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Alison Heyerdahl
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Alison Heyerdahl
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Alison Heyerdahl
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Chris Cammack
Partner Manager and Financial Writer

Chris manages the relationships with our partners to provide the best Forex trading experience possible for our users. Chris has 15+ years of research, and editorial and design experience for political and financial publications. His background has given him a deep understanding of international financial markets and the geopolitics that affect them.

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Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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FxScouts helps traders across the globe by meticulously testing and reviewing online brokers and providing Forex education and market analysis. Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, they cannot pay to alter our recommendations, advice, ratings, or any other content. Our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. For more detailed information click this link.

Best Demo Accounts in Uganda for 2025

Edited by
Author
Alison Heyerdahl
Edited by
Alison Heyerdahl
Head of Content
Learn more about Alison Heyerdahl
Chris Cammack
Author
Chris Cammack
Partner Manager and Financial Writer

Chris manages the relationships with our partners to provide the best Forex trading experience possible for our users. Chris has 15+ years of research, and editorial and design experience for political and financial publications. His background has given him a deep understanding of international financial markets and the geopolitics that affect them.

Learn more about Chris Cammack

Demo accounts are the best way for beginner traders to learn to trade Forex without risking their money. They are also necessary for testing new strategies in a risk-free environment. In this guide, we explain why it’s important to use a demo account, tips to get the most from your demo account, and common mistakes to avoid.

The brokers below not only offer demo accounts that closely mirror a live trading environment but are also well-regulated entities that provide excellent educational resources and maintain low trading costs on their entry-level accounts.

Trusted. Transparent. Tested.

For over a decade, we’ve set the standard in forex broker reviews—collecting thousands of data points yearly to deliver unbiased, expert-backed insights.

Skip the trial and error! Below, you’ll find the best forex brokers for Ugandan traders for 2025—thoroughly tested, verified, and ranked, so you can trade with confidence.

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Best Demo Accounts in Uganda for 2025

