HomeForex Account TypesBest Forex Demo Accounts 2021

Best Forex Demo Accounts 2021

Brokers that offer demo accounts do so to enable traders to practice trading in a virtual environment before going live.

For forex traders, it is a chance to get to know the broker’s offering, market conditions, and the financial products to trade with. For the broker, it is a chance to learn the trading style, what to expect in the future in terms of commissions and earn the personal data to use later in marketing campaigns.

Top Forex Brokers With Demo Accounts

1
Min. Deposit
$250
Exclusive promotion
Our score
10
Leverage
400:1
New accounts
Spreads
0.25
PIPs
Regulations
CFTC
Forex Pairs
11+
No Fee
Start trading
Pros:
Regulated by CFTC
Low fees and minimums
A good selection of educational content, including videos and webinars
Payment methods
ACH, Debit Card, Wire Transfer
Full regulations list:
CFTC
Trading on Nadex involves financial risk and may not be appropriate for all investors.
2
Min. Deposit
$10
Exclusive promotion
Our score
9.3
Leverage
500:1
New accounts
Spreads
0.8
PIPs
Regulations
Forex Pairs
55+
No Fee
Start trading
Pros:
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Payment methods
Credit Card, Debit Card, Visa, Bitcoin
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
$200
Exclusive promotion
Our score
8.7
Leverage
500:1
New accounts
Spreads
0.5
PIPs
Regulations
FSPR, FMA New Zealand
Forex Pairs
27+
No Fee
Start trading
Pros:
BlackBull Markets’ unique feature lies in its stated goal of delivering an “institutional” trading experience to retail clients
No-Dealing Desk Broker (NDD), with Straight Through Processing (STP) all done on a true ECN
State of the art Equinix servers, based in New York (NY4), London (LD5) and Tokyo (TY3)
Payment methods
Mastercard, Visa, Bank Transfer, Neteller, Skrill, UnionPay, FasaPay
Full regulations list:
FSPR, FMA New Zealand
4
Min. Deposit
$10
Exclusive promotion
Our score
8.5
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start trading
Pros:
0% Commission Account
Low Spreads
Eco-Account Option
Payment methods
Bitcoin, Credit Card, Debit Card
Full regulations list:
Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice.
5
Min. Deposit
$100
Exclusive promotion
Our score
7.9
Leverage
30:1
New accounts
Spreads
0.7
PIPs
Regulations
NFA, CFTC, FCA
Forex Pairs
No Fee
Start trading
Pros:
Open an account in less than 5 minitues with the global Market leader since 2001
Trade on one of the world's most popular trading platforms with access to dedicated support and integrated trading tools exclusive to FOREX.com
We’ve spent over a decade investing in technology and building a deep network of liquidity partners, so we can consistently quote tight spreads in most market conditions.
Payment methods
Debit Card, Bank Wire, ACH, Credit Card, PayPal
Full regulations list:
NFA, CFTC, FCA, FSA, IIROC, CIMA, FFA Japan, MAS, SFC of Hong Kong
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
6
Min. Deposit
$10
Exclusive promotion
Our score
7.8
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start trading
Pros:
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Payment methods
Credit Card, Debit Card, Bitcoin, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.
7
Min. Deposit
$250
Exclusive promotion
Our score
7.5
Leverage
30:1
New accounts
Spreads
0.7
PIPs
Regulations
CySEC
Forex Pairs
45+
No Fee
Start trading
Pros:
No commission charged to clients
Over 250 instruments available
Regular Webinars, education and video tutorials
Payment methods
Bank Wire, Credit Card, Skrill, Neteller
Full regulations list:
CySEC
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

No expiration demo accounts are traders’ most preferred practice accounts since they save time and efforts when it comes to strategy testing over a long period of time.

In the forex market, some Forex brokers will offer a demo account that will expire within 30 days no matter what. Some will keep your account alive as long as there is trading activity in place (although a simple pause of a few weeks might result in expiration).

The best option is to have a Forex demo account that never expires!

But Forex brokers like to keep their client databases clean & filled only with active users. We can’t blame them either.


What Is a Demo Account?

A demo account is a virtual trading account used for practice. It comes in handy both for rookie traders as well as experienced ones.

When using one, traders get to know the broker and how trading with them could go. Therefore, it is a simulation of live markets, having similar conditions as the ones offered with a live account. It is, in a way, a broker’s free sample of its services, so the trader may decide if it is worth opening a live account or not.

How Can You Use a Demo Account?

The main use of a demo account is to learn the general market and broker’s conditions. It is the place to make mistakes for free, build a profitable strategy and implement it afterwards in a live trading account.

Experienced traders evolve with time. As the trader grows and gets more comfortable, they will look to try new strategies. A demo account offers a trading environment to test them before putting them into practice on a live one.

Pros and Cons of a Demo Account

Pros:

  • Learn the broker’s offering
  • Free place to learn trading
  • Find out the general market conditions, how spreads vary during various times of the day
  • Build and test strategies without the pressure to succeed

Cons:

  • Sometimes the demo trading account conditions differ slightly from the live ones
  • Grow bad habits

Factors to Consider When Choosing a Broker for a Demo Account

It is essential to know that in some cases, the demo accounts are sometimes set with an expiry date. For instance, a brokerage house may offer a demo account but only for a month or even less. The trader has the option to fund a live account after that period.

Another thing to consider that refers to market prices. Spreads and execution may slightly differ from real trading accounts, making it difficult to test automated scalping trading strategies, for instance.

Conclusion

It is always good to have access to a demo account, regardless of the trading style and or experience. It offers a way to test new strategies while having no risk of losing capital.

By having access to a demo account, it is a way to validate your decision to be a trader. Also to see if the broker you have the demo with can be a broker you feel comfortable with having your actual money in.

FAQ’s

Is there any risk involved when trading on a demo account?

No. Trading on a demo account is risk-free, at no costs whatsoever for the trader.

Are commissions and other fees similar on a demo account and on a live one?

Yes. The demo account fully reflects the trading costs.

Is it complicated to open a demo account?

It depends from broker to broker. Typically no, this is a simple process requiring only basic personal information (email address, phone number, etc.)

How long does it take to open a demo account?

Not much. Most brokers can give you access to a demo account in a matter of minutes.

 

 


There are various other account types that brokers do offer, see below a list of some of the most popular: