Quick verdict: the best forex demo accounts in Australia right now
Pepperstone has the best demo trading account in Australia for active traders: 30 days, an AUD 50,000 virtual balance and the full platform stack from MT4 to TradingView, renewable. IC Markets is the pick for raw-spread testing and CMC Markets for multi-asset practice. We opened and timed a demo at every ASIC broker we rank here.
- Pepperstone: 30-day demo, AUD 50,000, full platform stack.
- IC Markets: renewable 30-day demo for raw-spread testing.
- CMC Markets: unlimited demo with 12,000+ instruments.
- Plus500: unlimited demo, no card or ID needed.
- eToro: unlimited USD 100,000 demo with CopyTrader.
- OANDA: unlimited demo with MarketPulse research.
- FP Markets: 30-day renewable demo with share CFDs.
- IG Markets: unlimited demo with ProRealTime charting.
- Capital.com: unlimited demo with the Investmate app.
- Blueberry Markets: MetaTrader demo with 24/7 support.
- Focus Markets: 30-day MT5 demo, the only place its pricing appears.
Expiry and virtual balance change the practice value more than anything else, and both vary broker to broker.
A demo account is the right place to test platform feel, position sizing and order types. It’s the wrong place to estimate your real-world P&L. We’ll explain why further down.
Demo account comparison table
| # | Broker | Demo length | Virtual funds | Platforms | Instruments | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 | #1 Top demo account Pepperstone | 30 daysrenewable | AUD 50,000customisable |  MT4 MT5 cTrader TradingView+1 more platforms, listed in this broker's detailsMT4, MT5, cTrader, TradingView, proprietary | 90+ forex pairs, 1,200+ shares, indices, commodities, crypto | Visit Pepperstone | |
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| 2 |  IC Markets | 30 daysrenewable | Customisable (default AUD 50,000) | MT4MT5cTrader | 60+ forex pairs, 2,000+ CFDs | Visit IC Markets | |
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| 3 |  CMC Markets | Unlimited | Customisable (default AUD 10,000) | Next GenerationMT4 | 12,000+ instruments | Visit CMC Markets | |
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| 4 |  Plus500 | Unlimited | AUD 40,000 | Plus500 WebTrader (proprietary) | 2,800+ CFDs | Visit Plus500 | |
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| 5 |  eToro | Unlimited | USD 100,000 | eToro app and web (proprietary) | Six asset classes, 3,000+ stocks | Visit eToro | |
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| 6 |  easyMarkets | Unlimited | AUD 10,000 | easyMarkets web/appMT4MT5TradingView | 270+ instruments | Visit easyMarkets | |
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| 7 |  FP Markets30-day renewable demo with share CFDs | 30 daysrenewable | Customisable | MT4MT5cTraderTradingView | 10,000+ CFDs | Visit FP Markets | |
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| 8 |  Eightcap | 30 daysrenewable | Customisable | MT4MT5TradingView | 800+ instruments | Visit Eightcap | |
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| 9 |  OANDAunlimited demo with MarketPulse research | Unlimited | AUD 100,000 | OANDA TradeMT4MT5TradingView | 70+ forex pairs, indices, metals | Visit OANDA | |
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| 10 |  Fusion Markets | 30 daysrenewable | Customisable | MT4MT5cTraderTradingView | 250+ instruments | Visit Fusion Markets | |
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| 11 |  IG Marketsunlimited demo with ProRealTime charting | Unlimited | Not stated | IG web platformMT4ProRealTime | 17,000+ markets13,000+ share CFDs | Visit IG Markets | |
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| 12 |  Capital.comunlimited demo with the Investmate app | Unlimited | Not stated | Capital.com WebTraderMT4MT5TradingView | 4,500+ instruments | Visit Capital.com | |
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| 13 |  Blueberry MarketsMetaTrader demo with 24/7 support | Not stated | Not stated | MT4MT5Blueberry X app | 50+ forex pairs, indices, share CFDs, crypto, commodities | Visit Blueberry Markets | |
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| 14 |  Focus Markets30-day MT5 demo, the only place its pricing appears | 30 days | Not stated | MT5 | 800+ CFDs | Visit Focus Markets | |
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Demo lengths and default balances verified against each broker’s signup flow in the week of publish. Plus500 and eToro virtual balances reset on request. The Focus Markets row comes from the broker’s own published figures, not a timed signup.
