10 Best Forex Demo Accounts 2023

Forex demo accounts enable users to trade currencies in live market conditions without risking any funds. Not only is this a great way to learn how to trade forex as a beginner, but intermediate and advanced traders can perfect their strategies in a risk-free way.

In this guide, we compare the 10 best forex demo accounts in 2023.

The forex brokers listed above each offer a free demo account and a fast sign-up process. Read on to select a suitable provider via our comprehensive reviews.

Your capital is at risk. 81% of retail investor accounts lose money when trading CFDs with this provider.

Best Forex Paper Trading Platforms Reviewed

When selecting the best forex demo account provider, it is important to remember that the trading suite is offered by an online broker.

As such, in addition to the demo account, traders should consider the types of forex pairs supported, in addition to trading fees, commissions, and spreads.

We cover these metrics and more in our reviews of the best forex trading demo accounts below.

1. eToro – Overall Best Forex Demo Account with Copy Trading Tools

eToro leads the way in the online forex space, both in terms of its real money and demo trading accounts. It takes just a few minutes to get started, with eToro initially collecting some basic personal information. After that, traders can switch their profile to ‘virtual’ mode, which offers risk-free trading conditions.

Paper trading forex portfolios come with $100k in preloaded demo funds, which is more than enough to make full use of this platform. eToro supports dozens of currency pairs, from majors and minors to exotics. Most importantly, the eToro demo account mirrors global forex trading conditions in real-time.

When trading forex at eToro, users only need to cover the spread. This starts at 1 pip on EUR/USD. There is a minimum forex trade requirement of $1,000 but when utilizing the maximum leverage of 1:30, this is effectively reduced to just $33.33. Lower levels of leverage are offered on minor and exotic pairs.

The eToro demo account comes with full functionality, so traders will have access to pricing charts, technical indicators, and fundamental research. Moreover, there are no time limits attracted to the demo account.  If the $100k paper trading balance is depleted, this can be replenished at the click of a button.

The demo account also supports other asset classes, including commodities, indices, ETFs, cryptocurrencies, and stocks. In particular, eToro is one of the most popular brokers to buy stocks and ETFs, as no commissions are charged. eToro is also a great option when electing to buy Bitcoin and other cryptocurrencies, as trading fees are competitive at 1%.

The eToro demo account can also be used to try out some of its core passive investment tools. Copy trading, for example, enables users to mirror successful eToro traders like-for-like. There are thousands of traders to choose from when opting for the copy trading tool and the minimum capital requirement is just $200.

Additionally, smart portfolios are another popular tool at eToro, these are hand-picked portfolios that aim to replicate the performance of different industries, and are fully managed by the eToro team. Smart portfolios are inclusive of both stocks and cryptocurrencies, depending on the chosen strategy.

If users wish to switch to a real money account, the minimum first-time deposit at eToro is just $10. There are no deposit fees charged on any supported payment method, including e-wallets, debit/credit cards, and bank wire transfers. eToro is regulated by multiple bodies, including the SEC, ASIC, FCA, and CySEC. There is also a small inactivity fee of $10 charged on any available balance after one year of no login activity.

What We Like

Your capital is at risk. 81% of retail investor accounts lose money when trading CFDs with this provider

2. XTB – Free 30-Day Demo Account and Forex Leverage of up to 1:500 

XTB is one of the best trading platforms for forex for a variety of reasons. For instance, across dozens of majors, minors, and exotics, XTB customers have access to spreads from just 0.1 pips.

Moreover, this is also one of the best high-leverage brokers in the online space, considering that multiples of up to 1:500 are available.

Maximum leverage amounts are dependent on the location of the trader and whether they are a retail or professional client. Nonetheless, no commissions are charged by XTB when trading forex. Just like eToro, the XTB demo account is free to open and maintain, and no deposit is required to gain access.

Furthermore, the XTB demo account comes with $100k in paper trading funds. Do note, however, that the demo account is only active for 30 days after registration. If at this point the user wishes to trade forex with real money, there is no minimum deposit to meet. Deposits can be made with debit/credit cards on a fee-free basis. This is also the case with bank wires.

In terms of its forex trading suite, XTB is home to a proprietary platform that can be accessed online or via desktop software. There is also a mobile app for iOS and Android. All supported trading platforms at XTB come with super-fast execution speeds, alongside customizable charts and technical indicators. In addition to forex, XTB supports stocks, indices, and commodities.

What We Like

Your capital is at risk. 81% of retail investor accounts lose money when trading CFDs with this provider.

