Forex Demo Account – Forex Brokers Offering Practice Accounts
Are you interested in trading, but feel discouraged by your lack of experience and knowledge about terms such as loss loss orders, pips, leverage and similar confusing commercial jargon? Do not worry In our modern era of inventions and discoveries, it is possible to get used to the basics of trade without risking a penny.
Make a loss in each virtual trade, even fly your forex practice account, your losses will be imaginary, while the great lessons learned are real. Many of the best brokers in the market offer excellent packages of forex demo accounts, and for your convenience, we have made a list of them for you here.
– 40% New Member Bonus
– MIFID, ASIC, FSA & FSCA regulated
– Free Online Trading Coach
– Regulated by FCA, CySEC, FSCA, IFSC and FSC
– Over 1M Registered Accounts
– More than 250 Trading Instruments
– MT4, MT5 and Web Trader Platforms
– Full ECN Trading Model
– Crypto-trading only avail. for clients of FT Global Limited.
ECN 0.1, Standard 1.6
– Minimum Deposit $5
– Up to 1:500 leverage with micro-lots (0.01 size) available for everyone
– Scalping, hedging, trading on the news, and EAs are permitted at OctaFX.
– First Time Deposit Match: 50% Up To Any Max Deposit.
– АSIC Regulated
– True ECN Execution with spreads from 0.0 pips
– Powerful 500:1 leverage and 0.01 micro lot trading
– Scalping, hedging and EAs are allowed
– MAM / PAMM accounts
– Established in 2005
– 10,000+ products to trade
From 0.0 pips
– $10 usd minimum deposit
– State of the art platform
– 24/7 support in more than 17 languages
– Free demo account
– CySEC regulated.
– Good for beginners with excellent trading academy.
– Beginner Friendly
From 0.8 pips
– CySEC, FCA, ASIC Regulated
– MT4, MT5, WebTrader platform
– $50% and 20% deposit bonus up to $5,000(t&c apply)
– ASIC Regulated
– Well Established
– No Fees
– 24 hour support
From 0.1 pips
US Clients: No
Your capital is at risk
– FREE Live trading signals delivered 3 times daily 5 days a week.
– Complete Education pack for novices and advanced traders alike. Designed to support long term – reliable trading.
– Alvexo’s New Webtrader – user friendly, tailored reports and built in trading signals.
From 0.6 pips
– Min Deposit $100
– Leverage Up to 1:500
– Accounts may be individual, joint, or corporate, with options for traditional or ECN type pricing
– FSCA Regulated
– MetaTrader 4 & Sirix platforms
– Education Tools
– Copy Trading is Available
from 0.5 pips
– Minimum Deposit $250
– Leverage 1:200
– Dedicated Account Manager
Fixed & Floating
– Flexible leverage up to 500:1
– Multi award-winning New Zealand broker
– Institutional-grade spreads from 0.1 pips
– FCA, NFA, CFTC, IIRO, FSA, CIMA, MAS, SFC Regulated.
– Award winning platform.
– Beginner Friendly.
– Well established, safe and trusted.
– Low min. deposit
– Easy deposit and withdrawals
– A lot of pairs offered
– Trusted Global Market Leader
– Online FX & CFD Trading
– 180+ Global Markets, 84 FX pairs, 65 shares, 17 popular indices and more
– Forex, Indices, Commodities, Equities & Bitcoin
– Available to US traders
– CySEC, FSCA, FSA, DFSA, FCA Regulated
– MetaTrader4 & 5 platform
– Proprietary debit card for quick withdrawal applications!
From .2 pips
US Clients: No
Your capital is at risk
– CySEC, DFSA, FCA, FSCA, SIA Regulated
– MetaTrader4 , MetaTrader5, cTrader, FxPro SuperTrader
– 10+ Years in business
– 50+ International Awards
From 1:1 to 1:500
* Broker offers variable differentials that are subject to fluctuating market conditions. Spreads tend to be narrow in times of deep liquidity, but they can also expand significantly in times of low liquidity.
Read our reviews of more currency brokers that are not on our list above:
Want to be featured on this broker list? Send an email to brokers[@]forexmarket.pk
*Broker offers variable spreads which are subject to fluctuating market conditions. Spreads tend to be tight during times of deep liquidity but can also widen significantly during times of low liquidity.
Finding the best forex demo account – FAQ
When starting to trade forex for the first time, or when considering switching to a new forex broker, many traders choose to open a demo account or forex practice. The most important thing is that this allows them to practice trading using the broker’s trading platform to see if they find it enough to their liking. In addition, opening an account of this type often also allows operators to try additional services from the broker who provides it.
Keep in mind that finding the best forex demo account for your purposes may require opening more than one demo account to test the most promising prospects of forex brokers. You can identify forex brokers that you want to try a demo account by doing preliminary online research between available broker reviews and online discussion forums for reputable and reliable forex brokers.
To help you in your search, the above list has been compiled to illustrate the features you might want to look for in a forex demo account.
Trading Platform Access
If your purposes for opening a demo account involve reviewing the forex broker’s trading platform, be sure to determine whether opening a demo account will give you access to the actual platform.
