Author: Eduardo Montero
Which brokers offer demo accounts in 2023?
To learn how to invest in stock markets and to familiarize yourself with online brokers’ trading platforms, you can open a demo account.
Demo accounts allow traders to test the features and functionality of real accounts, but they come pre-loaded in a limited amount of money. They are trading accounts that simulate real life, but have fictitious capital you can use to trade without having to deposit money or risk your money.
We have tested many online brokers and compiled a list of the top ones.
| Broker | Key Features | Offer |
|---|---|---|
 Go to XTB | XTB broker offers a 4-week free demo account. It can be converted to unlimited when you open a real account.Website: https://www.xtb.com/ Regulated by: FCA, CNMV, FSC Min Deposit: 0 € / $ Trading Platforms: WebTrader + iOS App + Android App Type of Execution: Market Maker / STP Available Instruments: Over 2100: Forex, indices, commodities, stocks, ETFs and cryptocurrencies. | Excellent customer support. (*) 77% of retail investors lose money when trading CFDs with this broker. |
 Go to Pepperstone | The Pepperstone demo account can be used for free for 30 days. However, it is unlimited if you request to support team and open a real account.Website: https://pepperstone.com/ Regulated by: FCA, CySEC, ASIC, BaFin, DFSA, SCB, CMA Min Deposit: 200 € / $ Trading Platforms: MetaTrader 4 + MetaTrader 5 + cTrader + Trading View Type of Execution: STP / NDD Available Instruments: More than 1200. Specialised in Forex, also offers CFDs on indices, stocks, commodities, cryptocurrencies, ETFs and currency indices. | Low spreads and ultra-fast execution. (*) Between 74-89 % of retail investor accounts lose money when trading CFDs. |
 Go to XM | XM broker lets you open a demo account for free, choose the balance that interests you, and it's unlimited in time of use.Website: https://www.xm.com/ Regulated by: CySEC, ASIC, FSC Min Deposit: 5 € / $ Trading Platforms: MetaTrader 4 + MetaTrader 5 Type of Execution: Market Maker Available Instruments: More than 1000: Wide range of Forex currency pairs. Also commodities, precious metals, indices and stocks. | $30 no deposit bonus and deposit bonus up to $5,000. (*) Bonuses not available for clients of the XM Group's European or Australian regulated entity. Check conditions on the broker's website. |
 Go to IC Markets | IC Markets offers a demo that allows you to select your initial balance and have unlimited time of use. However, IC Markets will deactivate your demo account if there is no activity for 30 days.Website: https://www.icmarkets.com/ Regulated by: CySEC, ASIC, FSA Min Deposit: 200 € / $ Trading Platforms: MetaTrader 4 + MetaTrader 5 + cTrader Type of Execution: ECN Available Instruments: More than 2250: More than 60 Forex currency pairs. Also offers commodities, indices, stocks, bonds, cryptocurrencies and futures. | |
 Go to Axi | A 30-day free demo trading account is available on Axi online broker.Website: https://www.axi.com/ Regulated by: FCA, ASIC, DFSA, FSA Min Deposit: 0 € / $ Trading Platforms: MetaTrader 4 Type of Execution: STP / ECN Available Instruments: More than 130 instruments: Forex, indices, commodities and cryptocurrencies. | |
 Go to IQ Option | The IQ Option demo accounts are free and unlimited in time of use.Website: https://iqoption.com/ Regulated by: -- Min Deposit: 50 € / $ Trading Platforms: Own Platform + iOS App + Android App Type of Execution: Market Maker Available Instruments: Over 250 CFDs: Forex currencies, stocks, cryptocurrencies, commodities and ETFs. | |
 Go to FP Markets | FP Markets offers a demo account for free with no time limit. However, if you are inactive for more 30 days, your account will be deleted.Website: https://www.fpmarkets.com/ Regulated by: CySEC, ASIC Min Deposit: 100 € / $ Trading Platforms: MetaTrader 4 + MetaTrader 5 + IRESS + cTrader Type of Execution: ECN Available Instruments: More than 10,000 tradable instruments: Forex, CFDs, indices, stocks, commodities, metals, cryptocurrencies and bonds. | |
 Go to RoboForex | RoboForex provides a demo account to trade in simulation mode. It is completely unlimited and free.Website: https://roboforex.com/ Regulated by: FSC Min Deposit: 100 € / $ Trading Platforms: WebTrader + MetaTrader 4 + MetaTrader 5 + cTrader + iOS App + Android App Type of Execution: STP / ECN Available Instruments: Over 12,000: Forex, stock indices, ETFs, commodities, cryptocurrencies and stocks (over 8400 in R Stocks Trader account). | First and subsequent deposit bonus up to $50,000. (*) Bonus not available for European clients. Check conditions on the broker's website. |
 Go to Exness | Exness demo accounts are free and can be used for as long or as you like. The MT4 demo account expires after 180 day of inactivity, while the MT5 demo expires following 21 days.Website: https://www.exness.com/ Regulated by: FCA, CySEC, FSC, FSCA, FSCA, FSC, SDL, CBCS Min Deposit: 0 € / $ Trading Platforms: MetaTrader 4 + MetaTrader 5 Type of Execution: Market Maker / ECN Available Instruments: Over 250 instruments including more than 100 Forex pairs, commodities, energies, stocks, indices and cryptocurrencies. | |
