10 Best Forex Trading Demo Accounts for Free (Top List)

A forex demo account is a virtual trading account that allows users to practice trading currencies in real-time market conditions. It offers simulated trading in a risk-free environment, ideal for learning strategies and platform functions without using real money.

To help you choose the right forex demo account, we tested and reviewed the top 10 providers. We evaluated each forex practice account based on ease of use, realism of trading conditions, supported currencies, and overall experience so that you can find the best fit for your FX trading journey.

Here’s the comparison list in the table below of the 10 forex demo accounts we found the best:

Comparison of The Best 10 Forex Trading Demo Accounts:

Let’s examine the top 10 FX demo trading accounts, considering the main features, overviews, and pros and cons.

1. BlackBull Markets

Feature	Information
Available Demo Accounts	Standard, Prime, swap-free
Year established	2014
Regulators	FMA (New Zealand), FSA (Seychelles)
Supported Platforms	MetaTrader 4, MetaTrader 5, cTrader, TradingView
Maximum Leverage	1:500
Maximum Forex Demo Account Balance	N/A (resettable)
Maximum Number of Demo Accounts Allowed	5
Available Markets	Forex, stocks, commodities, futures, indices, crypto
Base Currencies Supported	USD, EUR, GBP, AUD, NZD, CAD, SGD
Available Customer Support Channels	Email, phone, live chat, WhatsApp

We found BlackBull Markets’ forex demo account to be the overall best. This New Zealand-based CFD broker offers over 26,000 markets across popular asset classes, from Forex to stocks. BlackBull lets you demo-trade on an incredibly diverse range of MT4, MT5, cTrader, and TradingView.

Our tests show that your account size is unlimited, and you can expand it anytime. We confirmed with BlackBull’s customer support that you can open up to five demo accounts, reset your balance, and have unlimited virtual funds.

Another advantage of BlackBull Markets is opening a demo account with seven different base currencies. 

All these benefits make BlackBull Markets the best offering in our comparison guide.

2. Vantage Markets

Feature	Information
Available Demo Accounts	Standard, Raw/ECN, Perpetual
Year established	2009
Regulators	FASIC (Australia), VFSC (Vanuatu), FSCA (South Africa)
Supported Platforms	MetaTrader 4, MetaTrader 5
Maximum Leverage	1:500
Maximum Forex Demo Account Balance	$1,000,000
Maximum Number of Demo Accounts Allowed	N/A
Available Markets	Forex, indices, commodities, stocks, ETFs, bonds, crypto
Base Currencies Supported	USD, EUR, GBP, JPY, AUD, NZD, CAD, SGD, HKD
Available Customer Support Channels	Email, phone, live chat

Vantage Markets is a forex broker from Vanuatu that has earned second place among the best demo accounts. As with BlackBull, the CFD provider lets you trade on the same four platforms (MT4, MT5, cTrader, and TradingView). However, you can open a demo account using MetaTrader charting packages.

Still, we admired the quick signup process with Vantage Markets, where little information was required. Unlike most brokers, it’s also quite distinct that you can reset your demo account balance with brokers. Usually, one must contact customer support to reset, which is more time-consuming.

Vantage Markets shines by offering a demo account with the most flexible settings.

3. FP Markets

Feature	Information
Available Demo Accounts	Standard, Raw
Year established	2005
Regulators	ASIC (Australia), CySEC (Cyprus), FSCA (South Africa), FSA (Seychelles), FSC (Mauritius)
Supported Platforms	MetaTrader 4, MetaTrader 5
Maximum Leverage	1:500
Maximum Forex Demo Account Balance	N/A
Maximum Number of Demo Accounts Allowed	10
Available Markets	Forex, stocks, metals, commodities, indices, crypto, bonds, ETFs
Base Currencies Supported	USD, EUR, GBP, JPY, AUD, NZD, CAD, CHF, BRL, MXN, ZAR, PLN, HKD, SGD
Available Customer Support Channels	Email, phone, live chat

First Prudential Markets (or FP Markets) is a multi-regulated Australian  CFD broker. Like Vantage, FP Markets allows you to trade on the MetaTrader, cTrader, and TradingView platforms. 

