10 Best Free Forex Demo Account
Before jumping into the $6.6 trillion forex market, it is highly crucial to learn forex trading in the first place. However, a forex demo account is the best way to understand forex trading practically for free. This means a free forex demo account does not put your real money at risk. In addition to that, it is the safest way to find out the best forex broker in the world.
With the demo account, traders get to test each broker before investing the real money. All the top forex trading platforms offer demo trading account for all. So, it will be a good idea to try a broker with a demo account first and then invest if you are satisfied with the trial. Here we have listed the top 10 forex brokers, based on multiple forex broker reviews who provide the demo trading account to check them out.
What is the difference between Forex Demo Account and Real Account?
The main difference is the money on the line. For the demo account, you don’t need to deposit any money to the trader, while the real account requires you to deposit a minimum amount of money to start trading.
On a demo account, the balance is totally virtual, which means you can never withdraw the balance. So, winning or losing the money won’t impact the balance. However, you cannot trade a lifetime in a demo account. Instead, it has an expiry date, such as 30 days or 60 days, etc. On the other hand, losing or gaining on a real account will affect your trading balance. Besides, it doesn’t have any expiry date; if you don’t trace it, the balance will remain in your account. However, some brokers may charge inactivity fees from the traders.
However, the best forex broker should keep all the features in the demo account as the real trading account.
10 Free Forex Trading Accounts
If you set your mind to check out some brokers with their offered demo account, you may start with these 10 brokers we are going to discuss. However, to make this list, we did a complete research-based on unlimited accounts, no registration accounts, free accounts, and more.
FXPro demo account
To use the FXPro demo account, the first step is registering the account. For that, just head to the website and look for the “Try Demo Account” and click on that. After that, select the account type you want and select the preferred forex trading platforms such as MT4, MT5, cTrader, etc.
FXPro demo account signup process will ask for the personal details on the next page, and you are done. Unlike other platforms, the FxPro demo account will let you select your desired funds for your forex demo account. Additionally, you can add more funds (between 500 to 500,000) if you are out of the fund, which will get updated instantly.
IC Markets demo account
IC Markets demo account provides all the features as the real account. However, you will need to register to avail all the features. Registering an IC Markets demo account is like a piece of cake. Some personal information is needed, such as country of residence, first name, last name, phone number, and email address. Additionally, you may also refer to ID if you have any introducing brokers.
When you visit their official website, you will find a button saying ‘try a free demo’ and can hit on that to provide all the info we have mentioned above.
XM demo account
XM demo account requires more detailed info than other free forex demo accounts. You will get to select your own leverage from 16 various leverage options. Besides, the trader will also get the option to choose your own base currency, and there are 11 options. Furthermore, the initial funds can also be selected, which starts from 1000 up to 5,000,000. Besides this information, personal details such as name, country, town, phone numbers, emails are needed.
Another good thing about the XM demo account is that it offers the service in 23 different languages, with English as the base language.
HotForex demo account
HotForex demo account provides actual market conditions based on the real trading environment. However, it might not be like the exact live account, but they try to provide them as close as possible.
Opening a HotForex demo account is different from other forex trading platforms. Everyone has to sign up for the myHF area to open a forex demo account, which gives them unlimited usage with possibilities to check different trading strategies. Besides, they provide up to a $100,000 trading balance. However, the existing client can open the HotForex demo account too by login into the myHF area.
Axi demo account
Axi doesn’t offer a demo account for unlimited days. Instead, they provide the demo account for 30 days with all the benefits of a live account. The Axi demo account supports the fastest possible execution speed with real-time spreads. Moreover, Axi provides 24/5 dedicated account managers for all the free forex demo account holders.
Axi uses the MetaTrader 4 platform for their trading service, which is able to replicate the live forex market environment for the demo account.
However, you need to provide all the necessary info to sign up. Axi demo account offers a $50,000 virtual fund to practice the trading.
A forex demo account is essential even if you decide on live trading. It has been seen that many expert traders usually test their strategies through a demo account before applying it originally. Besides, the free forex demo account lets you measure the authenticity of a broker.
However, a demo account may not get you any real earning, but it is a great practice tool before going live. Therefore, demo accounts are nearly important to grow as a successful forex trader.
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