One row is there for a reason the others are not. Focus Markets publishes no spread for any individual pair, on either of its accounts, on any Australian page or in any of its legal documents. Its 30-day MT5 demo is the only place that pricing exists. Everywhere else on this page the demo is practice before funding an account; here it doubles as the price list.
Watch: Best forex demo accounts.
Risk warning: CFDs are leveraged products and carry a high risk of loss. Most retail CFD accounts lose money. Review the broker's PDS and TMD before trading.
1. Pepperstone: best demo for active forex traders
Pepperstone offers the best overall demo for active forex traders, a 30-day renewable account that runs across all five of its platforms, MT4, MT5, cTrader, TradingView and the Pepperstone web platform, with an AUD 50,000 virtual balance. It mirrors live Razor conditions closely, which makes it a fair test of raw pricing before funding. Pepperstone holds ASIC AFSL 414530.
Average spread
EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1
Trading platforms
MT4, MT5, cTrader, TradingView, Pepperstone Trading App
Minimum deposit
A$0
Regulation
ASIC AFSL 414530
Pros & Cons
- ASIC AFSL 414530 since 2013; founded in Melbourne in 2010 with continuing Australian operations
- Razor RAW account with EUR/USD spreads from 0.0 pips and AUD 7 round-turn per lot
- Five trading platform options (MT4, MT5, cTrader, TradingView, Pepperstone Platform)
- Share CFD range narrower than CMC, IG, IBKR (around 1,200 vs 10,000+ at CMC)
- No native ASX share investing (CFD only)
- Standard account spreads less competitive than the Razor account; choose Razor if you trade actively
Broker's Detail
Founded in Melbourne in 2010, Pepperstone is one of Australia's largest forex brokers and has held ASIC AFSL 414530 since 2013. It also holds Tier-1 licences with the FCA (UK), BaFin (Germany), CySEC (Cyprus), CMA (Kenya) and DFSA (Dubai).
Two main account types are offered. The Razor (RAW) account pairs EUR/USD spreads from 0.0 pips with AUD 7 round-turn commission per standard lot. The Standard account is commission-free with EUR/USD from roughly 1.1 pips. Five trading platforms are supported: MT4, MT5, cTrader, TradingView and the Pepperstone Trading Platform.
Funding is fee-free via PayID, BPAY, card and PayPal. AUD-denominated accounts available. Retail leverage follows ASIC's standard retail caps, with negative balance protection and AFCA dispute coverage standard. Customer support runs 24/7 by live chat.
Pepperstone spread table (averaged over our most recent test cycle):
| Pair | Razor avg spread (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.10 | 0.45 | 0.55 |
| AUD/USD | 0.10 | 0.45 | 0.55 |
| GBP/USD | 0.20 | 0.45 | 0.65 |
| USD/JPY | 0.10 | 0.45 | 0.55 |
| EUR/GBP | 0.30 | 0.45 | 0.75 |
Broker Screenshots
2. IC Markets: best for raw-spread testing
IC Markets is the strongest demo for raw-spread testing, a 30-day renewable account that mirrors the Raw Spread feed so you can see the tight spreads and fast fills the live account is known for. It runs on MT4, MT5 and cTrader, and placed second in our demo comparison. IC Markets holds ASIC AFSL 335692.
Average spread
EUR/USD = 0.0
GBP/USD = 0.2
AUD/USD = 0.1
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
A$200
Regulation
ASIC AFSL 335692
Pros & Cons
- ASIC AFSL 335692 since 2009; founded in Sydney
- Raw Spread account with EUR/USD spreads from 0.0 pips and AUD 9 round-turn per lot
- True ECN/cTrader connectivity with deep liquidity from 25+ Tier-1 banks and dark pools
- $200 minimum deposit (vs $0 at Pepperstone, CMC, IG, Fusion)
- No native TradingView integration on the AU entity
- Share CFD range narrower than CMC, IG, IBKR
Broker's Detail
Founded in Sydney in 2007, IC Markets is one of Australia's longest-running ECN brokers and has held AFSL 335692 since 2009. The Raw Spread account delivers EUR/USD spreads from 0.0 pips with AUD 9 round-turn commission (A$4.50 per side), while the cTrader RAW account bills USD 3.00 per USD 100,000 traded per side, converted to your account currency. The Standard account is commission-free with spreads from 1.0 pips.
