Best Forex Demo Account Apps
Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.com or CedarFX.
Trading forex in a demo account is a great way to start operating in the world’s largest financial market. You only need a demo account with the online broker of your choice to get your feet wet. That involves selecting among the various forex brokers available, which requires some initial research on your part to determine the most suitable brokerage for your experience level and trading requirements.
Why Choose a Demo Account?
Trading in a demo account can really help forex beginners who might otherwise have to learn how to trade forex using real money and the financial risks that come with it. While demo trading lacks the emotional rush involved in risking real funds, it does train you to watch the market. It can also give you a good feel for how exchange rates move without risking any real money.
Virtual trading removes the key psychological element involved in risk-taking that can make or break a trader. Even though it does not accurately assess your trading abilities, it can help you practice. You can also use demo account trading to assess the historical performance of your trade plan and train yourself to use a trading platform.
While you are learning how to trade in foreign currency, you are also learning how to read and interpret market fluctuations. Not only can you see the performance of your trades, but you can compare that performance to the global markets, current events and other factors that influence currency values. While research is key and you should study how successful investors manage their funds, this is a good place to start.
Basically, a forex demo account offers an educational tool for novices to begin trading forex and test their strategies in a real-time trading environment without taking the associated financial risks involved in trading a real money account.
Best Forex Demo Accounts
These days you have a lot of options to choose from among the various online forex brokers to trade currencies through, although traders based in the U.S. have fewer choices as a result of regulatory restrictions.
Below you will find Benzinga’s picks for the top forex and/or contract for difference (CFD) brokers that offer demo accounts in 5 key categories. You will also find details about each broker along with a screenshot of the trading platform you can check out via demo account trading. After deciding on a reputable broker, you can get in touch with them directly to open and start trading in a demo account.
Account Minimum
Pairs Offered
Minimum Trade Size
Spread
Commisions
1. Best Overall: FOREX.com
FOREX.com offers a demo account to prospective clients and ranks as the best forex broker overall. You can practice trading up to 80 currency pairs on FOREX.com’s advanced trading platforms, even if you live in the U.S.
Non-U.S. residents can also use the popular MetaTrader platform that allows you to automate your trading plans and backtest new strategies.
You can check out Benzinga’s FOREX.com Review for more information about this excellent broker.
Account Minimum
Pairs Offered
Minimum Trade Size
Spread
Commisions
Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
2. Best for Social Trading: eToro
eToro specializes in social trading that allows you to follow and copy the trades of expert traders who have an established track record with proven profitability.
eToro also lets you trade more than 2,000 different assets in a demo account, and virtually any trader should find its intuitive forex platforms and apps easy to use, although it does not support the popular MetaTrader platforms.
eToro also has excellent educational resources and it accepts U.S. residents of most states as clients.
Account Minimum
Pairs Offered
Minimum Trade Size
Spread
Commisions
3. Best for Virtual Funding Amount: AvaTrade
If you want a substantial amount of virtual money to practice trading with, then AvaTrade offers an impressive sum of $100,000 to initially fund your demo account.
That makes this broker our top pick from a virtual funding standpoint.
AvaTrade also excels when it comes to the number and variety of trading platforms supported, which include MetaTrader, ZuluTrade and an impressive forex and options trading platform called AvaOptions.
4. Best for Ease of Use: easyMarkets
Beginner forex traders looking for a broker with the easiest-to-use trading platform will find easyMarkets a good choice to open a demo account with. Versions for phone, tablet and desktop devices are all available.
5. One of the Best for Unlimited Demo Time: Plus500
Plus500 is a top CFD provider with over 1,000 assets available for trading in a demo account that includes 70 forex currency pairs, as well as stocks, cryptocurrencies, exchange-traded funds (ETFs), indices and options. The broker does not accept U.S. clients.
Plus500 desktop and mobile trading platforms have an intuitive interface that both novices and experienced traders will find very accessible to use for demo account trading. The broker also offers unlimited time on its demo accounts, which makes them ideal for building a long-term performance track record.
72% 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.
6. Best for Customizable Apps: IG
IG offers a few smart ways to trade forex:
- IG’s web trading platform
- Mobile apps
- MetaTrader 4
- ProRealTime
IG’s clients can trade global currency markets at low spreads. IG, as a leading forex provider, offers and intuitive trading platform and customizable apps.
You can develop your trading knowledge with IG’s free online courses, webinars and seminars as well, called the IG Academy.
You pay a spread on every trade. Here are a few pairs that include IG’s costs and value per pip:
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Markets |
| Market name | Value per pip |
Min spread | Ave spread* | Margin req |
|---|---|---|---|---|
| EUR/USD | $10 | 0.8 | 0.9 | 2% |
| AUD/USD | $10 | 1 | 1.2 | 3% |
| EUR/GBP | £10 | 1 | 1.7 | 5% |
| GBP/USD | $10 | 1 | 1.4 | 5% |
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Group – Product | |||
| Potential Matches | IG Markets | |||
| Potential Matches | IG Markets |
Risk and Reward in Forex Trading
Forex traders make money just like stock traders do by taking positions that rise in value. They also make losses by taking positions that lose in value. When trading positions remain open, any profits or losses stay unrealized, but they are realized when the position is closed out.
Almost all online forex brokers let traders increase the risk they can take and potentially magnify their profits by leveraging. Leverage is generally expressed as a ratio of the size of the position you can control when you place 1 base currency unit on deposit to use as margin. A 200:1 leverage ratio, therefore, means you can control a $200 position by placing just $1 on deposit as margin.
To trade successfully, consider making transactions that meet a certain minimum risk/reward ratio that you find acceptable. For instance, you could risk 100 pips on 1 trade to potentially gain 300 pips if your market view turns out to be correct. This results in an estimated risk/reward ratio of 100:300 or 1:3 on that trade.
No matter what you do, you must be prepared to lose the money you invest. Investors lose money on certain investments, but they also increase profits on other investments. If you are mentally prepared, you will not be shocked if a certain investment doesn’t work out. Plus, mental preparedness allows you to think through all your options instead of viewing the forex market asa get-rich-quick scheme—which it is not.
A demo account gives you a realtime accounting of profits and losses without any risk. Ultimately, it is the best way to learn.
Opening a Demo Account Helps You Choose a Broker
Selecting the right forex broker is one of the most important decisions you will make as a forex trader, so choose wisely. In addition to finding one that fits your trading requirements, you’ll also want a reliable and reputable broker that submits to a strong regulatory agency for oversight.
Opening a demo account with any online broker that you would consider using makes total sense. You can use a demo account to learn how to use the broker’s trading platform, to practice trading and to test out new trading strategies in a real-time trading environment without the risk of actual financial loss.
Start trading with AvaTrade today or try any of the trading platforms risk-free with their 21-day demo account.
Methodology
These top forex brokers all offer demo accounts and were selected for this review for a variety of reasons that depend on the category we felt they excelled in. Essential requirements for each online broker chosen included having responsible regulatory oversight, a decent overall reputation with clients, an extended period in business and a significant amount of currency pairs clients can trade.
Frequently Asked Questions
Are forex demo accounts correct?
Forex demo accounts allow you to practice in most situations but do not reflect all scenarios.
What are good forex demo accounts?
You can look into eToro, AvaTrade and Plus500.
Explore More: BEST MANAGED FOREX ACCOUNTS
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
- Powerful, purpose-built currency trading platforms
- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
