Compare the best demo trading accounts in 2023

By:

James Knight

James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets. His ... read more.

 & 

Prash Raval

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.

Updated: Aug 21, 2023

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A demo account or virtual trading account is a feature where you can trade with ‘fake’ money. It’s a great opportunity to learn the ropes, practice a trading strategy, or test out a trading platform.

Read on to find the 5 best demo trading accounts and find out where you can practice stock trading for free.

Best demo stock trading accounts overall for 2023

What are the best demo trading accounts to practice with?

Our experts rate eToro as the best demo stock trading platform. It offers a realistic trading experience on a large range of assets, with no deposit required.

Here are more top platforms with free demo trading accounts.

Most Popular

1

• Save

Min. Deposit

$ 10

Best offer

User Score

10

Up to $240 bonus!

Deposit with ACA, Wire, Pay with my bank

Invest for dividends and get payout on stocks on Ex-Dividend day

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

2

• Save

Min. Deposit

$ 0

Best offer

User Score

9.9

Get insights from millions of investors, creators, and analysts

Build your portfolio of stocks, ETFs, and crypto–all in one place

No minimum deposit

Start Trading more info

Payment Methods:

Bank Wire, Check, Debit Card, Wire Transfer

Full Regulations:

Cryptocurrency execution and custody services are provided by Apex Crypto LLC (NMLS ID 1828849) through a software licensing agreement between Apex Crypto LLC and Public Crypto LLC. Crypto trading on Public platforms is served by Public Crypto LLC and offered through APEX Crypto. Please ensure that you fully understand the risks involved before trading.

3

Min. Deposit

-

Best offer

User Score

9.4

Scope Markets is a regulated entity, following strictly the segregated accounts principal by offering a wide range of products together with Multi-Platform trading facilities.

Scope Markets offers one of the most comprehensive multimedia trading education libraries for traders all levels.

We commit to full transparency, excellence and continuous innovation.

Start Trading more info

Payment Methods:

Full Regulations:

Top 5 demo trading platforms, reviewed

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

• Save

Visit site

2900

No. assets

$10

Minimum deposit

Stocks

Platform type

Pros & Cons

Great for beginners, simple to set up and get started Zero commission stock trading Popular ‘CopyTrader’ function lets you follow top traders Excellent customer service, with live chat support provided Over 2,000 CFDs available to trade

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 you can trade more than 3,000 stocks, commission free. When you buy stocks on eToro, you’re buying the underlying asset, which means you can earn dividends. Or you can trade fractional shares, which means you can invest in even the most expensive stock from just $10.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the stock market every day, browse the latest analyst opinion about every one of those stocks, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: Stock and ETF trades are commission free. Stock CFDs are charged a 0.15% spread and overnight fees can apply. You can deposit money for free but you have to pay $5 per withdrawal, and there’s a minimum withdrawal of $30. A $10 per month activity fee is charged if you don’t log in for a year.

Visit eToro eToro Review

77% of retail CFD accounts lose money.

2. Public. Best for sharing beginner trading ideas

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Visit site

...

No. assets

...

Minimum deposit

Stocks

Platform type

Pros & Cons

Commission free stock and ETF investing Share and compare your portfolio on a social trading platform Trade crypto, fractional shares, and alternative investments

You can't trade on margin or use leverage No forex, options, funds, metals, or bonds

Overview

We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.

Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.

The fees: There are no fees for investing in stocks during regular trading hours in the US – 9.30am-4pm EST. There is a $2.99 fee for trades outside of regular hours.

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What is a demo trading platform?

It’s a financial stock broker or trading platform that offers a way to practice stock trading with fake money. It does this by allowing you to use a demo or virtual trading account, which let you buy and sell virtual stocks as opposed to the real thing.

Demo trading accounts are also known as paper trading accounts, so you might see them referred to as such. Paper trading is a throwback term, referring to a time before the internet when you would have to write down the trades you wanted to make and track the performance on paper.

How should I choose a demo trading account?

Pick a service that offers you the most realistic trading experience, as that’s the best way to learn. Look for demo stock trading accounts that offer the opportunity to do your own analysis and that give you the chance to review your activity to assess what you profit and loss would have been. These factors should also be considered:

• Realistic trading experience. The point of a stock trading demo account is practice, so look for a platform where the demo account trading experience reflects the real one. That means looking for a demo account where you can use leverage, short stocks, and put in stop-loss or take-profit orders.
• Range of supported assets. You want to be able to practice on the assets that you’re interested in, and get relevant information on how well your strategies work. Before you create a demo trading account for stocks, make sure the platform lets you invest in the companies and countries you’re most interested by.
• Verification and ID required. Almost every real-money account requires some form of verification. Demo accounts can be different, and if you don’t want to go supply personal details and ID just to trade digital money then look for a trading platform that allows you to sign up with just an email address and phone number instead.
• Integrated software. Many traders use specialist software like MetaTrader to make trades and manage their accounts. This is particularly relevant to FX traders and if it applies to you, make sure the day trading demo account integrates with the software so you can practice properly and get to grips with it.
• Charting and analysis tools. Performing technical analysis is an important part of making good trading decisions. You should trade on a demo account just as you would on the real markets in order to get the best out of it, so make sure you are able to do so.
• Fees for real money trading. In an ideal world, you would use a free demo trading account with the same broker as you want to use to trade for real. In that case, look for a service that offers low trading fees and which doesn’t charge too much for deposits and withdrawals.
• Copy or social trading function. Copy or social trading is a form of trading where you follow the moves of other people. Each trader posts their trades, and the reasons behind them, like they would on a social media platform and you can copy the ones you like best. The best copy trading platforms are a good way to learn and it’s normally available to virtual traders as well as real ones