Liquidity is sourced from 25+ Tier-1 banks and dark pools, delivering true ECN execution that suits scalpers and EA traders. Platforms supported are MT4, MT5 and cTrader. Over 2,250 tradeable instruments span forex, indices, commodities, bonds, shares and crypto CFDs.
Minimum deposit is $200, higher than the $0 brokers in this list. AUD funding via PayID, BPAY and card is fee-free. Retail leverage follows ASIC's standard retail caps, with AFCA dispute coverage and negative balance protection.
IC Markets spread table (averaged over our most recent test cycle):
| Pair | Raw Spread avg (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.01 | 0.58 | 0.59 |
| AUD/USD | 0.16 | 0.58 | 0.74 |
| GBP/USD | 0.30 | 0.58 | 0.88 |
| USD/JPY | 0.10 | 0.58 | 0.68 |
| AUD/JPY | 0.50 | 0.58 | 1.08 |
Broker Screenshots
3. CMC Markets: best multi-asset demo
CMC Markets is the best demo for multi-asset traders, an unlimited account on the Next Generation platform with access to its full range of more than 12,000 instruments across forex, indices, commodities, shares and treasuries. It placed third in our demo comparison and does not expire. CMC has held ASIC AFSL 238054 since 2004.
Average spread
EUR/USD = 0.7
GBP/USD = 0.9
AUD/USD = 0.6
Trading platforms
Next Generation, MT4, CMC Stockbroking, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 238054
Why higher here? Demo Fit weights how well the practice account rehearses real trading. CMC's demo never expires and covers the full 12,000-instrument range with platform parity to the live build, which lifts it above its #20 sitewide position. See the ranking method ↓
Pros & Cons
- ASIC AFSL 238054 since 2004, plus FCA, BaFin, MAS, CIRO regulation globally, top-tier trust profile
- Next Generation platform is the strongest proprietary CFD platform in Australia
- 12,000+ CFD instruments plus integrated CMC Stockbroking for ASX equities
- Standard account spreads on EUR/USD and AUD/USD wider than top-tier RAW brokers
- Share CFD overnight financing rates above average for the AU market
- Customer support hours 24/5 only (closed weekends)
Broker's Detail
Founded in London in 1989 and operating in Australia since 2002, CMC Markets is one of the longest-tenured CFD brokers in the AU market. The AU entity holds AFSL 238054. The group is LSE-listed and also holds FCA (UK), BaFin (Germany), MAS (Singapore) and CIRO (Canada) licences.
Standard account spreads start from 0.5 pips on EUR/USD with no commission; FX Active pairs tighter spreads with a commission. CMC also runs a separate stockbroking service for direct ASX share investing. The Next Generation platform pairs with MT4 (no MT5 or cTrader on the AU entity).
$0 minimum deposit and fee-free AU funding via PayID, BPAY and card. Retail leverage follows ASIC's standard retail caps. Negative balance protection and AFCA dispute coverage standard. Customer support runs 24/5 by live chat, email and phone.
CMC Markets spread table (indicative standard-account pricing, not from our measured capture):
| Pair | CMC Standard (typical pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 0.5 | 1.1 |
| AUD/USD | 0.6 | 1.3 |
| GBP/USD | 0.9 | 1.4 |
| USD/JPY | 0.7 | 1.4 |
| EUR/GBP | 0.7 | 1.4 |
| EUR/JPY | 1.2 | 1.9 |
| AUD/JPY | 1.2 | 2.1 |
4. Plus500: best demo for absolute beginners
Plus500 is the best demo for absolute beginners, an unlimited practice account you can open with just an email, no card or ID needed to start, on the same clean WebTrader interface as the live product. It placed fourth in our demo comparison. Plus500AU holds ASIC AFSL 417727.