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Official Site
Unlimited Demo
Support Hours
Platforms
Regulated
Website Language: English
Support Language: English
Compare
Visit Broker
72.90% of retail CFD accounts lose money
Yes
24/5
USD 0
MT4, MT5, HFM Trading App
FCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services Commission
The Seychelles Financial Services AuthorityCapital Markets Authority
Yes
Yes
Visit Broker
75.3% of retail CFD accounts lose money
No
24/7
USD 0
MT4, MT5, cTrader, TradingView, Pepperstone Platform
FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services Authority
Bundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
Yes
Yes
Visit Broker
76% of retail CFD accounts lose money
No
24/5
USD 100
MT4, MT5, Avatrade Social, AvaOptions
ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Agency
Central Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority
Yes
Yes
Visit Broker
71.67% of retail CFD accounts lose money
No
24/7
USD 3
MT4, MT5, Exness Terminal
FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services Commission
Financial Services CommissionJordan Securities Commission
Yes
Yes
Visit Broker
70% of retail CFD accounts lose money
Yes
24/5
USD 0
MT4, L2 Dealer, ProRealTime
FCA Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services Agency
Commodity Futures Trading AssociationFinancial Markets Authority of New ZealandBundesanstalt für FinanzdienstleistungsaufsichtBermuda Monetary Authority
Yes
Yes
Visit Broker
75.18% of retail CFD accounts lose money
No
24/5
USD 5
MT4, MT5
CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services Commission
Yes
Yes
Visit Broker
70.81% of retail CFD accounts lose money
No
24/7
USD 200
MT4, MT5, cTrader, TradingView
CySEC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasCapital Markets Authority
Yes
Yes
Visit Broker
69.21% of retail CFD accounts lose money
Yes
24/7
USD 5
MT4, MT5, FBS App
ASIC Regulated Forex BrokersInternational Financial Services Commission
Yes
Yes
Visit Broker
77.41% of retail CFD accounts lose money
Yes
24/5
USD 10
MT4, MT5, NAGA Web App
CySEC Regulated BrokersThe Seychelles Financial Services AuthorityFinancial Regulatory Services Authority
Yes
Yes
Visit Broker
81% of retail CFD accounts lose money
No
24/7
USD 10
MT4, MT5
FCA Regulated BrokersFSCA Regulated Forex BrokersFinancial Services CommissionCapital Markets Authority
Yes
Yes
HFM
4.4
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
Yes
Support Hours
24/5
Min. Deposit
USD 0
Platforms
MT4, MT5, HFM Trading App
Regulated
regulatorregulatorregulatorregulator
regulatorregulator
Website Language: English
Yes
Support Language: English
Yes
Pepperstone
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
No
Support Hours
24/7
Min. Deposit
USD 0
Platforms
cTrader, MT4, MT5, Pepperstone Platform, TradingView
Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Website Language: English
Yes
Support Language: English
Yes
AvaTrade
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
No
Support Hours
24/5
Min. Deposit
USD 100
Platforms
AvaOptions, Avatrade Social, MT4, MT5
Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Website Language: English
Yes
Support Language: English
Yes
Exness
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
No
Support Hours
24/7
Min. Deposit
USD 3
Platforms
MT4, MT5, Exness Terminal
Regulated
regulatorregulatorregulatorregulator
regulatorregulator
Website Language: English
Yes
Support Language: English
Yes
IG
4.7
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
Yes
Support Hours
24/5
Min. Deposit
USD 0
Platforms
MT4, L2 Dealer, ProRealTime
Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulatorregulatorregulatorregulatorregulator
Website Language: English
Yes
Support Language: English
Yes
XM
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
No
Support Hours
24/5
Min. Deposit
USD 5
Platforms
MT4, MT5
Regulated
regulatorregulatorregulatorregulator
Website Language: English
Yes
Support Language: English
Yes
IC Markets
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
No
Support Hours
24/7
Min. Deposit
USD 200
Platforms
cTrader, MT4, MT5, TradingView
Regulated
regulatorregulatorregulatorregulator
Website Language: English
Yes
Support Language: English
Yes
FBS
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
Yes
Support Hours
24/7
Min. Deposit
USD 5
Platforms
MT4, MT5, FBS App
Regulated
regulatorregulator
Website Language: English
Yes
Support Language: English
Yes
NAGA
4.1
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
Yes
Support Hours
24/5
Min. Deposit
USD 10
Platforms
MT4, MT5, NAGA Web App
Regulated
regulatorregulatorregulator
Website Language: English
Yes
Support Language: English
Yes
FXTM
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Unlimited Demo
No
Support Hours
24/7
Min. Deposit
USD 10
Platforms
MT4, MT5
Regulated
regulatorregulatorregulatorregulator
Website Language: English
Yes
Support Language: English
Yes
Find Your Ideal Forex Broker

Compare Forex Brokers

  • Find the best broker for your trading needs
  • Compare spreads, fees, and platforms
  • Read in-depth reviews and analysis

How Brokers Are Scored

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score.

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features 
  • Asset Selection: Forex, stocks, and other available instruments
  • Deposit and Withdrawal: Simple and free deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

 

Learn how we set the standard for broker reviews. Explore our in-depth review process here.

HFM

Best For: Beginners, demo account practice, low-cost forex trading

HFM
4.43
72.90% of retail CFD accounts lose money

Min. Spread

0.0 pips

Regulation

CMA, FSA-Seychelles, FSC, DFSA, FSCA, FCA

Min. Deposit

USD 0

Platforms

HFM Trading App, MT5, MT4

Max Leverage

2000:1

Why HFM Stands Out

  • Ultra Beginner Friendly
    HFM scores highest in beginner-friendliness with extensive educational resources and a demo account that doesn’t expire.
  • Zero Minimum Deposit
    Allows traders in Uganda to start live or demo trading with no initial deposit, ideal for first-time users.
  • MT4 & MT5 Access
    HFM supports both major platforms, enabling users to seamlessly shift from demo to live accounts using familiar tools.
  • Regulated Across Africa
    HFM is licensed in South Africa, adding a regional trust layer for Ugandan clients.
  • Local Payment Options
    Accepts African-friendly deposit methods like mobile money and local bank transfers.

