Which forex demo account is best in Australia?
I rate Pepperstone's demo as the best in Australia for active traders, with a free unlimited virtual balance and the full platform stack from MT4 to TradingView, and expiry terms that differ by platform: 60 days from creation for MT4, MT5 and the Pepperstone platform, and 90 days of inactivity for cTrader and TradingView. For raw-spread testing I would send you to IC Markets, and for multi-asset practice CMC Markets is my pick. This is an editorial comparison of broker-stated terms: balances and expiry come from each broker's published signup terms, and our availability records, re-read 1 October 2026, cover only some Australian offers. We have not systematically timed signup to first practice trade, and this is not a measured live-fill comparison.
- Pepperstone: free demo, unlimited virtual balance, 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, broker-stated.
Expiry and virtual balance change the practice value more than anything else, and they vary broker to broker, so check both before you open a demo.
Use a demo to test platform feel, position sizing and order types. It’s the wrong place to estimate your real-world P&L, and we’ll explain why further down.
Demo trading accounts compared
| # | Broker | Demo length | Virtual funds | Platforms | Instruments | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 | #1 Top demo account PepperstoneAFSL 414530 | 60 days from creation (MT4, MT5, Pepperstone platform); 90 days inactive (cTrader, TradingView) | Unlimited |  MT4 MT5 cTrader TradingView+1 more platforms, listed in this broker's detailsMT4, MT5, cTrader, TradingView, proprietary | 90+ forex pairs, 1,162 share CFDs, indices, commodities, crypto | Visit Pepperstone | |
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| 2 |  IC MarketsAFSL 335692 | 30 daysrenewable | Customisable (default AUD 50,000) | MT4MT5cTrader | 60+ forex pairs, 2,000+ CFDs | Visit IC Markets | |
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| 3 |  CMC MarketsAFSL 238054 | Unlimited | Customisable (default AUD 10,000) | Next GenerationMT4 | 12,000+ instruments | Visit CMC Markets | |
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| 4 |  Plus500AFSL 417727 | Unlimited | Unlimited virtual funds | Plus500 WebTrader (proprietary) | 2,800+ CFDs | Visit Plus500 | |
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| 5 |  eToroAFSL 491139 | Unlimited | USD 100,000 | eToro app and web (proprietary) | Six asset classes, 3,000+ stocks | Visit eToro | |
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| 6 |  easyMarketsAFSL 246566 | Unlimited | AUD 10,000 | easyMarkets web/appMT4MT5TradingView | 200+ instruments | Visit easyMarkets | |
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| 7 |  FP Markets30-day renewable demo with share CFDsAFSL 286354 | 30 daysrenewable | Customisable | MT4MT5cTraderTradingView | 10,000+ CFDs | Visit FP Markets | |
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| 8 |  EightcapAFSL 391441 | 30 daysrenewable | Customisable | MT4MT5TradingView | 800+ instruments | Visit Eightcap | |
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| 9 |  OANDAunlimited demo with MarketPulse researchAFSL 412981 | Unlimited | AUD 100,000 | OANDA TradeMT4MT5TradingView | 70+ forex pairs, indices, metals | Visit OANDA | |
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| 10 |  Fusion MarketsAFSL 385620 | 30 daysrenewable | Customisable | MT4MT5cTraderTradingView | 250+ instruments | Visit Fusion Markets | |
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| 11 |  IG Marketsunlimited demo with ProRealTime chartingAFSL 515106 | Unlimited | $20,000 virtual (MT4: $10,000) | IG web platformMT4ProRealTimeTradingView | 11,000+ share CFDs (IG AU site, 27 September 2026) | Visit IG Markets | |
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| 12 |  Capital.comunlimited demo with the Investmate appAFSL 513393 | Unlimited | Not stated | Capital.com WebTraderMT4MT5TradingView | 5,500+ instruments | Visit Capital.com | |
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| 13 |  Blueberry MarketsMetaTrader demo with 24/7 supportAFSL 535887 | 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, broker-statedAFSL 514425 | 30 days (historical, broker-stated) | Not stated | MT5 | 800+ CFDs | Read review Focus Markets | |
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Demo lengths and default balances are broker-stated figures from each broker’s published signup terms. Our availability records, re-read 1 October 2026, cover only some Australian offers, so not every broker or term here was checked against its signup flow.
