The10Best Forex Trading Demo Accounts revealed. We have listed, rated, and reviewed the 10 Best Forex Brokers with Demo Accounts.
This is a complete listing of The10 Best Forex Brokers with Practice Demo Accounts: In this in-depth write-up you will learn:
- Best MetaTrader 4 (MT4) Demo Account Broker
- A Free Demo Trading Account
- The Best Forex Demo Account for Beginners
- Demo Accounts – A Definition
- MetaTrader 5 Demo Accounts for Strategy Testing
and much, much more!
Forex Trading Demo Account – A Definition
A Forex Trading Demo Account is made available by Forex Brokers to prospective customers in order to experiment with the trading platform and its various features before deciding to activate a live account.
10 Best Forex Trading Demo Accounts in 2024 – A Comparison
| 🔎 Broker | 🆓 Demo Account | ❤️ Suited to Beginners | 💵 Min. Deposit (Live Account) | 🚀 Open an Account |
| 📌 HFM | ☑️ Yes | ☑️ Yes | $5 USD | 👉 Click Here |
| 🥇 AvaTrade | ✅ Yes | ✅ Yes | $100 USD | 👉 Click Here |
| 🥈 Pepperstone | ☑️ Yes | ☑️ Yes | $200 USD | 👉 Click Here |
| 🥉 eToro | ✅ Yes | ✅ Yes | $100 USD | 👉 Click Here |
| 🏅 ThinkMarkets | ☑️ Yes | ☑️ Yes | $0 USD | 👉 Click Here |
| 📌 Oanda | ✅ Yes | ✅ Yes | $0 USD | 👉 Click Here |
| 📍 EasyMarkets | ☑️ Yes | ☑️ Yes | $10'000 USD | 👉 Click Here |
| 🏅 XM | ✅ Yes | ✅ Yes | $5 USD | 👉 Click Here |
| 📍 IC Markets | ✅ Yes | ✅ Yes | $200 USD | 👉 Click Here |
| 🏅 FXCM | ☑️ Yes | ☑️ Yes | $50 USD | 👉 Click Here |
10 Best Forex Brokers in South Africa for 2024
Rank
Broker
Review
Regulators
Min Deposit
Official Site
#1
Read Review
$100
Visit Broker
#2
Read Review
$0
Visit Broker
#3
Read Review
$1
Visit Broker
#4
Read Review
$100
Visit Broker
#5
Read Review
$10
Visit Broker
#6
Read Review
$10
Visit Broker
#7
Read Review
$200
Visit Broker
#8
Read Review
$100
Visit Broker
#9
Read Review
$100
Visit Broker
#4
4.4/5
User Score
Sign Up
#8
4.8/5
User Score
Sign Up
10 Best Forex Trading Demo Accounts (2024)
- HFM – Well-Regulated Broker Choice
- AvaTrade – Best Overall Demo Account.
- Pepperstone – Best Virtually Funded Demo Account.
- eToro – Top Demo Account for Copy Trading.
- ThinkMarkets – Leading Mobile Trading App.
- Oanda – Unlimited Demo Account Testing Access.
- EasyMarkets – Ease of Use App.
- XM – Free Educational Resources
- IC Markets – Best Practice Account for Strategy Testing.
- FXCM – Trusted Broker Choice for Beginners.
HFM
HFM is a forex and commodities broker that provides award-winning trading services and facilities to both retail and institutional clients worldwide.