Average spread
EUR/USD = 0.8
GBP/USD = 1.0
AUD/USD = 0.9
Trading platforms
Plus500 WebTrader, app
Minimum deposit
A$100
Regulation
ASIC AFSL 417727
Why higher here? Demo Fit weights demo length, practice conditions and platform access, which lifts Plus500 above its #15 sitewide position. See the ranking method ↓
Pros & Cons
- ASIC AFSL 417727 since 2012; FTSE 250-listed parent (LSE:PLUS) for a strong trust profile
- WebTrader platform is the cleanest beginner CFD interface in our coverage
- Guaranteed Stop Loss Orders (GSLO) available, priced through a wider spread set when the position opens
- No MT4, MT5, cTrader or TradingView, proprietary platform only
- Forex pair count narrower than Pepperstone, IC Markets, OANDA
- Inactivity fee of USD 10/month kicks in after just 3 months (most AU brokers wait 6 to 12 months)
Broker's Detail
London Stock Exchange-listed (FTSE 250) and ASIC-regulated under AFSL 417727 since 2012, Plus500 operates a markup-pricing model on a proprietary platform with no MT4/MT5/cTrader.
Spreads are baked into the price (no commission). EUR/USD runs 0.6 to 1.0 pips typical, on a 0.6 pip eight-pair measured average. The platform is deliberately simple: a single account type, a clean trade ticket and 2,800+ CFD instruments. Guaranteed stop-loss orders are available for a small premium.
$100 minimum deposit with fee-free AU funding via PayID, BPAY, card and PayPal. Retail leverage follows ASIC's standard retail caps. AFCA dispute coverage and negative balance protection standard.
Plus500 spread table (averaged over our most recent test cycle):
| Pair | Plus500 typical (pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 0.6 to 1.0 | 1.1 |
| AUD/USD | 0.7 to 1.2 | 1.3 |
| GBP/USD | 1.0 to 1.5 | 1.4 |
| USD/JPY | 0.8 to 1.2 | 1.4 |
| EUR/GBP | 1.2 to 1.8 | 1.4 |
Broker Screenshots
5. eToro: best demo for copy trading
eToro is the best demo for copy-trading practice, an unlimited account with a USD 100,000 virtual balance on its own platform, so you can trial CopyTrader and Smart Portfolios and the full social feed before committing funds. There is no time limit on the practice balance. eToro holds ASIC AFSL 491139.
Average spread
EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0
Trading platforms
eToro Web, eToro App
Minimum deposit
US$50
Regulation
ASIC AFSL 491139
Why higher here? Demo Fit rewards rehearsing what you actually came to do, and this is the only demo here where copy trading itself can be practised. eToro's #27 sitewide score reflects its costs, not its demo. See the ranking method ↓
Pros & Cons
- ASIC AFSL 491139 since 2017; Tier-1 regulation also via FCA (UK) and CySEC (Cyprus)
- CopyTrader and Smart Portfolios, the most developed social trading product in the industry
- Real share investing across US, AU, UK and EU exchanges at a flat USD 2 per trade, ETFs 0%
- Account defaults to USD; an AUD account is available only to eligible AU clients, otherwise every deposit and withdrawal converts, with conversion fees on AUD funding
- No MT4, no MT5, no cTrader, no TradingView trading
- Forex spreads (EUR/USD from 1.0 pip) wider than RAW brokers like Pepperstone or IC Markets
Broker's Detail
Founded in Tel Aviv in 2007 and operating in Australia since 2018 under AFSL 491139, eToro is the world's largest social trading platform with 30M+ registered users globally. The group also holds FCA (UK), CySEC (Cyprus) and FinCEN (US) regulation.
eToro's proprietary platform supports both forex/CFD trading and direct share investing with zero commission across US, AU, UK and EU exchanges. CopyTrader lets you automatically replicate other traders' positions; Smart Portfolios bundle thematic baskets. No MT4, MT5, cTrader or TradingView trading.
