Demo Accounts
A free day trading demo account is a fantastic way to gain experience with zero risk. Here, we list the best forex, CFD and spread betting demo accounts. From ‘no registration’ practise accounts, to MT4 trials that allow you to test strategies, we have reviews for them all. Test out brands and see if day trading could work for you – without risking capital.
Best Demo Accounts 2023
These 10 brokers offer the best demo accounts with easy sign-up requirements:
Top 3 Broker Comparison
| Forex.com | eToro USA | NinjaTrader | |
|---|---|---|---|
| Free Demo Account | Yes | Yes | Yes |
| Instruments | Forex, Spot Metals | Stocks, Options, ETFs, Crypto | Forex, Stocks, Options, Commodities, Futures, Crypto |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | Own | eSignal |
| Education | Yes | Yes | No |
| Minimum Deposit | $100 | $10 | $50 |
| Regulator | NFA, CFTC | SEC, FINRA | NFA, CFTC |
| Visit | Visit | Visit | Visit |
#1 - Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
Pros
- Top-rated forex and CFD broker
- Industry-leading pricing on popular forex assets starting from 0.0 pips
- Beginner-friendly web platform and mobile app
Cons
- $15 monthly inactivity fee
- Investment offering varies between countries
- No copy trading platform
#2 - eToro USA
eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.
"eToro is a top pick for users looking for social investing and copy trading. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer traders."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, Crypto
- Regulator: SEC, FINRA
- Platforms: Own
- Min. Deposit: $10
- Min. Trade: $10
Stocks Trading
Trade popular US stocks and ETFs with zero commissions while fractional shares and options are also available. The eToro Academy and excellent market research are also huge bonuses for newer investors.
Crypto Trading
eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Pros
- A free demo account means new users and prospective traders can try the broker risk-free
- eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
- The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
Cons
- Narrower range of instruments than some competitors
- No MetaTrader 4 platform integration
#3 - NinjaTrader
NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
"We recommend NinjaTrader for high-volume futures traders looking for low fees and premium analysis tools."
- DayTrading Review Team
- Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
- Regulator: NFA, CFTC
- Platforms: eSignal
- Min. Deposit: $50
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.
Stocks Trading
Stocks can be traded by connecting the NinjaTrader platform to supporting brokers. You can then take positions on large public companies and household names via advanced trading software.
Crypto Trading
Trade micro Bitcoin futures with low fees and leading charting tools. Get exposure to Bitcoin through CME Group's centralized exchange with robust risk management tools.
Pros
- Industry-leading futures broker with multiple awards
- Widely respected and heavily authorized by the NFA and CFTC
- Thousands of add-ons and applications from developers in 150+ countries
Cons
- Premium platform tools come with an extra charge
- Non forex and futures trading requires signing up with partner brokers
- Withdrawal fee on some funding methods
#4 - OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
"We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."
- DayTrading Review Team
- Instruments: Forex, Crypto
- Regulator: NFA, CFTC
- Platforms: MT4, TradingView, AutoChartist
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.
Crypto Trading
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.
Pros
- Low minimum deposit for beginners
- Transparent pricing structure with no hidden charges
- The OANDA web platform offers advanced price charts and graphs
Cons
- Customer support not available on the weekend
#5 - Kwakol Markets
Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable platforms. New clients can also sign up and start trading in four straightforward steps."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: ASIC, FINTRAC
- Platforms: MT4, MT5, AutoChartist
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.
Forex Trading
Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.
Stocks Trading
Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.
Crypto Trading
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.
Pros
- 0.01 Lot trading
- 2FA login security
- Easy account opening process
Cons
- Lack of deposit and withdrawal methods
- The only base currency is USD
- High deposits for premium features
#6 - Webull
Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
"Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions."
- DayTrading Review Team
- Instruments: Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs
- Regulator: SEC, FINRA
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:4
Forex Trading
Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.
Stocks Trading
Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.
Crypto Trading
Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.