Our funded Raw account was part of our 48-hour capture from 22 to 24 September 2026, which measured 0.08 pips on EUR/USD and a 0.47 pip eight-pair average. Focus Markets ceased operations on 30 October 2026, so it keeps its September 2026 figures. Noam deposited A$200 by card within the portal. If you are using the demo elsewhere on this page, treat it as practice before funding an account.
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 has the best demo for active forex traders
I'd put Pepperstone's demo first for active forex traders. It runs across MT4, MT5, cTrader, TradingView and the Pepperstone web platform, so you can practise on whichever platform you intend to trade live, and the virtual balance lets you test order placement and platform workflow with no real money on the line. Demo terms are broker-stated, so confirm current conditions before you sign up. Pepperstone holds ASIC AFSL 414530.
Average spread
EUR/USD 0.10, GBP/USD 0.30, AUD/USD 0.13 pips (Raw, measured October 2026)
8-pair avg 0.37 pips (Raw, measured October 2026)
Trading platforms
MT4, MT5, cTrader, TradingView, Pepperstone Trading App
Minimum deposit
A$0
Regulation
ASIC AFSL 414530
Broker's Detail
Pepperstone has grown since its 2010 Melbourne founding into one of Australia's largest forex brokers, holding ASIC AFSL 414530 since 2013.
I recommend the Razor (RAW) account: 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, but it's only for beginners. Across the five supported platforms, the Pepperstone Trading Platform, MT5 and cTrader run on both accounts, while MT4 and TradingView are reserved for the Razor account.
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 October 2026 test cycle):
| Pair | Razor avg spread (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.10 | 0.49 | 0.59 |
| AUD/USD | 0.13 | 0.49 | 0.62 |
| GBP/USD | 0.30 | 0.49 | 0.79 |
| USD/JPY | 0.30 | 0.78 | 1.08 |
| EUR/GBP | 0.31 | 0.37 | 0.68 |
Broker Screenshots
2. IC Markets is best for raw-spread testing
I'd use IC Markets for raw-spread testing. Its demo runs across MT4, MT5 and cTrader, so you can practise on the platforms the Raw account supports, and it placed second in our demo comparison. Simulated orders are not an independent test of live execution, so treat the demo as platform practice rather than fill evidence. IC Markets holds ASIC AFSL 335692.
Average spread
EUR/USD 0.10, GBP/USD 0.27, AUD/USD 0.10 pips (Raw, measured October 2026)
8-pair avg 0.31 pips (Raw, measured October 2026)
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
US$200 (website)
Regulation
ASIC AFSL 335692
Broker's Detail
IC Markets, founded in Sydney in 2007, is one of Australia's longest-running raw-spread 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 the account currency. The Standard account is commission-free with spreads from 1.0 pips.
Under the CFD PDS, IC Markets is your principal and counterparty and may hedge through a Hedge Counterparty. Scalpers and EA traders still get what they need here: our October 2026 capture, across the full trading month, measured EUR/USD at 0.10 pips, and the MetaTrader commission is A$9.00 round turn. MT4, MT5 and cTrader are available. Over 2,250 tradeable instruments span forex, indices, commodities, bonds, shares and crypto CFDs.
IC Markets' website states a US$200 minimum deposit. Its PDS and Account Terms set none, and either way you are above the A$0 brokers in this list. Deposits cost nothing by card, PayPal, BPAY or bank wire, with no fees on any of its eight methods. Retail leverage follows ASIC's standard retail caps, with AFCA dispute coverage and negative balance protection.