Account currency is USD only, so AUD funding converts at deposit and withdrawal. $50 USD minimum deposit; funding via card, PayPal, bank transfer and select e-wallets. Retail leverage follows ASIC's standard retail caps. AFCA dispute coverage standard.
eToro spread table (indicative standard-account pricing, not from our measured capture):
| Pair | eToro typical spread (pips) | AU industry avg (Standard) | Lowest-cost AU RAW account |
|---|---|---|---|
| EUR/USD | 1.0 | 1.1 | 0.5 (incl. commission) |
| AUD/USD | 1.0 | 1.3 | 0.6 |
| GBP/USD | 2.0 | 1.4 | 0.7 |
| USD/JPY | 1.0 | 1.4 | 0.6 |
| EUR/GBP | 1.5 | 1.4 | 0.8 |
Broker Screenshots
Honourable mentions
Five more demos worth knowing about, each with a specific use case:
- easyMarkets: unlimited demo with the easyMarkets fixed-spread platform. Right pick if you want to test the broker’s fixed-spread model and dealCancellation risk-management feature.
- FP Markets: 30-day demo across MT4, MT5, cTrader and TradingView. Strong for traders who want a Pepperstone-style platform stack with a slightly different commission structure.
- Eightcap: 30-day demo on MT4, MT5 and TradingView. Notable for the integration with TradingView and an underrated execution profile.
- OANDA: unlimited demo with AUD 100,000 in virtual funds. The OANDA fxTrade demo includes the broker’s research suite, which is one of the strongest in the AU market.
- Fusion Markets: 30-day demo on MT4, MT5, cTrader and TradingView. The Fusion Zero account demo is useful if you’re cost-comparing against IC Markets and Pepperstone Razor.
What makes a good demo account
Most demos look similar at first glance. The differences become obvious once you start using them.
Virtual fund size
A demo balance that’s wildly different from your real account size will teach you the wrong lessons about position sizing. If you plan to fund AUD 2,000 live, ask the broker to set your demo to AUD 2,000 or close to it. Pepperstone, IC Markets, CMC and Fusion Markets all let you customise. Plus500 and eToro use a fixed default but will reset on request.
A USD 100,000 demo with AUD 1,000 of intended live capital is a recipe for risk habits that won’t transfer. The numbers need to be in the same ballpark.
Expiry
Demo expiries fall into two camps. Brokers like Pepperstone, IC Markets, FP Markets, Eightcap and Fusion Markets run a 30-day clock that resets if you request renewal. Brokers like CMC, Plus500, eToro and OANDA run unlimited demos that don’t expire.
The unlimited demos are friendlier for slow learners and casual experimenters. The 30-day clocks force you to commit, which isn’t a bad thing if you’re using the demo to make a live-trading decision rather than to play indefinitely.
Real conditions versus simulated conditions
Look closely at how the broker describes the demo’s price feed. The good demos quote two things explicitly: spreads from the same liquidity providers as the live account, and execution speed measured in real network conditions. The weaker demos run on a synthetic feed that’s smoother and tighter than what you’d see live.
In our 2026 testing, the Pepperstone, IC Markets and CMC demos all matched live spreads within 0.1 pips on EUR/USD across normal market hours. The Plus500 and eToro demos showed slightly tighter spreads than the live accounts during testing, particularly during the Asian session. Worth knowing if you’re comparing platforms on cost.
Platform parity
The demo should run on exactly the same platform build as the live account. Pepperstone, IC Markets and CMC all hit this bar. Some smaller brokers run the demo on a stripped-down version of their proprietary platform and you find out only when you go live that certain features behave differently. Test order types, charting tools, watchlists and any platform-specific extras (sentiment data, pattern scanners, news feeds) on the demo before you commit money.
No card required
The best demos let you sign up with email and password only. Some brokers ask for full ID and proof of address upfront, and a few want a card on file before they unlock the demo. That’s a friction signal we don’t love.
In our shortlist, Pepperstone, IC Markets, Plus500, eToro, easyMarkets, OANDA and Fusion Markets all let you start the demo without ID. CMC asks for fewer details than its live signup but still wants a name and AU phone number. None ask for a card.
How to use a demo account properly
A demo is a tool, not a toy. Used well, it answers four questions cheaply: do I like the platform, do I understand position sizing, can I follow my own rules, and is my strategy directionally correct on this broker’s data feed. Used badly, it teaches you confidence without competence.
