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Best Forex Demo Accounts in Australia

By Will Ellis
Last Updated on March 23, 2024

It’s recommended that first-time online forex traders try out a practice account. You can test out trading in real-time forex market circumstances without risking any of your own money. 

Then, after you’ve gotten the hang of things, you can switch more confidently to a real money account and trading for real. Here are our top forex demo account recommendations.

Table of Contents:

Forex Demo Accounts: Why Use Them?

Rookie mistakes: Foreign exchange (FX) and stock market (share) trading is a high-risk activity, and so is experimenting with CFD (contract for difference) markets for the first time. 

Leverage: Traders should exercise caution when taking on heavily leveraged positions in volatile areas like the Forex and CFD markets, where cryptocurrencies like Bitcoin are traded. Because of the complexity of leverage, traders should be aware that it is possible to lose more than they initially invested. 

Study: Also, research and the training resources (webinars, FAQs, eBooks, and online courses) provided by forex brokers are essential for becoming proficient in foreign exchange trading. The best method, however, is to use a sample account to build your trading methods and personal trading style. 

Live experience: Before opening a real account, it’s a good idea to trade on a demo account to get some practice and become comfortable with the market’s volatility and the risks involved. Users can test the waters of several marketplaces and trading platforms with free demo accounts. We recommend using a forex broker from the list above to practise trading with virtual money before trading with real money, since demo accounts are accessible to traders of all skill levels.

Best Forex Demo Accounts in Australia in 2024 📕

Now that you’re familiar with the broad categories of forex demo accounts, we’ll explore specific providers. 

Keep in mind that the provider you choose for your forex sample account is also a brokerage site before you make your final decision. To put it another way, before you can utilise a forex trading platform’s demo facility, you’ll need to sign up for an account with the platform.

Therefore, you should consider more than just the demo account, such as the number of currency pairs available for trading, spreads, fees, and the quality of customer service. After all, you should prepare for the possibility that you may one day want to start trading currencies with actual money.

To help you get started, we’ll go through some of the top forex practise accounts here.

Let’s get on with our guide:

  1. AvaTrade — Top Forex Demo Account for CFDs
  2. Libertex — Tight Spreads Demo Forex Account
  3. — Professional Traders’ Favourite Free Forex Practise Account
  4. Plus500 — Leading UK Contract for Difference (CFD) Provider

1. AvaTrade — Top Forex Demo Account for CFDs

Key Features:

  • Allows for MT4/MT5
  • Free of service fees
  • Variety of financial instruments 
  • Superior market capabilities


  • Good educational information 
  • Islamic banking 
  • Regulated by ASIC


  • Only CFDs, no stocks

Although trading on a desktop device is recommended for making the most of a sample account, some users may prefer trading via a mobile app.

If that’s the case, AvaTrade is a great option to consider. This well-known forex and CFD trading platform has been around for more than 12 years and has regulatory oversight in 6 different countries.

On this site, you may trade a wide variety of currency pairings without paying any fee. The EUR/USD and AUD/USD currency pairings, in particular, often have some of the lowest spreads in the market.

The mobile software, dubbed AvaTradeGo by the service provider, requires users to register for an account before they can begin trading. Then, you may start practising trading on the go with virtual money. Your trial account is also available online. AvaTrade supports MT4 and MT5, in addition to its own proprietary platform.

The minimum deposit for a live trading account with AvaTrade is just $100. Credit or debit card transactions are instantaneous and may be used for this purpose. Last but not least, you won’t be charged any fees on deposits or withdrawals, and there are no platform fees.

In addition to supporting MT4 and Zulutrade, AvaTrade is a MetaTrader 5 broker.

2. Libertex — Tight Spreads Demo Forex Account

Key Features:

  • CFD trading with low spreads
  • Highly competitive payment structures 
  • Fees range from 0% to 100%
  • Useful learning materials


  • Well-known and respected broker
  • Can be used with MT4
  • Many options in the wider market


  • Relies on CFDs heavily

Libertex is a leading online platform for foreign exchange (FX) and contracts for difference (CFD) trading. After its first release more than 23 years ago, the platform has grown to accommodate about 3 million traders.

Libertex offering tight spread trading is perhaps its most attractive feature. In other words, the spread between the purchase and sell price of your preferred currency pair is zero.

The majority of Libertex’s marketplaces are commission-free, too. Its forex demo account feature allows novice traders to practise with a dummy account funded with a fictitious €50,000. This is more than sufficient to help you get comfortable with trading currency pairings while minimising risk.

When it comes to Libertex’s sample account, you may choose between two different choices. Even if you have no trading experience, you may use the Libertex website to make purchases and sales. This is Libertex’s own trading platform, and newcomers to the market seem to prefer it. Demo accounts for MT4 are also available.

Because of its sophisticated chart reading capabilities and technical indicators, this third-party platform is often utilised by seasoned traders. Regardless, Libertex’s sample account remains available indefinitely. When you are ready to begin trading with your own money, you need just deposit $100 to get started.

