Spread Betting Demo Accounts
Many online brokerages offer new investors a demonstration, or ‘demo’, account to trial both their software service, and to allow you the investor to test and train your trading prowess. Here we look at why this is good practice, and provide a list of the best spread betting demo accounts.
Spread betting is an efficient way of taking a position, making a bet on a wide variety of assets, such as shares, indices, commodities, forex, composite funds.
It is efficient because, firstly, as you are not buying and selling the asset you can usually avoid the tax triggered by acquisition and disposal of assets (i.e., Stamp Duty and Capital Gains Tax). Read more about tax implications here.
Secondly, it is an efficient use of funds because you don’t have to buy the underlying asset (share, currency, and so on) thus your money can be used to cover bigger bets – this is called leverage.
Spread Betting Demo Accounts
-
1
AvaTrade20% Welcome Bonus up to $10,000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
2
PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.8% of retail investor accounts lose money when trading CFDs.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment, Apple Pay, Google WalletUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
3
Spreadex£300 cashback
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
£0£0.011:30FCAForex, CFDs, Indices, Commodities, Stocks, Crypto, Bonds, Interest Rates, ETFs, Options, Spread BettingSpreadex Platform, TradingViewCheque, Wire Transfer, Debit Card, Credit Card, Mastercard, VisaUSD, EUR, GBP, CAD, CHF -
4
Trade Nation200 Sign-Up Reward Points84% of retail investor accounts lose money when trading CFDs with this provider.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.1 Lots1:500 (entity dependent)FCA, ASIC, FSCA, SCB, FSAForex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)MT4Credit Card, Visa, Mastercard, Wire Transfer, Skrill, PayPal, Debit CardUSD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK -
5
Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, VoletUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
6
FxPro
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)FCA, CySEC, FSCA, SCB, FSACFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa, Google Wallet, Bitcoin Payments, Ethereum PaymentsUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN -
7
CMC MarketsSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSACFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread BettingWeb, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPalUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN -
8
City Index
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.FCA, ASIC, CySEC, MASCFDs, Forex, Stocks, Indices, Commodities, Crypto, Futures, Options, Bonds, Interest Rates,ETFs,Spread BettingWeb Trader, MT4, TradingView, TradingCentralWire Transfer, Mastercard, Credit Card, Debit Card, Visa, MaestroUSD, EUR, GBP, AUD, PLN, CZK -
9
FXCM
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50Variable1:30FCA, CySEC, ASIC, FSCA, BaFin, CIROForex, Stock CFDs, Commodities CFDs, Crypto CFDsTrading Station, MT4, TradingViewCredit Card, Debit Card, PayPal, Apple Pay, Google Wallet, Wire TransferUSD, EUR, GBP, AUD -
10
Axi72.4% of retail investor accounts lose money when trading CFDs with this provider
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500FCA, ASIC, FMA, DFSA, SVGFSACFDs, Forex, Stocks, Indices, Commodities, CryptoAxi Copy Trading, MT4, AutoChartistNeteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, JCB Card, Wire Transfer, FasaPay, PIX Payment, Maestro, Boleto, Giropay, Sofort, POLi, BPAY, iDeal, Alipay, AirtelUSD, EUR, GBP, CHF, PLN
Here is a short overview of each broker's pros and cons
- AvaTrade - AvaTrade is a first-rate spread betting platform with opportunities on 1000+ stocks, indices, commodities and currencies, sporting leverage up to 1:400. The MetaTrader platforms cater to seasoned traders with advanced charting tools and alerts, while the extensive Academy is home to terrific education with 18 courses, 150 lessons, 50 quizzes and a video tutorial explaining how to spread bet at AvaTrade.
- Pepperstone - Pepperstone offers a competitive range of 1200+ spread betting instruments covering forex, indices, commodities, shares and ETFs. Spreads are some of the most competitive that we’ve seen during tests, starting from 0.6 pips for EUR/USD. Spread betting is also available on the MT4, MT5, cTrader and TradingView terminals, offering more platform flexibility than most alternatives.
- Spreadex - Spreadex stands out as one of the few brokers that specializes in spread betting, offering 10,000+ instruments (rivalling top contenders like IG with 17,000+). There’s also valuable spread betting education covering strategies, tips and analysis. With user-friendly TradingView charts and advanced order types, both beginners and experienced spread betters are well catered to.
- Trade Nation - Trade Nation offers hundreds of instruments via spread bets, though this notably trails top alternatives like CMC Markets (12,000+) and Spreadex (10,000+). We found the TN Trader platform to be a standout option for beginners during tests, thanks to its straightforward fixed-spread model. That said, offering just one platform for spread betting makes the broker more restrictive than most competitors.
