75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

AuthorAuthor: Chris Cammack
Updated: Mar 22, 2023
Last Updated On Mar 22, 2023
Chris Cammack

Demo accounts are multi-purpose tools. They are the best way for beginner traders to learn how to trade the Forex market without risking any of their own money. But demo accounts are also important for traders who want to test new strategies in a risk-free environment. It’s important that demo accounts never expire because new strategies will always need to be tested, and beginners should never be forced into live trading before they feel ready. Whatever your reason for opening a demo account, all the brokers on this list also have excellent education and low costs on their entry-level accounts. 

According to our testing and research, these are the best demo trading accounts in the Philippines for 2023.

  • AvaTrade - Best Mobile Demo Account
  • HFM - Best MT4 Demo Account
  • XM - Best MT5 Demo Account
  • IC Markets - Best MT4 Demo Account
  • IG - Best Customer Support
  • Pepperstone - Best ECN Demo Account
  • FBS - Highest Leverage Broker with a Demo Account
  • XTB - Best Demo Account Platform
  • IronFX - Best Regulated Demo Account

Best Forex demo accounts in Philippines

Scroll for more detailsPreviousNext
Broker
Overall Rating
Official Site
Beginner Course
Unlimited Demo
Downloadable Ebook
Beginner Videos
Economic Calendar
Experienced Course
Advanced Videos
Webinars
Min. Deposit
Platforms
Regulated
Website Language: English
Support Language: English
Support Hours
Compare
AvaTrade
4.49 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 100
Avatrade Social
AvaOptions
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
Central Bank of Ireland
Financial Regulatory Services Authority
24/5
HFM (HotForex)
4.43 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
USD 0
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority
24/5
XM
4.35 /5
Read Review
Visit Broker >
77.37% of retail CFD accounts lose money
USD 5
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
International Financial Services Commission
24/5
IC Markets
4.36 /5
Read Review
Visit Broker >
77% of retail CFD accounts lose money
USD 200
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Securities Commission of the Bahamas
24/7
IG
4.69 /5
Read Review
Visit Broker >
75% of retail CFD accounts lose money
USD 0
L2 Dealer
ProRealTime
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
Financial Services Agency
Commodity Futures Trading Association
Finansinspektionen
24/5
Pepperstone
4.61 /5
Read Review
Visit Broker >
75.8% of retail CFD accounts lose money
USD 0
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
24/7
FBS
4.23 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 1
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
24/7
XTB
4.29 /5
Read Review
Visit Broker >
82% of retail CFD accounts lose money
USD 0
xStation5
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
Komisja Nadzoru Finansowego
24/5
IronFX
3.54 /5
Read Review
Visit Broker >
75.35% of retail CFD accounts lose money
USD 50
CySEC Regulated Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
24/7

How to compare demo accounts

A demo account trading account is a risk-free setup for beginners and experienced traders equally. While beginner traders will use this account type to test trading platforms and learn how trading works, experienced traders will use a demo account for testing new strategies without the risk of losing capital. To compare demo accounts, consider the following:

Free Education: Any legitimate demo account will be free. A reliable broker will never charge for opening a demo account and will often provide free learning material to get you started. Structured trading courses complemented by top-quality market analysis by in-house analytics teams are a great addition to any demo account.

Trading platform: The first thing a beginner trader will learn is how to manage the trading platform. Learning Forex strategy is complex enough, so before trading any real money, invest the time in finding a trading platform you are comfortable operating. 

Customer service: Demo accounts are mainly used by beginners, and beginners often need customer service support. While customer service hours vary between brokers, the evening and weekend opening hours will affect when you can get the support you need and fit your learning into a busy schedule.


AvaTrade – Best Mobile Demo Account

Overall Rating
4.494.49 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

The free demo account is available on AvaTrade’s webtrader platform, MT4, MT5 and its mobile app, AvaTradeGO. Clients can trade over 1250 instruments, including Forex, cryptocurrency, stocks, commodities, and indices. Voted the best Forex Trading App 2020, AvaTradeGO offers a sophisticated dashboard, complete with a set of intuitive management tools, clear zoomable charts, and many more helpful features.

AvaTrade offers a library of educational material, tools and analysis to assist clients in finding the best trading opportunities. The demo account includes a 100,000 USD balance that expires after 21 days. If you are not ready to open a live account after this time, contact the customer service team and extend it. Customer support is available 24/5.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Filipino Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

HFM (formerly known as HotForex) – Best MT4 Demo Account

Overall Rating
4.434.43 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

HFM is a well-regulated STP broker with awards for its client protection and product line. The HFM demo account is unlimited and comes with 100,000 USD preloaded on both MT4 and MT5. But the MT4 Demo Account experience is the standout here; with complete access to expert advisors and over 50 built-in indicators, this is the better MT4 demo experience for new traders.