Also, when it comes to providing access to the trading platform, most brokers offer two main options. The first is an online trading platform that is usually accessed through your Internet browser. The second is a client-side trading platform that will generally need to be downloaded and installed on your Windows PC. Both options require an Internet connection to provide up-to-date pricing and commercial execution in your forex demo account.
The virtual money is what you will be negotiating in your demo account. Since virtual money is free, most brokers will provide you with a fairly large amount of what you can then trade freely until it finally disappears.
Also, if you want to practice more with your demo account, you may want to have an account with a larger initial amount of virtual money to play. Quantities of around $ 100,000 seem to be the norm for virtual money provided with demo accounts.
Having an opportunity to practice trading with a real currency trading platform and prices in real time is what the demo accounts are about, especially for the newest currency traders. Basically, it’s really worth it to make mistakes when using a demo account so you can learn from them relatively easily, rather than when you start trading with a funded portfolio.
Live or “live” operations is what most aspiring forex traders want to pursue after they succeed in trading a demo account. This means that you put real funds at risk in each operation, and your portfolio has to take what the market offers in terms of profit or loss. Most traders that start in forex will want to see that their trading strategy works well in a demo account before launching to start trading live.
When operating in a demo account, you will generally be taking so-called “fictitious transactions”. Such transactions have no reality in terms of the impact of their profits or losses on their real trading portfolio, so they can afford to make mistakes with them that they can then learn from them.
Most forex demonstration accounts allow traders to get an idea of what it feels like to trade margin. This aspect of trading in a demo account can be very educational, since you will probably start trading margins when you start trading live, if it is like most of the personal currency traders that finance their own portfolio. Remember that using leverage increases the risk!
In addition, you will want to manage your margin carefully when making transactions to avoid having less than necessary to support your open positions. Also, remember to answer margin calls unless you want your positions to close, which many forex brokers now perform automatically when the margin of your account becomes insufficient to cover the losses of your portfolio in accordance with the requirements of established margin.
Demonstration operators that require some customer services to get started, whether installing the software or negotiating, will want to look for currency brokers that have a good reputation in this regard. The standard for customer service varies widely among brokers, so find one that best meets your needs.
Also keep in mind that the newest operators, whether for forex trading or the use of computer trading interfaces may need more support. As a result, they should give higher priority to customer support when deciding with which agent to open a forex demonstration account for practical negotiation purposes.
The trading interface for forex demonstration accounts must be similar or identical to the actual trading platform that you will use when operating live. This will allow you to become intimately familiar with the process you will need to enter orders, manage positions and execute operations.
Many merchants prefer a commercial interface that can be customized in some way in terms of the colors of the screen and the location of the window. Some operators also like the interface to include a “one-click negotiation” feature to make the execution of transactions faster.
Real Time Rates
The best forex demo account software will show near real time exchange rates that change along with the market as it increases and decreases over time. This will give you a good idea of whether the trading strategy you intend to employ in live trading would have really worked during the period of time you are using for the demo negotiation.
Naturally, the best type of real-time exchange rate is one in which you can actually negotiate the use of demo account software. This way, when you enter a trade or an order in your demo account using the software of your forex trading platform, you will not be surprised where the market is really operating.
Many providers of forex demo accounts also offer useful trading tutorials, either in text or video format, so you can learn and complement the educational service provided by your demo accounts.
These tutorials will generally be provided free of charge. In addition, they can not only help you learn how to use the trading platform, but they also often provide useful information that can help you learn how to improve your trading techniques and develop a profitable trading system.
News Feed Access
Forex trading platforms often provide access to high quality news sources from professional forex information sources that may include Reuters, Associated Press, Bloomberg or Telerate. Often, you can use a forex demo account to get access to those valuable news cables.
You can also verify that the news provided by your trading platform is adequate for your needs. This is especially important if you have a strong interest in trading based on fundamental factors.
When you open a forex demo account, you may also qualify to get full access to the broker’s information resources. These can include informational material such as courses, e-books and other tutorials, as well as timely market commentary and economic calendars that can help you make business decisions.
One of the most useful aspects of opening a forex demo account is the ability to preview how you will have to enter to enter orders into practice. Entering orders correctly and in a timely manner is one of the keys to the success of currency trading.
In addition, you will want to take advantage of the opportunity offered by the demo trade to familiarize yourself with the different types of orders offered by the broker and how to enter each one of them in the market at the appropriate times and in different situations.
Dealing Spread Impact
Many people who simply test their business strategies through historical exchange rate data, rather than commercial demonstrations, do not consider the impact of the spread of transactions on the success of their strategy. Then, when they move it to live the trade, the difference becomes much more evident.
Demonstration operations using offer / offer prices in the real market allow you to more clearly evaluate this impact of the distribution of operations beforehand for any commercial strategy that you can decide to use while you are within your demonstration period.
Of course, this is not the only limitation for backtesting; It is possible that the orders are not filled in a real situation, etc. Always keep in mind that past performance does not guarantee the future and that hypothetical results can not be achieved in a real account.