What is also impressive with FP Markets is that traders can open a demo account in 14 base currencies. This is quite convenient and a valuable change from the usual USD, EUR, and GBP-based accounts many brokers offer.

Furthermore, one can trade eight different asset classes, a number higher than most other brokers.

4. RoboForex

Feature	Information
Available Demo Accounts	ECN, Pro, R StocksTrader
Year established	2009
Regulators	FSC (Belize)
Supported Platforms	MetaTrader 4, MetaTrader 5
Maximum Leverage	1:2000
Maximum Forex Demo Account Balance	N/A
Maximum Number of Demo Accounts Allowed	50
Available Markets	Forex, commodities, metals, ETFs, futures, indices, stocks
Base Currencies Supported	USD
Available Customer Support Channels	Email, phone, live chat, Telegram, WhatsApp, Messenger

RoboForex is a Belize-based derivatives broker founded in 2009. It offers two MetaTrader-based accounts (ECN and Pro) and a demo account for its proprietary R StocksTrader platform.

RoboForex’s most notable feature is its maximum leverage (up to 1:2000), which is perfect for the more speculative traders. Despite the higher risk, RoboForex demo accounts allow these traders to test their ideas and strategies.

Other advantages of RoboForex include opening numerous demo accounts and the lack of balance limits. Finally, traders should consider the broker’s $30 welcome bonus when switching to a live account.

Overall, Roboforex features bare-bones demo functionality but stands out by allowing you to open up to 50 demo accounts.

5. Pepperstone

Feature	Information
Available Demo Accounts	Standard, Razor (zero spread)
Year established	2010
Regulators	FCA (UK), ASIC (Australia), CySEC (Cyprus), CMA (Kenya), BaFin (Germany), SCB (Bahamas)
Supported Platforms	MetaTrader 4, MetaTrader 5, cTrader, TradingView
Maximum Leverage	1:500
Maximum Forex Demo Account Balance	$50,000 (or currency equivalent)
Maximum Number of Demo Accounts Allowed	5-10
Available Markets	Forex, commodities, indices, stocks, ETFs, crypto
Base Currencies Supported	USD, GBP
Available Customer Support Channels	Email, phone, live chat

Pepperstone is a multi-regulated Australian broker with appealing demo trading benefits. Live account holders can open up to 10 demo accounts (non-live account holders can open up to 5 demo accounts). 

Most of Pepperstone’s trading platforms allow you to test their standard and special zero spread accounts on a demo.

Pepperstone is one of the few brokers supported by the cutting-edge TradingView. cTrader is another advanced software that allows you to trade using your Pepperstone account. The advantages of these platforms are that demo accounts never expire if there is regular activity (while MT4 and MT5 accounts expire after 30 days). 

Pepperstone is another excellent option for a demo account, especially if you want to trade with cTrader or TradingView.

6. Moneta Markets

Feature	Information
Available Demo Accounts	Direct STP, Prime ECN
Year established	2020
Regulators	FSCA (South Africa), IBC (Saint Lucia), FSA (Seychelles), ASIC (Australia)
Supported Platforms	MetaTrader 4, MetaTrader 5
Maximum Leverage	1:500
Maximum Forex Demo Account Balance	$100,000
Maximum Number of Demo Accounts Allowed	N/A
Available Markets	Forex, indices, commodities, stocks, ETFs, bonds
Base Currencies Supported	USD, EUR, GBP, JPY, NZD, CAD, SGD, HKD
Available Customer Support Channels	Email, phone, live chat

Moneta Markets (formerly under Vantage Markets) is a relatively new yet popular multi-regulated CFD broker. It offers access to 1000+ instruments in popular categories like forex, commodities, and stocks. 

The CFD provider emphasises account availability through STP (straight-through processing) and ECN (electronic communication network) execution. This assures traders that their positions will be handled without manipulation on live accounts.

Other benefits of Moneta Markets include decent leverage, competitive market selection, and support for several base currencies.