HFM Overview
| 🔎 Broker | 🥇 HFM |
| ⚖️ Regulation | FSCA, CySEC, FCA, DFSA, CMA, FSA |
| 💳 Minimum deposit | $0 |
| 💰 Maximum Leverage | 1:2000 |
| 🔘 Asset Types | Forex, Indices, Metals, Energies, Shares, Commodities, Bonds, ETFs, DMA Stocks, and Cryptocurrencies |
| 📊 Trading platforms | MT4, MT5, HFM Trading App (Android & IOS) |
| 💳 Supported lot | 0.01 - 500 |
| 💳 Demo | ☑️ Yes |
| 🚀 Open an Account | 👉 Click Here |
HFM Demo Account
HFM does offer a freedemotrading account for beginners to Practice forex trading in a 100% risk-free environment. The HFMDemo accountis available for unlimited use and closely simulates a real trading environment based on actual market conditions.
| 🔎 HFM Account | 🆓 Demo |
| 📌 Usage | Unlimited |
| 📊 Market Conditions | Real |
| 🔁 Test Trading Strategies | ☑️ Yes |
| 💻 Trading Platforms | MT4 / MT5 / WebTrader |
| 💰 Virtual Funds | Up to $100'000 |
| 💵 Min. Deposit | None |
| 🚀 Open an Account | 👉 Click Here |
HFM Demo Account
| ✅ Pros | ❎ Cons |
| FSCA Regulated | US clients not accepted |
| Fast and easy account opening | |
| Low trading fees | |
| Allocate and withdraw funds with just a few clicks | |
| ZAR Currency | |
| Copy diverse trading strategies |
Overall Rating
- 4.9/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 0
Regulators
CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine
Trading Platform
MT4, MT5, HFM Platform
Crypto
Yes
AvaTrade
AvaTrade is a well-regulated service provider with over 11 years of experience in the financial markets.
AvaTrade Overview
| 🔎 Broker | 🥇 AvaTrade |
| 📜 FSCA regulated | ✅ Yes |
| 🚀Bonus | ✅ Yes |
| 🔥Trust Score | 94% |
| 🔥Live support | 24/5 |
| 📱 MetaTrader 4 (MT4) | ✅ Yes |
| 📱 MetaTrader 5 (MT5) | ✅ Yes |
| 📊Trading Islamic Account | ✅ Yes |
| 📊CFDs - Total Offered | 681 |
| 💰 Spreads | 0,9 pips |
| 💰 Withdrawal fee amount | Zero |
| 💰 Trading fees class | Very Low |
| ✔️ Scalping Allowed | ✅ Yes |
| 🚀 Open a account | 👉 Click Here |
AvaTrade Demo Account
AvaTrade does offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. Applicants can register for an AvaTrade Demo Account by completing a simple online registration form or via Facebook or Google. The AvaTrade Demo Account allows users to test out all available trading platforms.
AvaTrade Pros and Cons
| ✅ Pros | ❎ Cons |
| Easy and fast account opening | Limited product portfolio |
| Great educational tools | Poor support telephonically |
| No withdrawal fee | Administration fee |
| Free deposit and withdrawal options | Inactivity fee |
| Low trading fees | Offers only CFD’s, Forex, and Cryptocurrencies |
Overall Rating
- 4.8/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 100
Regulators
ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA
Trading Platform
MT4, MT5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Pepperstone
Pepperstone is an award-winning service provider that is regulated by ASIC, FCA, and CMA. Pepperstone makes a wide selection of trading platforms available to customers from across the globe.
Pepperstone Overview
| 🔎 Broker | 🥇 Pepperstone |
| 📍 Regulation | FCA, ASIC and AFSL |
| 📌AFSL No | 414530 |
| 📌FCA no | 684312 |
| 👍 Demo Account | ☑️ Yes |
| 💰 Minimum Deposit | $10 USD |
| 📎 Bonus | No |
| ☪️ Islamic account | ✅ Yes |
| 📊 Institutional Accounts | ☑️ Yes |
| 📊 Managed Accounts | ✅ Yes |
| 📈 Maximum Leverage | 1:200 |
| 🚀 Open an Account | 👉 Click Here |
Pepperstone Demo Account
Pepperstonedoes offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. ThePepperstone demo accountexpires after 30 days.
