Best Forex Demo Accounts
A forex demo account is the safest way to learn forex trading. The best demo accounts will offer an app, as well as an online account. They will also match the live platform and offer full functionality to ensure the experience is comparable. Read on to find the best forex demo account for you.
Top 10 Forex Demo Accounts
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
NinjaTrader
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Stocks, Options, Commodities, Futures, CryptoNinjaTrader Desktop, Web & Mobile, eSignalACH Transfer, Debit Card, Wire Transfer, ChequeUSD -
3
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
4
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
5
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
6
Videforex20% to 200% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500Binary Options, CFDs, Forex, Indices, Commodities, CryptoTradingViewSkrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum PaymentsUSD, EUR, GBP, AUD, RUB -
7
CloseOption$10 Welcome Gift
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$5$1National Bank of GeorgiaBinary Options on Forex & CryptosOwnPayPal, WebMoney, Mastercard, Perfect Money, Wire Transfer, Bitcoin Payments, Ethereum PaymentsUSD -
8
Axofa10% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.01 Lots1:1000SVGFSAForex, CFDs, Stocks, Indices, CommoditiesMT5Debit Card, Credit Card, Visa, Mastercard, Neteller, Skrill, Bitcoin Payments, Wire TransferUSD, IDR -
9
BinaryCent20% - 200% deposit bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500VFSCCFDs, Forex, Stocks, Cryptos, Options, CommoditiesOwnVisa, Mastercard, Debit Card, Credit Card, Skrill, WebMoney, Neteller, Bitcoin Payments, Wire Transfer, Perfect Money, Ethereum PaymentsUSD -
10
Coinexx100% Deposit Welcome Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
0.001 BTC0.01 Lots1:500Forex, Commodities, Indices, CryptocurrenciesMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD
This is why we think these brokers are the best in this category:
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
- NinjaTrader - NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
- Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
- OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
- Videforex - Videforex offers trading on 35 currency pairs through leveraged CFDs with spreads from 0.1 pips. Alternatively, traders can use binaries to speculate on upward/downward price movements with payouts up to 98%. Integrated technical analysis, economic calendars, and market news, all available within the platform, help support FX trading decisions.
- CloseOption - CloseOption offers binaries on 25+ forex pairs, including majors like EUR/USD and a few minors like AUD/JPY. Payouts vary by currency, with decent typical payouts of 75% for GBP/USD.
- Axofa - Axofa offers a decent range of 50+ forex pairs with raw spreads from 0.0 pips. Very high leverage up to 1:1000 and commission-free forex trading is available. With that said, the broker is not particularly transparent when it comes to account conditions and fees.
- BinaryCent - Trade 24 forex pairs via binary options. Such a small range of currency pairs is not that unusual among binary options brokers, and BinaryCent's high payouts up to 95% compensate for the lack of range.
- Coinexx - Coinexx offers an excellent selection of 70+ major, minor and exotics currency pairs, presenting diverse opportunities with a forex calculator to aid trading decisions. It’s also one of a select few brokers to support forex trading on the ActTrader platform, alongside MT4 and MT5.