Pros
- Easy-to-use investment platform and mobile app
- No commission or inactivity fees
- No minimum deposit for beginners
Cons
- Day trading is limited for customers with less than $25,000 deposited
- High deposit and withdrawal wire fees for non-US residents
- Sometimes sudden changes in trading conditions
#7 - IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
- Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
- Platforms: MT4, AutoChartist, TradingCentral
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:250 (Pro)
CFD Trading
IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
Forex Trading
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
Stocks Trading
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
Crypto Trading
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
Pros
- IG is an LSE-listed company with a transparent financial history and a great track record
- Over 17,000 assets are available spanning stocks, forex, commodities, baskets, futures, options and more
- 24/5 customer support is available
Cons
- Inactivity charge
- No copy trading platform
#8 - Pocket Option
Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.
"We recommend Pocket Option for aspiring binary options traders looking for copy trading services and a low minimum investment."
- DayTrading Review Team
- Instruments: Binary Options, Currencies, Commodities, Stocks, Indices
- Regulator: IFMRRC
- Platforms: MT5
- Min. Deposit: $50
- Min. Trade: $1
Forex Trading
Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.
Stocks Trading
Trade 30 of the most popular American multinational stocks including Microsoft and Google. Payouts on big brands come in at a decent 92% while indices are available up to 67%.
Crypto Trading
Pocket Option supports major cryptocurrencies on a beginner-friendly app. Over 10 leading cryptocurrencies are available with very high leverage up to 1:1000.
Pros
- MT5 iOS & Android app
- 92% payouts on binaries
- Live signals
Cons
- The expiration time is limited on trades
- Only one account type is available
- IFMRRC is not a reputable regulator
#9 - IQCent
IQCent is an offshore binary options and CFD broker based in the Marshall Islands with 10+ payment methods and a low $50 starting deposit. With 100+ assets, around the clock trading and high payouts the brand is popular with aspiring traders.
"IQCent will appeal to newer traders who want a platform where they can trade both binary options and CFDs with copy trading support and regular contests."
- DayTrading Review Team
- Instruments: Binary Options, CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: IFMRRC
- Platforms: TradingView
- Min. Deposit: $250
- Min. Trade: $0.01
- Leverage: 1:500
CFD Trading
IQCent CFDs are available on forex, stocks, indices, commodities and cryptos with leverage variable by asset to a maximum of 1:500, which is higher than many alternatives. 24/7 customer support is also available to assist new users.
Forex Trading
IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.
Stocks Trading
IQCent offers CFDs and binaries on four German stocks: Lufthansa, Deutsche, Daimler and BMW. Traders can also speculate on stock markets via seven leading indices including US30, S&P500 and FTSE100.
Crypto Trading
IQCent offers 17 crypto assets through its own platform, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is limited to 1:10 while binary options payouts vary by token but are competitive.
Pros
- Regular technical and fundamental analysis published
- $0.01 minimum stake for newer traders
- Binary options with 98% payouts
Cons
- Not overseen by any highly respected regulator
- No MetaTrader 4 platform
- Poor selection of stocks with just four equities
#10 - Moomoo
Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong and US stocks, ETFs and other assets. Margin trading is available and the brand accepts low minimum deposits while also decent several bonuses.
"Moomoo will appeal to stock traders who want to build an investment portfolio through a user-friendly app with low to zero commissions."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, ADRs, OTCs
- Regulator: SEC, FINRA, MAS
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: $0
Stocks Trading
Moomoo offers online US and Hong Kong stocks, and China-A shares trading across options, ETFs, ADRs, OTC, plus IPOs on a proprietary trading platform. The zero commissions, no account minimum and free level 2 data are standout features.
Pros
- Member of FINRA and the Securities Investor Protection Corporation (SIPC)
- ‘Moomoo Token’ transaction security
- AI alerts
Cons
- No phone or live chat support
- Aimed mainly towards US residents
- No negative balance protection
What is a Demo Account?
A demo account is a kind of trading simulator, or practice account, that allows you to practice day trading with a wide range of financial instruments, from stocks, futures, and options to CFDs and cryptocurrency.
How do they work?
Demo accounts are funded with simulated money, allowing you to gain trading experience without risking real capital.
This allows you to craft strategies and build confidence while getting familiar with market conditions.
In addition, it’s an effective way to test drive a potential broker and software.
Capabilities
The best demo accounts allow you to simulate real trading with the only difference being that you use pretend money.