Why HFM Falls Short

  • Limited Asset Range on Demo
    Certain instruments like crypto or minor exotic pairs may not be available on demo accounts.
  • Complex Account Structure
    HFM offers multiple account types, which might confuse demo users transitioning to real trading.

HFM | Best For: Beginners, demo account practice, low-cost forex trading

Final Verdict: Is HFM right for you?

Trade if:

  • You're a new trader looking to test risk-free
  • You want African-regulated trust & support

Consider Alternatives:

  • You want a single universal account type
  • You need demo access to all instruments, including crypto
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Pepperstone

Best For: ECN demo trading, algorithmic and automated strategy testing

Pepperstone
4.61
75.3% of retail CFD accounts lose money

Min. Spread

0 pips

Regulation

CMA, BaFin, SCB, DFSA, ASIC, FCA, CySEC

Min. Deposit

USD 0

Platforms

Pepperstone Platform, TradingView, cTrader, MT5, MT4

Max Leverage

30:1

Why Pepperstone Stands Out

  • True ECN Environment
    Pepperstone offers demo accounts that simulate their ultra-tight spread ECN conditions—ideal for scalpers and algo traders.
  • Unlimited MT4/MT5 Testing
    Fully functional demo accounts with access to both MT4 and MT5, perfect for backtesting and strategy development.
  • Deep Liquidity Simulation
    Gives demo users exposure to institutional-grade pricing and execution, useful for preparing for real markets.
  • UK and Australian Regulation
    Strong credibility from FCA and ASIC means traders are testing strategies with a broker held to top-tier standards.

Why Pepperstone Falls Short

  • Demo Expires After 30 Days (Without Login)
    Demo accounts are deleted if inactive for a month, so consistent usage is required.
  • No Crypto CFDs on Demo
    Crypto trading isn’t always available on demo accounts due to provider restrictions.

Pepperstone | Best For: ECN demo trading, algorithmic and automated strategy testing

Final Verdict: Is Pepperstone right for you?

Trade if:

  • You want to test ECN execution with low spreads
  • You’re developing or backtesting automated strategies

Consider Alternatives:

  • You need continuous demo access without login deadlines
  • You’re primarily focused on crypto trading
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

AvaTrade

Best For: Balanced demo trading with strong educational resources

AvaTrade
4.59
76% of retail CFD accounts lose money

Min. Spread

0.9 pips

Regulation

ISA, FRSA, CBI, FSA-Japan, FSCA, ASIC, CySEC

Min. Deposit

USD 100

Platforms

AvaOptions, Avatrade Social, MT5, MT4

Max Leverage

30:1

Why AvaTrade Stands Out

  • High Trust Ratings
    AvaTrade is licensed in multiple jurisdictions including the EU, South Africa, and Japan—an unusually broad regulatory footprint.
  • Educational Integration
    The demo account is linked with an extensive learning platform, including video tutorials and webinars.
  • Demo on WebTrader & AvaTradeGO
    Supports its proprietary platforms alongside MT4/MT5, giving users diverse environments for practice.
  • Fixed Spread Testing
    Traders can try fixed spread trading—useful for those wanting consistent costs in volatile markets.

Why AvaTrade Falls Short

  • No Localized Payment Options
    Ugandan traders may face challenges funding live accounts due to lack of mobile money options.
  • Limited Crypto Access on Demo
    Crypto assets may not be available on all demo setups.

AvaTrade | Best For: Balanced demo trading with strong educational resources

Final Verdict: Is AvaTrade right for you?