Best Forex Demo Accounts Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
|---|---|---|---|---|---|
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80+ | 1.2 | / 5 | $100 | NFA, CFTC |
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50+ | 1.3 | / 5 | $0 | NFA, CFTC |
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100+ | 0.08-0.20 bps x trade value | / 5 | $0 | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
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80+ | 0.8 | / 5 | $0 | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
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65+ | 1.6 | / 5 | $0 | NFA, CFTC |
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35+ | 0.1 | / 5 | $250 | - |
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20+ | No fee - payouts approx. 80% (Copper) | - | $5 | National Bank of Georgia |
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10+ | From 1.6 pips | - | $1 | SVGFSA |
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25+ | Floating | - | $250 | VFSC |
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60+ | 0.0 | / 5 | 0.001 BTC | - |
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| GBPUSD Spread | 1.3 |
| EURUSD Spread | 1.2 |
| EURGBP Spread | 1.4 |
| Total Assets | 80+ |
| Leverage | 1:50 |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
Cons
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
Tobias Robinson, Reviewer
NinjaTrader Quick Facts
| GBPUSD Spread | 1.6 |
|---|---|
| EURUSD Spread | 1.3 |
| EURGBP Spread | 1.6 |
| Total Assets | 50+ |
| Leverage | 1:50 |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Account Currencies | USD |
Pros
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
- You can get thousands of add-ons and applications from developers in 150+ countries
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
Cons
- The premium platform tools come with an extra charge
- Non forex and futures trading requires signing up with partner brokers
- There is a withdrawal fee on some funding methods
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| GBPUSD Spread | 0.08-0.20 bps x trade value |
|---|---|
| EURUSD Spread | 0.08-0.20 bps x trade value |
| EURGBP Spread | 0.08-0.20 bps x trade value |
| Total Assets | 100+ |
| Leverage | 1:50 |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
Cons
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities.
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading, while IG has also added TradingView integration.
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| GBPUSD Spread | 3.4 |
|---|---|
| EURUSD Spread | 1.6 |
| EURGBP Spread | 1.7 |
| Total Assets | 65+ |
| Leverage | 1:50 |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- Day traders can enjoy fast and reliable order execution
- Beginners can get started easily with $0 minimum initial deposit
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
Cons
- The range of day trading markets is limited to forex and cryptos only
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
Videforex
"Videforex will serve traders looking for a no-frills, easy-to-use platform to speculate on the direction of popular financial markets through binaries. With a sign-up process that takes a matter of minutes and a web-accessible platform, getting started is a breeze. "
Videforex Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| GBPUSD Spread | 0.1 |
| EURUSD Spread | 0.1 |
| EURGBP Spread | 0.1 |
| Total Assets | 35+ |
| Leverage | 1:500 |
| Platforms | TradingView |
| Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- Videforex is one of the few brokers with 24/7 multilingual video support, providing comprehensive assistance for active traders.
- Traders can earn up to 98% payouts on 100+ assets with the broker’s binary options, bringing it in line with competitors like IQCent.
- Videforex regularly runs trading contests, offering practice opportunities and cash prizes to beginners and experienced traders, with position sizes from just ¢0.01.
Cons
- The absence of any educational tools is a serious drawback for newer traders who can find blogs, videos and live trading sessions at category leaders.
- The client terminal needs improvements based on our latest tests, sporting sometimes slow and unresponsive widgets which could dampen the experience for day traders.
- Videforex lacks authorization from a trusted regulator, meaning traders may receive little to zero safeguards like segregated client accounts.
CloseOption
"CloseOption is a good pick for traders seeking a user-friendly binary options platform with high payouts and joining bonuses."
CloseOption Quick Facts
| Bonus Offer | $10 Welcome Gift |
|---|---|
| GBPUSD Spread | No fee - payouts approx. 80% (Copper) |
| EURUSD Spread | No fee - payouts approx. 80% (Copper) |
| EURGBP Spread | No fee - payouts approx. 80% (Copper) |
| Total Assets | 20+ |
| Platforms | Own |
| Account Currencies | USD |
Pros
- The user-friendly platform is compatible with most web browsers
- Free demo account
- New traders can get started with a $5 minimum deposit
Cons
- Binary options are only available on fiat and digital currencies
- Clients need to deposit $50,000+ to qualify for the best payouts
- CloseOption is not regulated by a well-regarded trading authority
Axofa
"Axofa could be a good option for clients looking for social trading features alongside the MT5 platform. The low entry requirements and ECN spreads are particularly promising, but the lack of transparency and respected regulatory oversight raises security concerns."