| 🔎 Broker | 🥇 Pepperstone |
| 📌 Account | Demo |
| 📍 Valid | 30 Days |
| 📅 Extension | On Request |
| 💸 Virtual Funds | $50'000 USD |
| 💻 Platforms | MT4, MT5 and cTrader |
| 🚀 Open an Account | 👉 Click Here |
Pepperstone Pros and Cons
| ✅ Pros | ❎ Cons |
| Fast Account Opening | Mostly CFDs Offered |
| Excellent Customer Support | Basic MetaTrader Platform |
Overall Rating
- 4.9/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 200
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Platform
MT4, MT5, cTrader, TradingView
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
eToro
eTorois one of the world’s leading social investment networks.eToroaims to revolutionize the way traders invest, and enhance investors’ financial education.eTorooffers a Multi-Asset platform with access to over 2,000 different financial assets.
eToro Overview
| 🔎 Broker | 🥇 eToro |
| 📌 Regulation | FCA, ASIC, CySEC |
| ☪️ Islamic account | ☑️ Yes |
| 👍 Demo Account | ✅ Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | ☑️ Yes |
| 📈 Maximum Leverage | 20:1 |
| 💰 Minimum Deposit | $50 USD |
| 🚀 Open an Account | 👉Click Here |
eToro Demo Account
eTorodoes offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. TheeToro demo accountis non-expiry.
| 🔎 Broker | 🥇 eToro |
| 📌 Account | 🆓 Demo |
| 💻 Virtual Portfolio | ✅ Yes |
| 💵 Virtual Funds | $100,000 USD |
| 💰 Cost of Use | None |
| 🚀 Open an Account | 👉 Click Here |
eToro Pros and Cons
| ✔️ Pros | ❌ Cons |
| Used by 6,000,000+ traders | Doesn’t allow scalping |
| Established in 2006 | Inactivity Fee |
| Regulated by Financial Conduct Authority, CySEC, ASIC | Limited range of instruments |
Overall Rating
- 4.5/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 50 in *certain countries
Regulators
FCA, ASIC, CySEC
Trading Platform
Proprietary WebTrader
Crypto
Yes
Total Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.
ThinkMarkets
ThinkMarketsis a premium multi-asset online brokerage that offers access to 4,000 products, low spreads across multiple markets, and an award-winning platform.
ThinkMarkets Overview
| 🔎 Broker | 🥇 ThinkMarkets |
| 💰 Minimum Deposit | $0 USD |
| 🆓 Demo Account | ✅ Yes |
| ☪️ Islamic Account | On Request |
| 📌 Joint Account | On Request |
| 4️⃣ MetaTrader4 | ✅ Yes |
| 🤝 Live Support | ✅ Yes |
| 💸 Commission | Variable |
| 🔁 Spreads from | 0 Pips |
| 📊 Leverage | 500:1 |
| 📈 Max Trade Size | 50 - 100 Lots |
| ❤️ Account Manager | Selected Accounts |
| 💻 ThinkTrader®️ | ✅ Yes |
| 🚀 Open an Account | 👉 Click Here |
ThinkMarkets Demo Account
ThinkMarketsdoes offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. TheThinkMarkets demo accountexpires after 90 days of inactivity.
| 🔎 Broker | 🥇 ThinkMarkets |
| 🆓 Demo Account | ✅ Yes |
| 💸 Virtual Funds | $25'000 USD |
| ⛔ Expires | 90 Days (Inactivity) |
| 🚀 Open an Account | 👉 Click Here |
ThinkMarkets Pros and Cons
| ✅ Pros | ❎ Cons |
| Well-regulated Forex broker | Currency conversion fees will apply for some deposits |
| The broker offers tight spreads across all of its asset classes | Commissions charged on the ThinkZero Account |
Overall Rating
- 4.5/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 0
Regulators
FCA, FSCA, ASIC, CySEC, JFSA
Trading Platform
MT4, MT5, ThinkTrader
Crypto
Yes
Total Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Derivative products are leveraged products and can result in losses that exceed initial deposits.
Oanda
Oanda is a service provider with over 25 Years of experience in the financial markets. Oandaoffers its services to both retail and corporate clients.