- Vantage - Vantage continues to offer commission-free spread betting on forex, indices and precious metals. With 15 indices, including less commonly offered instruments like the VIX and Bovespa, Vantage is particularly suited to experienced equities traders. It’s also one of the few brokers that offers an unlimited demo account, allowing you to practice your strategies continuously.
- FxPro - Spread betters can access six asset classes through the FxPro's proprietary spread betting platform, Edge. Whilst it’s a shame that Edge is the only available terminal for spread betting, traders can access 50 technical indicators (more than MT4), plus an economic calendar and price alerts, providing a decent all-in-one spread betting environment. Customer support also performed well during tests, connecting us to an agent instantly and responding to our spread betting queries sufficiently.
- CMC Markets - CMC Markets’ range of 12,000+ spread betting instruments surpasses most competitors, allowing you to speculate on forex, indices, commodities, shares, ETFs and treasuries. You can trade on both CMC Web or MT4, though we recommend the award-winning CMC terminal for a top-notch mobile and web trading experience - perfect for spread betters who prefer to trade on the go.
- City Index - City Index offers 8,500+ spread betting instruments on its award-winning web platform, including bonds, ETFs and interest rates. Spreads start from 0.2 pips on EUR/USD, positioning the broker ahead of top competitors like Pepperstone. With 16 chart types, over 80 technical indicators, and a performance analytics tool, City Index is a top pick for both beginners and experienced spread bettors.
- FXCM - UK traders can enjoy competitive stakes at FXCM from £0.07 per point. Spread betting is available on all available platforms, making it a flexible option for beginners. That said, getting reliable help may be a challenge - when tested, customer support was unhelpful, and we were frustrated that the agent required clarification when asked a straightforward spread betting query.
- Axi - Axi offers a compelling spread betting experience for residents in the UK and Ireland. Where it excels is its 24/5 support to help with any issues and smooth three-step process to spread betting trading on currencies, socks, indices and commodities.
AvaTrade
"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."
AvaTrade Quick Facts
| Bonus Offer | 20% Welcome Bonus up to $10,000 |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures |
| Regulator | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
- The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
- Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
Cons
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
- The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
- Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Christian Harris, Reviewer
Pepperstone Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Regulator | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
Cons
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
Spreadex
"Spreadex will appeal to UK day traders who are interested in both spread betting on financial markets and placing traditional bets on sports events. Fees are low on short trades and profits are tax-free on spread bets. There's also a powerful proprietary charting platform, plus £0 minimum deposit required to get started. "
Spreadex Quick Facts
| Bonus Offer | £300 cashback |
|---|---|
| Demo Account | No |
| Instruments | Forex, CFDs, Indices, Commodities, Stocks, Crypto, Bonds, Interest Rates, ETFs, Options, Spread Betting |
| Regulator | FCA |
| Platforms | Spreadex Platform, TradingView |
| Minimum Deposit | £0 |
| Minimum Trade | £0.01 |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, CAD, CHF |
Pros
- The broker offers an easy-to-use proprietary charting platform and mobile app
- A rare broker that provides access to lower market cap stocks traded on the AIM
- There are some attractive new account promotions, including double the odds and matched betting offers
Cons
- There's no support for expert advisors or other trading bots
- No third-party e-wallets are accepted
- The lack of a demo account will frustrate prospective clients who want to test Spreadex's services
Trade Nation
"Trade Nation is a good choice for newer traders looking for a wide range of financial markets on a user-friendly platform. There is no minimum deposit, free funding options and strong education."
Trade Nation Quick Facts
| Bonus Offer | 200 Sign-Up Reward Points |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) |
| Regulator | FCA, ASIC, FSCA, SCB, FSA |
| Platforms | MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.1 Lots |
| Leverage | 1:500 (entity dependent) |
| Account Currencies | USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK |
Pros
- A choice of trading platforms and apps, including MT4, make the brand a good fit for savvy traders
- There is a low minimum deposit for beginners
- Multiple account currencies are accepted for global traders
Cons
- Fewer legal protections with offshore entity
Vantage
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
Vantage Quick Facts
| Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds |
| Regulator | FCA, ASIC, FSCA, VFSC |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
- The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- Unfortunately, cryptos are only available for Australian clients
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
FxPro
"FxPro is a stellar option for day traders, sporting exceptionally fast execution speeds under 12ms, competitive fees that were lowered in 2022, and terrific charting platforms in MT4, MT5, cTrader and FxPro Edge."