Axofa Quick Facts
| Bonus Offer | 10% Deposit Bonus |
|---|---|
| GBPUSD Spread | From 1.6 pips |
| EURUSD Spread | From 1.6 pips |
| EURGBP Spread | From 1.6 pips |
| Total Assets | 10+ |
| Leverage | 1:1000 |
| Platforms | MT5 |
| Account Currencies | USD, IDR |
Pros
- The $1 minimum deposit across all 3 accounts will appeal to novices and those on a budget
- Axofa offers the MetaTrader 5 platform which will particularly serve intermediate to experienced traders looking for advanced charting tools
- Low ECN spreads are available from 0.0 pips, plus reasonable commissions at $3.50 per side
Cons
- There is limited verifiable information about the broker’s owners and background
- Our team found inconsistencies between international subsidiaries and website information
- The offshore operations and lack of any regulatory oversight is a major concern
BinaryCent
"Traders who want a reliable binary options broker with a streamlined platform and high payouts should try out BinaryCent."
BinaryCent Quick Facts
| Bonus Offer | 20% - 200% deposit bonus |
|---|---|
| GBPUSD Spread | Floating |
| EURUSD Spread | Floating |
| EURGBP Spread | Floating |
| Total Assets | 25+ |
| Leverage | 1:500 |
| Platforms | Own |
| Account Currencies | USD |
Pros
- Trade binary contracts from $0.10 allowing trading opportunities for all budgets
- Copy trading and binary options bots are useful for beginner traders
- Accepts a wide range of funding methods, including cryptos and e-wallets
Cons
- Not overseen by any reputable regulator, raising risks and reducing customer protections
- Not available to traders based in the US
- The $250 minimum deposit is higher than most binary options brokers
Coinexx
"Coinexx best serves short-term traders willing to foregoes regulatory protections in return for highly-leveraged CFDs and trading accounts, deposits and withdrawals processed in cryptos like BTC. "
Coinexx Quick Facts
| Bonus Offer | 100% Deposit Welcome Bonus |
|---|---|
| GBPUSD Spread | 0.0 |
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.0 |
| Total Assets | 60+ |
| Leverage | 1:500 |
| Platforms | MT4, MT5 |
| Account Currencies | USD |
Pros
- Coinexx uses an ECN model that facilitates ultra-tight spreads from 0 pips, which alongside high leverage up to 1:500, may serve fast-paced, high-volume trading strategies.
- The virtual private server (VPS), hosted near the firm’s data center in Amsterdam, offers 24/7 connectivity, low latency and 99.99% uptime, catering to algo traders.
- Coinexx is one of a limited pool of brokers to support the ActTrader platform, which is highly customizable with detachable widgets, as well as 48 indicators, 11 timeframes, and price quotes up to 8 decimal places.
Cons
- Despite operating for over 7 years, Coinexx still hasn’t secured any regulatory approvals, respected industry awards or the full confidence of our experts.
- Aside from 7 calculators (forex, margin, pip, currency, commission, swap, PnL), Coinexx offers very little in terms of additional tools, with no education or research features to support traders.
- Although it supports near-instant account funding in 25+ cryptos, the absence of fiat deposit options at Coinexx will be severely limiting for many traders.
What Is a Forex Demo Account?
A forex demo account is a type of trading account where the customer is given free “play money” to practice trading with. It can be seen as a form of “forex trading simulator” with no financial risk to the trader. It is also a great way to try out a broker’s trading platform before using real money.
These accounts act as a practical and convenient way for traders to practice in a safe environment. Sometimes, platforms will offer a form of tutorial alongside their demo account, while others will offer a sign in where the user can then create and experiment with trading at their leisure.
There are several different versions of demo account available on the market, which we’ll look at in detail further down in this guide.
Other than the functionality and tools included in demo accounts, these specific offerings from companies provide a viable and effective way for beginners to learn how to trade without the risk of losing their own money or the money of others.
For traders starting out, demo accounts can be an incredibly valuable resource, even once they’ve decided which platform they’d like to use in the long-term.
Forex Demo Accounts vs Real Money Accounts
What’s the difference between a forex demo account and a real money account?
With demo or virtual accounts, the trading balance is a fictional balance. Winning or losing trades will impact the balance, but no ‘real’ money is at stake. If you blow your balance, you can contact the support team and ask for it to be reset.