7. IC Trading

Feature	Information
Available Demo Accounts	Standard, Raw Spread
Year established	2022
Regulators	FSC (Mauritius)
Supported Platforms	MetaTrader 4, MetaTrader 5, cTrader
Maximum Leverage	1:500
Maximum Forex Demo Account Balance	$5 million
Maximum Number of Demo Accounts Allowed	N/A
Available Markets	Forex, commodities, indices, bonds, stocks, futures, cryptocurrencies
Base Currencies Supported	USD, EUR, GBP, AUD, CHF, NZD, JPY, SGD, CAD, HKD
Available Customer Support Channels	Email, phone, live chat

IC Trading (not to be confused with IC Markets) is a relatively new broker based in Mauritius. Despite its recency, it offers trading in eight asset classes. Like XM, IC Trading boasts a high maximum demo account balance, giving traders the peace of mind of opening many positions.

The most outstanding feature of IC Trading is its expansive selection of available markets, which range from stocks and crypto to forex and futures. While forex is highly popular, other traders are interested in different instruments to diversify their horizons.

8. XM

Feature	Information
Available Demo Accounts	Standard, Ultra Low Standard
Year established	2009
Regulators	CySEC (Cyprus), FSCA (South Africa), FSC (Belize), ASIC (Australia), DFSA (UAE)
Supported Platforms	MetaTrader 4, MetaTrader 5
Maximum Leverage	1:1000
Maximum Forex Demo Account Balance	$5 million
Maximum Number of Demo Accounts Allowed	5
Available Markets	Forex, commodities, indices, stocks, crypto, metals, energies
Base Currencies Supported	USD, EUR, GBP, JPY, AUD, CHF, ZAR, HUF, SGD, PLN
Available Customer Support Channels	Email, phone, live chat, Line, WhatsApp, Viber, Telegram

XM is among the oldest derivatives brokers, first launched in 2009. It has an answer for every feature a demo account needs. For example, you can trade seven asset classes, slightly higher than the general five or six that other brokers offer.

XM offers two accounts on the demo account, a ‘Standard’ and an ‘Ultra Low Standard.’ The latter is similar to the former, with the main exception being the tighter spreads. Traders can choose the ‘Ultra Low Micro’ account with the same perks and the ability to trade a tenth of a standard lot.

We also liked that XM is among the few brokers with a no-deposit welcome bonus ($30), like Roboforex.

Finally, XM also shines by offering multiple customer support channels, which is far higher than its competition.

9. FBS

Feature	Information
Available Demo Accounts	Standard
Year established	2009
Regulators	CySEC (Cyprus), ASIC (Australia), FSC (Belize)
Supported Platforms	MetaTrader 4, MetaTrader 5
Maximum Leverage	1:3000
Maximum Forex Demo Account Balance	$1 million
Maximum Number of Demo Accounts Allowed	1-10 (depending on meeting requirements)
Available Markets	Forex, stocks, indices, metal, energies
Base Currencies Supported	USD
Available Customer Support Channels	Email, phone, live chat

FBS is a popular, multi-licensed CFD provider like XM, established before the 2010s. The broker’s first unique selling point is its above-average leverage (1:300). 

Demo traders can use the familiar MetaTrader suite of charting software to trade in markets like forex, indices, and metals. While the demo account is only in USD and standard, this may suit the simplistic traders. 

FBS is another competitive option for a forex trading demo account, particularly with the broker providing the highest leverage.

10. VT Markets

Feature	Information
Available Demo Accounts	Standard, Raw
Year established	2015
Regulators	ASIC (Australia), FSCA (South Africa), FSC (Mauritius)
Supported Platforms	MetaTrader 4, MetaTrader 5
Maximum Leverage	1:500
Maximum Forex Demo Account Balance	$100,000
Maximum Number of Demo Accounts Allowed	N/A
Available Markets	Forex, indices, energies, metals, commodities, stocks, bonds, ETFs
Base Currencies Supported	USD, EUR, GBP, AUD, CAD
Available Customer Support Channels	Email, phone, live chat

VT Markets is a multi-regulated broker established in 2015. Like Moneta, it boasts direct market access with its standard (STP) and raw (ECN) accounts. VT Markets also provides a cent account (albeit only on a live account).

