Best Brokers That Offer Demo Accounts for Forex Trading in 2022
Published February 28, 2022.
Our team independently researches and recommends the best products and services. We publish reviews that are unbiased nor influenced by payments we may receive from advertising partners.
Walking blindly into the financial markets without any experience or practice is a risk not worth taking. You would be throwing money down the drain since the markets do not always go up, be it forex or commodities.
This is why the free demo account for forex trading was created. Your typical forex trading demo account gives you the opportunity of practicing investing, verify your strategies, and help you develop some know-how about paper trading forex.
But where should you try out these types of accounts where you can practice currency trading? Luckily for you, there are plenty of websites with free forex practice accounts for beginners.
A Quick Look at Our Top Brokers That Offer Demo Accounts
- Best overall: Fortrade
- Great variety: AvaTrade
- Lowest fees: easyMarkets
- International presence: IronFX
- Best for reliability: HYCM
- Best for beginners: eToro
- Great interface: Plus500
- Lowest commissions : FXTM
- Most user-friendly: IQ Option
- Best for experts: Trade360
How Long Should You Demo Trade Forex?
If your goal is to turn consistent profits, develop reliable strategies, and learn a pattern in the broader markets, it is best to practice FX trading or demo trade any other asset for at least three months
After this period, you should dip your toe into the financial markets, but continue to use a forex demo app to fine-tune your investment skills.
This is especially helpful if you plan to invest immense sums of capital into the markets.
Even if you are applying the golden rule of trading (only risk 10% of the total amount available amount for investing), it is still wise to maintain a demo account.
How We Chose Our Brokers
When we performed our due diligence and conducted the necessary research, our team explored the various features and resources from each, especially the demo accounts that are offered on these trading platforms. But the overall broker is critical, too, since you want to embark upon trading on these platforms.
As a result, we considered the following:
- Virtual forex trading
- Fees and commissions
- Interface design and user experience
- Quality of customer service
- Platform features
- Reliability and responsiveness of the platform
Below are the best brokers that offer demo accounts according to the research and reviews conducted by the Broker Reviews experts.
Broker Reviews’ Picks for the Top Brokers That Offer Demo Accounts for Forex Trading
Best overall
Enjoy everything Fortrade has to offer
Open AccountFounded In
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2013
Regulated and licensed by
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The Investment Industry Regulatory Organization of Canada (IIROC) and the Ontario Securities Commission (OSC).
Fortrade is a derivatives brokerage firm that offers customers trading platforms for trading forex and CFDs. From the reliability and range of investment products to the user-friendly interface, Fortrade's demo accounts provide as much as the live accounts and traders get access to the same functionality.
Fortrade Pros and Cons
Pros
- No hidden fees, commissions, or deposits
- User-friendly interface made for traders by traders
- Manage and trade portfolio from anywhere and anytime on any device
Cons
- Long withdrawal process (up to 13 days)
- Too basic of a platform
Great variety
A seasoned veteran
Open AccountFounded in
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2006
Regulated and licensed by
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Abu Dhabi Global Markets (ADGM) Financial Regulatory Services Authority (FRSA)
AvaTrade is a trusted global trading platform that offers extensive trading services, including a demo account that provides traders with $100,000 (or currency equivalent) in virtual funds.
AvaTrade Pros and Cons
Pros
- Copy trading available
- Strong mobile presence
- Large selection of cryptocurrencies
Cons
- Limited suite of portfolio products
- High inactivity fees
Lowest fees
Trade By Your Flexibility
Open AccountFounded in
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2001
Regulated by
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Australian Securities & Investment Commission (ASIC)
When you are looking to participate in a demo account, you want to become acquainted with a top-of-the-line trading platform.
Well, get to know easyMarkets. This is is an award-winning trading platform that offers users the ability to trade shares, indices, commodities, cryptocurrencies, and ETFs.
easyMarkets Pros and Cons
Pros
- Access to 200 plus markets
- Strong mobile access
- Reliable customer support
- Impeccable market analysis tools
Cons
- No copy trading services
- No investment programs
International presence
Save money on real trading
Open AccountFounded in
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2010
Regulated by
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Financial Sector Conduct Authority (FSCA)
IronFX is a Cyprus-based broker providing access for speculators to the retail foreign exchange market. Its demo account allows you to become more acquainted with the forex market.
IronFX Pros and Cons
Pros
- Offers a prompt account opening process
- Zero spreads on some accounts
- No withdrawal fees
Cons
- Platform limited to forex and CFDs
- High inactivity fee
Best for reliability
Henyep Capital Markets is a trading platform that offers trading in CFDs on forex, indices, commodities, stocks, and cryptocurrencies. What better way to become affiliated with its trading platform than by utilizing its demo account?
Pros and Cons of HYCM
Pros
- Low forex and CFD fees
- Plenty of educational content and resources
- Easy account opening
- User-friendly interface
Cons
- Limited to forex and CFDs
- High inactivity fee
Best for Beginners
When you are searching for the best trading platform to learn the basics of trading, eToro is your option. The website is the world's leading social trading platform that offers investing in stocks, cryptocurrencies, and CFDs.
eToro Pros and Cons
Pros
- Fast execution of trades
- Tight spreads
- Different types of accounts
- Easy account creation
- Terrific customer support
Cons
- Uncompetitive fees and charges
- Not suitable for discount traders
Great interface
When you are situated in Europe and want to practice trading, you want to find a trading platform tailored to your jurisdiction. Meet Plus500, the largest CFD provider in the United Kingdom, Germany, and Spain.
Plus500 Pros and Cons
Pros
- Easy to use platform
- Quick and convenient accounting opening process
- Terrific customer support
Cons
- Limited product line (only CFDs)
- Limited research tools for beginners
Lowest Commissions
FXTM is a worldwide leader in online financial trading and investing. The platform offers a suite of investment opportunities in FX, indices, and commodities.
FXTM Pros and Cons
Pros
- Low trading fees
- Low forex fees
- Low financial rates
- No deposit fees
- Easy and fast account opening process
Cons
- High CFD fees
- Inactivity fee
- Withdrawal fee
Most user-friendly
A popular trading platform
Get StartedFounded in
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2013
Regulated by
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Seychelles Financial Services Authority (FSA)
IQ Option is a popular online trading platform that allows users to trade a variety of financial instruments, which is extremely helpful in demo trading.
IQ Option Pros and Cons
Pros
- Offers a wide variety of trading instruments
- No deposit fees
- No withdrawal fees
Cons
- MT4 and MT5 platforms not offered
- Clients from U.S., Canada, and Australia not allowed
Best for experts
Trade360 is a CFD and forex broker that specializes in crowd trading, a feature that can help you improve your overall performance once you are prepared after some demo trading.
Trade360 Pros and Cons
Pros
- offers conflict-free trading through its STP order execution model
- Controls proprietary CrowdTrading tool
- Provides quality research and educational tools
Cons
- Low asset selection
- No cryptocurrencies
The Final Verdict: Which Broker Is the Best for Demo Trading Forex?
So, in the end, what forex trading demo account is right for you?
Fortrade is at the top of the mountain with its demo account. The trading platform allows you to open a free demo account with about $10,000 in virtual money, which is excellent when you want to learn how to trade the world's largest, volatile, and liquid financial market. When you are ready, you upgrade to a real account within moments. Fortrade helps you every step of the way.