Best Forex Demo Accounts for 2023

The InvestinGoal Team has studied and reviewed some of the best broker demo accounts in the industry.

Here’s what was taken into consideration:

• Availability of demo account or accounts
• The time of the trial
• The initial virtual balance
• Number of forex and spreads
• Type of assets
• Platforms available with the demo

Round-up

1. XTB: best demo account overall
2. IC Markets: best for demo algo-trading
3. eToro: best forex demo platform
4. XM: best free educational services
5. FBS: best cent forex demo account
6. FxPro: wide range of forex demo platforms
7. HF Markets: wide range of forex demo accounts
8. Plus500: best CFD forex demo account
9. Markets.com: best forex demo flexibility
10. CMC Markets: over 300 forex pairs available

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Review

The following are 10 of the best forex trading practice accounts with unlimited duration.

1. XTB

• XTB offers a Standard account and it does come with a forex trading practice account also available.
• The XTB demo trading account does not expire. With that said, it may be closed if you have not traded in a 30-day period.
• The XTB demo account is filled with $10.000 virtual money to begin with.
• XTB spreads start from 0.1 pips on 45+ forex pairs available.
• There are more than 5200 CFDs to choose from at XTB in various categories such indices, commodities, futures, ETFs, as well as a selection of 25 cryptocurrencies.
• When it comes to trading platforms you can try out on the demo, XTB offers its own xStation platform.

Visit XTB
79% of retail CFD accounts lose money

2. IC Markets

• IC Markets demo trading account is available for both of the IC markets account types offered: the Standard and Raw ECN.
• The IC Markets demo trading account does not expire at all.
• A massive virtual balance up to $5,000,000 can be set by IC Markets clients.
• You will find IC Markets spreads on 60+ currency forex pairs starting from 0 pips.
• At IC you can choose from more than 1700 CFDs in stocks, commodities, futures, indices, and bonds, as well as IC Markets cryptocurrency trading.
• You can choose between the MT4 and MT5 platforms for the IC Markets Standard demo account and among MT4, MT5, and cTrader platforms to try the IC Markets Raw demo ECN account.

Visit IC Markets
(74-89% of retail CFD accounts lose money)

3. eToro

• eToro offers a Standard account which is also available as a demo.
• The eToro demo account is unlimited and not subject to expiration.
• There is a virtual balance of $100,000 in the eToro demo account when you open it.
• Spreads at eToro start from 1 pip on 47 forex pairs.
• eToro provides an extensive range of CFDs, more than 1,000 in a range of asset classes including stocks, indices, commodities, ETFs, crypto and blends.
• The demo platform available is the eToro proprietary platform, which is also specialised in copy and social trading.

Visit eToro
(79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money)

4. XM

• The XM demo trading account offers trading to you on all account types including Micro, Standard, XM Zero, and XM Ultra Low depending on your location.
• Every XM demo trading account is available on an unlimited basis but if you do not trade in 30 days, you may need to renew your XM demo account.
• $100.000 virtual money is the opening balance you will find as an XM client.
• XM offers 55 forex pairs with spreads starting from 0 pips.
• Other assets are offered by XM, which are Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs.
• The XM trading platforms you can try with the demo accounts are the MT4 and MT5 platforms.

Visit XM
73.57% of retail CFD accounts lose money

5. FBS

• There are a total of 5 accounts to choose from with FBS and these are all available with demo trading accounts.
• The FBS demo trading account trial period lasts for a total between 40 and 90 days depending on your location and account type. If you do want to keep using the account you should simply contact the FBS support team.
• The virtual balance of the demo is customizable for FBS traders.
• Forex trading is offered with 35 forex pairs with a FBS spread starting from -1 pips.
• You will also have more than 40 assets to choose from in stocks, commodities, cryptos, indices, and ETFs trading.
• Spreads at FBS start from -1 pips on forex depending on your account type choice.
• MT4, MT5 and FBS Trader can all be chosen as your demo platform.

Visit FBS
74-89% of retail CFD accounts lose money

6. FxPro

• FxPro has 4 account types, such as MT4, MT5, Edge and cTrader, all of which have demo trading accounts available.
• The FxPro demo trading account is unlimited in duration but will close after 30 days of inactivity.
• FxPro clients using the demo have access to an opening virtual balance of up to $100,000.
• When it comes to currency pairs, there are more than 65 available with spreads starting from 0.1 pips.
• More than 200 CFD assets to trade can be chosen at FxPro, including indices, commodities, futures,and FxPro crypto trading, it is all here.
• The FxPro MT4, MT5, cTrader, and Edge trading platforms are all available as demo.

Visit FxPro
72.87% of retail CFD accounts lose money

7. HF Markets

• HF Markets offers a total of 6 account types to its traders depending on your location and every one of these account types can be opened as a demo trading account as well.
• HF demo accounts do not expire, but you should note that if you do become inactive for a period of 29 days or more, the account will be closed.
• Up to $100.000 virtual money can be set in order to start with a HF demo.
• You can select from more than 45 top currency pairs with spread starting at 0 pips at HF Markets.
• Several assets in stocks, indices, commodities, cryptos, futures, and bonds can all be traded by HF clients, though availability may depend on your location.
• As for trading platform, you can access the MT4 and MT5 platforms provided by HF Markets.