Backtest your strategy
If you’ve got a rules-based strategy, the demo is where you backtest it on the broker’s actual price data, not on TradingView’s free feed. MT4 and MT5 both have built-in strategy testers that let you replay historical data tick-by-tick. cTrader Automate (formerly cAlgo) does the same. Pepperstone, IC Markets, FP Markets and Fusion Markets all give you full historical data through the demo so you can run these tests properly.
Run at least 200 trades through the tester before you draw conclusions. A strategy that wins 7 out of 10 demo trades over a single week is statistically meaningless.
Simulate position sizing
Position sizing is the single biggest source of blowups for new traders. The demo is where you build muscle memory for the right lot size on a given account.
Set the demo balance to match your real intended deposit. Pick a risk-per-trade rule (1% is a reasonable starting point for retail) and stick to it across at least 50 demo trades. Track your P&L by trade in a spreadsheet. The point isn’t to make virtual money. It’s to confirm you can size a position consistently without thinking about it. Pair the demo with the position size calculator to set each lot from your risk-per-trade rule. On a practice ticket you can also calculate pip value and use the profit and loss calculator in AUD before you commit real money.
Practise the platform
Order types, hotkeys, charting layouts, alerts, trailing stops and partial closes all behave differently across MT4, MT5, cTrader, TradingView and proprietary platforms. The demo is where you stress-test the platform itself: place a buy stop, modify it, partial close half, trail the rest, set an alert on a different chart, and verify everything fired the way you expected.
If you find yourself fighting the platform on the demo, you’ll fight it harder when there’s money on the line. Switch platforms or switch brokers.
It’s not a money-printing simulation
The most common mistake we see is traders who run a demo, see fast virtual gains, fund a live account and immediately blow up. The demo doesn’t simulate emotion. You don’t feel anything when you’re risking virtual dollars, so you take trades you’d never take with real capital and let losers run further than you would live.
A profitable month on demo doesn’t predict a profitable month live. Treat the demo as a platform-and-process test, not a P&L forecast.
Transition to live with caution
When you do go live, start small. Most of our reader feedback over the last decade lines up on this: open a live account with the smallest deposit the broker accepts, trade the smallest contract size for at least 50 trades, and only scale up after you’ve shown the same discipline with real money that you showed on demo. Pepperstone, IC Markets and CMC all support micro lots (0.01) on AUD-denominated accounts, which means you can trade real money at risk levels close to demo psychology while you adjust.
Demo account limitations
Brokers don’t always make the limitations obvious. They are real and they matter.
Slippage is often unrealistic
In a fast-moving market, real orders get slipped. Limit orders fill below your level (or not at all). Stop-losses execute at worse prices than the trigger. Demos rarely simulate this fully. Most brokers’ demo engines fill orders at the quoted price most of the time, even during high-impact news releases when a real fill would slip several pips.
The result: a strategy that looks solid on demo can fall apart live the first time it tries to enter or exit during NFP or the RBA cash rate announcement. Plan for slippage. Run your stop-losses with a buffer.
No fear, no greed
Trading psychology is the part of the business that the demo cannot teach you. There’s no real-money flinch when you watch a position go AUD 200 against you. There’s no urge to chase a winner because the size doesn’t matter. The behaviour patterns that hurt real traders (moving stops, doubling down, revenge trading after a loss) only show up when there’s real capital at stake.
Some traders do better on demo than live for exactly this reason. The disciplined parts of their trading evaporate when emotion enters. If you find that’s you, the answer isn’t “stop trading demo”. The answer is to start live with such a small position size that the emotion is dialled down, and scale up only as you keep your discipline.
Demo execution can flatter the broker
Some brokers run a demo execution engine that’s faster and more forgiving than their live engine. Pepperstone, IC Markets, CMC and OANDA all run demos that are reasonably honest in our testing. A few smaller brokers don’t. If a broker’s live spreads are noticeably wider than its demo spreads, or its live execution is markedly slower, that’s a warning sign worth paying attention to.
