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75-90% 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.

AuthorAuthor: Chris Cammack
Published: July 17, 2017
EditorEditor: Alison Heyerdahl
Updated: September 11, 2023
Last Updated On September 11, 2023
Chris Cammack

Demo accounts are the best way for beginner traders to learn to trade Forex without risking their money. But demo accounts 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.

These are the best demo trading accounts in Uganda for 2023, according to our testing and our research.

1

AvaTrade

Best App for Demo Trading

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2

Pepperstone

TradingView Demo Account

Visit
3

XM

$100,000 Virtual Balance, MT4 & MT5 and World-class Education

Visit
4

HFM

100,000 USD preloaded Demo Account

Visit
5

FXTM

MT4 & MT5 Demo Accounts and Great Education

Visit
6

FP Markets

Best Demo Account

Visit
7

IG

World's largest Broker

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8

XTB

Great Platform for Beginners, $100,000 Virtual Balance

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Top rated Forex demo accounts

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Broker
Overall Rating
Official Site
Beginner Course
Unlimited Demo
Downloadable Ebook
Beginner Videos
Economic Calendar
Experienced Course
Advanced Videos
Webinars
Min. Deposit
Platforms
Regulated
Support Hours
Compare
AvaTrade
4.49 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 100MT4, MT5, Avatrade Social, AvaOptionsASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services Authority24/5
Pepperstone
4.51 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
USD 0MT4, MT5, cTrader, TradingViewFCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority24/7
XM
4.35 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
USD 5MT4, MT5CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services CommissionFSCA Regulated Forex Brokers24/5
HFM (HotForex)
4.43 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
USD 0MT4, MT5CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services CommissionThe Seychelles Financial Services Authority24/5
FXTM
4.27 /5
Read Review
Visit Broker >
81% of retail CFD accounts lose money
USD 10MT4, MT5CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersFinancial Services CommissionCapital Markets Authority24/7
FP Markets
4.30 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
AUD 100MT4, MT5, cTrader, IRESSASIC Regulated Forex BrokersCySEC Regulated BrokersFSCA Regulated Forex Brokers24/5
IG
4.69 /5
Read Review
Visit Broker >
68% of retail CFD accounts lose money
USD 0MT4, L2 Dealer, ProRealTimeFCA Regulated BrokersASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionen24/5
XTB
4.29 /5
Read Review
Visit Broker >
82% of retail CFD accounts lose money
USD 0xStation5CySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityInternational Financial Services CommissionKomisja Nadzoru Finansowego24/5

How we Reviewed the Best Demo Accounts for 2023

At FXScouts, we have an experienced review team dedicated to evaluating Forex brokers, including their demo trading accounts. Our team of experts meticulously examines each broker, analysing over 200 individual metrics, enabling us to confidently recommend only the top demo accounts in the Forex industry.

We’ve selected the top demo accounts in the industry based on several factors:

  • Regulation: All chosen brokers are regulated by reputable authorities like the FCA in the UK, CySEC in Europe, and ASIC in Australia. Some brokers are regulated in offshore states like Vanuatu, Seychelles, or Mauritius, which may pose risks in live trading. Common risks include higher leverage, no negative balance protection, and difficulties withdrawing funds.
  • Account Size: Forex brokers offer different demo account sizes, from 2,000,000 UGX to 200,000,000 UGX. We advise using the same amount as you would use in a real account for realistic trading limitations understanding.
  • Expiry of Demo Account: Some brokers provide no-expiry demo accounts for practice without time constraints. Most brokers on our list offer these or extendable demo accounts.
  • Financial Instruments: All listed brokers offer Forex trading and other instruments like commodities, stocks, ETFs, or bonds. Demo traders like experimenting with different instruments, so we prefer brokers with a broader range.
  • Trading Platform: Demo accounts are an opportunity to test drive a broker’s trading platform. Our selected brokers offer user-friendly, reliable platforms like MT4, MT5, cTrader, or their own web-based platforms.
  • Customer Service: A broker’s customer service should be responsive and available 24/7 via various channels.
  • Educational Resources: Brokers offering educational resources can help beginners grasp Forex trading effectively.

You can find out more about our in-depth review process here.

These are the top demo accounts in Uganda for 2023, as determined by our review process.