Trade if:

  • You want to learn while demo trading with integrated education
  • You value regulatory diversity and trust

Consider Alternatives:

  • You plan to use mobile money for real trading
  • You want full crypto CFD access in demo mode
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

Exness

Best For: High leverage practice and rapid execution environments

Exness
4.32
71.67% of retail CFD accounts lose money

Min. Spread

0.1 pips

Regulation

JSC, CMA, FSA-Seychelles, FSC, B.V.I FSC, FSCA

Min. Deposit

USD 3

Platforms

Exness Terminal, MT5, MT4

Max Leverage

Unlimited:1

Why Exness Stands Out

  • Unlimited Leverage on Demo
    Exness offers demo accounts that reflect their real-account high leverage options—excellent for testing aggressive strategies.
  • Low Deposit Barrier
    Live trading starts from just $3, making the demo-to-live transition easy for Ugandan traders.
  • Wide Instrument Coverage
    Demo traders can test forex, metals, indices, and more, closely mirroring the live trading environment.
  • Supports Crypto Deposits
    Bitcoin and Tether can be tested in demo environments—useful for crypto-curious traders.

Why Exness Falls Short

  • Not FCA Regulated
    Although globally present, Exness lacks UK regulatory oversight, which some users may value.
  • Complex Leverage Adjustments
    Leverage scaling on the demo may not match real account restrictions in Uganda.

Exness | Best For: High leverage practice and rapid execution environments

Final Verdict: Is Exness right for you?

Trade if:

  • You want to test high-leverage forex or crypto strategies
  • You’re seeking fast execution and a seamless test-to-live flow

Consider Alternatives:

  • You require FCA-level regulation
  • You want simple leverage settings without configuration
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4, MT5, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

IG

Best For: Professional-level demo experience and long-term test accounts

IG
4.69
70% of retail CFD accounts lose money

Min. Spread

0.6 pips

Regulation

BMA, CFTC, FINMA, FMA, BaFin, MAS, DFSA, FSA-Japan, FSCA, ASIC, FCA

Min. Deposit

USD 0

Platforms

L2 Dealer, ProRealTime, MT4

Max Leverage

30:1

Why IG Stands Out

  • Longest Running Broker
    With a legacy since 1974, IG brings unmatched stability and institutional reliability.
  • Rich Asset Demo
    Provides demo access to 17,000+ instruments including stocks, indices, forex, and more.
  • Demo Account Never Expires
    Unlike most brokers, IG allows users to retain demo access indefinitely.
  • Highly Realistic Testing
    Offers market-depth tools and real execution simulations not often found in other demo accounts.

Why IG Falls Short

  • Web-Only Platform on Demo
    MT4 isn’t included in IG’s demo offering; users must test via the IG proprietary web platform.
  • Limited Leverage in Demo
    Follows strict UK rules, so demo leverage is capped, potentially limiting strategy testing.

IG | Best For: Professional-level demo experience and long-term test accounts

Final Verdict: Is IG right for you?

Trade if:

  • You want the most realistic, long-term demo trading environment
  • You plan to trade stocks and indices alongside forex

Consider Alternatives:

  • You prefer using MT4 or MT5 for testing
  • You need high-leverage testing capabilities
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
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What is a Forex Trading Demo Account?

Demo accounts are trading accounts that let you trade on live markets with virtual money. You can use them to practice trading any financial instrument, including foreign exchange (Forex). 

Forex brokers offer demo accounts to allow prospective customers to try out their knowledge and practice strategies before committing their hard-earned savings for real. Just as trainee pilots spend many hours on flight simulators learning how to fly a real aeroplane, demo accounts allow would-be forex traders to make all kinds of mistakes – and hopefully learn valuable lessons in the process – in a risk-free environment.

Demo accounts are always free, but some are better than others. Most traders who use a demo account will go on to open a live account with the same broker, but opening a demo account with a broker does not mean that you are tied to them. Demo accounts differ little from broker to broker, but they are a good way of learning how a particular broker operates and deciding if you want to use them.

Why use a demo account?

You can make money trading currencies and other financial instruments, but prospering at any endeavour requires hard work, determination and practice. The harder you work and the more you practice, the more likely you are to succeed. The financial markets are highly complex, and trading in a live environment means you will risk your money against seasoned professionals who have spent years honing their skills and strategies. Moreover, many traders work for large institutions with vast technical and financial resources.

In short, the odds are stacked against you as a beginner. You can win, but only if you make the most of the resources available to you – and the most important of those is the demo account. So, research the market and find out what it takes to be a successful forex trader. Look for simple, profitable trading strategies, learn by heart how to implement them, and then rehearse them repeatedly on a demo account.