Another benefit is trading a good mixture of popular and not-so-popular markets with the broker. 

We found VT Markets’ standout feature to be its integration with Trading Central on MT4. Trading Central is an AI-powered portal for market analytics, research, and trade opportunities.

What is A Forex Trading Demo Account?

Demo accounts in forex are accounts with virtual money designed to simulate real-time trading conditions. They are necessary for all traders, especially those new to trading FX who have yet to gain experience or understand the speculative nature of trading. 

Below are three reasons to use a demo account: 

• As a beginner, you must test things out in preparation for live trading. 
• You want to try out the broker’s charting software and general trading conditions based on a real account. 
• You already have some experience and want to learn a new strategy or test an automated trading strategy.

A demo account is an important stage all traders must pass to minimise the risks of live currency trading.

How to Find The Best Forex Demo Accounts

Let’s look at the various factors that went into our decision-making:

• Regulation
• Ease of Use
• Educational Support And Resources
• Amount of Virtual Funds
• Duration of The Demo Account

Regulation

We only considered regulated brokers when researching the best FX trading demo accounts. Firstly, you can be assured of a high level of consistency between the demo and live account, from excellent trading conditions to customer service. 

More importantly, regulated brokers have an excellent reputation for offering fair, efficient live trading conditions and processing all your withdrawals (assuming no malpractice by the trader).

Ease of Use

MT4 and MT5 are the most user-friendly forex trading platforms, so we focused on brokers with one or both. While boasting simplistic user interfaces, they offer the necessary functions of charting and execution.

Ease of use also impacts the accessibility of demo accounts on multiple devices (desktop/laptop, smartphone, tablet). Thankfully, the MetaTrader charting packages fit this mould perfectly.

Educational Support And Resources

MT4 and MT5 are the most user-friendly forex trading platforms, so we focused on brokers with one or both. While boasting simplistic user interfaces, they offer the necessary functions of charting and execution.

Amount of Virtual Funds

It is beneficial to use a demo account with as many virtual funds as possible. This is because traders may wish to test multiple strategies requiring various positions.

Thus, our selection criteria favoured brokers like FP Markets and BlackBull Markets, which have no maximum balance limit.

However, we have to add a caveat to this topic. Using an account balance close to what you would fund in real life is crucial. The purpose is to replicate realistic position sizes to maintain consistency. 

Duration of The Demo Account

Most brokers want their traders to spend minimal time on demos, as businesses benefit from having more live traders. 

That’s why we prioritised brokers with platforms like cTrader and TradingView, where no expiry exists. You can practice unlimitedly until you feel ready to trade on a live account. 

We also favoured brokers that permit their users to open as many demo accounts as possible. This is helpful with charting software like MT4 or MT5, given that these accounts expire relatively quickly.

Steps to Practice FX Trading

1. Learn what forex or currency trading is: It may seem basic, but you should have a solid grasp of FX—trading international currencies. We quote markets in pairs, with the exchange rate determining how much you should buy or sell one currency to receive another.

2. Choose a trading strategy and style: FX offers countless trading strategies as the most traded market. Your style (whether scalper, day trader, swing trader, or other) determines your time horizon. Meanwhile, the range of strategies is expansive, from momentum and breakouts to trend and news trading. 

There is no correct method for participating in forex. It depends on your risk tolerance, personal preferences, skill level, and many other factors.

3. Open a demo account: The next step is to sign up for a demo account with a forex broker (which includes any of the names above).

4. Start practising: Now it’s time to practice! Although people become ready at different periods, we recommend spending at least a year on a demo account. Still, we will soon cover how best to transition smoothly into the live stage.

So, while yielding excellent results on a demo account is necessary, it doesn’t indicate how well you will ultimately perform during the latter.

What Are the Pros And Cons Of Forex Demo Trading?

Let’s look at the benefits and drawbacks of demo trading in forex.

Pros

The most significant advantage of a demo account is that no real money is involved. This means you can practice indefinitely without financial risk. Demo accounts prevent inexperienced traders from making costly mistakes.

