Demo trading accounts are a great way to test a broker’s platform and experiment with trading strategies with virtual money.
| Name | Logo | Virtual Balance | Demo Length | GMG Rating | Customer Reviews | CTA | Feature | Expand |
|---|---|---|---|---|---|---|---|---|
 | Virtual Balance 10,000 | Demo Length 84 Days | GMG Rating | Customer Reviews | Try Demo 71% of retail investor accounts lose money | Account Types:
| City Index Demo Account Review: Test your trading performance Account: City Index Demo Account Description: City Index’s demo account lets you trade for 12 weeks with a virtual balance of £10,000 on all the 13,500 markets that are available on the live trading platform. Is City Index's demo any good? City Index have one of the best demo trading accounts on offer as it is essentially a carbon copy of their live trading platform, which includes trading signals, performance analytics and access to the same broad range of tradable assets. We have tested the demo platform and reviewed how similar it is to the live trading platform below. You can also see a screenshot of the City Index demo account to give you an idea of the look and feel. Is pricing different on the City Index demo? No pricing is the same on both the demo and the live trading account, you also get the same margin rates. you can see this in the screenshot below which shows the exact same DAx pricing in both the live and demo versions. The demo is on the right, and live is on the left, screenshot taken 14:14 29/01/2024
Can you open a City Index MT4 demo account? No, you can only open a demo of City Index’s main WebTrader platform or app. If you want an MT4 demo, to be honest, there are better options, as in my view City Index’s proprietary trading platform is better than MT4. Can you trade on the City Index demo with Spread betting or CFDs? City Index’s demo account is generic so when you log in you see pricing for both spread betting and CFDs where pricing is the same. City Index’s demo account lets you trade for 12 weeks with a virtual balance of £10,000 on all the 13,500 markets that are available on the live trading platform. City Index have one of the best demo trading accounts on offer as it is essentially a carbon copy of their live trading platform, which includes trading signals, performance analytics and access to the same broad range of tradable assets.
Pros
Cons
Overall4.3 | |
 | Virtual Balance 10,000 | Demo Length 84 Days | GMG Rating | Customer Reviews | Try Demo 78% of retail investor accounts lose money | Account Types:
| FOREX.com Demo Trading Account Review: Global currency trading without the risk Is the FOREX.com demo account any good? If you are a budding forex trader and looking for somewhere to paper trade, then FOREX.com’s demo account is a good place to start. You get the same forex trading signals, post trade analytics and market access as you do with the live platform.
Pros
Cons
Overall4.9 | |
 | Virtual Balance 200-500k | Demo Length 20 | GMG Rating | Customer Reviews | Try Demo 75.3% of retail investor accounts lose money | Account Types:
| Pepperstone Demo Trading Account Review: MT4 papertrading Account: Pepperstone Demo Account Description: Pepperstone’s demo account gives you a balance of up to £50k to test MT4 for 60 days with access to 20 major forex pairs. 75.3% of retail investor accounts lose money when trading CFDs with this provider Is Pepperstone's Demo Account Any Good For MT4, MT5 In The UK? Pepperstone does have a demo account for MT4 and MT5 for UK and international traders to try before they open a live account. But, there are a few things to be aware of. I tested the Pepperstone MT4 demo account and compared it to the live account, as it doesn’t really give a good overview of the true scope of Pepperstone’s MetaQuotes offering. However, Pepperstone’s demo account isn’t that great compared to their live trading platform. Yes, you can trial the standard, Razor or spread betting demo, you can also choose how much you want to trade with from £200 to £50,000. But, you only get access to a handful of forex pairs (no commodities, stocks or indices) and you can’t set your own leverage, something you can do with other MT4 demo accounts. It’s a real shame, because the live MT4/5 account from Pepperstone is excellent, it has won “best MT4 broker” in our awards many times, but the demo really lets them down. You also don’t get access to any of the indicators, or research that you do with the main account.