Demo accounts are also useful when you have gained some experience in trading. They allow you to test out new strategies without the risk of losing capital.

Do all Forex brokers offer demo accounts?

Most but not all do. Choosing a reputable broker is one of the critical factors determining success in FX trading. There are many issues to consider before you choose a forex broker and the ability to practise on a free demo account is among the key ones. All the brokers we recommend offer this option.

Are Forex demo accounts free?

Yes. Good brokers offer free demo accounts because they want you to deposit money with them and become long-term customers.

How does a demo account work?

Demo accounts work in exactly the same manner as real live accounts using real money. That is why they are so useful. The amount of virtual money you are given varies from broker to broker. Some brokers will offer as little as US$10,000, while others will offer US$100,000 or even US$1,000,000. When you feel almost ready to start trading with a real account, you should use the same amount of money in your demo account as you plan to have in your real account. This will give you a better idea of the limitations and market conditions you will face when trading.

All reputable forex brokers will, of course, offer forex trading, but most traders also want to trade other instruments. If you are interested in trading commodities or stock CFDs, ensure your demo-account broker offers those instruments.

How do you open a Forex trading demo account?

It is very easy to open a demo account. Having decided which broker you wish to use, you simply:

  • Fill in a registration form
  • Receive a demo account number and a trader’s password
  • Download the trading software, often the well-known MT4, MT5 and cTrader platforms.
  • Start trading

You can explore the platform within a few minutes of opening an account and learn how forex trading works. It is much easier to open a demo account than a live account, a process that usually requires traders to send some form of identification document to the broker, fill out an application, and make a deposit.

Here is a video tutorial showing how to open a demo account on XTB, but the process is similar to other brokers.

Tips for using a Forex demo account

You should approach using a demo account like you would if you were using real money. That way, you will get the most out of the experience. Real trading can spark a strong emotional response, and you have to know how this can influence your decision-making. The fear of making losses can cause a trader to execute their trade too early or hold on to a position for too long in hopes of the market reversing. Greed, meanwhile, can drive a trader to make reckless decisions.

Monitor your emotions and make the trading experience more realistic by giving yourself a reward for trading well or withholding something if your trading is poor. Do anything that will make the experience more realistic. That will allow you to learn to control your emotions and stop them from influencing your trading decisions in the live market.

It is also a good idea to practise with the same amount of capital you would deploy if you were trading for real. That will better prepare you for live trading and give you a better understanding of how much money you could realistically make… and how much you could lose.

Learn how to open/close a trade

A Forex trade involves a simultaneous purchase of one currency and the sale of another, the combination of which is commonly referred to as a cross pair. You can open virtual trading positions – using a demo account – for just about any currency pair you wish, use various trading tools and features, and see how the trade would have fared had it been conducted on the live market. 

Imagine you have a demo account, and you have decided to focus on trading the euro against the US dollar. The currency that is used as reference is called the base currency (in this case, the euro), while the currency that is quoted in relation is called the quote currency, the US dollar in this example. Trading platforms generally show one ticker symbol per each currency pair, and the EUR/USD currency pair’s ticker symbol is EUR.USD

Imagine you expect the euro’s value to rise against the dollar; you would then “buy the pair”. If you expected the euro to fall in value against the greenback, you would “sell the pair”. In this case, based on your analysis, you believe it is a good time to buy euros as you anticipate the currency will rise further.

Having clicked in the ticker symbol (using the Meta 4 platform) to get the EUR.USD, you will see a chart showing how the pairs are performing. You press the buy button in the top left-hand corner of the screen to execute a buy order, and a green horizontal line will immediately appear, showing at what price you bought into the market. You also are shown how the trade is performing in terms of profit or loss. Any profit or loss is notional until you close the position, again achieved with the click of a mouse.

The decision whether to buy or sell or even whether to trade at all will be based on the analysis you have already conducted. The two main types of research are fundamental and technical. Fundamental analysis is based on a thorough understanding of the impact of political, economic and social factors on the relative value of a currency and using that knowledge to develop informed trading decisions. Technical analysis involves using historical price movements and patterns to try and predict future price movements.

