9 Best Forex Trading Demo Accounts in UK 2022

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9 Best Forex Trading Demo Accounts in UK 2022

9 Best Forex Trading Demo Accounts in UK 2022

Forex demo accounts are free practice accounts for new traders. Think of them like flight simulators for new pilots. Like a flight simulator, you can make all kinds of mistakes without any consequences – except for maybe a bruised ego and the realisation that you have a lot to learn. Demo accounts are always free, but some are better than others. Most traders with a demo account will go on to open a live account with the same broker. To get more news about forex demo accounts, you can visit wikifx.com official website.

To test these demo accounts, we set up the trading software, read the educational material, traded away all of the virtual money we were given, and used the customer service teams to help get us started. While trading with these brokers, we rate the quality of their financial regulation, trading platform choice and read the fine print to get a grasp of the trading conditions should a novice trader want to open a live trading account. These are the best demo trading accounts in the UK for 2022, according to our testing and our research.
How to choose the best demo account
Beginner traders should always use a demo account before using a real trading account. Demo accounts are a risk-free setup, which lets traders learn about Forex trading without losing money. While beginner traders will use demo accounts to test trading platforms and learn how trading works, experienced traders will use a demo account for testing new strategies without the risk of losing capital. UK traders need to consider the following when comparing demo accounts.

Regulation: Even with a demo account, regulation is important. UK brokers are regulated by the FCA, which protects UK residents. FCA regulation ensures that the Forex platform is secure and trustworthy and that traders are treated fairly. Other good regulators include CySEC in Europe and ASIC in Australia. Many non-UK brokers will be regulated in small island states like Vanuatu, Seychelles or Mauritius. Regulation from these small island countries is not an issue when trading with a demo account. But most of these smaller regulators do not require brokers to offer negative balance protection or even segregated accounts, which is an unnecessary risk when using a real account.

Account Size and Currency: Different Forex brokers will give you different amounts of money in your demo account. Some brokers will offer as little as 10,000 GBP, while others will offer 100,000 or even 1,000,000 GBP. When you feel almost ready to start trading with a real account, you should use the same amount of money in your demo account as you plan to have in your real account. This will give you a better idea of the limitations and market conditions you will have when trading.

Demo Account Expiry: Some demo accounts will expire after a set period of time, usually 30-90 days. The best demo accounts will never expire or will only expire after a period of inactivity. As a general rule, demo accounts should always be kept open. Even experienced traders use demo accounts to test new strategies or try out trading on new assets. If your demo account does expire and you still want to keep it open, it is always worth getting in touch with your broker’s customer service to ask them to reopen it or extend it.

Financial Instruments: All Forex brokers in the UK will offer Forex trading, but most traders also want to trade other instruments. If you’re interested in trading commodities or stock CFDs, make sure that your demo account broker offers those instruments.

Trading platform: The first thing you should learn with a demo account is how to manage your trading platform. The most popular trading platforms are MT4, MT5 and cTrader, but many brokers will also have their own trading platforms. MT4, MT5 and cTrader can be used with multiple brokers. With some MT4 demo accounts, you will not be able to trade stocks, as MT4 does not connect natively to centralised exchanges. So, if you want to switch brokers in the future – or use multiple brokers – and want to trade stocks, be careful which platform you start with.

Customer service: Demo accounts are mainly used by beginners, and beginners often need customer service support. Almost all brokers offer 24-hour customer support during the workweek, but some brokers still only offer office hours support. If you are still learning how to trade and expect to be trading overnight, make sure that your broker can help you out with technical or admin support in the night.
Pepperstone – Best ECN Demo Account
Pepperstone is internationally recognised for its high-speed trading execution and an offering for beginners that most ECN brokers don’t have. Free demo accounts at Pepperstone allow clients to trade 80+ Forex pairs on MT4, MT5 and cTrader platforms, withcustomer support. The demo account expires after 30 days unless you have a live account, in which case you can request a non-expiry demo account.

The demo and the live account are the same in performance and conditions, except the demo account comprises of 500,000 GBP in virtual funds. Pepperstone’s education section called Learn to Trade Forex helps traders get started with some of the technical concepts, while a section called Trading Guides supports traders with issues that they will confront every day; how to keep a trading journal, developing a trading plan and managing risk.

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