Pros
Cons
Overall3 | |
 | Virtual Balance 40,000 | Demo Length No Limit | GMG Rating | Customer Reviews | Try Demo 80% of retail investor accounts lose money | Account Types:
| Plus500 lets you trade global markets platform on a simple to use platform Provider: Plus500 Verdict: Plus500 is one of the largest online trading platforms and operates in more than 50 countries worldwide. Founded in 2008, it has more than 26 million customers today. Plus500 is headquartered in Israel, however, it’s listed in the UK on the London Stock Exchange (it’s a member of the FTSE 250 index). Here in Britain, its platform is operated by Plus500UK Ltd, which has offices in London. In the UK, you can only trade CFDs with Plus500. CFDs are financial instruments that allow you to profit from the price movements of a security without owning the underlying security itself. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Is Plus500 a good broker? Yes, Plus500’s trading platform has evolved nicely over the years from a simple interface to an intuitive execution venue for CFDs on the major markets and stocks. Pricing: It’s dynamic so moves with the market for minimum spreads Overall, Plus500 is a good online trading platform for traders who do not want to do anything more complicated than buy and sell CFDs. The broker does provide sentiment indicators and are quite transparent with costs and fees. In summary:
Pros
Cons
Overall4.6 | |
 | Virtual Balance 1,000,000 | Demo Length No Limit | GMG Rating | Customer Reviews | Try Demo 60% of retail investor accounts lose money | Account Types:
| Interactive Brokers Demo Account Review: All-round paper trading excellence Provider: IBKR Paper Trading Verdict: Interactive Brokers’ demo account gives you $1m to paper trade with on over 7,000 markets with no time limit. 60% of retail investor accounts lose money when trading CFDs with this provider Is Interactive Brokers demo account any good? You can trade on Interactive Brokers with the IBKR demo account. But there are some serious problems with it, but also some excellent features. I’ve tested the Interactive Brokers demo account and compared it to the live version so you can get the most out of their demo account. One of the benefits of the Interactive Brokers demo is there is no time limit to how long you can use it. But, on the downside it does not take into account fees when you trade. The downloadable IBKR Workstation demo is excellent. The portal version I gave up on fairly quickly. That’s the problem with demo accounts. They only have a few minutes to capture your attention and the easiest one to access through IBKR is also the worst. The web-based portal has very limited functionality and you can only see stocks. If you want to trade indices, forex or commodities you can’t get any pricing. Far better is the downloadable IBKR Workstation, an absolutely epic trading platform that high-frequency trading hedge funds use. If you have the patience to download and install the software, it is probably the best demo trading platform around.
Pros
Cons
Overall4.4 | |
 | Virtual Balance 10,000 | Demo Length No Limit | GMG Rating | Customer Reviews | Try Demo 71% of retail investor accounts lose money | Account Types:
| IG Demo Trading Account Expert Review: Access everything from pretty much everywhere Is IG's demo account any good? Yes, IG’s demo lets you trade over 17,000 markets with a virtual £10k in a spread betting and CFD account with no expiry. IG Index‘s demo account lets you test out the broker formally known as IG Index’s spread betting and CFD trading platform. There is no cost to opening a demo account with IG and you do not have to risk real money. Instead, you trade with virtual money. I’ve compared the demo account against the real account so you can decide if the IG demo account is right for you. There are a few downsides though, you can’t get an IG MT4 demo, but I actually don’t think IG is that good for MT4 (there are better MT4 brokers) as you are limited on what you can trade. You also can’t get an IG share dealing demo, or IG Markets trading demo for DMA or physical shares. It’s only the main IG Index demo for forex, indices, commodities and share derivatives. You also cannot reset an IG demo account as it doesn’t expire. So if you want to create a new IG demo you have to set up a new one using a different email address. IG’s demo account is excellent as it mirrors the pricing and features of its live platform. You get access to a £10k account for both spread betting and CFDs (so £20k in total), which means you can explore the difference in execution and trade order styles. Plus you get access to their news, trading signals and research without having to deposit funds. Pros
Cons
Overall4.8 Comments Rating 0 (0 reviews) | |
 | Virtual Balance 10,000 | Demo Length No Limit | GMG Rating | Customer Reviews | Try Demo 70% of retail investor accounts lose money | Account Types:
| CMC Markets Demo Account Expert Review: Paper trading for active clients Account: CMC Markets Demo Account Description: CMC Markets demo lets you trade on over 12,000 markets with a virtual and risk free £10,000 with no time limit. Is CMC Markets demo any good? CMC Markets’ demo is about as good as demo accounts can get. It offers all the main functionality of their live trading platform, including the excellent client sentiment tool, that allows you to see what profitable traders are long or short of. The demo version of their forex, CFD and spread beting trading platform and app. CMC Markets demo lets you trade on over 12,000 markets with a virtual and risk free £10,000 with no time limit. It’s worth noting that there is no CMC Markets MT4 demo account and to reset it you have to open a new demo with a different email address.