Award-winning customer service and their client-focused approach to doing business means that beginner traders at HFM can rely on premium support. High-quality structured courses and market analysis will benefit beginners and intermediate traders.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Filipino Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

XM – Best MT5 Demo Account

Overall Rating
4.354.35 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Awarded the Global Forex Broker of the Year 2020 in the Global Forex Awards, XM is a serious market maker broker. The demo account at XM is funded with a 100,000 USD virtual balance and available on both the MT4 and MT5 platforms. XM’s MT5 Demo Account is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to stock CFDs, stock indices CFDs, CFDs on precious metals and CFDs on energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.

For beginner traders, XM Group’s educational content is based on instruction in a video format. The core educational offerings are three Education Rooms, aimed at traders of differing skill levels – primary, intermediate and advanced. The Primary Education Room is open to the public, but access to the others requires registration.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Filipino Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

IC Markets – Best MT4 Demo Account

Overall Rating
4.364.36 / 5
🏦  Min. DepositUSD 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IC Markets is rare amongst brokers, as it provides a welcoming environment for beginner traders looking for an MT4 demo account with ECN conditions. In addition, the IC Markets demo account does not expire unless you are inactive for 30 days and can also be topped up by customer support.

IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT4 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets also offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for both the MT4 platform and more general queries.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Filipino Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.

IG Markets – Best Customer Support

Overall Rating
4.694.69 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

The world’s largest broker, IG Markets is a market maker regulated by the FCA, ASIC and the FSCA. IG’s Demo Account has 10,000 USD preloaded but offers access to all 17,000 instruments available at IG Markets (including all Forex pairs). This demo account is available on MT4 and IG Markets’ web trading platforms. Both demo accounts are unlimited and provide free access to the IG Academy’s educational content.

With the Award for Best Forex Educators 2018 (UK Forex Awards), IG Markets provides accessible and high-quality educational material for beginner traders. Market analysis is equally superb, and 24-hour customer support is available from IG Markets’ offices.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Filipino Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

Pepperstone – Best ECN Demo Account

Overall Rating
4.614.61 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Pepperstone is internationally recognised for its high-speed trading execution and an offering for beginners that most ECN brokers don’t have. Free demo accounts at Pepperstone allow clients to trade 80+ Forex pairs on MT4, MT5 and cTrader platforms, with customer support. The demo account expires after 30 days unless you have a live account, in which case you can request a non-expiry demo account.

The demo and the live account are the same in performance and conditions, except the demo account comprises of 500,000 USD in virtual funds. Pepperstone’s education section called Learn to Trade Forex helps traders get started with some of the technical concepts, while a section called Trading Guides supports traders with issues that they will confront every day; how to keep a trading journal, developing a trading plan and managing risk. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Filipino Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

FBS – Highest Leverage Broker with a Demo Account

Overall Rating
4.234.23 / 5
🏦  Min. DepositUSD 1
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FBS is a well-regulated broker offering trading on multiple assets, including Forex, metals, energies, indices, crypto and stocks.  FBS’ free demo account allows traders to test out trading strategies on MT4, MT5 and the FBS Trader platforms with virtual money under real trading conditions.  Demo accounts expire after 90 days of inactivity, after which time they are automatically deleted.  Clients can open a new account if this happens. 

Demo accounts are available on all 6 of FBS’ account types, including the Cent and Micro Accounts which are aimed at beginners. But FBS offers account types to suit traders of all experience levels and allows leverage of up to 3000:1 on three of its accounts.  Trading costs can be higher than other brokers on some of its account options, with spreads as wide as 3 pips (EUR/USD) on its Micro Account and a commission of 20 USD per lot on its Zero Spread Account.  Trading costs are significantly lower on the Cent Account and Standard Account, with spreads down to 0.8 pips on the EUR/USD.

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
Cons
  • Limited range of assets
  • Extreme leverage
AlertAccepts Filipino Clients. Spreads start at 0.70 pips on the EUR/USD on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.

XTB – Best Demo Account Platform

Overall Rating
4.294.29 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

The XTB demo account has 100,000 USD virtual funds and remains open for four weeks – after which traders are expected to move to a live trading environment. For beginners, XTB has some of the best Forex education available. Its Trading Academy is structured into topics and experience levels; it is clear and concise and structured like a course. Market analysis is less detailed but will assist new traders looking for trading opportunities.

The main draw at XTB is the award-winning xStation 5 trading platform. Intuitive, powerful, and fast, xStation 5 shows XTB sentiment data in the platform and offers powerful charting tools, one-click trading, and real-time performance statistics so traders can identify areas for improvement.