IC Markets spread table (averaged over our October 2026 test cycle):
| Pair | Raw Spread avg (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.10 | 0.63 | 0.73 |
| AUD/USD | 0.10 | 0.63 | 0.73 |
| GBP/USD | 0.27 | 0.63 | 0.90 |
| USD/JPY | 0.16 | 1.00 | 1.16 |
| AUD/JPY | 0.42 | 1.00 | 1.42 |
Broker Screenshots
3. CMC Markets has the best multi-asset demo
I'd point multi-asset traders to CMC Markets. Its unlimited demo on the Next Generation platform gives access to the 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 0.11 pips (Raw, measured 5 to 9 October 2026)
8-pair avg 0.61 pips (Raw, measured 5 to 9 October 2026)
Trading platforms
Next Generation, MT4, 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 #25 sitewide position. See the ranking method ↓
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.
CMC's FX Active account measured 0.11 pips on EUR/USD and 0.61 pips across eight pairs in our 5 to 9 October 2026 capture, carrying commission of 0.0025% of notional per side, whereas the Standard account is commission-free. CMC's terminal wrote nothing usable across most of October 2026, so those week figures stand as our latest measurement. CMC also runs a separate stockbroking service for direct ASX share investing. The Next Generation platform is paired with MT4 (no MT5 or cTrader on the AU entity).
A$0 minimum deposit and fee-free AU funding via bank transfer, PayID and PayPal. 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 (FX Active account, averaged over our 5 to 9 October 2026 test cycle; spreads only, before FX Active’s commission of 0.0025% of trade value per side):
| Pair | CMC FX Active (measured avg pips) | Avg of 11 other measured RAW accounts, spread only (5 to 9 October 2026) |
|---|---|---|
| EUR/USD | 0.11 | 0.12 |
| AUD/USD | 0.08 | 0.17 |
| GBP/USD | 0.21 | 0.30 |
| USD/JPY | 0.29 | 0.34 |
| EUR/GBP | 0.70 | 0.36 |
| EUR/JPY | 1.19 | 0.74 |
| AUD/JPY | 1.09 | 0.57 |
4. Plus500 has the best demo for absolute beginners
I'd recommend Plus500 for absolute beginners. It's an unlimited practice account that can be opened 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 1.0 pips (Standard, advertised, recorded 29 July 2026)
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 #10 sitewide position. See the ranking method ↓
Broker's Detail
Plus500 is London Stock Exchange-listed (FTSE 250) and ASIC-regulated under AFSL 417727 since 2012. It runs a markup-pricing model on a proprietary platform with no MT4/MT5/cTrader.
I'd point a complete beginner toward Plus500's demo because the spreads are baked into the price (no commission). The advertised EUR/USD spread is 1.0 pips, a Plus500 figure recorded 29 July 2026, not one we captured ourselves. 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.
The minimum deposit sits at A$100. You can fund with no fee from Plus500 via card, Google Pay, PayPal, BPAY and bank transfer. Retail leverage follows ASIC's standard retail caps. AFCA dispute coverage and negative balance protection standard.
Plus500 spread table (Plus500 column: advertised, not from our measured capture):
| Pair | Plus500 advertised (pips) | Avg of 8 measured standard accounts (October 2026) |
|---|---|---|
| EUR/USD | 1.0 (recorded 29 July 2026) | 0.83 |
Broker Screenshots
5. eToro has the best demo for copy trading
I'd use eToro for copy-trading practice. It's an unlimited demo with a USD 100,000 virtual balance on its own platform, allowing a trial of 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 pips (Standard, advertised, recorded 6 June 2026)
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 ↓
Broker's Detail
Founded in Tel Aviv in 2007 and licensed in Australia under AFSL 491139 since 2017, eToro is the world's largest social trading platform with 30M+ registered users globally. eToro AUS Capital Limited has faced ASIC's case in the Federal Court since August 2023, alleging its CFD target market was too broad, with no judgment or outcome published as at 15 October 2026. eToro AUS Capital Limited has faced ASIC's case in the Federal Court since August 2023, alleging its CFD target market was too broad, with no judgment or outcome published as at 15 October 2026. eToro AUS Capital Limited has faced ASIC's case in the Federal Court since August 2023, alleging its CFD target market was too broad, with no judgment or outcome published as at 15 October 2026. eToro AUS Capital Limited has faced ASIC's case in the Federal Court since August 2023, alleging its CFD target market was too broad, with no judgment or outcome published as at 15 October 2026.
