit required when trading with real money is £100 when using debit/credit cards and PayPal, and it’s nothing when using a bank transfer.
Factors for choosing the Best Forex Demo Accounts
Importantly, no two forex demo accounts are alike, so conducting some research before you start is a good idea. In light of this, we will go over what you should watch out for when looking for the finest forex demo accounts in the sections below.
Demo Funds
A specific quantity of paper money is pre-loaded into the top forex demo accounts that we analyzed. For instance, Forex.com provides £10,000 in demo money while eToro provides $100,000.
Verify if the supplied sum is sufficient for you to begin studying the forex trading. In fact, if you’re a beginner, there’s a good possibility you’ll make more losing trades than winning ones, especially early in your trading career.
On the other hand, you can top up your virtual trading balance using some of the greatest forex demo accounts. For instance, when your paper balance falls below £200, Plus500 will raise it back to £20,000.
Deadline
Additionally, verify if the demo account has a deadline. Many of the providers we came across only allow you to use their services for 30 days.
If you are just getting started, this may not be sufficient time to comprehend how the forex trading market works. The finest forex demo accounts have no time restrictions because of this. This will be particularly useful if and when you establish a new forex trading strategy in the future.
There is no time restriction for using the demo account with eToro. On the other side, switching between the real money and demo modes is quick and simple.
Functionality
This factor is possibly the most crucial. In a nutshell, the best forex demo accounts will accurately reflect real-world trading situations. In other words, you will trade in real-world circumstances, yet completely risk-free.
This is essential because the goal of utilizing a trial account is to study and develop profitable trading techniques that you may eventually use in the actual FX market.
Deposit Required
As was already said, most forex trading platforms demand that you create an account before using their demo account feature. This is reasonable because the service is letting you trade risk-free in real-time market conditions.
However, a few platforms that we came across also required a deposit before allowing you to use the sample account. The greatest forex demo account will never require a deposit, thus you should stay away from these companies.
Currency Pairs
Reputable trading websites provide forex demo accounts. While some platforms provide dozens of currency combinations, others fall short.
As a result, before using the demo account feature, it’s crucial to verify what forex trading pairings the platform provides.
The markets that are most frequently traded are big pairs, such as EUR/USD, GBP/USD, and AUD/USD. However, be sure this is supported if you want to trade a rare currency, like the baht of Thailand.
Trading Tools
Simply put, only a forex demo account that is stocked with trading tools should be taken into consideration. If it doesn’t, you won’t be able to do analysis internally and, as a result, make logical, prudent trading decisions. You could also want to look into the top suppliers of forex signals, who operate on the basis of your chosen broker account and attempt to offer advice and insight into potential future market trends.
Also read: Best Forex Trading Robots in UK 2022
How to Start FX Trading with forex demo accounts?
It’s time to get started now that we’ve discussed how to pick the appropriate Forex demo accounts for your needs.
We will now take you step-by-step through the procedure to demonstrate how simple this is with eToro, a top-rated FCA broker.
Step 1: Open an account
Simple visit the eToro website, select “Join Now,” and then adhere to the prompts.
The website will also collect some of your personal data in addition to your contact details. You must validate your mobile number in addition to choosing a username and password.
Step 2: Move to Demo Mode
When you sign up for an eToro account, you will be requested to make an initial deposit. You can bypass this step by selecting demo mode. You will then have $100,000 in paper cash available to you.
Step 3: Search for an FX pair
You can now look for a forex market that appeals to you. Search for the pair you want to exchange if you know it. We are attempting to trade EUR/USD in the example below.
To view the supported forex pairings, you can also click the “Trade Markets” option. Pick a pair you prefer, then click the “Trade” button.
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Step 4: Place a Demo Trade
An order box will now appear on the screen. Simply put, eToro needs to know the type of deal you want to execute. Because of this, you must first decide whether to place a “buy” or “sell” order, depending on which direction you believe the price of the currency pair will move.
You can bet as much or as little as you desire without worrying about losing money because this is paper money.
Click the “Open Trade” button to finalize your position.
Conclusion
In conclusion, hundreds of internet brokers provide forex demo accounts. Still, remember that you will most likely want to start trading currencies with real money at some point. In light of this, you ought to pick a forex demo account that supports your long-term trading objectives.
According to our research, eToro provides the finest FX demo account. You can access more than 55 forex pairs by completing a brief 5-minute registration process and creating a $100,000 paper trading balance. When you eventually switch to a live account, you’ll gain access to a 100% commission environment.
Frequently Asked Questions
Which MT4 forex demo account is the best?
Consider Forex.com or Libertex if you’re seeking the best Forex demo account for Metatrader 4.
What is a forex demo account?
Regulated brokers provide the top forex demo accounts. You can trade foreign currency absolutely risk-free after you open an account. Later on, you might think about switching to a real money account.
How can I get a free sample account for FX trading?
You must first sign up with a reliable broker if you want a free demo account for forex trading that replicates real-world market conditions.
Which free forex demo account is ideal for beginners?
We discovered that eToro offers the finest free FX sample account for newcomers. When you start with the platform, a demo account facility with $100,000 in fake money will be available to you.
Can you trade forex for no cost?
You can utilise a reliable demo account provider to trade forex for free. You won’t be capable of making actual cash since you’ll be trading with fake money.