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts Filipino Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSC

IronFX – Best Regulated Demo Account

Overall Rating
3.543.54 / 5
🏦  Min. DepositUSD 50
🛡️  Regulated By
💵  Trading Cost 
USD 22
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IronFX is a well-regulated Forex market maker with MT4 support and award-winning education and research material for traders. Traders can choose between two demo accounts – the Standard Floating Spread Account or the STP/ECN Absolute Zero Account. Both demo accounts come preloaded with 100,000 USD, and demo traders can choose from variable leverage up to 1:1000.

IronFX’s education section features educational videos covering trading strategy, market analysis, social trading, crypto trading, and trading psychology for beginner traders. Market analysis is updated daily, and major news organisations frequently call on the IronFX research team to offer insight.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Filipino Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA.

What is a Forex Trading Demo Account?

While a live Forex account is funded by the trader, a demo account is a free virtual Forex trading account designed for beginners. This virtual money can only be used in the demo account and cannot be converted into real money. Because demo accounts work in the same way as real accounts, traders with demo accounts will face real market conditions.

Demo accounts are all about learning how Forex trading works. Demo accounts are a good way for a new trader get hands-on experience before opening a live account and practice what they have learned. Demo accounts are also used by experienced traders to test new strategies, new trading robots and new trading platforms.

Why Use a Forex Demo Account?

Use a Forex demo account so that you will not lose any money while you are learning. Forex is a high-risk venture and 70-90% of traders will lose money, and beginner traders rarely profit by jumping straight into a real account. Being profitable depends on how well you know the Forex market and your ability to use your trading platform correctly. It also depends on the performance of your Forex trading strategy.

Note that demo accounts are simulations of live accounts. For the true trading experience, you should open a demo account with the same minimum trade size as you would use in your live account. This way the demo trading environment will better mirror a live account, so the trader will learn how to trade, gain platform experience and perfect a strategy that will also work on a live environment. 

Trader thinking

A Guide To Demo Accounts

Demo accounts at different brokers can change considerably. Just because the money in the accounts is not real, does not mean that the rest of the broker experience will be the same. When reviewing brokers by demo accounts look for these things.

Unlimited Demo Account

Traders should choose a Forex demo account that never expires. Some brokers will only offer demo accounts for three for four weeks, but most brokers will extend the demo account if asked.

Demo accounts that are unlimited are better because allow you to practice at your own pace, with no need for renewal. This way you are not under pressure to complete your education within a set time. With a demo account that never expires, you can also continue your trading education once you have a live account.

Here are the FSCA regulated brokers with unlimited demo accounts. They are ordered by overall score, showing the broker with the highest overall score at the top. 

Scroll for more detailsPreviousNext
Overall Rating
Unlimited Demo
FSP #
All Regulators
Beginner Course
Experienced Course
Beginner Videos
Advanced Videos
Webinars
No. of FX Pairs
Compare
Official Site
4.69 /5
Read Review
41393
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
80
Visit Broker >
75% of retail CFD accounts lose money
4.58 /5
Read Review
46860
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
67
Visit Broker >
70.3% of retail CFD accounts lose money
4.48 /5
Read Review
49464
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
62
Visit Broker >
75% of retail CFD accounts lose money
4.43 /5
Read Review
46632
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
53
Visit Broker >
72.90% of retail CFD accounts lose money
4.30 /5
Read Review
49846
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Securities Commission of the Bahamas
32
Visit Broker >
of retail CFD accounts lose money
4.30 /5
Read Review
50926
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
70
Visit Broker >
79% of retail CFD accounts lose money
4.29 /5
Read Review
45052
FCA Regulated Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
70
Visit Broker >
71.58% of retail CFD accounts lose money
4.27 /5
Read Review
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Authority – St. Vincent & the Grenadines
35
Visit Broker >
of retail CFD accounts lose money
4.23 /5
Read Review
50885
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
37
Visit Broker >
76% of retail CFD accounts lose money
4.18 /5
Read Review
49835
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
46
Visit Broker >
71.89% of retail CFD accounts lose money
4.15 /5
Read Review
46632
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
53
Visit Broker >
72.83% of retail CFD accounts lose money
3.69 /5
Read Review
49288
FSCA Regulated Forex Brokers
40
Visit Broker >
Your capital is at risk
3.54 /5
Read Review
45276
CySEC Regulated Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
83
Visit Broker >
75.35% of retail CFD accounts lose money

Demo Account Trading Platforms

When choosing a demo account, a trader should consider which trading platform to use. MetaTrader 4 (MT4) is supported by many Forex brokers and is a reliable platform with a lot of community support. Because it is so widely supported there are many online tutorials and guides for beginners. MetaTrader 5 (MT5) is similar to MT4 but has extended features and a more modern interface. cTrader is another popular platform, though is less widely available.

