Best Demo Accounts in Uganda for 2025

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.

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 off 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 (eToro) 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.