Direct share investing across US, AU, UK and EU exchanges sits on eToro's proprietary platform alongside forex and CFD trading, with unleveraged share trades at US$2 each. CopyTrader automatically replicates other traders' positions; Smart Portfolios bundle thematic baskets. There's no MT4, MT5, cTrader or TradingView trading.
Account currency defaults to USD, but Australian clients can also hold an AUD local-currency account, funded by bank transfer or Easy Bank Transfer only. AUD funding converts only when it goes into the USD account, and withdrawals from the AUD account are free with no minimum. US$50 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 (eToro column: eToro’s published per-trade charge for each pair, under its ‘From 1 pip’ currency heading, AU CFD spreads page read 14 October 2026; not from our measured capture):
| Pair | eToro published charge per trade | Avg of 8 measured standard accounts (October 2026) | Lowest measured RAW account incl. commission (October 2026) |
|---|---|---|---|
| EUR/USD | 0.005% | 0.83 | 0.32 |
| AUD/USD | 0.005% | 0.85 | 0.33 |
| GBP/USD | 0.005% | 1.25 | 0.35 |
| USD/JPY | 0.002% | 1.11 | 0.58 |
| EUR/GBP | 0.005% | 1.59 | 0.41 |
Broker Screenshots
Other demo trading accounts worth knowing
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 guaranteed stop-loss orders in a risk-free environment.
- FP Markets: 30-day demo across MT4, MT5, cTrader and TradingView. Strong for traders who want a Pepperstone-style platform stack, and its AUD MetaTrader Raw commission matches Pepperstone Razor at A$3.50 per side.
- Eightcap: 30-day demo on MT4, MT5 and TradingView. Notable for the integration with TradingView.
- OANDA: unlimited demo with AUD 100,000 in virtual funds. The OANDA Trade demo includes the research tools OANDA publishes, such as MarketPulse and an economic calendar. We have not assessed these tools live, so check them yourself on the free demo before you rely on them for live trades.
- 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.
- Mitrade: free demo that opens in Demo mode showing an A$50,000 virtual balance (seen 1 September 2026), valid for 90 days and permanent once a live account is opened. Worth a look if you want to test the workflow on a demo that mirrors the live app before funding anything.
- Interactive Brokers: free paper-trading version of Trader Workstation, which takes two to four weeks of paper trading to learn. A sensible pick if you can commit that runway before going live.
What makes a good demo account
At first glance most demos look similar. The differences become obvious once you start using them.
Virtual fund size
A demo balance far larger than the intended live capital can teach the wrong lessons about position sizing. My suggestion is to practise with a virtual balance in the same ballpark as planned live capital, and to check whether the broker’s settings allow the balance to be changed. Some platforms permit adjustment; others start at a fixed default, so note that limitation when planning practice.
Results earned on an oversized virtual balance do not establish that a comparable live loss would be affordable for you. Keeping the practice balance plausible keeps the arithmetic honest.
Demo account expiry and inactivity rules
Demo expiry and inactivity conditions vary by broker and by platform. The table records each broker’s stated offer, not a universal guarantee of renewal or duration, so treat the listed terms as the starting point and confirm current conditions with the issuer before you rely on them.
Choose the practice window that suits the intended use. A shorter demo suits a focused evaluation before a decision; an open-ended one suits ongoing experimentation. Neither choice obliges a move to a funded account, and the right length depends on the purpose behind it.
Demo versus live trading conditions
I would look closely at how the broker describes the demo’s price feed, because a demo can establish the platform, the layout and the quoted prices, but simulated orders do not independently demonstrate live fill speed, liquidity venue or slippage. If a broker says its demo mirrors live conditions, treat that as a claim to check on a live account rather than a measured result. In my view the demo is for practising execution decisions, not for proving where or how fast your live fills happen.
A single difference between a demo quote and a live quote does not establish that the two use different price sources, and it is not evidence of misconduct. If you already hold records for both, compare equivalent instruments, account types and times of day. I would not open or fund a live account solely to run this comparison.
Platform parity
My preference is to check the specific order controls, charts and tools the process actually needs in the selected platform. Features available in a demo do not guarantee an identical live build or identical execution, so confirm anything the workflow depends on before committing money.