Visit HF Markets
(71.04% of retail CFD accounts lose money)

8. Plus500

• The Plus500 demo trading account is limited to only one trading account type as this is what the CFD provider offers to all of its live traders.
• The Plus500 account is unlimited and does not expire even if you are inactive.
• $40,000 virtual money can be used to begin with on a Plus500 demo.
• You can experience trading at Plus500 with more than 70 CFD forex trading pairs with spreads from 1 pips.
• Plus500 offers over 1,000 assets traded as CFDs from indices, commodities, cryptos (availability subject to regulation), to ETFs, options, and blends.
• Plus500 offers a proprietary platform, which you can test by opening the demo account.

Visit Plus500
(77% of retail CFD accounts lose money)

9. Markets.com

• You will find that a demo account is offered on both retail and VIP accounts with Markets.com.
• The Markets.com demo trading accounts are unlimited and will only expire if you are inactive for 90 days.
• Markets.com clients who open a demo find an opening virtual balance of $10,000.
• In Markets.com you can practice forex trading with more than 70 currency pairs with a spread that starts from 0.8 pips.
• More than 2,000 global stocks traded as CFDs through Markets.com, such as commodities, indices, stocks, ETFs, bonds, blends and, depending on your location, crypto.
• You can choose from the MT4, MT5 or the proprietary Markets.com platform.

Visit Markets.com
79,90% of retail CFD accounts lose money

10. CMC Markets

• CMC Markets’s CFD trading and corporate accounts are available on a demo basis here.
• The CMC demo account is unlimited and will not expire at any time.
• The CMC demo is filled with $10,000 virtual money to begin with.
• A huge number of forex pairs with more than 330 in total available to trade are offered by CMC Markets with spreads from 0.3 pips.
• Moreover, 11500+ assets in stocks, crypto, commodities, futures, and indices can be found among the CMC Markets offer.
• MT4 and CMC Markets proprietary platforms are provided by the broker to ensure a great trading experience.

Visit CMC Markets
78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

What’s a demo account?

If you are not already aware, demo trading accounts are offered by almost all of the top forex brokers. This is a risk-free way in which you can learn more about every broker as a forex trader or if you are involved in CFD trading.

These accounts are offered on a trial basis typically with an amount of virtual money that you can risk. This prevents you from possibly losing your own money while you get to know the trading platform of each broker in more detail. These demo trading account trial periods may be limited in terms of the duration you can use them, or they may also be unlimited. This decision is up to the particular forex broker.

As well as risk-free trading in which you cannot lose your money, it is also a chance to find out more about the regulation of online trading under each authority and within the cfd trading or forex broker. This can be helpful in knowing what kind of leverage is available as well as other things such as how account types and funding methods work.

Within this top 10 demo trading account piece, we have collected a range of top brokers who offer demo trading accounts which do not expire, and who also provide access to a large selection of account types for you to choose from as well as trading platforms like the well-known MT4.

This, along with dealing in a range of assets and CFD trading in the likes of cryptocurrency and even copy trading demo accounts, can really help you to better understand the industry as a forex trader and the direction you would like to take.

How can I open a CFD Forex demo account?

Opening a forex trading demo account or one which caters for CFD trading is typically no problem at all. All you usually require are some basic personal details and an email address that you can verify in order to get started. This should take no more than a few minutes in the majority of cases.

Demo account pros and cons

Naturally as a forex trader or in CFD trading, there are pros and cons to everything. This also applies when you are considering demo trading accounts with each broker. Below are a few of what we consider to be the pros and cons of trading on a demo account:

Pros

One of the biggest pros when it comes to trading online through a demo trading account is the fact you are using virtual money. This means absolutely no risk to you as a forex trader or in CFD trading. You can trade anything you like with complete confidence and no fear.

This kind of no-risk situation where you do not have to worry at all about losing your money is perfect for new traders who want to learn the ropes as a forex trader or other markets.

Not only beginners can benefit, professional traders too can use demo trading accounts. This can allow them the opportunity to perfect forex or CFD trading strategy without risk.

Finally, opening a demo trading account also allows you to fully test the broker’s trading platforms, get to know their systems and fees, and really understand the trading markets that they are offering. All of these things help you get to know if that broker is the best choice for you to trade with.

Cons

While it may seem like there are only positive points to trading with a demo trading account, that is not exactly the case. There are a couple of areas to watch out for as a forex trader where you could be led astray through trading on these accounts.

The most common point to remember when trading with a forex demo trading account is that your profits and losses are not real. You are trading with virtual currency, and psychologically when you cannot lose your money, you may not engage in forex and CFD trading with the same attitude that you will in a real money account.

The rates quoted in a demo account do not factor in slippage or requotes where the prices of a trade may change between order and execution. Top forex brokers do try to limit this, but it is something that can happen in periods of high volume or volatility in the markets.

How to make the best out of your CFD forex demo account

There are a couple of things that you can do just to make sure that you get the best possible experience from opening your CFD trading or forex demo trading account:

One of the best strategies is to only trade in a demo account with the same amount that you would plan to bring into a live forex trading account. This will give you a more accurate picture of what your profits and losses could be.

Once you have gotten to grips with the demo trading account and what it has to offer, do not lean on it too much. Get you live forex trading account open when the experience of demo trading is fresh in your mind.

After demo, trade under real conditions with less than $10

As we just mentioned, you should not delay when it is time to get engaged in real live trading. Many of the top forex broker offer excellent value in terms of minimum deposits that can be as low as $100. This is not a no-risk situation, it is your opportunity to become or develop your career as a forex trader.

If you are still unsure, a great, low-risk option is to try trading with a micro trading account offered by many of the best forex brokers, or even some with a minimum deposit that can be as low as $10.

This combined with the great value spreads and commission-free trading on offer from many, means that there is no reason not to trade!