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Practicing with a demo account is one of the best ways to improve your skills as a forex trader. In this guide, we’ll highlight the 10 best forex demo accounts for 2021 and help you decide which is right for you.

Best Forex Demo Accounts 2021

Here are the 10 best forex demo accounts you can open in 2021:

  • eToroOverall Best Forex Broker with Demo Account
  • Capital.comBest Demo Account for Exotic Forex Trading
  • AvatradeFree Demo Account for Forex Options Trading
  • Libertex – Best Forex Demo Account for MT4
  • VantageFX – Best Free Forex Demo Account for High Leverage
  • Forex.com – Best Forex Trading Demo Account for US Traders
  • Plus500 – Best Free Forex Demo Account for Beginners
  • FXCM – Top Demo Account to Try Out New Trading Platforms
  • OANDA – Best Forex Trading Demo Account for Technical Analysis
  • TD Ameritrade – Top Forex Demo Account with No Time Limit

Best Forex Demo Accounts

My Trade Size

€ 100 (0.001 lots)

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6 Providers that match your filters

Deposit Methods

Trading Platforms

Regulated by

Additional Features

Min. Deposit

€500

Min. Spread

2

Max. Leverage

2:1

Currency Pairs

1+

Rating

1 or better

Mobile App

1 or better
Recommended Broker
302 New users today
eToro

Rating

Total Cost

€0.01

Mobile App
10/10

Min. Deposit

€50

Min. Spread

1 pips

Max. Leverage

50:1

Currency Pairs

52

Trading Platforms

Demo
WebTrader
CopyTrading

Deposit Methods

Bank TransferCredit Card

Regulated by

FCA, CySEC, ASIC, CFTC, NFA, BAFIN

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

ETFs

Average spread

EUR/GBP

2.5

EUR/USD

1

EUR/JPY

2

EUR/CHF

5

GBP/USD

2

GBP/JPY

3

GBP/CHF

4

USD/JPY

1

USD/CHF

1.5

JPY/CHF

2.7

Additional Fees

Rolling fee

0

Conversion

0

Leveraged

30:1

FCA

30:1

CySEC

30:1

ASIC

30:1

CFTC

30:1

NFA

30:1

BAFIN

Libertex

Rating

Total Cost

€0.12

Mobile App
9/10

Min. Deposit

€0

Min. Spread

0.9 pips

Max. Leverage

2:1

Currency Pairs

50

Trading Platforms

Demo
WebTrader
MT4
STP/DMA

Deposit Methods

Bank TransferCredit CardGiropayNetellerPaypalSkrillSofort

Regulated by

FCA, CySEC, ASIC, CFTC, NFA, BAFIN

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

ETFs

Average spread

EUR/GBP

1.4

EUR/USD

0.9

EUR/JPY

1.8

EUR/CHF

2.1

GBP/USD

1.2

GBP/JPY

1.9

GBP/CHF

2.2

USD/JPY

1.2

USD/CHF

1.1

JPY/CHF

2.7

Additional Fees

Rolling fee

Conversion

Leveraged

30:1

FCA

30:1

CySEC

30:1

ASIC

30:1

CFTC

30:1

NFA

30:1

BAFIN

Your capital is at risk

Capital.com

Rating

Total Cost

€0.01

Mobile App
9/10

Min. Deposit

€20

Min. Spread

0.6 pips

Max. Leverage

20:1

Currency Pairs

100

Trading Platforms

Demo
WebTrader
MT4
MT5

Deposit Methods

Bank TransferCredit CardNetellerSepa TransferSkrill

Regulated by

FCA, CySEC, ASIC, CFTC, NFA, BAFIN

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/GBP

1.4

EUR/USD

0.6

EUR/JPY

1.5

EUR/CHF

2.2

GBP/USD

0.8

GBP/JPY

1.9

GBP/CHF

2.4

USD/JPY

1.3

USD/CHF

1.3

JPY/CHF

2.6

Additional Fees

Rolling fee

0

Conversion

0.0

Leveraged

30:1

FCA

500:1

CySEC

30:1

ASIC

30:1

CFTC

30:1

NFA

30:1

BAFIN

Find the Best Forex Demo Accounts – Comparison

Recommended Broker
eToro
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Forex.com
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Libertex
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Your capital is at risk

