Compare the 6 best forex demo accounts in 2024

Demo accounts allow you to practice forex trading without risking any money. Our guide selects the best forex demo accounts.
By:  & 
Updated: Mar 6, 2024
Listen

Trade your favourite markets with our top-rated broker, Plus500.

4.5/5

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Visit site

There are plenty of forex brokers that will happily take your business. But not all trading platforms are created equal. Using a practice account will enable you to make a more informed decision when choosing one.

Our forex trading experts have rated and reviewed the best forex brokers with demo accounts and you can find out which ones scored highest right here. Each platform listed on this page has been tested by our team and rated on various data points and criteria to give our final ratings.

Best fx demo accounts overall for 2024

Copy link to section
  1. Plus500: Best for international CFD trading*
  2. eToro: Best for beginners, copy-trading & demo-account

What are the best forex demo accounts?

Copy link to section

The best forex demo account, according to our expert rankings, is Plus500 . Below are three more demo accounts that scored the highest for their ease of use, flexibility, and how well they match up to a real trading experience.

Sort by:

1
Min. Deposit
$ 100
Best offer
User Score
10
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2
Min. Deposit
$ 10
Best offer
User Score
9.9
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

3
Min. Deposit
$ 0
Best offer
User Score
9.0
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Credit Card, Debit Card
Full Regulations:

Top 6 forex demo accounts, reviewed

Copy link to section

1. Plus500. Best for international CFD trading*

Copy link to section

From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. eToro. Best for beginners, copy-trading & demo-account

Copy link to section

0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Visit eToro eToro Review

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

What is a forex demo account?

Copy link to section

Forex trading demo accounts are trading simulators or practice accounts that mimic real accounts, except that they are funded with fake money. It’s a great way to get a feel for how a platform works. Plus, if you’re new to investing, a demo account enables you to get used to the speed and intricacy of forex trading without incurring any actual risk.

How do you use a demo account?

Copy link to section

The point of a demo account is to try out all the features that a trading platform has to offer, without actually risking any money in the process. Just sign up as you normally would, trade as you normally would, then, if you’re happy after your test-drive, you may decide that you’re ready to fund a real account, using real money.

This is the best time to find the best forex demo trading accounts for you and start practising higher leverage trading. If you’re going to make a mistake, make it with fake money!

What is a contract for difference?

Copy link to section

Contracts for difference (CFDs) are investment derivatives that let you speculate on the price movement of investment assets, such as pairs of foreign currencies. You’re betting on how those currencies will move about each other, but you don’t actually own the currencies you’re trading. 

Even though you’re not putting real money on the line when using a demo account, getting to know the ins and outs of CFD trading will help you when it’s time to dive into the real thing.

What should I look for in a forex demo account?

Copy link to section

Find a regulated platform

Copy link to section

Obviously, with demo trading, there’s no risk of you losing your capital. Still, you’ll want to make sure that the platform on which the demo account lives is compliant with all the relevant regulatory bodies. 

That way, if you decide you like the way the platform works in demo mode, you can start trading with real money, safe in the knowledge that your platform of choice is fully regulated. In the UK, the Financial Conduct Authority regulates forex trading. Here is the regulatory status of some of the top forex demo accounts:

Region Plus500 regulators eToro regulators Revolut regulators
Africa FSA
Asia
Australasia ASIC, FMA ASIC
Europe FCA, CySEC FCA, CySEC
International
North America FinCEN
South America
View more > Plus500 > eToro > Revolut >

Find a realistic platform

Copy link to section

A good demo account should replicate a real-money account in as many ways as possible. We discuss some of the differences that are likely to arise in the FAQ section below. The fewer the discrepancies between a demo account and the real thing, the better prepared you’ll be to make trades with real money.

Variety of payment methods

Copy link to section

Again, treat your time trading in a demo account as an opportunity to scrutinise everything the platform has to offer. Pick a CFD platform that allows you to deposit and withdraw funds in a way that works for you, be that PayPal or credit or debit card.

Suitable deposit and withdrawal limits

Copy link to section

Exercising a sensible degree of caution is never a bad idea if you’re new to forex trading – which is why forex trading demo accounts make so much sense. If you’re a novice you may also want to put in a smaller deposit when making your first forex trades. Choose a CFD platform that suits your needs when it comes to deposit (and withdrawal) limits.

Good reputation

Copy link to section

Many CFD trading platforms have a long enough track record to rack up a healthy number of user reviews. These user reviews are a great way to gauge the quality of a platform’s reputation. Gauging the tone of media coverage and looking up the number of impactful awards won by that platform can also be instructive.

Support type Plus500 customer support eToro customer support Revolut customer support
Help Centre/FAQs Yes Yes
Email Yes Yes
Live chat Yes Yes
WhatsApp Yes Platinum, Platinum+, and Diamond members only
Telephone No No
View more > Plus500 > eToro > Revolut >

Educational tools and features

Copy link to section

If you’re a beginner just testing the waters, then finding a forex demo account that also offers a good selection of educational content is an ideal place to start. Some brokers are better than others when it comes to education, so take the time to look around and find one that will help you learn while you practice.