Demo accounts allow traders to test their trading strategies and knowledge in a simulated environment. These accounts allow traders to build and optimise their trading systems to prepare them for live trading. The demo phase is also essential for collecting useful performance metrics like drawdown, profit percentage, and profit factor.

The demo phase is vital to familiarising yourself with the trading platform and ensuring you can efficiently navigate from analysis to execution.

Cons

Any gains or profits from demo trading are not withdrawable into real money.

There is a big psychological difference between demo and live accounts. Demo traders can act casually during the demo phase since no real money is at stake. This mentality can carry over to the live phase with dire financial consequences.

Demo accounts are technically not a 100% simulation of the live markets. While they mimic the price movements, there will be slight variables in spreads and other volatility-related issues like slippage, which traders don’t experience in a trading demo.

Finally, demo accounts can give a false impression of one’s trading capital. Due to their demo trading experience, traders can easily take unnecessarily large positions in a live account.

How to Transition from Forex Demo Trading to Live Trading

The road from demo to live trading in forex is often tricky for most novice traders. It has become too familiar for new traders to profit on a demo account but perform poorly on a live account. The key is to ensure a smooth transition, which takes time and careful consideration.

• Use disposable funds: It may be a cliché, but currency trading should be only done with money you can afford to lose. The allure of forex trading can easily make novice traders desperate, and they often risk the money they need to pay the bills.

• Have a solid trading plan: If you fail to plan, you plan to fail. One objective of demo trading is to build a trading plan. Your trading plan in forex encompasses all the finer details of your strategy, where you master all the pre-entry, entry, trade management, and exit stages.

• Acknowledge the psychological shift: There is no turning back once a trade is made on a live account. This psychological shift may be daunting for traders executing their first position. The key to handling such a reality is to be calm emotionally, have a neutral mindset, and follow your trading plan.

• Use a cent account: Trading on a forex cent account, as demo traders rarely use their first live account. However, it is a considerable avenue since it allows traders to trade much smaller positions while gaining the feel of real trading. Vintage Markets, FP Markets, and RoboForex are examples of brokers with a cent account.

• Start small: Successful FX trading is a marathon, not a sprint. So, forex traders should start small, even if they have substantial funds. Ideally, you want to reinvest the profits from trading (instead of using all your capital) to grow the account balance steadily over time. 

Are There FX Demo Accounts Without Sign Up?

Yes. While these options are limited, we invented the free forex demo simulator on WR Trading. You can start there to create a balance of $10,000 without logging in or signing up. Another alternative is the forex demo account without a sign-up from the broker Pocket Option. However, this broker may not be suitable for everyone since it is mainly an options trading platform (and not the standard spot FX trading provided by the rest).

Conclusion

Arguably, the most significant investor of all time, Warren Buffett, once said one shouldn’t test the depth of the water with both feet. While some experienced traders downplay the importance of a demo account, it remains an essential stage before going into live trading. The right trading broker is necessary to save costs and ensure quick order execution.

Hence, we compiled this guide into the 10 best currency trading brokers, which, in summary, are:

• BlackBull Markets is our most preferred choice due to its multi-platform support, a broad selection of account types, and a competitive variety of traded assets.
• Vantage Markets provides a demo account with the most flexible settings. It has the quickest signup process and the highest base account currency support compared to the other brokers.
• FP Markets is best for traders seeking a platform with the most financial instruments. The broker supports multiple charting software and allows users to open 10 demo accounts.
• One of RoboForex‘s greatest strengths is that clients can open a maximum of 50 demo accounts simultaneously.
• Pepperstone has the edge in supporting four popular trading platforms and offering unique account types during the demo stage, such as the zero-spread account.
• Moneta Markets is best for those who prefer direct market access while benefiting from other perks like high leverage and market selection.
• IC Trading sets itself apart with a wide market selection, leverage, and demo account balance, among other advantages.
• XM is a standout option for a competitive demo account and offers many customer support channels.
• FBS is perfect for those wishing to experiment with the highest leverage.
• VT Markets suits traders looking for top market research analytics on MT4.

Frequently Asked Questions (FAQ)