Others Also Visit

Scroll for more detailsPreviousNext
Visit
AvaTrade
4.49 /5
Read Review
Visit
Pepperstone
4.51 /5
Read Review
Visit
Exness
4.12 /5
Read Review
Visit
XM
4.35 /5
Read Review
Visit
HFM (HotForex)
4.43 /5
Read Review
Visit

AvaTrade – Best App for Demo Trading

Overall Rating
4.494.49 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in Ireland in 2006, AvaTrade is an FSCA-regulated broker with a free demo account available on the broker’s webtrader platform, MT4, MT5 and its mobile app, AvaTradeGO. With the demo account on AvaTradeGO, Ugandan traders can trade 1250+ instruments, including Forex, cryptocurrency, stocks, commodities, and indices. Voted the best Forex Trading App 2020, the AvaTradeGO mobile app has a sophisticated dashboard, complete with a set of intuitive management tools, clear zoomable charts, and many more helpful features.

  • The demo account includes a 100,000 USD balance
  • The demo account expires after 21 days but can be extended by contacting customer service.
  • AvaTrade has a library of educational material, tools and analysis to help beginners get started.
  • Customer support is available 24/5.
Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts 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.

Pepperstone – TradingView Demo Account

Overall Rating
4.514.51 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Pepperstone is globally renowned for its high-speed trade execution and beginner-friendly approach, distinguishing it from other ECN brokers. Free demo accounts at Pepperstone allow clients to trade 80+ Forex pairs on the MT4, MT5, and cTrader platforms. TradingView demo accounts are also available, making this an excellent opportunity for traders who are interested in learning the TradingView platform. Pepperstsone’s demo account expires after 30 days unless you have a live account, in which case you can request a non-expiry demo account.

  • Razor Demo Account: Use this demo account to familiarise yourself with how raw spreads and a commission per trade lower trading costs
  • Large Virtual Accounts: Pepperstone demo accounts start with 500,000 USD in virtual funds
  • Education: Pepperstone’s Learn to Trade Forex section helps traders get started with some of the technical concepts,
  • Trading Guides: Trading Guides support traders with everyday issues; how to keep a trading journal, develop a trading plan and manage risk. 
Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts 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.

XM – $100,000 Virtual Balance, MT4 & MT5 and World-class Education

Overall Rating
4.354.35 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Awarded the Global Forex Broker of the Year 2020 in the Global Forex Awards, XM is a market maker offering trading on Forex, stock CFDs, commodities, equities, precious metals and energies. It also has a low-cost stockbroking service. The demo account at XM is funded with a 100,000 USD virtual balance, does not expire after a set time, and is available on both the MT4 and MT5 platforms. XM’s MT5 Demo Account is aimed at traders who want to trade more than just Forex:

  • 1000+ instruments available, including stock CFDs, stock indices, precious metals and commodities
  • The MT5 demo account also features a market depth indicator, hedging, and full EA functionality.
  • For beginner traders, XM Group’s educational content is world-class and is mainly in video form.
  • Educational offering split into three Education Rooms, aimed at traders of differing skill levels – primary, intermediate and advanced.
Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Ugandan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

HFM (HotForex) – 100,000 USD preloaded Demo Account

Overall Rating
4.434.43 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

HFM is an FSCA-regulated STP broker for Ugandan traders interested in trading Forex, cryptocurrencies, commodities, indices, shares, bonds, and ETFs. The HFM demo account never expires and comes with 100,000 USD preloaded on both the MT4 and MT5 trading platforms. Beginners will appreciate the 24/5 customer service and high-quality educational content. Once ready to step up to a live account, new traders are advised to take note of HFM’s low-risk Micro Account, with only a 5 USD minimum deposit and micro-lots unlocked.

  • 5 USD minimum deposit for live accounts
  • Award-winning 24/5 customer service
  • High-quality structured courses and market analysis will benefit beginners and intermediate traders
Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts 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.

FXTM – MT4 & MT5 Demo Accounts and Great Education

Overall Rating
4.274.27 / 5
🏦  Min. DepositUSD 10
🛡️  Regulated By
💵  Trading Cost 
USD 15
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FXTM is a hybrid market maker/ECN broker offering trading on Forex, commodities, metals, stocks, and indices. The free demo account at FXTM allows clients to trade 60 Forex pairs on their choice of MT4 or MT5 trading platforms. The FXTM demo account never expires and is available as an option on all account types, including FXTM’s market execution Advantage and Advantage Plus Accounts.