Rating
5.00
5.00
5.00
4.80
4.80
4.80
Mobile App Rating
10/10
10/10
10/10
9/10
10/10
8/10
Regulation
FCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFIN
Min. Deposit
€50€100€200€0€0€100
Min. Spread
111.10.911
Max. Leverage
50:1100:1200:12:12:1100:1
FX Pairs
525040506270
EUR/GBP
2.51.41.31.41.31.3
EUR/USD
111.10.911
EUR/JPY
21.81.51.81.41.4
EUR/CHF
52.31.72.11.91.7
GBP/USD
21.11.11.21.11.1
GBP/JPY
31.91.71.91.71.6
GBP/CHF
42.522.222.2
USD/JPY
11.21.21.21.11.2
USD/CHF
1.51.11.11.11.21.1
JPY/CHF
2.72.82.62.72.72.5
Rolling fee
0N/AN/AN/AN/AN/A
Conversion Fee
0N/AN/AN/AN/A0.7
Demo
WebTrader
CopyTrading
MT4
MT5
STP/DMA
cTrader
FCA
30:130:130:130:130:130:1
CySEC
30:130:130:130:130:130:1
ASIC
30:130:130:130:130:130:1
CFTC
30:130:130:130:130:130:1
NFA
30:130:130:130:130:130:1
BAFIN
30:130:130:130:130:130:1
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
ETFs
Islamic Account
Education & Webinars
Charts & Tools
Scalping
Free Forex Signals
Spread Betting
Bank Transfer
Credit Card
Neteller
Skrill
Giropay
Paypal
Sofort

Top Forex Demo Accounts Reviewed

Now that you’ve seen our list of the top forex trading demo accounts, let’s review each platform in detail so you can decide which is best for you.

1. eToro – Overall Best Forex Broker with Demo Account

etoro logoeToro is our overall top pick if you’re looking for the best forex demo account. This broker offers more than 40 currency pairs for trading with industry-leading spreads. Plus, the forex demo account is completely free and can be reset at any time.

eToro’s demo account gets you access to the broker’s custom trading platform for web and mobile. It includes over 100 technical studies and drawing tools, a market news feed, economic calendar, and analysis from professional forex traders.

On top of that, eToro has a built-in social trading network that you can leverage while using the demo account. You can start discussions with other traders and learn about new strategies to try. You can even copy other traders’ portfolios with just a few clicks and see how a combination of copy traders affects your demo account balance.eToro copy trading

Past performance does not guarantee future results.

eToro is regulated by the UK’s Financial Conduct Authority (FCA) and offers 24/5 customer support. The broker requires a minimum $200 deposit to open a forex trading account, and you’ll need to meet this minimum deposit in order to open a demo account.

Pros:

  • Practice trading over 40 currency pairs
  • Custom trading platform with 100+ studies
  • Built-in social and copy trading network
  • 24/5 customer support
  • Regulated by the FCA

Cons:

  • Requires $200 deposit to open a demo account

67% of retail investors lose money trading CFDs at this site

2. Capital.com – Best Demo Account for Exotic Forex Trading

capital.com reviewCapital.com is another great option for forex paper trading. The broker’s demo account is completely free to use and you don’t even need to make a deposit to start practicing. All you have to do is enter your email and a password, so the process takes less than a minute. There’s also no time limit once you open the account.

Capital.com has its own custom trading platform for web and mobile, and you have full access to its features with a demo account. That includes integration with TradingView for highly customizable technical indicators and a wide range of chart types. It also includes an AI algorithm that analyzes your trading patterns and suggests ways to improve your trading.Capital.com best forex demo account

One of the best things about Capital.com is that it has an enormous selection of forex pairs, and particularly exotic forex pairs. The broker offers 142 forex CFDs in total. Live forex trading is 100% commission-free and Capital.com offers spreads from 0.7 pips, making it one of the cheapest forex brokers around.

Capital.com also stands out for its customer service. The broker’s support team is available 24/7 via phone, email, and live chat, and representatives are very knowledgeable about the platform. Capital.com is regulated by the UK’s FCA and you can open a live account with a minimum deposit of just $20.

Pros:

  • Free forex demo account with no time limit
  • Doesn’t require a deposit to get started
  • Practice trading 142 forex pairs
  • 100% commission-free live trading
  • 24/7 customer support available

Cons:

  • Platform doesn’t support trading with forex signals
71.2% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

3. Avatrade – Free Demo Account for Forex Options Trading

avatrade brokerAvaTrade is a popular multi-asset CFD broker that offers forex trading, stock trading, crypto trading, and more. One of the main things that makes this platform unique is that it’s not limited to forex CFDs – you can also trade vanilla options. That makes AvaTrade’s demo account ideal for practicing forex options trading and trying out new options strategies.