At this MT4 broker, you may make deposits and withdrawals using a variety of ways, including debit and credit cards, wire transfers, and electronic wallets. After your first investment, your minimum withdrawal will drop to only $10. Finally, if you’d like to trade while on the go, you may download an Android or iOS app that gives you access to Libertex.

3. — Professional Traders’ Favourite Free Forex Practise Account

Key Features:

  • Minimal trading fees
  • Slim margins
  • Futures and options on equities, currencies, and commodities
  • Home-grown exchange platform


  • Stocks and CFDs are available
  • Highly controlled, with licences required even in the US
  • Superior financial and economic news


  • Know Your Customer time-consuming

So far in this tutorial, we’ve emphasised the importance of forex demo accounts for newcomers who want to get a feel for the market without having to risk any real money. It’s important to note, however, that seasoned traders may benefit from sample accounts as much as beginners when trying out a new trading method. is a great option if this describes you. This well-known web interface specialises in foreign exchange trading, as its name suggests. It allows you to trade more than 80 different currency pairings, including several from developing countries.

There is an abundance of trading tools available, and you’ll never have to worry about running out of liquidity. Most traders use MetaTrader 4, thus that’s what the demo account is geared towards. Simply sign up for a account and use your credentials to access the MT4 platform, either through their website or a downloadable desktop app.

When you do, we’ll deposit $10,000 into your sample account. With’s support for the top EAs and robots, it’s a safe place to experiment with automatic trading. In reality, it provides forex-specific VPNs, which work well for constantly running complex trading robots.’s real money trading costs are among the lowest in the industry, so there’s no need to wait to open an account. You may pick from a number of account packages, including one that eliminates the need to pay commissions on trades. Spreads on key pairs start as low as 0.2 pips, making this account type attractive to experienced traders who trade higher quantities.

There will be a $5 commission for every $100k exchanged. Spreads as low as 0.1 pips are available with the STP Pro account.  The minimum funds you’ll need to begin trading with real cash is $100 when using a debit or credit card or PayPal, or fee-free if you choose bank transfers.

4. Plus500 — Leading UK Contract for Difference (CFD) Provider

Key Features:

  • Minimal trading fees
  • Slim margins
  • Futures and options on equities, currencies, and commodities
  • Home-grown exchange platform

Plus500 Disclaimer: CFDs are a leveraged product and can result in the loss of your entire balance. Trading CFDs may not be suitable for you. Please consider whether you fall within Plus500’s Target Market Determination available in their Terms and Agreements. Please ensure you fully understand the risks involved.


  • Accessible on desktop and mobile
  • Risk management tools 
  • Sentiment indicators and price notifications


  • No social trading features
  • Only CFDs

When it comes to CFD trading, Plus500 is a top choice. The parent company of the service is publicly traded on the London Stock Exchange, and the FCA has authorised and regulated the provider.

In addition to CFD trading in commodities, equities, indices, and ETFs, Plus500 also provides a sizable CFD currency trading facility. The supplier, like most others in this field, supports all the main and minor currency pairings.

Plus500, on the other hand, goes above and above by also providing access to dozens of developing currencies. The Thai baht, the South African rand, the Mexican peso, and many more may all be found in currency pairings. Plus500 offers zero commissions and tight spreads.

As soon as you’ve signed up for an account, you’ll have access to the practise mode. Your time investment here shouldn’t exceed a few minutes. The virtual currency in the sample account is €40,000. When the demo account’s balance falls to 200 EUR (or the equivalent currency amount), the system will restore the original demo amount automatically.

You may take as much time as you need to become comfortable trading with real money. The very minimum to get started is merely $100. Plus500 accepts payments by bank transfer, PayPal, and major credit cards. Plus500 is available both online and through a mobile app from the same source.

Plus500AU Pty Ltd (ACN 153301681), licensed by: ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026; Authorised Financial Services Provider in South Africa, FSP #47546. You do not own or have any rights to the underlying assets. Consider if you fall within our Target Market Distribution. Please refer to the Disclosure documents available on the website.

Best Aussie Demo Trading Account 📕: Buying Guide

So, those are the top demo forex accounts available as per Privacy Australia’s savviest and most efficient research. Some are better suited to sophisticated trading methods, while others are good for beginners learning the ropes of currency trading.

Let’s round off our guide with ways you can do your own fishing online, to discern the best service for you. It’s crucial to remember that not all forex demo accounts are created equal, so do your homework before signing up. In light of this, we detail below the most important features to look for in a good forex demo account.

Demo Cash Limits 

Our top picks for FX trading simulators all have virtual cash on hand. only provides $10,000 in virtual currency for practice trading.