A real money account requires you to deposit money – and the risks you take with it are real. Especially where leverage or margin is used.
In theory, this should be the one and only difference with Demo and Real accounts. In practise, that single change impacts almost every decision.
The psychological differences between trading with real money, and trading a virtual balance are huge. Pressing ‘buy’ on a trade is much harder when real money is at stake, and snatching at profits is more likely.
Competitions and contests are one way that can help bridge the psychological gap – the tension of trying to win a competition is similar to risking real money – but still not quite the same. So there is no actual answer to resolving this difference – it is just a case of making sure you are aware of it.
A good broker should ensure every other element of a demo account is exactly the same as a genuine account.
How To Compare Forex Demo Accounts
If you’re ready to start looking into the demo accounts that might be available, step one is doing your research.
There are several different types of account available from some of the best online Forex traders, but it’s all about finding what works best for you.
Certain brands may have restrictions in terms of usage for their demo accounts, including time limits, virtual cash limits and more. Carefully reading what your chosen platforms offer is an excellent place to start.
Here are a few of the types of demo accounts you may come across to get you started:
No Time Limit / Unlimited Accounts
As one of the most common demo accounts you’ll come across, many but not all good Forex trading platforms will offer an unlimited demo account to try out.
This means once you log in to your demo account – which, in most cases, will be a different access point to the standard trading platform – you’re free to test out your trading as little and as much as you want. There is no expiration.
Unlimited accounts aren’t just ideal for beginners – they’re perfect for testing out new techniques, back testing, and brushing up on your trading in the long-term too.
No Registration Accounts
No registration demo accounts are accounts you can access without any need to sign up with the platform.
This means no marketing emails, no personal details provided and no communications. For those that want a brief glimpse at what a trading platform can offer, a no registration account is an excellent option.
However, accounts with no registration will be lost the second you leave the page, meaning you can’t come back to continue your existing trades or continue testing a specific practice or idea.
Free Accounts
In most cases, demo accounts are free-of-charge. You’ll rarely come across a platform that’s asking you to pay or put money into what is essentially a testing stage.
No trading costs should apply to those using demo accounts, because none of the money being used is real.
This means you can access demo accounts for multiple different trading platforms at no cost, allowing you to thoroughly and adequately decide which platform is the best for you based on first-hand research.
Forex Demo Account Platforms
When it comes to accessing the demo accounts you like the look of the most, the next step is looking at what is compatible with your current setup. There are multiple different options available out there for demo account platforms – which you pick is up to you:
MetaTrader 4
Also known as MT4, MetaTrader 4 is a very popular platform used for trading and analytics. While a newer MT5 (below) version is available, MT4 continues to be favourite for many traders. This is thanks to its robust design and familiar controls, making it a top pick for many long-time traders. MT4 is used for Windows OS.
MetaTrader 5
MetaTrader 5, or MT5, is the newer version of the MT4 platform, offering a multi-functional platform that has a host of new features not included in the original MT4. For new traders, starting off on this platform provides you with the most up-to-date option on the market from this popular developer.
Mac OS
The MetaTrader platforms mentioned above are exclusively on the Windows operating system, though some individuals do find workarounds to use this popular software within the Mac OS.
For the majority of traders, however, the use of specifically brand-designed platforms is the solution, with many companies offering their own proprietary Mac OS software alongside Windows and Linux options.
cTrader
A UK-designed platform by Spotware that supports trading and charting, cTrader is a pared-back platform option that looks slick and is incredibly user-friendly. For new traders that want something simple and easy, cTrader is an excellent platform of choice.
Mobile App
Alongside desktop applications, there has been a steep increase in the number of forex traders using forex trading apps for trading on-the-go. This could be through entirely mobile systems or integrated apps for existing trading platforms. We go into further detail about mobile applications for Forex trading below.
Forex Demo Account Competitions
One of the most valuable additions that many traders enjoy from specific Forex trading platforms is contests and competitions.