AvaTrade has a custom platform, called AvaOptions, that’s dedicated to forex options trading. It’s very easy to use, particularly on mobile devices. We especially like that you can see profit and loss charts for a variety of frequently used options strategies. Helpfully, AvaOptions can be linked to any demo account at AvaTrade. AvaTrade best forex demo account

This broker’s demo account also gives you access to a variety of other tools. AvaTrade supports social trading and copy trading through the AvaSocial platform (web and mobile). It also allows you to practice trading with forex signals using MetaTrader 4 or MetaTrader 5.

AvaTrade’s demo account is completely free to open. There’s no time limit on the account, and you can open a live trading account at any time with just a $100 minimum deposit. AvaTrade is regulated in the EU, Japan, Australia, and the UAE, and the broker offers 24/5 customer support.

Pros:

  • Practice forex options trading with AvaOptions
  • Supports social trading with AvaSocial app
  • Integrates with MT4 and MT5
  • Demo account is free and doesn’t require a deposit
  • 24/5 customer support available

Cons:

  • Options trading platform can be complex for beginners

Your capital is at risk.

4. Libertex – Best Forex Demo Account for MT4

libertex logoLibertex offers one of the best forex demo accounts for traders who want to practice with MetaTrader 4 or MetaTrader 5. The broker makes integrating with these platforms incredibly simple, even for demo accounts. Just enter your Libertex account details in MT4 or MT5 and you can start paper trading right away.

Practicing with these platforms is a big advantage because they offer such a wide range of tools. With Libertex’s MT4 and MT5 integrations, you can try out forex signals, algorithmic trading, and more. You also get access to numerous chart types and the ability to create your own custom technical studies from scratch.libertex homepage forex demo account

Libertex’s demo account is free to open and you can use it for as long as you like. One thing we especially like about it is that you can customize the size of the account. By default, you start out with $50,000, but you can reset the account at any time and choose the account you want to trade with. This makes it easy to match the portfolio size that you’re planning to use for live forex trading.

Libertex offers over 40 currency pairs to trade, including all of the major and minor pairs. The broker charges fixed commissions instead of variable spreads for forex trading, which makes it very competitive on price. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) and you can open a live account with just a $10 minimum deposit.

Pros:

  • Free, unlimited forex demo account
  • Demo account integrates with MT4 and MT5
  • Supports trading with forex signals
  • Customize the amount of funds in your demo account
  • Regulated by CySEC

Cons:

  • Limited customer support available

83% of retail investor accounts lose money when trading CFDs with this provider.

5. VantageFX – Best Free Forex Demo Account for High Leverage

VantageFX logoVantageFX is one of the best high leverage forex brokers, so its demo account is particularly well-suited for traders who want to use margin. The broker offers leverage up to 500:1 for trading major forex pairs and has very competitive margin rates for live trading. VantageFX also has dozens of currencies to trade, although the selection of exotics is somewhat limited.

Another thing we like about the VantageFX forex demo account is that it integrates with MetaTrader 4 and MetaTrader 5. This forex broker also has its own custom trading platform for web and mobile, which is easier to get started with if you’re new to forex trading. You can also integrate the demo account with social trading platforms such as Myfxbook, DupliTrade, and ZuluTrade. That makes it easier to learn new strategies and try them out with paper trading.VantageFX App

You can practice trading with VantageFX for free and you start with $50,000 in your account. There’s no time limit on how long you can use the account for, and you have unlimited access to the broker’s trading tools and features.

It’s worth noting that VantageFX can be one of the pricier brokers on our list when it comes to live forex trading. Spreads with a Standard account start at 1.4 pips, while ECN accounts remove spreads but charge a commission of $3 per lot per side. You’ll need $200 to open a Standard account at VantageFX or $500 to open an ECN account.

Pros:

  • Free demo account with no time limit
  • Leverage up to 500:1
  • Demo account integrates with MetaTrader 4 and 5
  • Supports social trading with multiple platforms
  • Regulated in Australia

Cons:

  • High spreads and commissions for live forex trading

Your capital is at risk.

