By Jeffrey Cammack Author Information Updated: June 30, 2020

Profitable Forex trading requires financial education, intelligence, psychological strength and experience. While the first three are more difficult to attain, trading experience is easily accumulated with a demo account. All good brokers will offer demo accounts, which allow traders to experience the volatility of the real Forex market without risking any money. 

While they hold the most value for beginners, demo accounts are also essential for experienced traders testing new strategies; they are also useful for those considering changing brokers so as to have a good understanding of a new broker’s platform.  

These are the brokers with the best demo accounts for 2020. All the brokers listed below have strong reputations in Australia and wide platform support.

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  • Broker
    FP Markets

    FP Markets  - Best Demo Account

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FP Markets, a leading ASIC-regulated broker from Australia, has a demo version of the Standard and Raw accounts, giving traders the most realistic trading experience possible in a risk-free trading environment.

    The demo application process takes about 30 seconds, where the trader needs only input some personal details including name, country of residence and email address along with account settings which determines the trading software for the account. The standard balance for the demo accounts is $100,000, with leverage up to 1:100, where the account expires after one month of inactivity.

    Accompanying any demo account at FP markets is an excellent set of educational material that includes ebooks, video tutorials, a trading course and a glossary of terms which are all useful for the beginner looking for an education-rich start in their trading career.

    Pros

    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard IRESSN/A pips$10 AUD min, then 0.1%STPAUD 1,000 Account Details
    Platinum IRESSN/A pips$9 AUD min, then 0.09%STPAUD 25,000 Account Details
    Premier IRESSN/A pipsNo min, then 0.08%STPAUD 50,000 Account Details
    RAW0.0 pips$3.50STPAUD 100 Account Details
    Standard1.0 pipsNoneSTPAUD 100 Account Details
  • Broker
    Pepperstone

    Pepperstone  - Best Overall Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Pepperstone is an award-winning ASIC regulated broker, with international acclaim and support for MT4, MT5 and cTrader platforms. They have excellent educational material and customer support hours making the broker more accessible to the beginner in need of assistance.

    An excellent way for a beginner to learn without any capital risk is by using a demo account at Pepperstone. With a simple signup process, anyone can get started with a 30-day non-renewable demo account with a 50,000 USD risk-free balance and real market data, where the demo account is available with both the standard and razor trading conditions.

    Should the trader fund a live account, the demo account can be given a “non-expiring” status, keeping the demo account open for testing different trading strategies.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Wide range of assets

    Cons

    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    Razor0.0 pipsAUD$ 7ECNUSD 200 Account Details
    Standard1.0 pipsNoneECNUSD 200 Account Details
    Swap-free1.0 pipsNoneECNUSD 200 Account Details
  • Broker
    AvaTrade

    AvaTrade  - Best Trading Conditions

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    A world-leading ASIC regulated market maker broker, AvaTrade allows an MT4 and MT5 demo account, both with transparent trading conditions. These non-renewable accounts are only available for 21 days but include no restrictions when compared to the live accounts.

    A demo account at AvaTrade is not limited to trading Forex CFDs. CFDs for stocks, commodities, indices, options, ETFs and bonds and cryptocurrencies are available, giving traders room to explore and find the asset that best suits their skill set and interest. Technical analysis is emailed to traders daily, which accompanies hours of training videos which make up a beginner course to trading Forex to get the beginner going.

    Pros

    • Good for beginners
    • Well regulated
    • Low minimum deposit

    Cons

    • Dealing desk
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.2 pipsNoneInstantUSD 100 Account Details
    Professional0.9 pipsNoneInstantUSD 100 Account Details
    Retail0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    MarketsX

    MarketsX  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    The process of opening a demo account with Markets is perhaps one of the easiest in the industry because mainly due to their simple line of products. While every demo account will expire after 30 days, reactivation is immediate once contacting customer service, and an extension of up to one year can be arranged.

    During recent years Markets has overhauled the way they do business, moving away from being a traditional market maker broker, and instead, finding ways to become a more streamlined entity offering better trading conditions and offering more customer support.

    While there are issues Markets has yet to address, the current emphasis on areas that directly impact their client base shows that Markets are on a journey to go above and beyond what traders want from a leading global brokerage and to remain a leader in the continually changing Forex landscape.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    XM

    XM  - Best Trading Platforms

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    At XM Global, each account can trade on up to five demo accounts simultaneously, offering beginners the flexibility of trying different trading strategies, currency pairs or assets classes with a world-class and internationally regulated trading brokerage.

    While demo traders can choose between the MT4 and MT5 platforms, only Standard, Ultra Low Standard and Zero accounts are available as a demo and will be archived after 90 days of inactivity.