• Time limits. Many brokers offer unlimited free demo accounts for trading to allow you ample practice time. However, some may impose 30, 60 or 90-day limits on their demo accounts. This can be inconvenient if you are not ready to fund a live account before the demo expires. When selecting a broker, check if their best trading app with demo account offers unlimited access or if you must transition to live trading within a set timeframe. Unlimited demos allow you to keep honing your skills until you are fully prepared to trade with real capital.

How does a demo trading platform work?

It simply swaps real financial markets for a simulated version. In that simulated world, you can use virtual money to buy virtual financial assets, whether that is stocks, currencies, cryptocurrencies, or anything else. 

Stock trading demo accounts are normally activated by just flicking a switch in your account settings. The service assigns you a fixed amount of virtual dollars – usually $100,000 or $1,000,000 – and you decide what to do with it.

You may not need to sign up to access the demo version. We found a few brokers that offered us demo stock trading accounts without requiring all the ID verification a full account would require.

How should I choose a demo trading account?

Pick a service that offers you the most realistic trading experience, as that’s the best way to learn. Look for demo stock trading accounts that offer the opportunity to do your own analysis and that give you the chance to review your activity to assess what you profit and loss would have been. These factors should also be considered:

What to consider before moving from a demo account to real money

The leap from virtual funds to real capital carries more risk and responsibility. You’ll need to make sure you are fully prepared before transitioning to live trading. Here are some key points to consider before making the switch. 

• Profitability. Have you demonstrated consistent profitability on your demo for a reasonable period of time, such as 3-6 months? Don’t rush into real trading until you’ve proven your strategy works. You may want to wait longer to ensure your trading system works in various market conditions. 
• Psychology.  Demo trading lacks real financial pressures. Be aware of how emotions like fear and greed may impact your real trading. When trading with simulated funds, it is easy to turn a profit, but real trading is a different game.  Take time to work on the mental aspect.
• Slippage. Demo platforms may not reflect true liquidity. Real price slippage on market orders can be greater, impacting your exits. When you trade a demo account, you will rarely encounter slippage, which can lead to a false assumption that it does occur. When you trade live, slippage can happen so factor this into your strategies.
• Fills.  In live markets, order fills may not be instant. In demo mode, your trade will be filled almost instantly. It’s the same as slippage above; you may assume order fills are irrelevant. Ensure you account for execution delays when planning your risk management.
• Additional Costs. Live trading entails fees like commissions and overnight financing. Account for these costs when determining position sizing and profit targets. Some demo accounts let you access a trading platform for free, but charge for certain services when you’re trading live. 

The goal is to avoid transitioning to live trading prematurely before addressing these key differences. Patience and practising proper habits on a demo can pay off with consistency when you make the switch.

Should I use a demo trading platform to practice trading stocks?

A demo account is a great idea if you’re new to trading or want to test out a new strategy. It’s a way of trading without the risk of losing money, which is always most acute when you first start something new.

Popular trading platforms offer demo accounts that are almost identical to the real thing. You can often even use trading software like MetaTrader to practice for free, and you can learn whether your strategies work best on specific financial assets.

The obvious drawback to a demo platform is that it doesn’t offer any way to make money; your successful paper trades won’t translate into profits. It requires patience to understand your own strengths and weaknesses, as well as to avoid chasing those profits when you start trading for real.

What are the risks of using a stock trading demo account?

One of the biggest risks is that a demo stock trading account can encourage a more aggressive trading style. It’s important to trade as if you did have something to lose, otherwise you might end up making reckless trades when you transition to real money.

Similarly, a hot streak on a trading app with demo account can be a frustrating experience. Beware of trying too hard to recreate that performance on your main demo trading account; if you’ve taken the time to develop a solid strategy then trust it to deliver good results over time. There is a quick summary of other risks and benefits available below.

What are the fees for using a demo trading platform?

There are no fees for using a demo account. Paper trading is free and you normally don’t have to make a deposit first. Simply go to your account settings and switch on the practice trading account, then get started. Click the button below to find the best free demo trading account.

Methodology: How did we choose the best demo trading platforms?

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

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

Our tests are designed to find stock brokerages with free demo account that offer a beginner-friendly, secure investing experience at a fair price. To supplement our practical testing and experience, we research each trading platform 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 stock market demo account 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 brands 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.

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