6. Forex.com – Best Forex Trading Demo Account for US Traders

Forex.com LogoForex.com is a US-regulated brokerage that, as the name suggests, is built for forex trading. The broker offers more than 80 currency pairs and has both STP (straight-through processing) and ECN accounts to achieve ultra-fast execution speeds.

Forex.com offers a free demo account, but it’s important to point out that it has a 30-day time limit. You can create another free account at the end of the 30-day period, but your trade history and account balance will be wiped out by the reset.Forex.com best forex demo

This broker has its own trading platform you can try out, as well as integrations with MetaTrader 4 and NinjaTrader. One of the things we especially like about Forex.com is that it offers a ton of market analysis, including a custom pivot points strategy that delivers daily trading opportunities. Forex.com also offers professional reports, such as a Week Ahead report that helps you prepare for the coming days of trading.

Forex.com requires a $100 minimum deposit if you want to open a live account, although this isn’t required to open a demo account. The platform offers 24/7 customer support in case you need help with your practice account at any point.

Pros:

  • Practice trading over 80 forex pairs
  • Integrates with MT4 and NinjaTrader
  • Includes pivot point and market analysis
  • Professional trading reports and forecasts
  • Regulated in the US

Cons:

  • 30-day time limit on forex demo account

Your capital is at risk.

7. Plus500 – Best Free Forex Demo Account for Beginners

Plus500 logoPlus500 is one of the best forex brokers for beginners and it has a demo account to help you get started with the forex market. This brokerage is extremely easy to use and it offers a simple, yet comprehensive web and mobile trading platform.

Plus500’s trading platform includes dozens of technical studies and drawing tools, plus a market news feed and economic calendar. It also offers price alerts, which we particularly like for monitoring the forex market throughout the day. The alerts aren’t as customizable as forex signals, but you can set alerts based on price changes or trading volume in addition to price levels.Plus500 forex demo account

The Plus500 demo account gives you full access to the broker’s platform and doesn’t have a time limit. It’s also completely free to use. You can trade dozens of currency pairs as CFDs, as well as shares, commodities, cryptocurrencies, stock indices, and more.

If you want to open a live trading account with Plus500, you can do so with just a $100 minimum deposit. CFD trading with this broker is 100% commission-free and it offers spreads starting from 0.08 pips. Plus500 is regulated by the UK FCA.

Pros:

  • Demo trading with customizable price alerts
  • Beginner-friendly web interface and mobile app
  • Demo account is free and unlimited
  • Commission-free forex trading with low spreads
  • Regulated by the FCA

Cons:

  • Doesn’t support forex signals

76.4% of retail investor accounts lose money when trading CFDs with this provider.

8. FXCM – Top Demo Account to Try Out New Trading Platforms

FXCM LogoNot sure what trading platform you want to use to buy and sell forex? FXCM’s demo account can help you decide. That’s because this broker offers multiple popular trading platforms, including Trading Station,

MetaTrader 4, NinjaTrader, ZuluTrade, TradingView, and Capitalise AI. Each platform is slightly different – for example, MetaTrader 4 offers forex signals and algorithmic trading, while ZuluTrade offers social trading. So, you can use multiple platforms in combination or choose the one you like the best.

Another neat thing about FXCM is that it offers what it calls ‘forex baskets’ in addition to standard forex trading pairs. These baskets contain 4 different currencies and allow you to hedge your bets across them. In essence, forex baskets are like ETFs for popular currency pairs, and we think these are neat to try with your demo account.FXCM Forex Basket

FXCM’s forex demo account is free and unlimited. However, you must place one trade in the demo account every 30 days or else it will be closed. While this can be annoying at times, you’re always free to open a new demo account at no cost. If you’d like to open a live trading account with FXCM, you’ll need to make a $300 minimum deposit.

Pros:

  • Offers a wide range of trading platforms
  • Includes copy trading, algo trading, and forex signals
  • Trade forex CFDs or forex baskets
  • No cost for demo account
  • Regulated by the FCA

Cons:

  • Must trade every 30 days to keep demo account open
  • $300 minimum deposit for live trading

Your capital is at risk.

9. OANDA – Best Forex Trading Demo Account for Technical Analysis

OANDA LogoOANDA offers one of the best forex demo accounts for traders who want to practice technical analysis. The broker’s custom platform comes with over 65 built-in technical indicators. Better yet, it integrates with TradingView so you can build your own studies and use advanced drawing tools to find complex patterns like Elliott Waves.