It’s important that the starting sum be big enough to cover your living expenses until you figure out foreign exchange. After all, particularly at the outset of your trading career, it is quite probable that you will experience more lost trades than winning ones. However, your paper trading balance may be replenished in some of the finest forex demo accounts. When your cash funds fall below $200, Plus500 will boost it back to $20k.

Time Limits

You should also check to see whether the demo account has a time restriction. Many of the service providers we researched only offered a 30-day trial.

If you’re just starting out in the forex trading market, this may not be enough time to get up to speed.  Because of this, the finest forex demo accounts provide unlimited demo trading. This will come in especially handy if you develop a novel trading method down the road.

Capabilities of Your Demo Account

The significance of this indicator cannot be overstated. To sum up, the greatest forex demo accounts will be carbon copies of replicate trading environments. That means you’ll be trading in real time, only without any of the usual financial risks.

This is key, since the aim of a demo accounts are to help you develop trading methods that will serve you well in the actual forex market.

Money-Down Necessary?

Most forex trading platforms, as mentioned above, need you to sign up for an account before you can use its demo account service. The service is fair by letting you practise trading in real-world situations without any financial risk to you.

However, we did find a few sites that require you to make a deposit before accessing the practice mode. You should stay away from these companies since the top forex demo account won’t require this.

Currency Pairs 

This is forex after all… Forex trial accounts are again available at legit trading platforms. Some services have dozens of available currency pairings, while others have a lot less. Therefore, before going through the processes of utilising the demo account function, it is necessary to examine what forex trading pairs are available on the platform.

Major pairings, including as the Euro/U.S. Dollar (EUR/USD), British Pound (USD/GBP), and Australian Dollar (AUD/USD), are the most actively traded markets. However, you should check for support of this feature if you want to trade exotic currencies like the Thai baht.

Analysis & Trading Tools

Simply put, you should only think about opening a forex demo account if it is loaded with many instruments for virtual trading. If it doesn’t, you’ll be unable to do in-house analysis and will lack the information necessary to make educated trading choices. In addition, you may want to look into the finest forex signals providers, which connect with your broker account and provide advice based on their analysis of the market’s likely direction.

Technical Indication Provisions 

When dealing in foreign exchange, you’ll need technical indicators to help you spot emerging patterns. There are over a hundred of these indicators available, each of which focuses on a different parameter. The Relative Strength Index (RSI) is one indicator used to determine whether a currency pair is overvalued or undervalued.

For this reason, it’s crucial that the forex sample account you choose have access to a wide range of technical indicators, charting capabilities, and other useful analytical tools. On the other side, you won’t need any more technical research tools if the platform supports MT4/5.


In conclusion, hundreds of different online brokers give you forex demo provisionings. However, keep in mind that you will probably want to begin forex trading using actual cash eventually. So, choose a forex demo service that works for your long-term objectives.


Benefits of using a demo account

If you’re just getting started with Forex, a demo account is a great way to practise trading without risking any of your own money. Develop your expertise and self-assurance at your own pace. You may find free PDFs covering technical analysis, fundamental analysis, and trade psychology in our trading books area.

Even if you’re an experienced trader, you could benefit from opening a demo account to try out a new trading technique risk-free. However, we’d like to point out that you may evaluate and fine-tune Expert Advisors using historical data and MetaTrader 4’s built-in Strategy Tester without even opening a trial account.

Finally, before committing to a broker and making a deposit, you may utilise a demo account to get a feel for the platform. Each of the recommended brokers in this piece offers a fully functional practise account with all the same tools as their live, money trading account.

Cons of a free trial account

No matter how realistic a demo account attempts to seem, it is still only a simulation. Price anomalies like gapping and slippage are very rare to occur in a practice account. However, they often complicate trade in important ways.

You won’t feel the same levels of anxiety and excitement that you would while trading with real money when using a demo account. 

However, these feelings may sometimes stand in the way of profitable transactions, leading you to abandon losing positions too soon or pursue assets whose price has increased too quickly and by too much. That’s why a lot of pros advise starting off with a modest real-money account and working your way up to larger trades as you gain experience.

What should I expect from a free forex demo account?

When searching for the top forex demo accounts, the platforms provided are the most crucial factor. You’ll be doing all of your trading on the trading platform, so it’s important to choose one you’re familiar with. The trading platforms MetaTrader 4, MetaTrader 5, and cTrader are the most popular among traders.

The second thing to think about is how realistic the sample account is when it comes to trading CFDs and currencies. This includes the availability of leverage, customer service, risk management tools, and the realism of the spreads. Success in foreign exchange trading relies on a number of factors, one of which is having access to the tools you need to implement your trading plan.

Thirdly, in high-risk, high-volatility markets, the ability to execute transactions quickly and with little slippage is crucial. Trading circumstances in a demo account should reflect those in the real world. The best way to understand how CFDs function in the real world is to practise with real-world spreads.

The availability of virtual cash and the date the sample account will expire are the last considerations. There are both limited-time and unlimited demo accounts available.

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