This way you get the full experience of the markets and the trading platform, without the pressure of risking your actual funds.
- Exploration – Testing different financial markets allows you to get a feel for how they behave while finding the right product for you. Trading penny stocks will be different to commodities, for example.
- Gain experience – Before you risk real capital, you can practice opening and closing positions, plus applying stops and limits. In addition, you can view margin requirements, as well as track profit and loss.
- Charting – Learn how to interpret and utilise charts, from testing technical indicators to identifying patterns.
- Past performance – You can analyse past performance to correct mistakes and hone your strategy before you put real capital on the line.
- Trading tools – Learn how to interpret and utilise information from news feeds and market data.
- Watch-lists – Demo accounts also allow you to identify and monitor markets of interest.
Benefits
Whether it’s a forex demo account in the UK and Australia or CFD and spread betting elsewhere, all will offer a number of benefits:
Familiarity
- Risk – Because demo accounts are funded with simulated money, mistakes won’t cost you any of your hard-earned capital. In addition, they also allow you to practice day trading while you are still saving for that initial account deposit.
- Price action – The best way to understand price action is to experience it. Stock trading demo accounts, for example, will give you practice reacting to volatile markets and capitalising on price fluctuations.
- Broker & platform – Finally, online trading with demo accounts is an effective way to test a potential broker and platform. For example, you can check their software has all the charts and tools you need. In addition, do they offer any useful extras, such as trading contests? So, check the overall quality of the broker’s services before you commit real capital.
Strategy
- Calibration – Demo brokerage accounts are the ideal place to fine-tune your strategy. You can make mistakes and adjustments until your plan is consistent, without losing real capital. Because overtrading, cutting profits short and direction bias are all common mistakes that can prove costly if you don’t make them in practice accounts first.
- Forward testing – Once you have a market and strategy in mind, you can either backtest or forward test your trading plan. While backtesting can prove useful, it lacks the emotional element. Forward testing enables you to put your plan to trade stocks, for example, into action while battling trading pressures in real-time.
- Drawdowns – Regardless of how effective your strategy is, there will be days where the market feels against you. However, investing in a demo account allows you to practice sticking to your plan and perhaps adjusting your position size until things turn around.
Overall, signing up for a demo account in binary or stock options, for example, could give you the ideal risk-free platform to develop an effective strategy.
Drawbacks
Before you start looking at demo accounts for trading, these practice accounts do come with certain limitations:
Physical Discrepancies
- Execution – Demo accounts often provide better execution than live trading. This is because demo accounts usually fill a market order at the price shown on the screen. However, in a live market, there is slippage. This can result in orders not being filled at the expected price. So, meeting previous profit calculations may prove challenging.
- Increased capital – Normally, demo software allows you to choose how much capital you would like to trade with. As a result, many individuals opt for far more than they will have when they live trade. Greater capital allows for smaller losses to be more easily recouped. You may also find yourself unable to afford the expensive instruments you explored when using demo accounts.
- Spreads – Online forex brokers, for example, often look to impress potential traders with tight spreads in demo accounts. However, in fast-moving markets, in particular, the spread quoted may be far wider.
- Deposits – Although using virtual money, there are some brokers who will require an initial deposit to use their demo accounts. So, this is something to check before you sign up.
- Leverage – Many traders enjoy the increased leverage some brokers ofter in demo accounts. Whilst this can result in substantial virtual profits, in live-trading it can also lead to significant losses.
- Deal rejection – In demo accounts, trades almost always go through as requested, regardless of certain factors. However, when live trading, price changes between your trade submission and execution can result in rejection. So, be prepared for re-quotes when you upgrade to live trading.
- Trading tools – Free charts and packages you get when your trading gold in your demo account may well come at an additional cost when you live trade.
- Market movements – Your demo account server may not take into account interest and dividend adjustments, or out-of-hours price movements.
Psychological Discrepancies
- Emotions – Demo accounts will not expose you to the fear, hope and greed that you may experience when you live trade. The fear of losing your capital can result in costly mistakes. Whilst greed can lead to holding onto a winning position for too long. Unfortunately, you cannot practice controlling these emotions with demo accounts.