OANDA also gives you access to Autochartist, which helps you automatically spot common trading setups in technical charts. This not only makes it easier to trade, but can help you become better at finding these trading opportunities in your own analysis over time. OANDA also offers an integration with MetaTrader 4 if you want to practice with forex signals.OANDA forex demo account

The OANDA forex demo account is free to use and gives you access to over 70 trading pairs. You start out with $100,000 in paper money and you can reset the account at any time. Another nice thing about this broker is that it offers both spread and commission accounts, and you can try out either with a demo portfolio.

OANDA is regulated in the US, UK, Europe, and Australia. You can open a live trading account with no minimum deposit, which makes it easy to transition from demo trading to live market trading.

Pros:

  • Demo account integrates with TradingView
  • Includes Autochartist for trade ideas
  • Supports MetaTrader 4
  • No minimum deposit to open live trading account
  • Regulated in the US

Cons:

  • Doesn’t include MetaTrader 5

Your capital is at risk.

10. TD Ameritrade – Top Forex Demo Account with No Time Limit

TD Ameritrade is one of the top forex brokers in the US for traders of all stripes. Whether you’re new to the forex market or interested in trading with a highly advanced platform, TD Ameritrade has something to offer.

To start, the demo account is free and unlimited. You get $100,000 in paper money to trade with and you can reset the account anytime you need. The main way to trade is through TD Ameritrade’s simple web interface and mobile forex app, which offers basic charts and a user-friendly design.

For more advanced traders, TD Ameritrade offers the Thinkorswim platform. We found this highly advanced platform to be more intuitive than MT4, and it offers everything from forex signals to custom technical studies. Thinkorswim even has its own scripting language, which enables you to set up automated trading or to backtest complex strategies against historical market data.Thinkorswim TD Ameritrade best forex demo account

TD Ameritrade offers 24/7 customer support and is regulated by all major US financial agencies. Live trading at TD Ameritrade doesn’t require a minimum deposit and is open to traders from most countries outside the EU.

Pros:

  • Easy to use mobile app for spot forex trading
  • Demo account includes powerful Thinkorswim trading platform
  • Custom scripting language for autotrading and strategy development
  • 24/7 customer support available
  • No minimum deposit required for live trading account

Cons:

  • Doesn’t offer common platforms like MT4 or MT5

Your capital is at risk.

Forex Demo Account Comparison

With so many forex trading free demo accounts to choose from, how do you decide which one is right for you? The table below will help you quickly compare the top 10 forex demo accounts:

Demo Account Funds Demo Account Time Limit Trading Platforms Additional Features
eToro $100,000 None Custom web + mobile Social trading, copy trading
Capital.com $1,000 None Custom web + mobile TradingView, AI analysis
AvaTrade $100,000 None Custom web + mobile, MT4, MT5 Social trading, options trading
Libertex $50,000 None Custom web + mobile, MT4, MT5 News feed, economic calendar
VantageFX $50,000 None Custom web + mobile, MT4, MT5 ZuluTrade, Myfxbook, DupliTrade
Forex.com $50,000 30 days Custom web + mobile, MT4, NinjaTrader Pivot points analysis, economic calendar
Plus500 $40,000 None Custom web + mobile News feed, economic calendar
FXCM $20,000 None (must trade once every 30 days) Trading Station,

MetaTrader 4, NinjaTrader, ZuluTrade, TradingView, Capitalise AI

Trading signals, market scanner, forex baskets
OANDA $100,000 None Custom web + mobile, MT4 TradingView, MotiveWave
TD Ameritrade $100,000 None Thinkorswim Options trading

How to Choose the Best Forex Demo Account for You

There are several things to consider when choosing the best forex demo accounts:

Amount of Demo Funds

First, consider the amount of money that a demo account comes loaded with. This is important because you want the demo account to be realistic. So, your demo account should have about as much money as you actually plan to trade with.

On the other hand, if you’re just starting out, you may want a demo account with more money, like $50,000 or even $100,000. That way, if you lose money while practising, you don’t have to frequently reset the account.

Time Limits

Most brokers offer free forex demo accounts with no time limit. That’s a huge plus since it means you can use your demo account forever – even after you graduate to trading with a real account.

For demo accounts that do have a time limit, like Forex.com, you can typically open a new account for free. However, all of your trade history will disappear when your account is closed.