 Go to FBS | FBS broker provides a demo account to trade in simulation mode. It is completely free and unlimited in duration.Website: https://www.fbs.com/ Regulated by: CySEC, FSC Min Deposit: 1 € / $ Trading Platforms: MetaTrader 4 + MetaTrader 5 + iOS App + Android App Type of Execution: STP / ECN Available Instruments: Over 650 assets: Forex currencies, cryptocurrencies, precious metals, energies and equities. | 100% deposit bonus doubling your deposit. (*) Bonuses are not available for European clients. See conditions on the FBS broker's website. |
 Go to AvaTrade | The AvaTrade demo account costs nothing and is valid for 21 days. You can extend this period by contacting customer service.Website: https://www.avatrade.com Regulated by: Central Bank of Ireland, ASIC, BVI, FSA, FSCA Min Deposit: 0 € / $ Trading Platforms: WebTrader + MetaTrader 4 + MetaTrader 5 + iOS App + Android App Type of Execution: Market Maker Available Instruments: More than 200. Major, minor and exotic Forex pairs, cryptocurrencies and CFDs on indices, commodities and stocks. | |
 Go to Plus500 | Plus500 offers a free demo account that you can open in a matter of seconds. It's completely free and unlimited.Website: https://www.plus500.com/ Regulated by: FCA, CySEC, ASIC, FSA, DFSA, FSCA Min Deposit: 100 € / $ Trading Platforms: WebTrader + iOS App + Android App Type of Execution: Market Maker Available Instruments: Over 2,000 CFDs: indices, currencies, commodities, cryptocurrencies, stocks, options and ETFs. | Free demo account with no time limit. (*) CFD Service. Your capital is at risk. |
 Go to eToro | eToro provides a free demo account that allows unlimited time of use.Website: https://www.etoro.com/ Regulated by: FCA, CySEC, ASIC Min Deposit: 200 € / $ Trading Platforms: WebTrader + iOS App + Android App Type of Execution: Market Maker Available Instruments: Over 3500: Large number of stocks (over 3100) and cryptocurrencies (over 75). Also commodities, currencies, indices and ETFs. | World leader in social trading. (*) Warning: 77% of retail CFD accounts lose money. |
 Go to OANDA | OANDA is an online broker that offers a demo account for free with no time limit.Website: https://www.oanda.com/ Regulated by: FCA, ASIC, NFA, BVI FSC, IIROC Min Deposit: 0 € / $ Trading Platforms: MetaTrader 4 + MetaTrader 5 Type of Execution: Non Dealing Desk Available Instruments: More than 120: Forex, indices, metals, stocks, commodities and cryptocurrencies. |
We could summarize the benefits of investing in a demo account as follows:
- This allows you to get familiar with the trading platform, so you can use it as your main tool in this profession.
- You can gain valuable experience in the financial market before you risk your money if you’re a beginner trader.
- To prove the soundness of your trading strategies, you will be able to test them.
- The conditions of your broker will be available for you to practice.
Many of the best Forex brokers and the best CFD brokers allow traders to open demo trading accounts. This allows them to see their trading platform and the trading conditions before investing real money.
Brokers can offer different trading platforms to invest in the stock exchange, Forex market,… Many brokers offer Metatrader 4, which integrates their trading conditions. Some brokers offer MetaTrader 5, but others develop their own trading platform. This may prove more intuitive and convenient for beginners and less experienced traders.
The demo account allows you to test the trading platform before depositing your money.
Each broker’s policy on demo accounts will vary in terms of how much they have, but the general rule is that it should be sufficient to test. You can use the demo account with a live account as well as a demo account at the same time to try out new trading strategies while simultaneously trading on the live account. Some brokers don’t have a time limit. Others may place a time limit (15 days, one month, etc.). If inactivity is detected, the demo account can be closed.
The demo account is a great tool to practice risk-free trading and it’s very popular among traders around the globe. Online brokers offer demo accounts for traders from all over the world, including Australia, South Africa, India, Nigeria, UK, Poland, Norway and Saudi Arabia.
Demo accounts are a simulator and should be treated accordingly. We recommend that you only use the demo account to get familiar with the platform. Most beginners start trading without much control and without fear. Their money is not at risk. Once you are familiar with the platform, it is a good way to start trading. You can then move to a real account and begin trading with small amounts of money. This will teach you to be more disciplined, to analyze trades and to create your own trading strategy.
It is important to remember that demo accounts require the same discipline as live accounts. You will not benefit from this tool to its full potential and your mistakes won’t be fixed, which could lead to you trading with real money. Traders can feel cheated if they don’t know if they are risking real capital.
We have tested many online brokers and compiled a list of the top ones.
This post is also available in Spanish: brokers con cuenta demo, German: demokonto broker, Malay: broker akaun demo malaysia, Thai: Thai
Author: Eduardo Montero
Welcome to Mundo-Forex.com: I'm Eduardo Montero, I work professionally in IT. I started trading in the financial markets (mainly Forex) more than 10 years ago. I'm the author of the articles on this website and of many others published on other websites specialised in stock market investment and finance in general. Learn more about me here: About the author.