3. Plus500 – 0% Commission Forex Trading Platform Across 60 Pairs

Plus500 is a CFD trading platform that supports more than 60+ forex pairs. This is in addition to cryptocurrencies, stocks, ETFs, options, and indices. All of the CFD instruments at Plus500 can be traded without paying any commission. There are no fees to deposit funds either.

With that said, there is no requirement to make a deposit to gain access to the Plus500 demo account. The demo account comes with an unlimited amount of free paper trading funds without any time limitations. Traders can switch to and from the demo and real money accounts at any time.

When trading with real money, there is a minimum deposit requirement of $100. Plus500 supports debit/credit cards, e-wallets, and bank transfers. Plus500 has its own proprietary trading platform that can be accessed via web browsers and its iOS/Android app. Finally, Plus500 offers leverage of up to 1:30 for retail clients.

What We Like

CFDs are a leveraged product and can result in the loss of your entire balance.

4. Libertex – Trade Forex With Multipliers of up to 1:999

Libertex is a popular trading platform that supports everything from forex, stocks, and cryptocurrencies to indices and commodities. Upon signing up, users can open a forex demo account that comes with $50k in preloaded paper funds. There is no time limit on the Libertex demo account.

However, the demo account can only be accessed via the Libertex web trading suite. On the other hand, when trading with real money. users can also choose from MetaTrader 4 and 5, in addition to the platform’s native app for iOS and Android. Libertex offers access to dozens of forex pairs and no trading commissions are payable.

The minimum forex trading position is just $20. Libertex is a high-leverage broker, with multiples of up to 1:999 available. This means that for every $999 traded, an account balance of just $1 is required. Real-money accounts at Libertex can be funded instantly with a debit or credit card. The minimum deposit is just $10.

What We Like

Trading in financial instruments is a risky activity and can bring not only profits, but also losses

5. AvaTrade – Top Demo Account for Forex Trading via MT4 and 5

AvaTrade offers the best forex demo account for traders that wish to practice on either MT4 or MT5. This is in addition to AvaTrade’s proprietary platform for web browsers and its mobile app. The free demo account at AvaTrade comes with $100k in preloaded demo funds and no time restrictions are in place.

AvaTrade is a popular CFD broker that offers 0% commission markets on all supported assets. In addition to forex, this includes stocks, indices, commodities, and more. AvaTrade users can access leverage of up to 1:400 when trading forex, but specific limits will vary depending on the location and account type.

AvaTrade is also considered one of the best options brokers in the market, with its own specialist platform for desktop devices. Its options department offers access to dozens of FX pairs alongside a fully-fledged demo account. Finally, this popular broker is regulated in nine different jurisdictions, so has an excellent reputation with forex traders.

What We Like

Trading CFDs and FX Options entail risk and could result in the loss of your capital.

6. Skilling – Trade 73 FX Pairs With Spreads Starting at Just 0.7 Pips

Skilling is a low-cost forex broker that also supports other CFD assets, including stocks, cryptocurrencies, indices, and commodities. When opening a standard account at Skilling, there are no commissions to pay and spreads start from just 0.7 pips. Moreover, micro-lot trading is supported and leverage of up to 1:500 is available.

The minimum deposit at Skilling is $100, albeit, no payment needs to be made to access the free demo account facility. This comes preloaded with $10k in virtual trading funds. In addition to its own native trading platform, Skilling also supports MT4. Skilling can also be accessed via the proprietary mobile app for iOS and Android.

What We Like

Trading financial products on margin carries a high degree of risk and is not suitable for all investors.

7. Forex.com – Popular Forex Broker for US Clients and Over 80 Pairs Supported 

Forex.com is one of the best forex demo accounts for US clients. This popular online broker supports more than 80 FX pairs and there are three account types to choose from. The standard account at Forex.com offers spread-only trading. While the commission account has a flat fee on each position, tighter spreads are offered.

Experienced traders will likely prefer the direct market access (DMA) account but do note that this comes with a minimum recommended deposit of $25,000. Before choosing a suitable plan, many traders will opt for the free demo account. This comes with $50k in virtual funds and remains active for 90 days. This is cut short to 30 days when trading via MT4.

What We Like

Forex trading involves significant risk of loss and is not suitable for all investors

8. IG – $10,000 in Demo Trading Funds and Access to the IG Academy 

IG is a UK-based broker with a regulated US subsidiary that offers access to the global forex markets. Traders at IG have access to more than 80 currency pairs at competitive fees. For instance, there are no commissions to pay when entering buy and sell positions, and spreads start from just 0.8 pips.