Demo doesn’t test your funding flow
Bank transfers, PayID, BPAY and card deposits all behave differently in real life. AML hold periods, identity verification, and withdrawal processing aren’t part of the demo. You won’t know how a broker actually handles your money until you make a small live deposit and a small test withdrawal. We recommend doing this before you fund a meaningful position size.
ASIC rules and demo accounts
Demo accounts sit outside ASIC’s product intervention regime in important ways. Brokers don’t need an Australian Financial Services Licence to offer a free demo, because the demo isn’t a financial product. There’s no client money, no real risk, no real return.
The moment you fund a live account, AFSL requirements apply in full. The broker must be authorised by ASIC to issue CFDs to retail clients in Australia, must comply with the Product Intervention Order (which capped retail leverage at 30:1 on major forex pairs from 29 March 2021), must offer negative balance protection, and must close out positions when margin falls to 50% of initial.
Brokers must clearly distinguish demo from live
ASIC’s Regulatory Guide 234 and the broader anti-misleading-conduct rules in the Corporations Act require brokers to make demo and simulated trading results clearly distinguishable from live performance. This shows up in three places on most broker sites:
- A “DEMO” or “PRACTICE” watermark across the platform interface.
- A standard risk warning on any marketing that uses simulated returns: “past performance and simulated results do not guarantee future returns.”
- Separate branding and login flows for the demo and live cabinets, so traders can’t accidentally place live trades thinking they’re on demo.
If a broker’s demo doesn’t make the demo nature visible at all times, that’s a compliance red flag. None of the brokers we’ve shortlisted on this page have that problem.
AFCA does not cover demo disputes
The Australian Financial Complaints Authority handles disputes between retail clients and ASIC-regulated brokers. AFCA’s jurisdiction covers live financial services. A dispute about a demo account (the broker terminated your demo before the 30 days expired, for example) is unlikely to be accepted by AFCA because no real money or real financial product is involved. If you’re using a demo and the broker’s behaviour bothers you, that’s useful signal: it’s how the broker is likely to treat you live.
For live disputes, every broker on this page is an AFCA member. If you can’t resolve a complaint with the broker directly, AFCA’s free dispute resolution scheme is the next step.
Step-by-step: how to open and use a demo properly
- Pick an ASIC-regulated broker that suits your trading style. Choose from the AU shortlist (Pepperstone, IC Markets, CMC Markets, Plus500, eToro and others). Match the broker to whether you want platform variety, raw-spread testing, multi-asset access, beginner simplicity or copy trading.
- Sign up for the free demo with email and password. Most ASIC-regulated brokers let you start the demo without ID or a card. Expect to be inside the trader’s cabinet within two minutes.
- Set the virtual balance to match your intended live deposit. Pepperstone, IC Markets, CMC and Fusion Markets allow customisation. Match the demo balance to the AUD amount you plan to fund live.
- Backtest your strategy and practise position sizing. Run at least 50 trades on the strategy you intend to use live. Use a 1% risk-per-trade rule and stick to it.
- Stress-test the platform and order types. Place a buy stop, modify it, partial close half, trail the rest and set an alert on a different chart. Confirm everything fires the way you expect.
- Transition to live with the smallest deposit and micro lots. Open the live account with the smallest deposit the broker accepts. Trade micro lots (0.01) for at least 50 trades. Scale up only after you have shown the same discipline with real money that you showed on demo.
Compare brokers by the factor that decides it
Each shortlist below re-ranks the market for one decision factor, tested the same way as this page.
The platform decides it
Rankings change once the trading software is fixed. Pick yours first, then compare.
Your strategy decides it
Execution speed, copy functionality and EA support separate these shortlists.
What you trade decides it
CFD shortlists re-ranked for the asset class you trade most.
FAQs
Are demo accounts free?
Do demo accounts expire?
Is the demo data real?
Can you make money on a demo account?
How long should I demo before going live?
Best demo for MT4?
Related pages
About the author
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he has tested every ASIC-regulated broker on this site personally and has written for Forbes, Kiplinger, Finance Magnates, the Australian Financial Review and The Age. He holds a Bachelor of Commerce (Honours) and a Master of Marketing from Monash University. Justin is the co-founder and CEO of CompareForexBrokers.