- Complacency – Managing risk properly with a practice account is often overlooked. Traders often take more risks than they would if real funds were on the line. This can result in bad habits when you transition to live trading.
- Overtrading – The excitement of trading can cause many with demo accounts to overtrade. After all, why not take that risk when it isn’t real money on the line? This can develop into a habit of overtrading. However, when you move to live trading, you will then need to learn quantity doesn’t always trump quality.
To conclude, a comparison of a demo account vs a real live-trading offering will highlight a number of potential pitfalls to take into account.
Yet that does not necessarily mean you shouldn’t use demo accounts. It simply means you need to be aware of the risks, so you can prepare for the differences when you do start trading with real capital.
Moving From Demo To Real Money
You open a demo account as your first step towards becoming a trader. You want to be successful and make real money. So why stop at the demo stage?
It is a common feeling. That fear of losing real money and the lack of belief that you might actually be a profitable day trader.
The same fears held us back to, but until you take that leap, you will never know. Let us guide you in your transition into a successful trader, with our 4 step plan:
Demo To Real Action Plan
1. Assign Some Capital To Trading
2. Open A Real Money Account
3. Calculate A Trade Size
4. Start Trading!
You already know how to place trades as you have tried it on the demo account. So let us build on each point with some detail;
Assign Some Capital
You need to set aside some capital. How much is up to you but £250 to £500 is a reasonable minimum, any less limits the number of trades you can make.
Trading is high risk, so you need to be prepared to lose some or all of this money. If the minimum deposit at a broker is less than you have, you don’t need to pay it all in – just set it aside.
Open A Real Money Account
You do not have to use the same firm as your demo account, but this will be the easiest transition. Visit the broker page if you want to try someone new for the real account.
Calculate A Trade Size
How much will you risk on each trade? 1% to 2% is a good conservative number.
If you make 50 to 100 trades, you will be well placed to know if you have what it takes to be profitable trader.
Any less and you will not know if the results were just good or bad luck. 100 trades starts to separate winners from “unprofitable” traders.
Start Trading!
Congratulations, you are a trader! Now, are you a winning one?…
Opening a Demo Account
Most demo accounts are easy to open, whether it’s for cryptocurrency or binary options of 60 seconds. The majority of the time, you will simply have to head over to the broker’s website and fill in a straightforward form.
You will usually be asked for:
- Email address
- Username
- Password
- Location
Often you require no more details than this. Your account login details will then be emailed to you and instructions on next steps will be given.
You can even find some forex demo accounts that require no registration at all.
Reviews
Whether you are looking for the best demo account for share trading on the stock market, commodity trading, futures, forex or binary options, some of the top options have been collated below.
This will allow you to find the right software and offering to compliment your trading style whilst give you exposure to your preferred markets.
MetaTrader 4 Demo Account
The most popular trading platform is MetaTrader 4 (MT4). However, you can also get MetaTrader 5 (MT5) demo accounts. These industry-standard platforms are now available at most retailers.
Once you have finished your MetaTrader download, you will be able to analyse markets using a range of technical indicators, without risking any capital.
This allows you to practice analysing price action, chart figures, support and resistance lines, currency correlations, and more.
In addition, demo accounts on MT4 can be opened on a desktop platform, plus in mobile applications.
Both will also allow you to test automated strategies, calling on historical data to optimise your settings.
Once you have your MetaTrader account password, you can practice all of the above until your demo account expires. However, you will find plenty of brokers offering MT4 demo accounts that don’t expire.
This means you can benefit from live quotes from all markets, as well as a virtual portfolio, allowing you to practice under real market conditions, for as long as you want.
You also benefit from diversity. So, you can choose between MT4 demo accounts in gold trading and FX, just to name a couple.
In fact, because MT4 demo accounts have no time limit, you can try your luck in as many markets as you like, until you find the right product for your trading style. MT4 demo accounts are also available in plenty of countries, from the USA to the UK.
Overall, once you have your MT4 password, you are free to test your strategies for as long as you wish, as most MetaTrader demo accounts are unlimited.
They provide the ideal risk-free way to identify where your strengths lay and which areas of your trading plan require attention.
IC Markets
One of the best forex demo accounts is provided by IC Markets. Their forex account is easy to use. It comes with a range of sophisticated charting and trading tools, whilst its website promises a wealth of support and an active user community.