The IG demo account is free to open and requires no deposit. The broker offers $10,000 in paper trading funds and currency prices mirror live market conditions. This popular broker also offers unfettered access to its IG Academy, which teaches beginners the basics of trading forex. Real-money accounts without a minimum deposit requirement when opting for a bank wire.

What We Like

Forex trading involves significant risk of loss and is not suitable for all investors

9.  FXTM – Spread-Only FX Accounts With $1 Million in Paper Funds   

FXTM offers one of the best forex demo accounts for beginners. Its micro-trading account, for example, requires a minimum deposit of just $10 and there are no commissions charged. Spreads do, however, start at 1.5 pips. The advantage account offers spreads from 0.0 pips but expect to pay an average commission of between $0.40 and $2 on each trade.

The best way to determine the most suitable plan at FXTM is to begin with a free demo account. This comes with $1 million in paper trading funds and can be used via MT4 and MT5. FXTM supports more than 60 forex pairs and leverage of up to 1:2000 is available, depending on the trader’s status and location.

What We Like

Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital.

10. Oanda – Unlimited Paper Trading Accounts With No FX Commissions

Oanda is the final broker that we will discuss from this list of demo forex trading accounts in 2023. Oanda is a US-friendly forex broker that supports over 70+ currency pairs and two core account types. Casual traders typically opt for the standard account, which comes with commission-free pricing.

Oanda offers its own native trading platform that covers a full suite of technical indicators and chart drawing tools. There is also support for third-party platforms, including MT4 and TradingView. The demo account at Oanda is free to open and comes with unlimited usage. $100k in paper funds comes preloaded and this can be replenished at any time.

What We Like

Trading FX on margin is high risk and not suitable for everyone. Losses can exceed investment.

How do Forex Demo Accounts Work?

Free Forex demo accounts are offered by online brokers as a means for new customers to try out their trading platforms. In the vast majority of cases, there is no requirement to make a deposit to access the demo account. Traders will, however, be required to register with the broker, which usually requires some basic personal information (but no payment details).

The demo account will come preloaded with paper trading funds, which can range from $10k to an unlimited balance. Either way, the most important consideration to make when selecting the best forex demo account is whether or not it mirrors live market conditions. This is the only way to get a true reflection of the broader forex markets.

It is also important to assess whether there is a time limit on the paper trade forex account. For example, there is no time limit when using the eToro virtual portfolio but at XTB, the demo account will expire after 30 days. Ultimately, demo accounts are suitable for both beginners and experienced forex traders, as they offer an unrivaled way to test new strategies.

How to Pick the Best Forex Demo Account

Demo accounts are offered by many online forex brokers, so it makes sense to do some homework before choosing a provider.

The most effective way of choosing the best forex demo account is by considering the following metrics:

Access Requirements

First and foremost, the best forex demo accounts will never require the user to make a deposit, let alone add a payment method. As noted above, there will be a requirement to register some basic personal details – but this should be all.

Preloaded Balance

Most forex demo accounts come with a preloaded balance. In many ways, it doesn’t matter how much paper trading funds are offered, as the idea is to use the demo account to practice strategies.

In other words, a beginner likely won’t need to have access to a six-figure balance, considering that they likely will only be trading with a small amount of money when switching to a real account.

With that being said, it is wise to check whether the broker will replenish the paper trading balance in the event it is wiped out. This will ensure that the beginner can continue to learn how to trade forex in a risk-free environment.

Time Limitations

Time limitations are a much more important metric to assess when choosing the best forex demo account. This relates to the number of days that the demo account can be used before access is restricted.

Many of the forex brokers that we discussed earlier offer limitless access. For example, at eToro, traders can switch between ‘virtual’ and ‘real’ modes at any time.

Real-Time Forex Market Data

Another crucial consideration to make when selecting a forex demo account is whether or not it mirrors live market conditions. This metric should be non-negotiable.

Otherwise, the demo account will offer varying results from the actual forex market. Moreover, there should be no time delay when viewing market data in demo mode.

Supported Pairs

The next step to take when selecting the best forex demo account is the number and types of currency pairs supported. After all, it will be a pointless experience opening a demo account only to find that the broker does not support a particular pair.

The likes of eToro and XTB support dozens of majors, minors, and exotics – all of which can be traded via its free demo account.