Oanda Overview
| 🔎 Broker | 🥇 Oanda |
| 💰 Min. Deposit | $0 USD |
| 🆓 Demo Account | ✅ Yes |
| 4️⃣ MetaTrader4 | ✅ Yes |
| ⛔ Stop Loss | ✅ Yes |
| 🚀 Open an Account | 👉 Click Here |
Oanda Demo Account
Oanda does offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. The Oanda Demo Account is made available on the Standard account level for an unlimited period of time.
Oanda Pros and Cons
| ✔️ Pros | ❌ Cons |
| Easy and quick digital account opening | Only FX and CFDs |
| Low Forex Fees | High withdrawal fees for bank transfers |
| Web trading platform is easy to use | Poor customer service |
| No withdrawal fees in most cases | ID verification can slow down account opening |
Overall Rating
- 4.5/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 1
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
45
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
easyMarkets
easyMarketsis a brokerage firm that allows users to trade CFDs on commodities, forex, shares, indices, andcryptocurrencythrough the use of a market-leading proprietary trading platform or the ever-popularMetaTrader 4.
easyMarkets Overview
| 🔎 Broker | 🥇 EasyMarkets |
| 💰 Min. Deposit | $100 USD |
| 💻 Trading Platform | MetaTrader 4 |
| ⚙️ Crypto | ☑️ Yes |
| 💵 Total Currency Pairs | 65 |
| ☪️ Islamic Account | ☑️ Yes |
| 🆓 Demo Account | ☑️ Yes |
| 🚀 Open an Account | 👉 Click Here |
EasyMarkets Demo Account
EasyMarketsdoes offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. TheEasyMarkets Demo accountis non-expiry and available for unlimited use in a simulated trading environment with the use of virtual funds.
| 🔎 Account | ☑️ Demo |
| 💰 Min. Deposit | None |
| ⌛ Expiration Period | Non-Expiry |
| 🔁 Terms of Use | Unlimited |
| 🚀 Open an Account | 👉 Click Here |
easyMarkets Pros and Cons
| ✔️ Pros | ❌ Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 2003 | Limited range of instruments |
| Regulated by CySEC and ASIC | Not FCA Regulated |
Overall Rating
- 4.0/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 100
Regulators
CySEC, ASIC, BVI, FSA
Trading Platform
MT4, Proprietary Platform
Crypto
Yes
Total Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
XM
XM Groupis a MetaTrader-only broker that is known to offer an outstanding selection of high-quality educational content and market research.XMis available globally and has some of the lowest fees in the industry.
XM Overview
| 🔎 Broker | 🥇 XM |
| 💰 Min. Deposit | $5 USD |
| ✒️ Regulation | FSC / CySEC |
| 💸 Trading Fee Class | Low |
| ❌ Inactivity Fee | ☑️ Yes |
| 💳 Withdrawal Fee | No |
| 🆓 Demo Account | ✅ Yes |
| 🚀 Open an Account | 👉 Click Here |
XM Demo Account
XMdoes offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. TheXM demo accountdoes not expire. TheXM Demo accountis virtually funded and simulates real trading conditions.
| 🔎 Broker | 🥇 XM |
| 🆓 Demo Account | ✅ Yes |
| ⏳ Availability | Non-Expiry |
| 💰 Cost | Free |
| 🚀 Open an Account | 👉 Click Here |
XM Pros and Cons
| ✅ Pros | ❎ Cons |
| Fast digital account opening | Account types vary according to jurisdiction |
Overall Rating
- 4.8/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 5
Regulators
IFSC, FCA, CySEC, ASIC, CMA
Trading Platform
MT4, MT5
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
IC Markets
IC Marketsis a renowned Forex CFD provider that offers trading solutions for active day traders and scalpers.IC Marketsoffers cutting-edge trading platforms, low latency connectivity, and superior liquidity.