Pros
Cons
Overall4.6 | |
 | Virtual Balance 100,000 | Demo Length 30 Days | GMG Rating | Customer Reviews | Try Demo 75% of retail investor accounts lose money | Account Types:
| XTB Demo Trading Account Expert Review Is the XTB demo account any good? I’ve always liked XTB, everything about them just works. Yes they may have removed my favourite feature ever (the ability to create your own basket of stocks to trade in one go), but I like the demo too, it just works. It doesn’t do anything fancy, the XTB demo just gives you a good look inside the platform and lets you know what trading with them would be like. XTB has a great demo account that, it’s easy to set up and easy to use. I tried the XTB demo after a long day of testing other (more annoying demos) and it was quite frankly a breath of fresh air.
Pros
Cons
Overall4 | |
 | Virtual Balance 100,000 | Demo Length 20 Days | GMG Rating | Customer Reviews | Try Demo 65% of retail investor accounts lose money | Account Types:
| Saxo Demo Trading Account Expert Review: Paper trading for professionals Is Saxo's demo account any good? Saxo does have a demo version of its trading platform, but there are actually quite a few limitations and it is nowhere near as good as their industry-leading live account. So, I’ve tested the Saxo Trader GO demo and here I’ll highlight what I like and dislike about it. Saxo’s demo account lets you trade with $100,00 virtual funds on around 1,000 physical stocks, CFDs and forex pairs for 20 days. Saxo’s demo account is hit-and-miss. The real, live platform is institutional grade with most things, most traders could want. But, the Saxo demo is a bit of a letdown. It’s great for functionality and getting a glimpse at the look and feel, but the market range is limited. For instance, you cannot trade indices or commodities (as far as I could tell when testing it). Also, when you first open it up you only have access to around 150 stocks, I had to go into the research tab to enable forex and CFDs. Plus, pricing is delayed (which it also is on the main platform), but it would be better to give potential customers some betting insight into this epic platform, than what is currently on show.
Note, Saxo does not offer an MT4 demo or offer MT4 live accounts. Pros
Cons
Overall3.4 | |
 | Virtual Balance 100,000 | Demo Length No Limit | GMG Rating | Customer Reviews | Try Demo 61% of retail investor accounts lose money | Account Types:
| eToro's demo trading accounts lets you practice investing with a single click Account: eToro Demo Account Description: eToro’ demo account lets you trade with $100k virtual money on nearly 3,000 markets with no time limit. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Is eToro's demo account any good? eToro does have a demo account, but it’s actually very annoying. eToro has this really irritating habit of ushering you along to things you don’t want to do. I really want to like eToro, as everyone else does, but every time I try and use it I feel like I’m trying to get through to the British Gas call centre. At every turn, it’s “computer says no”. I review brokers for a living and I’ve now tried to open two different eToro demo accounts with two different emails. Both times, when I’ve tried to place a demo trade it’s asked me to deposit real money and try and fully verify me for a live account. So both times I have given up. Maybe this is why eToro has so many real accounts because it’s impossible to use the demo and you get salami’d into depositing money to trade. After going round the houses for ages I managed to find a toggle at the bottom of the page that lets you switch between live and demo trading. Once done, it was pretty good – almost exactly the same as the live platform but paper trading. Pros
Cons
Overall3.2 |
❓Methodology: Our experts chose what we think are the best demo trading accounts based on:
- Over 30,000 votes and awards in the coveted Good Money Guide annual awards
- Our own experiences testing the demo accounts with real money
- An in-depth comparison of the features that make them stand out compared to alternative demo trading platforms
- Our exclusive interviews with the demo account company CEOs and senior management
Demo Accounts Versus Trading Live
Before you start trading on a demo account be mindful that you should only use them as a way of exploring a trading platform’s functionality. Trading with real money life is very different from trading with virtual funds in a demo account
Nothing explains this better than this excellent quote from the 1923 book, Reminiscences of a Stock Operator where the protagonist Larry Livingstone is discussing paper trading.
