Best Forex Demo Account of 2023

Demo accounts are a valuable tool enabling traders to hone their skills without risking real money. They allow beginners to familiarize themselves with trading in a live market environment. New and experienced traders can use demo accounts to test strategies and trading ideas.

Another advantage of forex demo accounts is that they provide a way of learning and mastering a trading platform without having to open and fund a live account. Traders can experience how to use the available order types, charting software, watchlists, news, and other tools offered within the platform – making them better prepared when they start to trade with real money.

FX Empire is an industry leader with over ten years of experience reviewing forex brokers. Considering the different needs of traders, we broke down this list into major categories.

List of Top Forex Demo Accounts

• Vantage – Best Overall
  Multiple platforms. Broad range of tradable instruments. Great research and educational materials.
• TMGM – Best for Cryptocurrency Trading
  20 cryptocurrency CFDs. Research from Trading Central. Competitive spreads.
• OctaFX – Best Account Contest
  Low fees. Live webinars. User-friendly platform.
• MultiBank – Best for Professional Traders
  ECN account. MetaTrader and cTrader. MAM/PAMM. Fix API.
• Tickmill – Best Education
  Platform tutorials. Webinars. Reliable support. Choice of demo account types.
• FP Markets – Best Low Spreads
  Tight spreads. Advanced platforms. 24/7 support.
• FXTM – Best Trading App
  Intuitive app. 1-click trading. Actionable educational content.
• IronFX – Best MT4
  Variety of account types. Infinite demo account. IronFX School.
• AvaTrade – Best for Spread Betting
  High trust rating. Strong range of instruments. Spread betting via MT4.
• IG US – Best for US Traders
  82 currency pairs. Robust platform. IG Academy.

How did FX Empire choose the winning brokers for best forex demo accounts?

We carefully considered the needs of demo traders and focused on the points which benefit this group the most.

• We conducted a test drive for each trading platform, digging into available order types, charting, watchlists, and UX. We checked which platforms are available via demo account.
• We looked at the different account types available to test via demo (STP and ECN accounts).
• We ensured that each broker has a strong range of tradable forex and CFD instruments.
• We made a note of the length of time before the demo account expires.
• For each broker, we tested customer service across phone, chat, and email with many questions, paying attention to responsiveness and the overall quality of the support.
• We explored the educational resources available to demo traders, from articles to webinars and courses.
• We also analyzed other significant areas, such as trustworthiness, fees, and platforms, to gauge the quality of the offering should a trader decide to open a live account.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

Our Methodology

In selecting the best forex brokers for beginners we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.

FXEmpire has been reviewing brokers since 2010 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident in selecting the right platform.

To provide the most comprehensive view, we break down the brokers according to nine different categories:

• Trust
• Fees
• Platforms and tools
• Tradable instruments
• Customer service
• Deposit and withdrawal
• Account types
• Research
• Education

In our individual broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed.

Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.

Our side-by-side analysis reveals whether a broker is competitive in relation to the industry as a whole. Trading platforms take time to master, but we have already done the legwork for you and our evaluations highlight their important features and usability.

FX Empire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so our reviews cannot be swayed by individual preferences or biases. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Read more about our review process here.

For this best brokers page we selected the best forex brokers for the UK, but, as traders have different needs, we separated the brokers into the categories where they stood out as winners.

Meet our Writers

The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

How to choose a forex demo account?

Consider the following questions when searching for a suitable forex demo account to work with.

Can I trust the broker?

Take into account the regulatory status of the broker. Forex brokers regulated by top-tier financial authorities must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. A compensation fund is sometimes available in the event of broker insolvency.

Tip: you can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page.

Read more about Best regulated forex brokers.

Is the platform user-friendly?

An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface.

The MetaTrader 4 and 5 platforms have advanced features like backtesting, automated trading, and a wide range of order types – but are less user-friendly. Also, check on the availability of a good, broker-designed (proprietary) mobile app. This is especially important as MetaTrader is no longer available on iOS.

Read more about Best MetaTrader 4 brokers and Best MetaTrader 5 brokers.

Is there a selection of demo account types available?

Many brokers offer a selection of account types that cater to different trader profiles. For example, often STP accounts are geared towards beginners or more casual traders and are based on a spread-only pricing model. ECN accounts typically have tighter spreads but charge a commission. Tip: Brokers often offer demo accounts for all account types so you can test each of them to see what works best for you.

Are the spreads competitive?

Working with a broker that keeps costs such as the spread to a minimum can make the difference between profit and loss at the end of the day. For example, a spread of 1 pip or less in EUR/USD is competitive and makes it much less expensive to enter and exit positions in the market. This is a crucial point for day traders. Inactivity fees and fees for withdrawing funds are other areas to keep an eye on when considering a broker.

What is the available leverage?

Leverage is one of the most appealing features of CFD trading and can work in your favor when used wisely. Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast, and you are holding a highly leveraged position, there is a high risk of losing money. Accounts can get wiped out in seconds.

Is customer support reliable?

As a demo trader in the process of getting oriented in the markets, having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.

Are high-quality educational materials available?

Strong educational materials can provide the guidance needed to succeed in the markets. Look for beginner-friendly materials beyond articles, such as video tutorials, live webinars, and courses.

How to avoid forex and CFD scams?

A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party, but remember that past performance does not guarantee future results.

Traders should also be highly cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high levels of leverage but client funds are not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in the event of broker insolvency.

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