  • High-quality educational material for new traders. The comprehensive education section includes articles, videos, and webinars.
  • Additional set of videos covering analysis topics and chart reading techniques. Market analysis is updated daily and offering many trading ideas.
  • FXTM Invest: Unique copy trading platform, which allows traders to copy the trades of experienced traders.
Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Ugandan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

FP Markets – Best Demo Account

Overall Rating
4.304.30 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FSCA-regulated FP Markets has a free demo account to trade 70 Forex pairs as well as shares, metals, commodities and indices on MT4, MT5 and recently added cTrader, either on browser, desktop or app (iOS/Android). The account will remain open for as long as you want and will only expire after 90 days of inactivity.

The differences between the demo and live accounts at FP Markets are the execution (the demo account is virtual) and the spreads. The live account relies on ECN pricing, which has multiple sources of liquidity, causing different spreads compared to a demo account. The minimum deposit on the live account is 100 AUD, with spreads on EUR/USD as low as 0.10 pips and commission of 6 USD per lot giving a total trading cost 7 USD per lot.

Besides the demo account, FP Markets provide a Traders Hub as an education and market analysis section. Daily technical and fundamental analysis is available alongside all the educational eBooks, video tutorials, and trading courses available to help beginner traders get going.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts Ugandan Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by the FSCA, CySEC, and ASIC.

IG – World’s largest Broker

Overall Rating
4.694.69 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

The world’s largest broker, IG is a market maker regulated by the FCA, ASIC and the FSCA.

The Demo Account has 10,000 USD preloaded but offers access to all 17,000 instruments available at IG Markets (including all Forex pairs). This demo account is available on both MT4 and the IG Markets’ web trading platform. Both demo accounts are unlimited and provide free access to the IG Academy’s educational content.

With the Award for Best Forex Educators 2018 (UK Forex Awards), IG provides accessible and high-quality educational material for beginner traders. Market analysis is equally superb, and 24-hour customer support is available from IG’ offices in Johannesburg.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts 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.

XTB – Great Platform for Beginners, $100,000 Virtual Balance

Overall Rating
4.294.29 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FSCA-regulated since 2021, XTB offers trading on over 2100 financial assets, including Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. The XTB demo account automatically expires after 30 days, but a new one can be re-opened at any time and there is no limit on the number of demo accounts that can be opened. The XTB demo account gives traders an opportunity to familiarise themselves with XTB’s platform, xStation 5. xStation 5 is an intuitive and award-winning platform that shows sentiment data and offers powerful charting tools, one-click trading, and real-time performance statistics so traders can identify areas for improvement.

  • Demo account pre-loaded with 100,000 USD
  • xStation 5 is available in a web browser, on mobile for iOS and Android, and on desktop for Windows and Mac
  • Market analysis available from inside the trading platform
  • For beginners, the XTB Trading Academy offers clear and concise learning structured like a course.
Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts Ugandan Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, FCA, the DFSA, the FSCA, and the IFSC

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 all manner of financial instruments including foreign exchange (Forex). Any trades you make will behave exactly as they would if you were using real money in a real trading account. This type of trading is also known as “paper trading” since no real money is involved. 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 as a beginner.

Trading platforms offer demo accounts to allow prospective customers to try out their knowledge and practise 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 practice you undertake, the more likely you are to succeed – and it clearly makes sense to practise as much as you can when you are considering risking your money trading forex. This is a highly complex financial market and you will be risking your savings 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 over and over again on a demo account.

Demo accounts are also useful when you have gained some experience in trading, 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. That is more likely if you are able to trade profitably – and the best way to ensure profitability is to make sure your clients learn the ins and outs of their trading platform and how to implement successful strategies.

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 start learning 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 an 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 FXTM, but the process is similar to other brokers.

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.

Financial instruments: 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, make sure that your demo-account broker offers those instruments.

Tips for using a forex demo account

You should approach the use of a demo account in the same way as if you were using real money. That way, you will get the most out of the experience. For example, real trading can spark a strong emotional response and you have to be aware of how this can influence your decision-making. The fear of making losses, for example, 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 that you would deploy if you were trading for real. That will prepare you better for live trading and will give you a better understanding of how much money you could realistically make… and how much you could lose.

  • Research and 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, make use of various trading tools and features into your positions, and see how the trade would have fared had it been in the real 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 were expecting 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 simply 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 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 find out how a trading platform works, allowing you to explore the platform without risking any real money. Try to find the answers to questions such as the following:

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 are ever likely to need to trade?