    To create a demo account, the trader needs to complete a short form that includes personal information and account choices like platform, account type, wallet currency and demo investment amount. After registering, you will get login and server name in your email, so you can download the software, set everything up and test your strategy.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • Dealing desk
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneInstantUSD 5 Account Details
    Standard1.0 pipsNoneInstantUSD 5 Account Details
    XM Ultra Low0.6 pipsNoneInstantUSD 50 Account Details
    XM Zero0.6 pips$7.00InstantUSD 100 Account Details
  • Broker
    Admiral Markets

    Admiral Markets  - Most Assets Available

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    FCA FCA
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Admiral Markets, which has been a cornerstone of the Australian brokerage world since 2001, has 30-day demo accounts available for all traders. These demo accounts offer a combination of trading with real market data, news feeds, and multi-device trading apps, making this a realistic experience.

    Admiral Markets is regulated by three major regulators probably making it one of the best-regulated brokers in the world. Being well regulated, in combination with the quality of the education material, Admiral Markets should be considered by any trader looking for a comfortable start to trading with a demo account.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Trade.MT40.5 pipsNoneMarketUSD 100 Account Details
    Trade.MT50.5 pipsNoneMarketUSD 100 Account Details
    Zero.MT40.0 pips$1.8-$3.0MarketUSD 100 Account Details
    Zero.MT50.0 pips$1.8-$3.0MarketUSD 100 Account Details
  • Broker
    FxPro

    FxPro  - Best Trading Platforms

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    From one of the biggest names in Forex trading, FxPro offers an unlimited number of demo accounts on MT4, MT5 and cTrader platforms. The accounts are not time-limited, but MT4/5 accounts will be archived after 180 of inactivity, and cTrader accounts after 90 days. Should the accounts run out of funds, an option to refill them is available in your account, preventing traders from needing to open more trading accounts.

    FxPro has local regulation in multiple jurisdictions but is probably best known for its award-winning tools, platforms and service. Beginner traders will find comfort in the depth of educational material on hand, as well as the video sessions and market commentary to help make sense of market movements and complement any learning on a demo trading account.

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Best known for its excellent ECN trading conditions, Tickmill offers demo accounts on MT4, along with a downloadable ebook and access to live video learning sessions in the form of webinars. While the demo account at Tickmill will never expire, if there are no login attempts to your account in 7 days, the account will expire.

    At first glance, Tickmill’s product line-up looks too simple to be of much value - with only one supported trading platform and two similar accounts, but don’t be deceived by appearances. As one of our top broker choices, this ECN broker offers everything a trader could need and in an elegant fashion. While there are no frills, trading with Tickmill proves that a quality trading environment only requires a solid foundation, and any extras can be left in the box.

    Pros

    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets

    Cons

    • MT4 only
    AccountSpread FromCommissionExecutionMin. Deposit
    Classic1.6 pipsNoneMarketUSD 100 Account Details
    Pro0.0 pipsVariableMarketUSD 100 Account Details
    VIP0.0 pipsVariableMarketUSD 50000 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11000
    Minimum Deposit
    AUD 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms
    • etoro

    The unlimited demo account at eToro is exceptionally reminiscent of who eToro is as a company. Pioneering social trading since 2006, and keeping trading light-hearted and enjoyable, the eToro demo account is an attraction for many a new trader. The 100,000 USD demo account is easy to open, requires no submission of documents, and is 100% risk-free.

    By design, education material is in short supply, with eToro instead expecting traders to use the community of traders as a source of information and inspiration for new trading ideas. eToro’s proprietary platform has changed the way traders approach trading CFDs, introducing a gamified experienced rather than the more sombre and serious approach typical at most other brokerages.

    Pros

    • Well regulated
    • Good for beginners
    • Innovative trading tools

    Cons

    • Limited education
    • Wide spreads
    AccountSpread FromCommissionExecutionMin. Deposit
    Professional1.0 pipsNoneMarketEUR 200 Account Details
    Standard1.0 pipsNoneMarketUSD 200 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    easyMarkets has two trading platforms, each of which has demo options. easyMarkets encourages traders to try both its more visually appealing proprietary web platform and the more traditional MT4 platform which caters to the trader who prefers function over form.

    One of the first online brokers and one of the first to be ASIC regulated, easyMarkets has a history of innovation; recent features include the dealCancellation, easyTrade and FreezeRate tools, which remove some of the complexity of trading and help traders make more successful trades.

    While the MT4 demo account expires after 90 days if unused, your web platform account, which is the one packed with all the additional features, will never expire.