IC Markets Overview
| 🔎 Broker | 🥇 IC Markets |
| 📌 Regulation | ASIC |
| ☪️ Islamic account (swap-free) | ✔️ Yes |
| 📒 Demo Account | ✔️ Yes |
| 💰 Bonus | No Sign-up Bonus |
| ✴️ Institutional Accounts | ❌ No |
| 👨🏼💼 Managed Accounts | ❌ No |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $200 USD |
| 🚀 Open an Account | 👉 Click Here |
IC Markets Demo Account
IC Marketsdoes offer a freedemotrading account for beginners to practice forex trading in a 100% risk-free environment. TheIC Markets demo accountexpires after 30 days of inactivity.
| 🔎 Broker | 🥇 IC Markets |
| 📌 Account | 🆓 Demo |
| ✅ Availability | 30 Days |
| 💰 Min. Deposit | None |
| 🚀 Open an Account | 👉 Click Here |
IC Markets Pros and Cons
| ✅ Pros | ❎ Cons |
| Low Forex Fees | Limited Product Selection |
| Easy Account Opening | Slow Chat Response |
Overall Rating
- 4.7/5
Read Review
OPEN AN ACCOUNT
Min Deposit
USD 200
Regulators
ASIC, CySEC, FSA, SCB
Trading Platform
MT4, MT5, WebTrader
Crypto
Yes
Total Pairs
61
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
FXCM
FXCM is a UK-based broker that offers CFD trading on shares, stock indices, forex, commodities, and cryptos to a global market. FXCM has offices in a wide variety of global locations, including Berlin and Sydney with more than 130’000 customer accounts registered worldwide.
FXCM Overview
FXCM Demo Account
FXCM does offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. A demo account generally expires after 30 days. The FXCM Demo Account comes pre-loaded with £50,000 in virtual funds.
| 🔎 Account | 🆓 Demo |
| 💰 Currency | USD, GBP, EUR |
| 📈 Leverage | 1:30 (Retail) |
| 💵 Min. Deposit | 📌 None |
| 🔁 Spreads from | 1.3 |
| 📌 Commission | 📌 None |
| ⚙️ Instruments | - |
| 📉 Forex | Yes |
| 🍎 Commodities CFDs | Yes |
| 📊 Cryptocurrency CFDs | Yes |
| 💻 Indices CFDs | Yes |
| ✅ Swap / Rollover Fee | 📌 No |
| ☑️ Copy Trading | Yes |
| 🚀 Open an Account | 👉 Click Here |
FXCM Pros and Cons
| ✅ Pros | ❎ Cons |
| Easy Account Setup | Limited Product Portfolio |
| Good Technical Tools | High Withdrawal Fees |
Overall Rating Read Review OPEN AN ACCOUNT Min Deposit USD 50 Regulators FCA Trading Platform MT4, NinjaTrader, Trading Station Crypto Yes Total Pairs 42 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Conclusion
👉 Now it is your turn to participate:
➡️ WhichDemo Accountfrom this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a certain broker?
➡️ Was it because of the Demo Accountor the Pros and Cons?
👉 Regardless, please share your thoughts in the comments below.
You might also like: AvaTrade Review
You might also like: Pepperstone Review
You might also like: eToro Review
You might also like: ThinkMarkets Review
You might also like: Oanda Review
Frequently Asked Questions
What is a Forex Demo Account?
A Forex demo account is a risk-free, cost-free practice account.
Why should I use a Demo Account?
Trading with a Demo account is beneficial, especially for traders who are not yet comfortable with trading Forex and the financial risks involved. It allows traders to familiarize themselves with a broker’s trading platform(s), test strategies and overall, to improve their trading skills without risking their own capital.
What are the benefits of opening a Demo Account?
Opening a Demo Account will help traders to select a broker without the risk of losing capital.
How do I use a forex trading demo account?
A Demo account is used in the same way as a live account, by opening buy and sell positions on different financial instruments.
Can Professional Traders use a Demo Account?
Yes, many Professionals choose to use a Demo Account to practice trading strategies before using them in real time.
4.7/5 - (22 votes)
Louis Schoeman
Featured SA Shares Writer and Forex Analyst.
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