Some brokers will offer more than one choice of platform. Choosing a broker with a wide platform choice would allow for the trader to try different trading platforms on the demo account. Here are the FSCA regulated brokers with a wide platform choice. They are ordered by overall score, showing the broker with the highest overall score at the top. 

Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
All Platforms
FSP #
All Regulators
Unlimited Demo
Android App
iOS App
Support Hours
Compare
Official Site
4.69 /5
Read Review
USD 0
L2 Dealer
ProRealTime
41393
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
24/5
Visit Broker >
75% of retail CFD accounts lose money
4.58 /5
Read Review
USD 100
46860
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
24/5
Visit Broker >
70.3% of retail CFD accounts lose money
4.49 /5
Read Review
USD 100
Avatrade Social
AvaOptions
45984
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Central Bank of Ireland
Financial Regulatory Services Authority
24/5
Visit Broker >
76% of retail CFD accounts lose money
4.48 /5
Read Review
USD 100
49464
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
24/5
Visit Broker >
75% of retail CFD accounts lose money
4.43 /5
Read Review
USD 0
46632
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
24/5
Visit Broker >
72.90% of retail CFD accounts lose money
4.35 /5
Read Review
USD 50
ProTrader
FCA Regulated Brokers
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
Cayman Islands Monetary Authority
24/7
Visit Broker >
of retail CFD accounts lose money
4.30 /5
Read Review
ZAR 1000
Cloud Trade
49846
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Securities Commission of the Bahamas
24/5
Visit Broker >
of retail CFD accounts lose money
4.30 /5
Read Review
AUD 100
IRESS
50926
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
24/5
Visit Broker >
79% of retail CFD accounts lose money
4.29 /5
Read Review
USD 100
FxProEdge
45052
FCA Regulated Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
24/7
Visit Broker >
71.58% of retail CFD accounts lose money
4.27 /5
Read Review
USD 10
46614
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
Capital Markets Authority
24/7
Visit Broker >
81% of retail CFD accounts lose money
4.27 /5
Read Review
USD 25
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Authority – St. Vincent & the Grenadines
24/5
Visit Broker >
of retail CFD accounts lose money
4.23 /5
Read Review
USD 1
50885
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
24/7
Visit Broker >
76% of retail CFD accounts lose money
4.18 /5
Read Review
USD 25
MT Supreme
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Business Hours
Visit Broker >
76% of retail CFD accounts lose money
4.18 /5
Read Review
USD 50
TradeStation
46534
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bermuda Monetary Authority
24/5
Visit Broker >
66% of retail CFD accounts lose money
4.18 /5
Read Review
USD 0
ThinkTrader
49835
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
24/6
Visit Broker >
71.89% of retail CFD accounts lose money
4.15 /5
Read Review
USD 100
46632
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
24/5
Visit Broker >
72.83% of retail CFD accounts lose money
4.12 /5
Read Review
USD 3
Exness Terminal
51024
FSCA Regulated Forex Brokers
Capital Markets Authority
British Virgin Islands Financial Services Commission
Financial Services Commission
24/7
Visit Broker >
71.67% of retail CFD accounts lose money
4.07 /5
Read Review
GBP 100
ETX
50246
FCA Regulated Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Monday to Friday - 07:30 - 21:00 (CET)
Visit Broker >
77.9% of retail CFD accounts lose money
3.93 /5
Read Review
GBP 1
50506
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83.14% of retail CFD accounts lose money

Mobile Trading on Demo Accounts

If you plan to be doing a lot of mobile trading, it makes sense to open a demo Forex account on a mobile app as well. Make sure that the trading app works well on your mobile phone.

Mobile trading apps have evolved a lot over the years since the first ones became available a decade ago. To a large extent, the functionalities of Forex demo accounts available on desktop platform terminals are now captured by mobile apps.

Customer Support for Demo Accounts

All brokers will have customer service open on weekdays, but the better brokers extend their customer service into the evenings and weekends. We include the customer service hours in our reviews and some of the tables on this page. Contact methods can vary from poor customer service ticketing systems (eToro) to direct email address and local toll-free phone numbers. Live chat and other messenger services are also available with some brokers, but responsiveness can vary depending on the time of day.

How do you open a Forex Trading Demo Account?

Opening a demo account only takes a few minutes. To get started:

  1. Visit a Forex broker where you would like to open an account.
  2. Complete your personal information.
  3. Verify your phone number or email address.
  4. Follow the instructions on your screen and in your email.

Here is a video tutorial showing how to open a demo account on FXTM, but the process is a similar with other brokers.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 180 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 200 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers and our advertiser disclosure.

References

FCA proposes stricter rules for contract for difference products – Press Release – Published: 06/12/2016 – https://www.fca.org.uk/news/press-releases/fca-proposes-stricter-rules-contract-difference-products

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