    Pros

    • Well regulated
    • Wide range of assets
    • Innovative trading tools

    Cons

    • Limited platform choice
    • Limited account options
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.9 pipsNoneInstantUSD 100 Account Details
    Standard1.9 pipsNoneInstantUSD 100 Account Details
    Premium1.4 pipsNoneInstantUSD 2000 Account Details
    VIP0.9 pipsNoneInstantUSD 10000 Account Details
    Super VIP1.2 pipsNoneInstantUSD 50000 Account Details
  • REGULATED BY
    FSCA FSCA
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11100
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    ThinkMarkets is a very well-regulated ASIC-regulated broker and headquartered in Melbourne and London since 2010. It offers support for MT4, MT5 and its own ThinkTrader platform on two account types: One with a very low minimum deposit and the other a commission-based ECN account for more experienced traders.

    Education is well-structured and useful for beginners, though market analysis is mainly left to in-platform third parties. Customer support is excellent and provided locally and execution times are world-class, perfect for automated trading.

    Pros

    • Low minimum deposit
    • Well regulated
    • Great platform choice

    Cons

    • Limited market analysis
    • Non-transparent spreads
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard0.4 pipsNoneMarketUSD 5 Account Details
    ThinkZero0.0 pips7 USDMarketUSD 500 Account Details

All Forex Brokers in Australia

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Our business model never influences our opinion of any partner, and partner selection and review processes are separate. The compensation we receive from partners may affect how our lists are arranged, but the reviews are genuine, and the data is accurate. Our opinion can not be bought, and we always put our readers and their financial livelihoods first.

Open

How To Compare Forex Demo Accounts?

Demo accounts are the try before you buy feature of Forex trading brokers.  That said, I always advise new traders to treat a demo account just as you would a live account for the following reasons.

  • Are the spreads tight?  Even though demo accounts are a simulation, you need to learn how margin trading works.
  • Does the broker support the platform you want to use?  If not, look for one that does.
  • Are you comfortable making the minimum deposit?  If you decide to open a live account with this broker, are you going to have the financial means to do so?
  • How long does the demo account stay open?  Many demo accounts are time limited unless you open a live account. You should never feel rushed by a broker, so make sure you know the answer.

Demo Account Advantages

All forms of CFD trading carry high risks. Alongside educating yourself, the best way to learn risk management in Forex trading is to use a demo account. If this is your first time trading, it is very important that you open a demo account before a live trading account.  Other good reasons to use a demo account are:

To test the platform

Mаkе sure thе Forex demo account offers everything you need to simulate your strategy when you start trading real money. Trading platforms will give you information about the live markets, historical data to include in your analysis, economic calendars to identify upcoming news events, quote information and an order window to make your trades.

To test the broker’s service

All Forex brokers will tell you that they have the best level of service, but some are better than others.  When we compare levels of service, it is not just about how many hours the customer support office is open for, but rather if you are assigned a dedicated account manager, or if you have access to a market analyst to discuss your trades with.  In all fairness, you will likely not get both of these if you have not made a deposit, but during your conversations with the broker, while you have your demo account, you can ask about these kinds of perks.

To download any educational material

A demo account is your opportunity to learn in a hands-on, risk-free environment.  Most brokers will throw open the doors to their educational content.  It could be ebooks, short videos, webinars, or even premium subscription material so take the opportunity to learn from them, so you become better at developing a trading plan, spotting opportunities, sizing the order right and maintaining strict risk management.

To decide if Forex trading is for you

Once you have had a chance to use the trading platform, started reading about what it takes to be a successful trader, and tested the level of engagement you will get from the broker, you should be able to decide if you enjoy Forex trading.  If you have no pleasure in trading, it is probably not your thing. But if you find the markets interesting, enjoy the analysis, and find satisfaction in each trading session, you have successfully used your demo account, and you are ready to become a live trader.

Are Forex Demo Accounts Accurate?

From a statistical perspective, yes they are.  Demo accounts use the same live market data as live accounts.

Where they are less accurate is in the psychology of the trader.  In live trading there is an ever-present fear of losing, and this encourages the trader to protect themselves by being diligent with setting order types, or by making additional leverage calculations to get the risk exposure correct.

But with a demo account, there is an absence of this fear because the money is not real. Therefore, from a psychological aspect, your behaviour will not accurately reflect the reality of trading with a live account, with real financial consequences.

Iѕ Fоrеx Trading Risky?

As with any speculative trading, there are risks to Forex trading.   Forex trading uses leverage – borrowed money from a liquidity provider to inflate the size of your traded investment.  If you were to trade without leverage, the movements in the market would be too small to make a large profit from; but it is because of the amplified effect of using leverage that level of risk is so high.  If you lose a leveraged trade in Forex trading, you are responsible for paying the full loss from the balance in your trading account.

That said, yоu can аlwауѕ set a lіmіt tо thе downside оf any trаdе by using a stop loss; dеfіnе thе mаxіmum lоѕѕ that you are prepared tо ассерt and limit your exposure to risk in trading.  If you are concerned about losing the investment that you are making, then you should consult a financial adviser to help you decide how much you can afford to make as a deposit.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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