FxPro Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Futures |
| Regulator | FCA, CySEC, FSCA, SCB, FSA |
| Platforms | FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- FxPro operates under a 'No Dealing Desk' (NDD) model, ensuring fast and transparent order execution, often under 12 milliseconds, ideal for short-term trading strategies.
- FxPro offers four reliable charting platforms, notably the intuitive FxPro Edge, with over 50 indicators, 7 chart types and 15 chart timeframes.
- FxPro's Wallet is a standout feature that allows traders to manage funds securely. By segregating unused funds from active trading accounts, the Wallet provides additional protection and convenience.
Cons
- While FxPro provides 24/5 customer support through multiple channels that performed well during testing, it lacks 24/7 availability, which can disadvantage traders needing assistance outside traditional market hours.
- There are no passive investment tools like copy trading or interest paid on cash. While active traders may not miss these, competitors like eToro catering to active and passive investors have more comprehensive offerings.
- Despite a growing Knowledge Hub and a $10M funded demo account, FxPro is geared towards advanced traders, with beginners potentially finding the account and fee structure complex.
CMC Markets
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
CMC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting |
| Regulator | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
| Platforms | Web, MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
- CMC Markets offers a rich investment offering with over 12,000 CFDs and more recently options trading, providing opportunities to trade market volatility and hedge existing positions.
Cons
- The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
- An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
City Index
"City Index is a great match for active traders, with ultra-fast execution speeds averaging 20ms, a highly customizable web platform featuring 90+ technical indicators, and some of the best education we’ve seen."
City Index Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Futures, Options, Bonds, Interest Rates,ETFs,Spread Betting |
| Regulator | FCA, ASIC, CySEC, MAS |
| Platforms | Web Trader, MT4, TradingView, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. |
| Account Currencies | USD, EUR, GBP, AUD, PLN, CZK |
Pros
- City Index boasts 13,500+ markets spanning forex, indices, shares, commodities, bonds, ETFs, and interest rates, with the platform's inclusion of niche markets like interest rates offering unique trading avenues not always found elsewhere.
- City Index is regulated by top-tier authorities like the FCA (UK), ASIC (Australia), and MAS (Singapore), while its ownership by StoneX Group Inc., a listed company, further reinforces its credibility.
- City Index provides versatile trading platforms for all skill levels. The intuitive Web Trader platform is ideal for beginners, while support for MetaTrader 4 (MT4) and TradingView adds robust analysis and automation features, ensuring a flexible experience for traders of all levels.
Cons
- City Index lacks an Islamic account with swap-free trading conditions, making the broker less appealing to Muslim traders compared to providers like Eightcap and Pepperstone.
- Unlike brokers such as AvaTrade and BlackBull, City Index does not provide passive investment opportunities like social copy trading, or real stock or ETF ownership, making it less appealing for hands-off trading.
- While many brokers like eToro have expanded their crypto offerings, City Index only provides crypto CFDs, and the limited range may not satisfy traders looking for a broader selection of altcoins.
FXCM
"FXCM maintains its position as a top pick for traders deploying automated trading strategies, with four powerful platforms, strategy backtesting and algo trading through APIs. The broker is also great for active traders, with discounted spreads and low to zero commissions on popular assets."
FXCM Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stock CFDs, Commodities CFDs, Crypto CFDs |
| Regulator | FCA, CySEC, ASIC, FSCA, BaFin, CIRO |
| Platforms | Trading Station, MT4, TradingView |
| Minimum Deposit | $50 |
| Minimum Trade | Variable |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, AUD |
Pros
- Traders can utilize several top-tier trading tools including a market scanner, forex signals and third-party research site, eFXPlus
- Alongside the 4 charting platforms, FXCM also offers a market-leading range of specialist software for experienced investors, including QuantConnect, AgenaTrader and Sierra Chart
- The proprietary Trading Station terminal is a good choice for day traders looking for an all-in-one solution for their short-term and automated trading strategies
Cons
- The live chat support can be slow and unreliable compared to the top competitors
- Although FXCM continues to gear their services towards experienced traders, it’s a shame that there are no managed accounts on offer
- There is no choice of retail accounts for traders, nor any Cent/Micro account options
Axi
"Axi is a stand-out option if you want to day trade forex on the MetaTrader 4 platform thanks to the broker’s growing selection of 70+ currency pairs, the MT4 NextGen upgrade, and tight spreads from just 0.2 pips if you opt for the Pro account."
