Best Forex Demo Accounts
Compare Forex demo accounts up to US$ 100,000 and no time limit. Practice before you pay on MetaTrader 4, 5 or cTrader.
Trade without restrictions with Octa, an international broker with millions of trading accounts. Octa supports all trading styles and EAs on MetaTrader 4, 5 and OctaTrader, its in-house platform.
- Likes
- Trade without restrictions on MetaTrader of OctaTrader.
- Enjoy a 10% to 50% bonus on every deposit.
- Fast and free deposits and withdrawals.
- Copy trading is available.
- Dislikes
- You cannot buy shares or cryptocurrency (only CFDs).
- Only supports 2 account base currencies: USD, EUR.
Octa is popular with traders seeking high leverage and low floating spreads. Enjoy 1:500 leverage across currencies, rising to 1:1000 around contests and promotions. Use leverage with caution as negative balance protection only applies on stop-outs.
Octa charges no fees on deposits or withdrawals, and will even cover third-party fees from time to time. Octa has a reputation for quick deposits and withdrawals, with withdrawals processed manually within 3 hours for your security.
Make your funds go further with a 10% to 50% bonus on every deposit from $50. The bonus amount can be withdrawn once relatively low trading volume requirements have been met.
A Forex demo account allows you to trade Forex in simulated market conditions without putting your capital at risk.
Is a practice account right for you?
A demo account can work for beginners and more experienced traders alike, albeit for different reasons:
- If you're new to currency trading, a demo account is an opportunity to learn Forex trading at your pace without committing yourself financially or emotionally.
- Practice a new trading strategy until you've got the confidence to go live. Some trading strategies such as scalping require speed, stamina and self discipline. You'll want to choose a demo with 5 decimal pricing, depth of market information and fine tune your strategy until you're ready to go.
- A practice account is also an opportunity to test-drive a new trading platform before opening a live account. If you're already experienced with MetaTrader, why not see what cTrader has to offer, or vice versa.
However, a demo account is far from a panacea. Firstly, it won't give you a feel for your broker's execution speeds or abilities. You'll never experience slippage or re-quotes as all trades are virtual.
By the same account, you'll be emotionally detached from your trades and won't experience the excitement and thrill that come with putting real money at risk. This matters more than you may think, as managing one's emotions is one of the keys to long term success as a trader.
How to choose a Forex demo account
If you're planning on opening a demo account, we suggest asking your broker the following questions:
- How big is the account? The larger the account, the longer you can trade and the greater the positions you can open all else being equal. If possible, choose a large demo account to avoid being interrupted in the middle of a trade.
- How long does the account last? It's a good idea to choose a practice account with no time limit to avoid being rushed into trading until you feel ready.
- Are all platform features available? It's important to remember that some demo trading platforms have some features disabled. Prices could be delayed or order types limited. If in doubt, ask your account manager for confirmation.
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About the author
I'm Stéphane, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.