Exploring the platform

Demo accounts are the perfect way to learn how a trading platform works, allowing you to explore the platform without risking any real money. When using a demo account, these are some factors you want to consider when deciding if the platform is right for you:

  • Is the platform easy to navigate? Can you adjust it to best suit your specific needs?
  • Does the platform work well on the device you favour and using your internet connection?
  • Does it contain all the instruments you will ever need to trade?
  • Do you understand how to conduct research into trades?
  • Can you use the tools for technical analysis, charting, etc., and do they suit your particular needs?
  • Do you understand how to open and close positions, apply stops and limits, and do other trading-related tasks?
  • Do you know how to use the platform to implement a particular trading strategy?
  • Can you easily access information about your previous trades, and is it easy to analyse them to learn how to improve as a trader?
  • Does the news feed work well, and does it contain useful information?
  • Is there a watch list feature? This is a list of financial securities that are monitored for potential future trading opportunities.

Understanding the basics of forex strategies

Forex trading strategies help traders decide when or where to buy or sell a currency pair. They are simply a set of rules that help a trader determine when to enter a trade, how to manage it and when to close it. There are many, many strategies available. Fortunately, a vast amount of information is also available on forex strategies, from books to YouTube videos to the educational information offered on broker platforms.

No single strategy is best, and the type of strategy you decide to employ depends upon many factors, not least your skill and experience. As a beginner, it is best to focus on the most basic and effective strategies. Other variables include how much time you want to devote to trading, which pairs you want to focus on, the size of your positions, whether you are going long or short etc, etc. Moreover, some may work better in certain situations than others. A demo account allows you to practise these strategies repeatedly until you find the ones you are most comfortable with and are ready to use in live trading.

A trading strategy can be very simple or very complex.

Charting and trading tools

Learn how to interpret and utilise charts, from testing technical indicators to identifying patterns on a demo account. You can also learn how to interpret and utilise information from news feeds and market data.

Find out what the customer service is like

Demo accounts are used mainly by beginners, who often need customer support. Almost all brokers offer 24-hour customer support during the working week, but some still offer only office-hours support. If you are still learning how to trade and expect to be trading overnight, ensure that your broker can help you with technical or administrative support during the night.

"Demo accounts are a great way to learn how a trading platform works without the fear of losing money as you get to grips with the basics of trading."

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Frequently Asked Questions about Forex Demo Accounts

Find quick answers to common questions about Forex demo accounts, their benefits, and how to choose the right one for your trading journey.

Are Forex demo accounts free?

Yes. Most brokers offer free demo accounts because they want you to deposit money with them and become long-term customers. That is more likely if you can trade successfully – and the best way of ensuring you will be successful is to learn the ins and outs of their trading platform and how to implement successful strategies.

Can I withdraw the money from my demo account?

No, the money in your demo account is not real and cannot be withdrawn.

How long do demo accounts stay open?

Some demo accounts will expire after a set period of time, usually 30–90 days. The best demo accounts, however, will never expire or will only expire after a period of inactivity. As a general rule, demo accounts should always be kept open. Even experienced traders use demo accounts to test new strategies or try out trading on new assets. If your demo account does expire and you still want to keep it open, it is always worth getting in touch with your broker’s customer service department to ask them to reopen it or extend it.

Are demo accounts as accurate as real trading?

You will be trading the real market only with pretend money so they are accurate. Remember, however, that you can never replicate the real emotions you will experience when trading your own money. So, while useful for practicing different approaches and strategies, traders are likely to behave far less cautiously on demo accounts than on a real, live account.

Why use a Forex demo account?

A demo account allows you to learn all about forex trading without risking your own money. This is vital given that forex markets are highly complex and volatile and subject to seemingly random movements. Diving straight into trading your own money without any or very little experience is a recipe for financial disaster. Using a demo account helps you to build up your knowledge and this may take weeks and even months in a risk-free manner. At the very basic level, it can provide guidance on whether you can actually make money trading Forex, and whether it’s something you like doing. It can also, determine how much time, effort and money you want to devote to trading and influence your choice of strategies etc.