Trading Platforms

It is also important to select an appropriate trading platform when choosing a suitable demo account provider. Many online brokers have their own proprietary trading platform that can be accessed via web browsers and even a mobile app.

With that said, some platforms are aimed at advanced traders while others at complete beginners. eToro is perhaps the best forex demo account for novice and intermediate traders, while XTB is more suited for seasoned pros.

The good news is that this is one of the primary benefits of starting off with a demo account facility. It enables the trader to take the respective platform for a full 360-degree test drive before depositing and risking any money.

If a trading platform isn’t suitable, the trader can simply open a demo account with another provider.

We should also note that some forex brokers offer support for third-party platforms, such as MT4 and MT5. In some cases, the demo account can only be used on the broker’s proprietary platform, so do check this before proceeding.

Trading Tools

The forex market is a fast-paced trading arena. Therefore, when selecting the best forex demo account, make sure that the respective broker offers plenty of trading tools.

This should focus on the likes of:

• Real-time pricing charts
• Charting drawing tools
• Technical and economic indicators
• Order book information
• Custom order types
• Watchlists and notifications

In addition to the above, it is also worth exploring whether the broker supports passive trading tools. One of the best options in this regard is eToro, which offers a copy trading service. This enables traders to replicate the forex positions of a seasoned pro.

Automated Trading

Demo accounts offer one of the best ways to review the performance of a forex expert advisor (EA) The most common way of doing this is to open a demo account with a broker that supports MT4.

Then it’s just a case of logging into MT4 with the demo account details and deploying the EA in a risk-free manner. After a few weeks of trading, an assessment of the EA can then be made.

Real Money Trading Fees

The overarching purpose of using a demo account is to practice forex trading with paper funds. As such, it makes sense to choose a broker that offers competitive fees and a wide range of trading tools.

This is yet another reason why we rank eToro as the overall best forex demo account provider, as currencies can be traded on a spread-only basis. We also like eToro for its small minimum deposit requirement of $10.

How to Use a Forex Demo Account

Wondering how to paper trade forex today? To get started with the free eToro demo account in under five minutes, simply follow the step-by-step walkthrough below:

Step 1: Open a Demo Forex Trading With eToro

As is the case with all forex demo accounts, the first step is to register some basic personal information.

After clicking on the ‘Sign Up’ button from the home page, eToro will ask for a full name, home address, cell phone number, and email.

Follow the on-screen instructions to complete the registration process.

Step 2: Switch to Virtual Portfolio

Towards the bottom left-hand side of the dashboard, click on the ‘Switch to Virtual’ button. A pop-up box will then appear – click on ‘Switch to Virtual Portfolio’ to proceed.

This will then switch the account from ‘real’ to ‘demo’ mode. The account balance will now display $100k in virtual funds.

Step 3: Search for Forex Pair

Type in the forex pair to trade. For example, in the image below, we are searching for EURJPY, meaning that we wish to trade the price of euros against the Japanese yen.

Click on ‘Trade’ to be taken to the trading page for the respective pair.

Step 4: Place Demo Forex Trade

The order placing process at eToro is very simple. First, choose from a buy or sell order and then type in the required stake. In our example below, we are going long on EUR/JPY.

If required, choose a leverage multiple. Limit, stop-loss, and take-profit orders can also be set up.

Click on ‘Open Trade’ to place the order. Any profits and losses will be reflected in the demo account but do remember that this is based on virtual, and not real money.

Step 5: Deposit Funds and Switch to Real Mode

There are no time limitations in place when using the eToro forex account, so beginners are advised to spend as long as they need to perfect their chosen strategy.

When the time comes to begin trading with real money, click on the ‘Deposit’ button and choose from a debit/credit card, e-wallet, or bank transfer.

The minimum deposit at eToro is $10 and no fees are charged on USD payments (non-USD payments are charged 0.5%).

And then finally, click on the ‘Switch to Real’ button to begin trading with real capital.

Conclusion

Demo accounts appeal to both beginners and experienced traders alike, considering that they enable forex trading strategies to be perfected in a risk-free way.

We have reviewed the best forex demo accounts in 2023 and found that eToro is the top brokerage to consider. It takes just minutes to get set up and after registration, users have access to $100k in paper trading funds.

There are no time limits on the demo account and eToro supports nearly 50 FX pairs in total. When switching to a real money account, the minimum deposit is just $10 and forex can be traded on a spread-only basis. So follow the link below to start practicing with eToro – the best forex demo account in 2023.

Your capital is at risk. 81% of retail investor accounts lose money when trading CFDs with this provider.

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