Demo Account Functionality

Another important thing to consider when choosing a demo account is how much functionality it provides. Some brokers have built demo accounts that are virtually identical to their real accounts – you get all the same trading tools, platforms, integrations, and more. This is ideal, especially if you want to trade with a platform other than the broker’s standard trading setup.

On the other hand, some demo accounts only offer partial functionality. This may be enough if you just want to get a feel for the forex market. However, you may find that you cannot use some trading tools that you want to try out.

Currency Pairs

Forex brokers can vary widely in what currency pairs they offer for trading, so it’s no surprise that demo accounts do, too. Most demo accounts include access to all the forex pairs that you would get with a real account from the same broker. Of course, if you plan to trade exotic currency pairs, be sure to choose a broker that offers lots of exotics for trading (like Capital.com).Capital.com Forex Pairs

Trading Tools & Analysis

One of the major differences you’ll find between demo accounts – and between forex trading platforms more generally – is what types of tools they offer to help you find and analyze trading opportunities.

Most of the best forex demo accounts we reviewed come with helpful tools like watchlists, a market news feed, and an economic calendar. Some go above and beyond to offer integrations for technical analysis, giving you access to premade forex signals or highly customizable technical studies.eToro Trade EUR USD

We also recommend looking for brokers and demo accounts that include social trading. This feature can be very useful for staying ahead of market news and learning from more experienced forex traders. Among the demo accounts we reviewed, eToro, AvaTrade, and VantageFX offer social forex trading.

How to Use a Forex Demo Account

Ready to create a free forex demo account? We’ll show you how to start practicing forex trading with eToro, which offers a custom trading platform and over 40 currency pairs.

Step 1: Open an Account

You’ll need to open an eToro account in order to start paper trading. Head to the broker’s website and click ‘Join Now.’ Then enter your email and a password or sign up using Google or Facebook.Sign up for an eToro account.

Step 2: Verify Your Identity

eToro is regulated by the UK FCA and requires you to verify your identity before trading. You can skip this step when opening a demo account, but you’ll need to do it eventually – so it’s nice to get it out of the way. Just upload a copy of your driver’s license or passport along with a copy of a recent utility bill or bank statement.  eToro verify Identity

Step 3: Deposit Funds

eToro does require a minimum deposit of $200 before you can start trading with a demo account. The broker accepts credit cards, debit cards, bank transfers, and e-wallets like PayPal, Neteller, and Skrill.eToro Deposit Funds

Step 4: Switch to Virtual Portfolio

Now you can open your eToro demo account. From your dashboard, click the ‘Live’ button and then click ‘Virtual’ in the drop-down menu. Your dashboard will mostly look the same, but you’ll now be trading inside your demo account and you will see your account balance updated accordingly.eToro Switch to Virtual Trading

Step 5: Start Trading

Now you’re ready to practice trading forex with eToro. Use the search bar at the top of the dashboard to search for a forex pair and then click ‘Trade.’ Enter the amount of paper money you want to invest and choose your desired leverage. When your trade is ready, click ‘Open Position’ to place your first trade in your forex demo account.eToro forex trade

Forex Demo Tips

It’s easy to get started trading forex with a demo account, but here are a few tips to help you get the most out of paper trading:

Trade Like It’s Real Money

The whole point of a demo forex trading account is to practice for live trading. So, it doesn’t make sense to trade one way in your demo account and a completely different way when you switch to live trading.

Instead, try to take the same mindset to paper trading that you would to live trading. That means having the same risk tolerance and creating the same positions sizes that you would if real money were on the line.

Try New Strategies

Your forex demo account is also a chance to try out new strategies. This is a great way to practice strategies that you’ve seen other traders use or to hone a strategy that you developed yourself. Just make sure that you continue to practice the same trading strategy that you primarily use for live trading as well.

Track Your Results

One of the best things about forex demo accounts is that they let you track your results over time. This is incredibly important since it enables you to see what strategies are working and how they could be improved. Tracking your results over time also enables you to see whether you’re becoming more consistently profitable inside the demo account, which could be a sign that it’s time to move to a live trading account.

eToro – Best Forex Demo Account 2021

Trading forex with a demo account is one of the best ways to prepare yourself for diving into the forex market. Demo accounts enable you to improve your trading skills, try out new strategies, and test out trading tools and platforms in a safe environment.

Ready to get started with the best forex demo account for 2021? Click the link below to open an account with eToro and start paper trading forex today!

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