Do you understand how to conduct research into trades? Are you able to 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 gain get access to information about your previous trades and is it easy to analyse them to learn how to improve as a trader?

Do 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, there is also a vast amount of information 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 over and over again until you find the ones that 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, and beginners 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, make sure that your broker can help you out with technical or administrative support during the night.

FAQs

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 do 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. Here are the FSCA regulated brokers with a wide platform choice. They are ordered by overall score, showing the broker with the highest overall score at the top. 

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Broker
Overall Rating
Min. Deposit
All Platforms
FSP #
All Regulators
Unlimited Demo
Android App
iOS App
Support Hours
Compare
IG
4.69 /5
Read Review
USD 0MT4, L2 Dealer, ProRealTime41393ASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtDubai Financial Services AuthorityCommodity Futures Trading Association 24/5
Markets.com
4.58 /5
Read Review
USD 100MT4, MT5, markets.com46860FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersBritish Virgin Islands Financial Services Commission 24/5
AvaTrade
4.49 /5
Read Review
USD 100MT4, MT5, Avatrade Social, AvaOptions45984ASIC Regulated Forex BrokersCySEC Regulated BrokersCentral Bank of IrelandFinancial Regulatory Services Authority 24/5
Tickmill
4.48 /5
Read Review
USD 100MT4, MT549464CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services Authority 24/5
HFM (HotForex)
4.43 /5
Read Review
USD 0MT4, MT546632CySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityFinancial Services Commission 24/5
Vantage
4.35 /5
Read Review
USD 50MT4, MT5, ProTraderFCA Regulated BrokersFSCA Regulated Forex BrokersASIC Regulated Forex BrokersCayman Islands Monetary Authority 24/7
XM
4.35 /5
Read Review
USD 5MT4, MT549977CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityFSCA Regulated Forex Brokers 24/5
Blackstone Futures
4.30 /5
Read Review
ZAR 1000MT4, Cloud Trade49846FSCA Regulated Forex BrokersASIC Regulated Forex BrokersFCA Regulated BrokersSecurities Commission of the Bahamas 24/5
FP Markets
4.30 /5
Read Review
AUD 100MT4, MT5, cTrader, IRESS50926ASIC Regulated Forex BrokersCySEC Regulated BrokersFSCA Regulated Forex Brokers 24/5
FxPro
4.29 /5
Read Review
USD 100MT4, MT5, cTrader, FxProEdge45052FCA Regulated BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services Authority 24/7
FXTM
4.27 /5
Read Review
USD 10MT4, MT546614CySEC Regulated BrokersFCA Regulated BrokersFinancial Services CommissionCapital Markets Authority 24/7
Octa
4.27 /5
Read Review
USD 25MT4, MT5CySEC Regulated BrokersFSCA Regulated Forex BrokersFinancial Services Authority – St. Vincent & the Grenadines 24/5
HF Markets
4.25 /5
Read Review
USD 100MT4, MT546632CySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityFinancial Services Commission 24/5
FBS
4.23 /5
Read Review
USD 5MT4, MT550885CySEC Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersInternational Financial Services Commission 24/7
Admirals
4.18 /5
Read Review
USD 25MT4, MT5, MT SupremeASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex Brokers Business Hours
FXCM
4.18 /5
Read Review
USD 50MT4, TradeStation46534FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Authority – St. Vincent & the Grenadines 24/5
ThinkMarkets
4.18 /5
Read Review
USD 0MT4, MT5, ThinkTrader49835FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Agency 24/6
Exness
4.12 /5
Read Review
USD 3MT4, MT5, Exness Terminal51024FSCA Regulated Forex BrokersCapital Markets AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services Commission 24/7
INFINOX
4.03 /5
Read Review
GBP 1MT4, MT550506Securities Commission of the BahamasFCA Regulated BrokersFinancial Services CommissionFSCA Regulated Forex Brokers 24/7

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.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. 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, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

Others Also Visit

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Visit
AvaTrade
4.49 /5
Read Review
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Pepperstone
4.51 /5
Read Review
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Exness
4.12 /5
Read Review
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XM
4.35 /5
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HFM (HotForex)
4.43 /5
Read Review
Visit

References

FCA proposes stricter rules for contract for difference products – Press Release – Published: 06/12/2016 – https://www.fca.org.uk/news/press-releases/fca-proposes-stricter-rules-contract-difference-products

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