Axi Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | FCA, ASIC, FMA, DFSA, SVGFSA |
| Platforms | Axi Copy Trading, MT4, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CHF, PLN |
Pros
- The growing educational resources in the Axi Academy, including free eBooks, video tutorials and notably interactive quizzes, are excellent for supporting beginner traders.
- Advanced traders can now sign up for the Axi Select funded trader program through the broker’s offshore entity, providing funding up to $1 million with a 90% profit share.
- Axi's latest copy trading app is really intuitive based on our tests with useful filtering options to match strategies with individual risk preferences.
Cons
- Despite performing well whenever we use it, Axi's support is unavailable 24/7, which can be inconvenient for traders in different time zones or those needing assistance outside standard trading hours.
- Despite bolstering its stock CFDs in US, UK and EU markets, it’s still nowhere near as extensive as firms like BlackBull which offer thousands of equities for diverse opportunities.
- Axi is falling behind by only offering MT4 when many rivals now support MT5, cTrader, TradingView and proprietary software for a slicker experience with more advanced tools.
The spread in spread betting means the difference between the broker’s buy and sell price, there is no commission to pay on a spread bet as the broker’s costs are built into the spread.
In order to understand how anyone thinking of entering this market can benefit from the best spread betting demo accounts, we need to look at leverage as it is the supercharger in the trading process, it magnifies your gains but also your losses.
Leverage And Risk
Leverage means that you only need to front up a small percentage of the asset value to take a position. The amount you put up is your equity (or margin).
While this gives you more bang for your buck it also exposes you to greater risk, as a few points change in the price of the underlying asset can wipe out your stake.
For example, if you have £1,000 on your account and maximum leverage granted by the broker/platform of 10:1 then you can take a position with an asset value of up to £10,000.
If the price moves against your bet your margin could be wiped out, however, brokers will offer a stop-loss limit, so that your position is closed at a pre-set level if the market moves against you.
Practise
We can see that leverage increases the size of the bet you can make, and thus the amount of profit, but it also increases your risk.
Most spread betting platforms are duty bound to report that between 65% and 75% of retail investors (out of an estimated total of 100,000 UK traders) lost money on spread betting.
Spread Betting Demo Accounts
In practice, it is tricky to track price changes and calls upon your margin, so it is vital to be familiar with the tools offered by the different brokers, how these are presented, their sensitivity, and how they work together.
The demo account should exactly imitate the live spread betting platform. This is crucial not only in order to familiarise yourself with a particular platform but also in helping you select the platform which best suits you. You are training in the demo, and like anything, practice will make perfect.
The best spread betting demo accounts are the ones that give you the information and tools to help you to make fast decisions and execute them in a simple and clear way.
Charts
Typically, the brokers will use a Candlestick chart to show price movements over the time period you select. Each day’s prices are represented by an icon that looks like a candle with a wick at both ends (appropriate for day traders).
The candle part represents the price movement during exchange trading hours, the wicks track any up or down price movement in after-hours trading. This chart is usually the central part of the screen and takes up the largest area.
The key tools are the size, stop, and limit settings that you can use to govern the position which you decide to take.
‘Size’ is simply the amount you want to trade; the ‘stop’ is your limit on losses for that trade, and the ‘limit’ setting enables you to set when you want to take your profits.
Data, Market Sentiment, Discussion Groups
All of these sources of information play a part in influencing Wall Street and City professionals, so a good spread betting demo account will have a Twitter feed somewhere on your dashboard.
Bloomberg, Reuters, CNBC, AP and a few mavericks will often feature. You will have to research outside the demo when you have a particular asset focus. There are many sources of good and not so good data, and no-one knows what will actually happen.
Learn
The most useful exercise a potential spread betting investor can undertake is to play in a demo account to test spread betting skill and stamina.
Taking a position is different from reading a headline and thinking, for example, gold might rise or fall over the next week.
You have to risk your virtual money. Going through the process of typing in the amount and then pressing the ‘place deal’ button gives your choices an intense focus. Whether it is a demo or not you, and your skin, are in the game.
Trading Psychology
Most spread betting will come from the gut and depend on your nerve. A demo account used properly may give you an edge over your competition.
Using the best spread betting demo accounts means you are able to test the amount you want to invest in assets as any losses you incur will only be of the virtual money the platform allocates to you when you open the account.
You will learn the best times to trade which assets. You will see which types of announcement affects asset prices and how. All of these are useful but the crucial benefit a spread betting demo account gives you is an arena in which to test your nerve.
Very quickly a user becomes possessive over even their virtual funds, we don’t want to lose so we pay close attention. We will be bruised, beaten, and disheartened at times, and this will help us reach that top quartile of all spread betting investors – the ones who make money.