Educational resource Plus500 resources eToro resources Revolut resources
Demo/virtual account Yes Yes
Video tutorials/webinars Yes Yes
Walkthrough guides Yes Yes
Copy trading No Yes
Trading academy Yes Yes
View more > Plus500 > eToro > Revolut >

Design and ease of use 

Copy link to section

One of the biggest benefits of trading with a demo account is that you get to figure out how easy a platform is to use before pouring in your hard-earned money. With so much competition out there, you shouldn’t have to settle for a poorly designed, hard-to-use service.

Variety of currency pairs

Copy link to section

Seven currency pairs dominate forex exchanges, with the British Pound, US Dollar, and Euro among the most popular fiat currencies traded. Of course there are many more currencies around the world, about 180 all told.

If you’re looking for more variety when you’re ready to progress beyond demo trading, look for a broker that allows a wider range of trades. Here are some of the top FX pairs available on the best demo accounts forex:

Currency pair Currency pair Currency pair
EUR/USD EUR/GBP EUR/AUD
EUR/CAD EUR/CHF GBP/USD
AUD/USD NZD/USD USD/CAD
USD/CHF USD/JPY AUD/CAD
AUD/CHF AUD/JPY AUD/NZD
CAD/CHF CAD/JPY CHF/JPY
EUR/JPY GBP/AUD GBP/CAD
GBP/CHF GBP/JPY GBP/NZD
NZD/CAD NZD/CHF NZD/JPY
USD/SGD AUD/SGD EUR/SDG
GBP/SGD CHF/DKK CHF/HUF
CHF/NOK CHF/SEK EUR/CZK
EUR/DKK EUR/HUF EUR/MXN
EUR/NOK EUR/PLN EUR/SEK
EUR/ZAR GBP/DKK GBP/NOK
GBP/SEK GBP/THB GBP/ZAR
USD/CZK USD/DKK USD/HKD
USD/NOK USD/PLN USD/RON
USD/SEK USD/ZAR SGD/JPY
DKK/NOK SEK/NOK
View more > Plus500 >

Note that all listed instruments on Plus500 are available to trade as CFDs.

Many of the best online forex brokers with demo accounts also offer access to a variety of other markets like stocks and crypto. Here’s a closer look:

Product Plus500 assets eToro assets Revolut assets
Stock CFDs 1,800+ 3117
ETF CFDs 100+ 317
Forex CFDs 50+ 49
Crypto CFDs 40+ 73
Index CFDs 20+ 20
Commodity CFDs 20+ 26
View more > Plus500 > eToro > Revolut >

Note that all listed instruments on Plus500 are available to trade as CFDs.

Why should you use a forex trading demo account?

Copy link to section

There are lots of reasons why you should use a forex trading demo platform. If you’re a beginner, a demo FX account is the perfect place to practice your skills. If you’re an experienced trader, then a demo trading forex account can help you test new strategies in a risk free environment. Here’s a few more reasons: 

  • Learn how to trade forex. A demo account for forex trading allows you to practice and learn how to navigate the trading platform, place orders, and manage positions without risking real capital. This is especially beneficial for beginners who are new to trading forex.
  • Backtesting a new strategy. Demo accounts for forex and CFD trading provide virtual funds and a simulated market environment, enabling you to test trading strategies and assess their effectiveness before implementing them in a live account.
  • Practice with new indicators. Many forex brokers offer demo trading accounts with a wide range of technical indicators and analysis tools. This allows you to practice trading with new indicators and familiarise yourself with their functionalities before applying them to your live trading.
  • Testing forex signals and forex robots. If you plan to use automated trading strategies from the best forex EAs or forex signals, a demo account with forex brokers is an ideal way to test their performance and compatibility with MT4 and MT5 platforms without risking real capital.
  • Trialling a new forex broker. Before committing to a live account with a new broker, you can use their demo trading account to evaluate the trading platform, execution speeds, and overall trading experience. This helps you determine if the broker meets your requirements before engaging in live trading forex.

Methodology: how we choose the best forex demo accounts

Copy link to section

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 63 forex trading platforms to provide our users with clear, accessible guidance on the demo investing options available. All testing is carried out by our panel of forex experts, analysts, and active traders who sign up to each broker, conduct research, and score each service.

Our tests are designed to find foreign exchange platforms that offer a beginner-friendly, secure demo trading experience at a fair price. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each forex broker is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual brokers to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process.

FAQs

Copy link to section
What information do you need to provide to open a demo account?
Other than not using real money, are there other ways demo accounts differ from brokerage accounts that use real money?
How do practice accounts treat price spreads?
What are some of the bigger risks associated with demo accounts?
Can a demo account replicate the emotions that come with real trading?
What’s a good habit to build while demo trading?
What’s another lesson to learn while demo trading, before you move onto the real deal?
What’s a good way to transition from demo accounts to the real deal?


Sources & references
Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.