The Best Forex Demo Accounts Out There (2020)

If you have the opportunity to try out your trading strategy for free and without risking any money, why wouldn’t you? Forex demo accounts aren’t exclusive for beginners. But, if you’re a beginner, you definitely should start with a demo account. If you’re a more experienced trader and you are starting to trade with a new broker, you should try a demo account first.

Let’s go a bit deeper into this forex demo account subject.

What is a Forex Demo Account?

A demo account is a trading simulator that allows you to trade real securities with virtual funds. Forex brokers offer demo accounts to facilitate practice trading and testing of different strategies among their customers. Because the funds in a demo account are virtual or fake, we sometimes refer to it as paper money accounts.

Demo accounts let enjoy the actual features of a live account without risking your money. This type of forex account is perfect for new traders and experienced traders who are trying out new strategies. Which are the top ten forex demo accounts in 2020?

Top 10 Best Forex Demo Accounts in 2020

1. eToro

etoro logo

eToro does not limit the amount of time you can spend practicing. The eToro platform is open to all traders around the world. US citizens can enjoy practice trading on cryptocurrencies. To get access to eToro’s demo account, all you need to do is to register with the broker. You can transition into a live account without having to register again.


  • eToro is available for web, PC, and mobile devices
  • Access to over 50 currency pairs
  • Fast execution speeds


  • US customers can only trade cryptocurrency

Click here to try eToro’s forex demo account.

2. Go Markets

go markets logo

The Australian Securities and Investments Commission (ASIC) is the body that governs Go Markets. Their headquarters are in Melbourne, and they have been operational since 2006. Go Markets also has offices in China, London, Hong Kong, and Taiwan. Their demo account offers forex, indices, share CFDs, metals, and commodities trading.

Go Markets’ demo account facilitates trading in both MT4 and MT5 platforms.


  • Well regulated
  • Fast execution of trades
  • Access to a wealth of trading and analysis tools like Trading Central and Autocharist
  • Client’s fund segregation
  • Fund segregation


  • Demo account expires in 30 days
  • Only two account types

Click here to try Go Markets’ forex demo account.

3. NBH Markets

nbh markets logo

NBH Markets has its roots in gold trading and investment. It is the only brokerage firm that has its stability backed by gold through the National Bullion House. NBH Markets offers leverage of up to 1:500 across a wide range of forex, CFDs, commodities, precious metals, and cash indices.


  • Commission-free accounts
  • MT4 and MT5 trading supported
  • High leverage
  • Zero fees on deposits


  • Accounts are only available in USD
  • The minimum bank wire transfer is $25,000

Click here to try NBH Markets’ forex demo account.

4. OctaFX

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OctaFX is a CFD and Forex broker that focuses on competitively yet low priced spreads. It supports MT4, MT5, and cTrader. Compared to Meta Trader, cTrader features lower costs. However, you will need some experience to interact with the platform.


  • Low spreads
  • Three trading platforms with flexible pricing
  • Free forex demo
  • 500:1 leverage


  • Few currency pairs on offer (28)
  • Limited deposit options
  • OctaFX lost UK’s Financial Conduct Authority (FCA) coverage back in 2017

5. XTB

xtb logo

XTB is an award-winning brokerage that supports commodities, forex, stock CFDs, cryptocurrencies, and ETF CFDs. Forty-eight currency pairs are on offer. XTB features low-cost spreads and a good selection of trading platforms.


  • Offers a choice between excellent trading platforms (xStation5 and MT4 platforms)
  • A collection of over 3000 financial instruments across six asset classes
  • Low spreads


  • Does not offer 24/7 support

6. Plus500

plus500 logo

Plus500 is predominantly a CFD platform, but it allows its users to trade across indices, stocks, forex, and cryptocurrencies. It is a commission-free brokerage. Therefore, it features low spreads and supports the fast execution of trades.


  • Features over 2000 financial assets across forex, shares, indices, cryptocurrency, and commodities.
  • Zero commissions and low trading costs
  • Fast trade execution
  • Regulated and licensed by trustworthy trading authorities
  • Unlimited demo account trading time


  • Does not support direct forex trades
  • High rates on leverage/margin accounts
  • Offers less few research resources than its competitors
  • Customer support is not available on the phone

7. Tickmill

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Established in 2014, Tickmill is a broker regulated by the UK’s FCA, Seychelles Financial Services Authority (FSA), and Cyprus Securities and Exchange Commission (CySEC). Tickmill offers over 80 CFD financial instruments across forex, commodities, indices, and bonds.


  • Multiple regulation and licensing oversight
  • Commission-free trading accounts are available
  • Competitive spreads and low costs
  • An impressive lineup of trader research tools


  • No stocks
  • Does not support MT5

8. ActivTrades

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Recognized by the Sunday Times Fast Track 100 in 2017 as the 90th fastest growing company, ActivTrades has been in the industry since 2001. ActivTrades is regulated by the UK’s FCA and the Securities Commission (SC) of the Bahamas.


  • FCA regulated
  • Insurance protection and segregated funds
  • Over 500 tradable assets across indices, forex, shares, ETFs, commodities, and cryptocurrencies
  • Free advanced trading tools
  • One-to-one platform training


  • Inaccessible to US traders
  • Limited research and market analysis trading tools

9. FP Markets

fp markets logo

FP Markets offers an impressive lineup of tradable assets. The broker facilitates trading across MT4, MT5, and the IRESS platform. FP Markets offers leverage of up to 500:1. There are over 45 currency pairs that are available for trading. Based in Sydney, Australia, the broker is regulated by the ASIC.


  • Over 10,000 tradable assets
  • Three trading platforms to choose from
  • Competitive pricing


  • Additional fees apply
  • Demo accounts come with limited educational resources

10. ATFX

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ATFX is authorized and regulated by the UK’s Financial Conduct Authority (FCA). The broker is also part of the Financial Service Compensation Scheme. This involvement offers a high level of safety and security to all its customers. Over 100 trading instruments spread across forex, precious metals, commodities, indices, shares, and crypto.


  • Regulated by the FCA in the UK
  • Commission-free trading available on specific accounts
  • Spread betting and CFD accounts also available
  • An impressive collection of educational material


  • Does not support MT5 yet


Forex trading is a high risk high reward venture. Before you can start trading with your hard earned money, you need some practice. Forex demo accounts facilitate practice and training for new traders. It also allows the seasoned veterans to try out new strategies. Many brokers offer demo accounts. Not all these accounts are equal. Some demo accounts are superior to others. The list above highlights the best demo accounts for forex trading.