Check signup requirements
Signup requirements vary by broker and platform. Some ask for little more than contact details, others request identity information up front. A request for identity documents alone says nothing about quality or compliance, so what I would check is what information the chosen Australian entity asks for and whether the screen is explicitly a practice account.
Before signing up, check the terms of the chosen Australian entity: what information is requested, whether any payment details are sought, and whether the screen is clearly labelled as a practice account. Requirements differ between brokers, so confirm rather than assume, and treat any unexpected request as a question to put to the broker.
How to use a demo account properly
In my view the demo’s value is in testing your platform workflow and logging a reproducible process: the order types you use, the sizing you apply, the records you keep. Simulated profit is not a forecast of live returns, and a tidy demo record does not by itself establish anything about your future results.
Backtest your strategy
The MT5 Strategy Tester can test an Expert Advisor against historical data. The MT5 Strategy Tester documentation, checked 3 October 2026, distinguishes modelled ticks from broker-supplied real tick data, and the history available to you depends on the broker and server your account connects to. Check what history your chosen platform provides before relying on a backtest.
Interpretation depends on the backtest’s inputs: the data period, the tick modelling, the spreads and commissions assumed, and the costs applied. Any sample, whatever its size, cannot certify future profit, so treat the results as one input to your judgement rather than proof.
Simulate position sizing
Virtual tickets let you rehearse lot size and see the effect of your stop-distance and risk-input choices on the resulting position. My view is that this rehearsal is the practical value of a demo for sizing, not a substitute for deciding your own risk approach, and I do not recommend a specific risk percentage here.
Set the demo balance to an amount that is meaningful to you, then rehearse lot size with self-chosen inputs and track each practice trade in a spreadsheet. The goal is consistent, repeatable sizing, not virtual profit. I recommend pairing the demo with the position size calculator to set each lot from a personal risk-per-trade choice. On a practice ticket, calculate pip value and use the profit and loss calculator in AUD to keep the arithmetic in the currency intended for trading.
Practise the platform
The demo is where I’d stress-test the platform itself, because order types, hotkeys, charting layouts, alerts, trailing stops and partial closes all behave differently across MT4, MT5, cTrader, TradingView and proprietary platforms. Place a buy stop, modify it, partial close half, trail the rest, set an alert on a different chart, and verify everything fired as expected.
When you find yourself fighting the platform on the demo, I’d take that as a warning: you’ll fight it harder with real money. Switch platforms or switch brokers.
Demo trading psychology and virtual money
Virtual capital carries no real loss, so the response to a losing practice trade may be quite different once money is at stake. In my view that gap is the demo’s main limitation, and it is a reason to treat simulated discipline as unproven rather than as evidence of live behaviour.
A profitable month on demo doesn’t predict a profitable month live. I treat the demo as a platform-and-process test, not a P&L forecast.
Transition to live with caution
A demo alone is not a sufficient reason to open or fund a live CFD account. Before any decision, read the issuer’s PDS and target market determination, and weigh whether you could afford the loss. ASIC’s Moneysmart CFD risk guidance, checked 3 October 2026, explains the risks of live CFD trading.
Demo account limitations
Brokers don’t always make the limitations obvious. They are real and they matter.
Simulated fills and slippage
Moneysmart’s CFD guidance, checked 3 October 2026, notes that the price you receive can differ from your order quote during fast markets or low activity. A simulation does not independently evidence how live slippage will behave, so treat simulated fills as unverified.
Document the assumptions behind your simulated results, including the fills you were given, and treat those fills as unverified for live execution. I would not read a clean demo run as a prediction either way; it is a record of what happened in simulation, no more.
Virtual money and live decisions
A virtual loss has no real financial consequence, so reactions in a demo may differ from reactions with real money at stake. In my view that is worth holding in mind when interpreting practice results, rather than assuming the two settings will match.
Log practice decisions as they are made, including entries, exits and the reasoning recorded at the time. That log helps with reviewing the process, but it cannot establish how anyone will respond emotionally or financially to live trading, so treat it as a record of simulation, not a suitability test.
