Forex Demo Account Comparison

Forex demo accounts are a great way to try forex trading without actually risking any funds. Even experienced Australian forex traders use demo accounts to test forex trading strategies and automated tools.

Below lists the ‘top 10’ forex demo accounts from forex brokers that hold an Australian Financial Services Licence.

1) Pepperstone

Pepperstone is Australia’s fastest growing forex broker due to their low spreads starting at 0.0 pips, fast execution speeds and the fact they offer ‘negative balance protection’ ensuring you don’t lose more than your deposit. Their demo account is 30 days for either MetaTrader 4 (MT4) or cTrader. These two forex trading platforms are the most popular worldwide. This demo account was ranked first due to the ease of setting it up and the fast execution speeds of trades (similar to it’s standard or razor accounts).


Forex Trading With PepperstoneKey Strengths Of Pepperstone’s Forex Demo Account:

  • Fastest Execution Times
  • 500:1 Leverage (same as their main account)
  • $50,000 in “virtual” funds included
  • MT4 or cTrader trading platform options

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2) Easy Forex – Best for beginners

Easy Forex is know as the leading Australian forex broker for those newer to forex trading or those with a more ‘risk adverse’ approach to trading. Unlike other forex brokers, they have ‘fixed spreads’ so you always know your trading costs irrelevant of market conditions.  Unlike most other demo accounts, for Easy Forex you need to open an account and your automatically provided a bonus account. When you are ready to then trade you get a 20% Bonus* (up to $2k) when you make your first deposit.

EasyForex Demo Account AustraliaKey Strengths Of An Easy Forex Demo Account:

  • Free 10 minute coaching session from an expert analysts
  • Access to forex educational videos
  • Use of ‘guaranteed stops’ in demo accounts
  • MT4 trading platform

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3) Plus500

Plus500 is one of the worlds largest forex brokers with an AFSL. They use their own proprietary software for windows and also have an iphone/android app as well as a webtrader. New traders can get a $30 joining bonus once a real account is opened. A new feature with the broker is you can fund your account via paypal. They don’t charge commissions with spread focused forex fees.

Plus 500 Forex AccountKey Strengths Of An Plus 500 Demo Account:

  • No time limit (FREE unlimited account)
  • Setup, check and simulate trading strategies
  • Online help and support team backup
  • Use of ‘guaranteed stops’ in demo accounts

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4) IC Markets

IC Markets demo account offers the two leading platforms (MetaTrader 4 & cTrader) to allow traders to trade in a risk-free environment. There forex trading accounts have all the same features as real accounts including the ability to test expert advisors including automated trading strategies. They have fast execution speeds as an ECN trader and high leverage which may be useful for more experienced, high risk baring traders.

IC Markets DemoKey Strengths Of Pepperstone’s Forex Demo Account:

  • Fast execution speeds
  • Up to 500:1 leverage when demo forex trading
  • 64 forex pairings + metals
  • MT4 or cTrader trading platform options

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5) Go Markets

GO Markets forex trading accounts are only MetaTrader 4 and mirror the same live trading environment for traders. The forex broker offers low fast execution speeds and has funding sources from paypal to AMEX.

GO Markets Forex Demo AccountKey Strengths Of A GO Markets Demo FX Account:

  • Exact replica MT4 account
  • 50+ forex pairings
  • Price Improvement Technology

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6) OANDA

OANDA are a customer service first forex broker focusing on open and transparency when it comes to trading fees, fast execution and competitive spreads. This focus flows through to the OANDA trading account which unlike more other fx brokers is unlimited in both time and use. The demo accounts are MetaTrader 4 enabled.

Oanda Trading Demo AccountKey Strengths Of A GO Markets Demo FX Account:

  • Unlimited free access to the demo account
  • Opportunity to reset the 100,000 unit anytime
  • 60+ currency pairs including exotic currencies

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7) CMC Markets

CMC Markets has a unique approach to currency trading with their own award winning charting and advanced platform features. The broker offers leverage of up to 500:1 with spreads starting from 0.7pts. Their platform offers automated executions without re-quotes.

CMC Markets FX Demo AccountKey Strengths Of A GO Markets Demo FX Account:

  • $10,000 virtual funds to trade in the demo account
  • Ability to also trade CFDs with no feed fee
  • Full use of their propriety platform

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8) IG Markets

IG Markets are one of Australia’s largest forex brokers and stockbrokers. They have competitive spreads and three platforms from the popular MetaTrader 4 to L2 Dealer & Pro Real Time. Automated trades can be processed but their demo account will not have slippage and out of hours price movements which should be understood by Australian forex traders.

IG Markets FX Demo Trading AccountKey Strengths Of A GO Markets Demo FX Account:

  • $20,000 virtual funds in the demo account
  • Real charts, prices and more
  • No charges for the charting package

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9) ThinkForex

ThinkForex offers tight spreads and both MetaTrader 4 and cTrader for Australian forex traders. They have guides, an online university and live events to assist its traders to improve their currency trading knowledge. They also offer support at all hours while currency markets are open.

ThinkForex Demo FX AccountKey Strengths Of A GO Markets Demo FX Account:

  • Seven demo account currencies
  • Expert Advisors (EAs) testing available
  • No scalping limit
  • 500:1 Leverage

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10) FXCM

FXCM is an ECN broker like IC Markets and Pepperstone which means they have no dealing desk. Like other ECN brokers they have low spreads and fast execution speeds. They offer an excellent range of platforms from MetaTrader 4, Ninja Trader to Zulu Trade. They have an excellent resource base and support for new, intermediate and expert traders.

FXCM Forex Broker Demo AccountKey Strengths Of A GO Markets Demo FX Account:

  • $50k of virtual currency in a demo account
  • Free forex trading guide included
  • Support over live chat, phone and e-mail

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What Should I Look For In A Forex Demo Account?

The most important element when choosing a forex demo account is the platform(s) offered. Traders generally stick to certain platforms, especially either MetaTrader 4 or cTrader and there is little point familiarising yourself with one platform but then trading with a different one. The second important factor is the features within the demo account which will align with the live account such as leverage, guaranteed stops and and spreads. Like choosing the best forex platform for you when forex trading, having the right features within the platform to suit your forex strategy can be critical to future success. A third factor is execution speed which helps traders make fast trades with reduced slippage in higher volatility markets. The final factor is the exploration date of the demo account with some lasting a month while others will be unlimited.

Why Are Demo Accounts So Important?

Trading anything from FOREX to shares is risky especially if you don’t know what you’re doing. There’s an equal chance of making money and losing it too. When adding leverage to the equation, you run the risk of losing more money than you originally deposited in you trading account. It is for this reason that becoming well equipped to deal with the vagaries of financial markets is paramount.

Understanding Volatility With A Demo Account

One can learn how to trade by reading and researching. However, a more effective way is to actually practice trading ‘live’. This is exactly what a demo Forex account provides. It gets you accustomed the markets and allows you to familiarise yourself with your trading platform of choice.

Background To Our Forex Demo Review

This demo account review was compiled and published in 2016 and was updated in early January 2017. It was put together by the dedicated staff at Compare Forex Brokers who spent a significant amount of time researching the industry. As the market changes rapidly and brokers continue to offer new features all the time, please validate all information read above with the Forex broker’s dedicated website. We aim to update our analyses frequently but sometimes inconsistencies can be found.

Forex Demo Accounts Australia Comparison

Compare the forex demo accounts on offer from Australian forex brokers.

Rating: 5
Reviewed by Justin Grossbard

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