5 Forex Demo Accounts
The best way to get started with forex trading is by creating a demo account. Here we go through how it works, where you can register and what to think about as a beginner in online trading. Get to know a well-established concept in forex trading, where you begin practicing in order to understand how it works. Learn how easy it is and why many prefer starting with a forex demo account before using real money!
Table of Contents: Overview
What is a demo account?
A demo account is a type of fast-paced, risk-free account offered by trading platforms, which is funded with fictive money, allowing potential customers to trade and experiment just how they want. It is a way to test and get a sense of forex trading or general trading of stocks and commodities with CFDs, before you put in real money. You can compare it to “test driving a car”, all to get an understanding of how an interesting product works before making the final purchase.
Rating: 9.56/10
Minimum deposit: 100 GBP
Description: Trading. Easily. Forex trading with rapid execution. Perfect for British traders.
Risk warning: 63% of retail investor accounts lose money.
How does a demo account work?
“With a demo account, you can trade currencies, commodities or stocks with CFDs. It’s fun and educational to practice – without risking any real money “, explains the founders of ForexTrading.uk.
A demo account is a type of quickly created, risk-free account offered by trading platforms. It is funded with play money and lets potential customers trade and experiment just the way they want. It is a way to test and get a sense of forex trading or general trading of stocks and commodities with CFDs, before you put in real money. You can compare it to “test driving a car” – all to get an understanding of how an interesting product works. Some of our favourites include:
eToro
Are you not so well versed in forex trading and stocks? Then eToro’s “copy trading” might be for you. You can follow any currency professionals and see exactly how they trade on eToro. Then you can buy and sell at the same time as them, at no extra cost. You can see the level of risk and the type of instrument they are investing in before you get started.
Discover more about eToro in our review.
Alternatively, Get started with a demo account at eToro now!
Rating: 9.78/10
Minimum deposit: 50 GBP
Description: Get inspiration from the markets’ best traders for free! Discover the worlds’ best social forex trading site.
Risk warning: 68% of private investors lose money when they trade CFDs with eToro.
Skilling
Sign up for a Skilling demo account in under 15 seconds. We’re not kidding. It’s that fast. Skilling is the most user-friendly site for forex trading, with one of the most transparent quotes and the fastest loading website. Their own trading academy gives 53 lessons, free of charge to all registered users. Their motto is that trading should be easy for everyone and it shows – everything is intuitive and well done. As soon as you feel ready, it is possible to switch from demo account to real trading.
Learn more about Skilling here.
Create a demo account at Skilling now!
Rating: 9.56/10
Minimum deposit: 100 GBP
Description: Trading. Easily. Forex trading with rapid execution. Perfect for British traders.
Risk warning: 63% of retail investor accounts lose money.
IG
IG is the UK’s oldest foreign exchange broker still in existence. IG Group are real veterans in the industry for online trading, but at the same time have one of the best trading platforms and give you the most opportunities. It’s a bit like entering a shopping center: You have everything you could want under one roof at IG and a little more.
Read the review of IG to learn more about how Stuart Barrel started the company in 1974. Today, the market’s largest range is here, with both currency trading through CFDs, ETFs, options and turbo warrants. Sign up for the IG demo account today!
Capital
The international website Capital has a huge range of over 2000 international stocks to trade through CFDs. They also have more commodity CFDs than the competition, with over 30 different pairs to trade, including sugar, cotton, copper, platinum, coffee, silver, gas and gold. The platforms have something called Investmate, helping you with investments, as well as apps for both iOS and Android. They have a very fast platform, which you will already notice with your demo account with them. You also get a lot of training through their online courses and can quickly learn a lot about trading online. Get started and try a demo account with Capital today.
Rating: 9.67/10
Minimum deposit: 250 GBP
Description: 1-click trading with 4079+ instruments.
Risk warning: 75.26% of retail investor accounts lose money when trading with Capital.
AvaTrade
The company that sponsored the winners of the Premier League last year, Manchester United, is also really interesting to try out without risk. You can easily create a test account with AvaTrade and discover a new world of instruments, all in a simple and flexible way. You can test trade in cryptocurrencies, commodities and currencies through AvaTrade’s own platform, or through their MT5 platform which is also popular.
Rating: 9.56/10
Minimum deposit: 50 GBP
Description: Become a winner. Do like Manchester City FC, go with AvaTrade.
Risk warning: 71% of retail investor accounts lose money when trading with Avatrade.
Plus500
Furthermore, some of Europe’s most reputable currency brokers of course also have demo accounts to try trading with. Plus500 is listed in London and the site is available in Swedish. It offers over 2000 (!) Instruments to trade, which is significantly better than the average side for currency trading and online trading. Licensing takes place from Cyprus for the EU, as well as from London for the UK and they are also licensed in Australia and Singapore.
Minimum deposit: 100
Description: Reliable currency trading from a listed company.
Risk warning: 72% of CFD-accounts for non-professional customers loose money.
How long should you run a demo account?
In general, it can be said that a demo account is always a good start in forex trading. Practice until you have found a profitable trading strategy or have learned how it works and you start finding the right currency pairs to trade. Start with just one currency pair, commodity or stock, to become focused and knowledgeable about how a particular instrument moves. Once you become more consistent and start earning play money, you can try with a smaller amount with a real account. Often, niche markets such as the oil trade can be easier to predict movements and trends.
In addition to lack of deposit; are there other differences?
It can actually vary between different brokers, but usually there are minimal differences between live account and demo versions. The most common thing that is missing in a demo account is access to news and courses in real time from the main sources. Often there is only a delay of a few seconds, but it should be noted that live courses are rarely included when you are just testing. Sometimes it is not possible to trade with all currency pairs, or to see graphs of all instruments.
The market’s best demo account for Brits right now
1. Skilling: They are very user-friendly and allows you to get started with a demo account in a flash. They have local UK support, higher transparency than most competitors and countless other benefits. Try Skilling for yourself now!
2. Capital: If you want a little more exotic currency pairs such as Russian rubles, or are looking for the largest range of stock CFDs, Capital with zero commission is probably good for you. Try Capital for yourself now!
2. IG: Has one of the market’s widest range of instruments. Trade CFDs, turbo warrants or options to name a few. Try IG today!
An outsider who was actually better before is AvaTrade. However, they are reliable and worth trying if you have not already done so? Open a demo account at AvaTrade today!