While these are commonplace on real money trading platforms, they are also increasingly common for use with demo accounts.
This brings an extra touch of reality to virtual trading, helping to bridge that gap between testing out trading and doing it for real. It’s well-worth investigation demo accounts that offer addition interaction like this, as it provides a good impression of how actual money trading would look to those who aren’t quite there yet.
Typical contests and competitions for forex demo accounts may include weekly, monthly, and even daily rushes to achieve specific numbers and beat your fellow demo-users. In many cases, these wins can result in real cash prizes – providing the rush of trading without the risk of using your own money.
This makes contests an excellent middle ground between using your own wallet and simply practising for nothing in a demo setting.
Apps
The evolution of mobile forex trading apps has meant great things for Forex traders. Not only can you now trade from anywhere, but all the information is available at your fingertips with just a tap and a swipe.
The best Forex apps are available for both iPhone and Android. There’s plenty of choices out there, especially when it comes to apps that are companions to a more extensive desktop platform.
Where Can I Download Apps?
Downloading apps for Forex trading can be as easy as visiting the iOS App Store or the Google Play Store and finding an app that sounds interesting to you.
Equally, you can search directly for specific apps if they are something you’ve already tested out on desktop, or you can even go straight to a particular broker’s website and download your mobile app from them immediately.
As with any mobile applications, it’s straightforward to install your favourite trading platform onto your phone – and then you can use it from anywhere.
What You Should Know As A Beginner
As a complete beginner to the world of forex trading, what should you know? The most important thing to understand before you begin trading with real money is what exactly you want out of a platform.
Would you like extensive functionality, or would you prefer as many types of analysis as possible? Do you want something you can access from mobile, or is desktop preferable? Do you use Windows or Mac OS?
Finding the best platform for you means doing your research, understanding what you need and working towards it.
The joy of demo accounts is the fact that they are entirely free.
For those entirely new for forex trading, they provide a great space to learn, grow and develop away from costly mistakes and expensive accidents. Feel free to create as many demo accounts as you want to find the best fit for you – it’s not often you’ll fall in love with the first thing you try, so don’t be afraid to get out there and give it all a go.
Once you’ve shopped around a bit, you’ll be in a far better place to find something that works for you.
Comparing Forex Demo Accounts
When you start researching demo accounts, knowing what’s important to you is the best place to start.
Comparison factors can enable you to find platforms that work for you, as opposed to ones that are just ‘the best’ in general. Factors to consider should include what kind of thing you’d like to trade, as some forex day trading brokers have a wider variety of options than others.
You should also consider whether the platform has all the features you want. While some systems are feature-rich with countless add-ons and widgets, some are far more simplistic for a more streamlined experience.
Know what’s important to you can allow you to compare accounts based on your wants – instead of just going for the best-reviewed platform out there right now.
Trader Location
There might be some changes in availability based on your location as a trader. Most brokers will offer the forex demo account to the same regions where they offer the real account. So if a brand accepts traders from Australia, you should be able to open a demo account in Australia too.
It is not always this simple however. While regions such as South Africa and Asia (India, Singapore, Philippines etc) will find things straightforward, regulation can impact things elsewhere. So traders in the US, Canada and the EU, may find that regulators impact what brokers can offer. Certain options may not be available.
But in very general terms, if you can open a real money account, you should be able to open a forex demo account first.
Finding The Best Account For You
Once you’ve got a strong concept of what you’re looking for, it’s time to hunt down that elusive perfect platform.
Forex demo accounts can come in handy here, allowing you to narrow down which platform is best for you. Once you’ve found a platform that looks to be perfect, don’t leap straight into trading. Instead, fully utilise their demo account to ensure you’re adequately familiar with all this particular platform entails.
With more knowledge and experience behind you, you can’t go wrong.
If you’re testing the water of Forex trading for the first time, demo accounts can be your best friend. Used the right way, they can even be profitable for new traders – both in terms of contests and in terms of the knowledge gained through additional learning time and risk-free interaction. Why not give them a go today?