Why do demo and live conditions differ?
Differences between demo and live conditions can have multiple causes, and I hold no data showing any broker on this list has misrepresented demo performance. Before attributing a cause to a noticed difference, compare the documented conditions of each account type, and raise the question with the broker directly.
Demo doesn’t test your funding flow
A demo does not demonstrate live deposit handling, identity verification or withdrawal processing, because no real money moves. Rather than funding an account to find out, read the chosen Australian entity’s funding and withdrawal terms. Where we hold funded-account evidence it sits in the individual broker reviews, and I would not generalise it here.
ASIC rules and demo accounts
A practice account does not establish whether a provider is licensed or what protections would apply to a live CFD contract. My suggestion is to check the actual Australian issuer and its licence details before you rely on any demo offer, not to wait until funding, and to read the PDS for the product you would actually be trading.
Australian CFD issuers must hold an AFS licence, and as Moneysmart’s CFD guidance, checked 3 October 2026, states, licensing reduces but does not eliminate risk. ASIC’s 23 October 2020 release, verified 3 October 2026, confirms the product intervention order’s protections, including leverage limits, negative balance protection and margin close-out. Check the issuer on the ASIC registers and read the Product Intervention Order background.
Check that you are using the demo
A practical interface check is worth a minute before trading. I would look for:
- A practice or demo label that stays visible while the platform is open.
- A clearly virtual balance, distinct from any live account display.
- Confirmation of the selected account type before an order is placed, so a practice ticket cannot be mistaken for a live one.
If any of these are unclear, ask the broker to confirm which environment is active before proceeding.
Check complaint eligibility with AFCA
Whether a complaint about a practice account falls within AFCA’s jurisdiction depends on the specific circumstances. The practical step is to check the terms of your chosen issuer and take any eligibility question directly to AFCA rather than inferring it from virtual balances. For live matters you cannot resolve with the broker, AFCA’s free dispute resolution scheme is the next step.
How to open and use a demo account
- Pick an ASIC-regulated broker that suits your trading style. Start by choosing from the AU shortlist (Pepperstone, IC Markets, CMC Markets, Plus500, eToro and others). Match the broker to whether platform variety, raw-spread testing, multi-asset access, beginner simplicity or copy trading is needed.
- Sign up for the free demo. Follow the chosen Australian broker’s own signup steps, because requirements vary between brokers: some may ask for identity or other details before or during setup. Check the broker’s published signup terms for what applies to you.
- Set a virtual balance you can work with. Where the platform’s settings permit, choose a balance that is meaningful for the sizing to be rehearsed. If the balance is fixed by default, note that limitation and plan the practice around it.
- Backtest your strategy and rehearse position sizing. Use self-chosen inputs, document the assumptions behind any backtest, and keep a record of each practice trade. A simulated result is not proof of live profitability.
- 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 as expected.
- Review live risks before any decision. Read the PDS and target market determination for the live product, and weigh whether a loss would be affordable. A demo creates no obligation to fund an account and no evidence of suitability.
Demo trading account FAQs
Are demo accounts free?
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Can you make money on a demo account?
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Best demo for MT4?
What is the best demo trading app in Australia?
Broker comparison and beginner guides
- Best forex brokers in Australia
Demo terms differ between brokers, and the forex broker ranking lets you weigh platform choices beyond each signup offer.
- Lowest spread forex brokers in Australia
Practising on a raw-spread account makes the measured spread averages worth checking before you open a live one.
- ECN forex brokers in Australia
Raw-spread demo practice on IC Markets points toward ECN-style accounts, where the ECN comparison ranks ASIC brokers on all-in cost.
- Best forex brokers for beginners in Australia
Demo practice is how a newcomer builds habits, and the beginners guide weighs which ASIC brokers pair a practice account with forgiving live terms.
About Justin Grossbard
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he leads the site's research, and has written for Forbes, Kiplinger and Finance Magnates, while the Australian Financial Review has cited CompareForexBrokers research. He holds a Bachelor of Commerce (Honours) and a Master of Marketing from Monash University. Justin is the co-founder and CEO of CompareForexBrokers.