I have heard of people who amuse themselves conducting imaginary operations in the stock market to prove with imaginary dollars how right they are. Sometimes these ghost gamblers make millions. It is very easy to be a plunger that way. It is like the old story of the man who was going to fight a duel the next day.
His second asked him, “Are you a good shot?” “Well,” said the duelist, “I can snap the stem of a wineglass at twenty paces,” and he looked
modest.
“That’s all very well,” said the unimpressed second. “But can you snap the stem of the wineglass while the wineglass is pointing a loaded pistol straight at your heart?”
Demo Trading Account FAQs
A while ago a reader asked us: Are there any no-deposit brokers for CFDs, Forex & or Spread Betting? A no-depost account means one where you can trade the markets without risking any money. The only way to trade the markets without making a deposit is to open a demo account, where you can test a trading platform’s features before committing real funds.
Most brokers offer a demo account where you can trade without depositing funds first. Then yes there are plenty.
However, if you are asking if there are any brokers that allow you to trade the financial markets with no money on account and make real profits the answer is no.
Or indeed, if you are asking if there are any brokers that offer a welcome bonus with no deposit. The answer is again no. Welcome bonuses for CFDs, Forex and Spread Betting are banned by the FCA.
Demo accounts are great if you just want to practice the process of putting trades on, and experiment with stop losses and technical analysis levels.
However, there are lots of brokers that offer demo accounts where you can trade without making a deposit.
- City Index – excellent trading signals and a breakdown of what markets you win and lose when trading (City Index review)
- IG – great allrounder (IG Review)
- CMC Markets – great sentiment tools and technology
- Saxo Capital Markets – for slightly more experienced traders (Saxo Capital Markets Review)
- Spreadex – good for customer service (Spreadex Review)
You can read our reviews of the different products that these brokers offer here:
It is important to note that trading in a simulated environment is very different from trading with real money.
However, odd it may seem, some traders will do well in demo accounts and they lose money in real accounts. The internet is awash with theories that brokers do this deliberately because they are b-booking your trade and profiting from when you lose money.
The reality, however, is that demo traders may be suffering from beginners’ luck, or even adopting a no emotion trading strategy. Not having a strategy is one of the main reasons traders lose money.
The most common mistakes when moving from a demo account to a live account are:
- Not cutting losses
- Not running winning trade
- Overtrading
- Over leveraging
You may also find this article on why most financial spread betting customers lose money useful.
We’ve written a few guides on a demo account trading strategy that may be helpful:
- Top CFD trading strategies
- Three top forex trading strategies that may actually work
- Four spread betting strategies that actually work and some decent brokers to try them with
It’s always worth opening more than one demo account as, whilst all brokers offer access to the same underlying markets that platform can differ dramatically. Although most MT4 brokers offer the same MetaTrader 4 platform they differ quite a lot if a broker has it’s own proprietary financial spread betting, CFD or forex trading platform.
If you are new to trading and looking to experiment with a trading platform here are some top tips to getting started on a trading broker demo account:
- Start small
- Never trade with money you can’t afford to lose
- Trade the products you understand best.
- If you don’t understand what moves a price you’ll have very little chance of making money
The most popular demo market by far is forex trading. You can read our guides to the most traded instruments on trading accounts and CFD, Forex and Spread betting demo accounts here:
You won’t get full access to live prices, research or added value with a demo account. They are generally used to give you an idea of the look and feel of a trading platform. To get the full features you may have to open a live trading account.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