What is the difference between live and demo accounts?

There is no distinction other than the very important one that in a demo account you are trading without risk since no money is involved.

How long should I trade on a platform before depositing real money?

You should stay on the demo account until you completely understand the basics of forex trading and feel comfortable risking your own money. The answer will vary from individual to individual and will depend on your aptitude and how much effort and time you put into trading on the demo account. Never feel that you need to rush into live trading, the more time you spend practicing on a demo account the more likely you are to be successful using real money.

When you start trading for real, begin with a small amount, such as US$250 to US$500; any less limits the number of trades you can make. You need to be prepared to lose some or all of this money. Also, trade cautiously. You don’t want to risk more than 1% to 2% of your capital on each trade. That will allow you to make 50 to 100 trades, by which time you will be well placed to know if you can make a profit trading forex.

Which trading platforms can I use with my demo account?

The type of trading platform you use will depend on which broker you open a demo account with. The most popular trading platforms are MT4, MT5 and cTrader. They can be used with multiple brokers, and all will prepare you for any number of potential markets. You may be unable to trade stocks with some demo accounts, so if you want to switch brokers in the future – or use multiple brokers – and want to trade stocks, be careful which platform you start with.

Many brokers also offer their own speciality trading platforms but these tend to be devised for experienced traders with particular requirements. For example, there are speciality platforms aimed at technical and algorithmic traders (who use computer codes and software to open and close trades according to set rules such as points of price movement in an underlying market), and automated trading.

Some brokers will offer more than one choice of platform. Choosing a broker with a wide platform choice would allow for the trader to try different trading platforms on the demo account.

Can I trade on my mobile?

You can download demo accounts on a laptop, desktop, and portable devices such as iPads and mobile phones. The main thing is to practise as often as you can, wherever you can.

Do demo accounts have customer support?

All brokers will have customer service open on weekdays, but the better brokers extend their customer service into the evenings and weekends. We include the customer service hours in our reviews and some of the tables on this page. Contact methods can vary from poor customer service ticketing systems to direct email addresses and local toll-free phone numbers. Live chat and other messenger services are also available with some brokers, but responsiveness can vary depending on the time of day.

"You should approach using a demo account like you would if you were using real money. That way, you will get the most out of the experience."

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60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

Meet the Experts Behind Our Unbiased Reviews

Chris Cammack

Partner Manager and Financial Writer

Chris Cammack

Chris Cammack is partner manager and senior financial writer at FxScouts, specialising in broker relations and forex market analysis. As the former Head of Content (2019–2024), he set editorial standards for all content published at FxScouts, including broker reviews, broker comparison pages and education.


With over a decade of experience in editorial management and partner relations, Chris builds and maintains our relationships with our partners to provide the best Forex trading experience for our users.


He also co-hosts the “Let’s Talk Forex” podcast with Alison Heyerdahl, where he explores trading strategies, industry news, and macroeconomic trends to help traders navigate the markets with confidence.


Alison Heyerdahl

Head of Content

Alison Heyerdahl
Alison joined the team as a writer in 2021. She is the Head of Content for FxScouts. She has a medical degree with a focus on physiotherapy and a bachelor's in psychology. However, her interest in Forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, "Let's Talk Forex", alongside Chris and has produced over 100 Forex educational videos for the FxScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 120 Forex brokers.

Ida Hermansen

Financial Writer

Ida Hermansen
Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida's passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement. She is continually expanding her knowledge in Forex trading, staying informed about the latest trends and identifying the best trading environments for new traders.

Stefan de Clerk

Financial Writer

Stefan de Clerk
The newest member of our team, Stefan has a degree in Marketing and more than a decade of experience writing quality content in both finance and tech. Stefan's deep fascination with how factors like geopolitical events, big data and market sentiment influence the financial markets drives his passion for Forex trading. He believes that if you want to feel the pulse of the world economy, trade Forex, and if you want to trade Forex, you need well-researched, unbiased and objective information.

                

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