Another major benefit comes in the form of accessibility. You can open a forex demo account from the USA, UK, Canada, Malaysia, Indonesia, and a whole host of other countries.
In terms of technical capabilities, IC Markets support a range of platforms.
So, you can select their forex account and get an MT4 download. Alternatively, you can practice on MT5 or cTrader. Also, you can choose between a forex web platform or mobile trading, on both Android and iOS.
IC Markets forex demo account also has no time limit or expiration. So, you don’t have to put real capital on the line until you feel confident.
Overall, if you’re looking for free demo accounts for forex trading, that can be used for an unlimited time, IC Markets is a strong contender. They consistently score highly in reviews of forex demo accounts.
Plus500
For demo accounts using CFDs only, Plus500 is worth considering.
Reviews highlight traders are impressed with the great flexibility, high-quality software, plus competitive spreads when you upgrade to real-time trading.
Another key selling point of Plus500 demo accounts is that they do not expire, meaning you can practice indefinitely.
On top of that, you can backtest strategies and get familiar with the nuances of the forex market, all with zero risks.
In addition, head over to the app store and you can get a demo account on your iOS or Android device. This will allow you to practice on the way to work or at a time convenient for you.
Simply head over to their website and select ‘Demo Mode’ in the ‘Select Account Mode’ window.
Then follow the on-screen instructions to get set up. Also, you can switch from Real Money mode to Demo by hitting ‘Switch to Demo Mode’. Not to mention, you can reset Plus500 demo accounts if you want a fresh start.
So, if you’re looking for a full demo account without needing a deposit, Plus500 is a worthwhile choice.
Etoro
If you’re looking for crypto, CFD, or forex demo accounts, Etoro is worth exploring.
In fact, once you have registered on their website, a trading account with both real and demo modes is automatically opened.
After you’ve logged in, you simply need to select ‘Practice Trading Login’ on the main screen and enter your Etoro login credentials that you registered with.
Etoro is a sensible choice for those looking for a free forex demo account download without a time limit. In addition, demo accounts on Etoro can also be reset.
On top of that, you can get their forex demo account in-app form, where you can play around with up to €10,000 in virtual funds.
Also, app reviews have been quick to highlight the sleek and easy-to-navigate interface.
A demo account in Etoro will also allow you to practice your skills in trading competitions. Furthermore, it’s an ideal choice for those looking for demo accounts without a deposit required.
Summing Up
There are plenty of options out there. An MT4 demo account that does not expire could well prepare you for any number of potential markets.
However, remember a forex demo account vs live real-time trading will throw up certain challenges.
So, be wary of those that claim ‘demo account trading is a must in my view’. Instead, consider your needs and look for demo accounts that can replicate real-time trading as accurately as possible, including spreads and trade tools.
NSE Demo Trading Accounts
There are now plenty of options for individuals looking for demo accounts for the NSE (National Stock Exchange of India). In fact, demo accounts for stock/share trading in India are on the rise.
Both individuals and retailers are swiftly realising demo accounts can prove useful in the often volatile marketplace.
However, it is worth considering whether a minimum deposit is required.
You should also check whether advanced trading tools will come with an additional charge when you upgrade to a live account.
Finally, how long do you have access to their practice offering? Is it unlimited or will you have to look elsewhere after a short while if you’re not ready to upgrade?
It’s also worth noting you can find demo accounts for commodity trading in India. On top of that, there are binary options demo accounts, without needing a deposit.
Furthermore, a number of brokers offer futures demo accounts for an unlimited period. So, it’s worthwhile shopping around before you sign up.
Final Word
You do not have to risk your own capital straightaway. You can find plenty of free day trading demo accounts, for binary options and cryptocurrency to forex and stocks.
The location should also not deter you. For example, you can find demo accounts for stock trading in Singapore as easily as you can in South Africa.
Overall, demo accounts offer a multitude of benefits, from honing a strategy to getting familiar with prospective markets.
However, there are certain limitations, from tackling different emotions to seeing the need for an effective risk management strategy.
But regardless of whether you think using demo accounts is very helpful or not, they remain an effective way to test a potential broker and platform.