Ranking · Demo accounts

Best forex demo accounts

3 brokers in our data name a demo account on the pages we collected and run a Tier 1 entity open to retail clients: Saxo, ThinkMarkets and XM. Other brokers are missing because the pages we read for them did not mention a demo, not because we know they lack one.

Written and checked by: Low Spread Brokers team
Updated: 20 Oct 2026

3brokers on this list
18regulators behind their entities
19 Oct 2026broker data collected
24licensed entities listed

Low Spread Brokers does not give personal investment advice.

For traders who want to practise before they deposit with Saxo, ThinkMarkets and XM. The order follows our accounts score (account types and minimum deposit), because a demo is only useful if it mirrors the live account you would open next. Read first: how we rankhow we make moneyeditorial policy

Written by Low Spread Brokers team · Updated 20 Oct 2026

Quick answer

Which broker has the best forex demo account?

The best demo runs on the platform and account type you would trade live. On this list that means ThinkMarkets and XM for MT4 and MT5, and Saxo for its own platform and TradingView. Demo orders are filled by a simulator with virtual money, so they show neither slippage on real liquidity nor the cost of a real loss.

A UK resident can move from demo to a live FCA account with Saxo and ThinkMarkets; XM’s UK pop-up sends visitors to its sister brand Trading.com.
Saxo no longer serves Australia under its own brand: its former Australian company is now Totality Wealth Limited.
ThinkMarkets’ EU site is not directed at residents of France and Belgium.

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MT4 ranking: brokers that offer MT4, by platform range

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MT5 ranking: Tier 1 entities only, by overall score

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Trading apps: brokers with their own app

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Copy trading: brokers with a copy account

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Demo accounts: Tier 1 brokers with a published demo

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Low-spread ranking: published EUR/USD spreads

Each ranking shows the entity that would hold your account and the broker’s published risk warning.

Forex demo accounts from Tier 1 brokers, ranked

Ranked by this page’s rule, not by commission. Advertiser disclosure

Why this order: only brokers whose published account types include a demo and that have a Tier 1 entity open to retail clients, sorted by our accounts score; demo terms and support are not scored yet. Ranked from our data on 3 brokers, updated 19 Oct 2026. How we rank

Ranked by this page’s rule · 19 Oct 2026

Your country decides which entity opens your account, and with it your leverage and protections.

Rankings by country

Regulator tiers:Tier 1: FCA, ASIC, CySEC/ESMA, FINMA, MASTier 2: e.g. FSCA, DFSAOffshore: labelled, never counted as a benefit

First on this rule

ThinkMarkets

Main entity: TF Global Markets (UK) Limited · 10 entities in total

Protections depend on the entity

Minimum deposit: $10
EUR/USD spread from: Not measured
Platforms: MT4, MT5, TradingView, proprietary
Max retail leverage: Depends on entity: up to 30:1 (Standard, ThinkTrader, ThinkZero accounts, retail) (FCA, ASIC)up to 30:1 (ThinkZero account, retail) (CySEC)up to 500:1 (Standard, ThinkZero); 2500:1 (ThinkTrader account) (FSA Seychelles)
Funding methods: Bank wire, Visa, Mastercard, Skrill, Neteller, Apple Pay, Google Pay, Crypto (global site only)

StandardRawIslamicDemoSpread bettingProfessional6 of 9 licences checked on the register, 20 Oct 2026

Why #1accounts score 9.0: demo plus Standard, Raw, Islamic, Spread betting, Professional accounts, live minimum $10, platforms MT4, MT5, TradingView and its own platform; its EU site is not directed at residents of France and Belgium, and the ThinkZero minimum is stated as $100 on one page and $500 on another.

7.6/10

Visit brokerUnpaid link

75% of retail investor accounts lose money when trading CFDs with this provider (TF Global Markets (UK) Limited).

XM

Main entity: Trading Point of Financial Instruments Ltd · 9 entities in total

Lowest EUR/USD spread

Protections depend on the entity

Tier 1CySEC120/10
Tier 1DFSAF003484
Tier 2FSCAFSP 49976
OffshoreFSC Belize8557558
OffshoreFSA SeychellesSD190
OffshoreFSC MauritiusGB23202700
OffshoreBVI FSCSIBA/L/25/1182
Tier 2CMA Kenya233
Tier 2SCA/CMA20200000322

Minimum deposit: $5
EUR/USD spread from: 0.0 pips (Zero (EU), 19 Oct 2026)
Platforms: MT4, MT5, TradingView
Max retail leverage: Depends on entity: up to 30:1 (shown on Ultra Low and Zero account cards, EU site) (CySEC)
Funding methods: Bank wire transfer, Skrill, Neteller, Przelewy24

RawIslamicDemoCent3 of 9 licences checked on the register, 20 Oct 2026

Why #2accounts score 8.0: demo plus Raw, Islamic, Cent accounts, live minimum $5, platforms MT4, MT5 and TradingView; UK and Australian residents are not served under the XM brand; XM’s UK pop-up redirects to Trading.com.

7.2/10

Visit brokerUnpaid link

76.15% of retail investor accounts lose money when trading CFDs with this provider (Trading Point of Financial Instruments Ltd).

Saxo

Main entity: Saxo Bank A/S · 5 entities in total

Which entity serves my country?

Protections depend on the entity

Tier 1Danish FSA1149
Tier 1FCA551422
Tier 1MASNot published
Tier 1FINMANot published
Tier 1JFSA関東財務局長（金商）第239号

Minimum deposit: £0
EUR/USD spread from: 0.7 pips (not stated, 19 Oct 2026)
Platforms: TradingView, proprietary, API
Max retail leverage: Depends on entity: up to 30:1 (FX majors, retail, ESMA; 3.33% initial margin) (Danish FSA)up to 30:1 (FX majors, retail; EUR/USD initial margin 3.33% stated, leverage ratio derived) (FCA)up to 1:66 (FX majors; EUR/USD initial margin 1.5% for Swiss residents) (FINMA)
Funding methods: Bank transfer, Debit card

StandardDemoProfessional2 of 5 licences checked on the register, 20 Oct 2026

Why #3accounts score 6.5: demo plus Standard, Professional accounts, live minimum no minimum, platforms TradingView, its own platform and API; no MetaTrader; Saxo no longer serves Australia under its own brand.

7.4/10

Score breakdown

Visit brokerUnpaid link

61% of retail investor accounts lose money when trading CFDs with this provider (Saxo Capital Markets UK Ltd).

Read review

Compare this list in one table How we choose and rank brokers Rankings by country

The list in one line each

Who each demo suits, in the order of the list.

1ThinkMarketsMT4 or MT5 practice before a live account from $10 (ThinkTrader account)7.6/10
2XMEEA residents practising on MT4 or MT5 before a CySEC account from $57.2/10
3Saxopractice on Saxo’s own platform or TradingView before a UK Classic account with no minimum7.4/10

Scores by criterion

Each criterion is scored 0–10 from the brokers’ published terms. Research and support are empty for every broker: we have not scored them, so they count in no rating.

Scores by criterion
Broker	Costs	Platforms	Regulation	Accounts	Research	Support
ThinkMarkets	Not measured	8.0	9.0	9.0	Not measured	Not measured
XM	6.8	6.0	8.0	8.0	Not measured	Not measured
Saxo	7.2	6.0	9.0	6.5	Not measured	Not measured

Preliminary scores from broker data collected 19 Oct 2026. No live accounts were opened.

At a glance · demo accounts

Demo account broker comparison

What the table shows

Licence numbers as each broker publishes them, which entity serves which country, and spreads with their date and source page.

How to use this table

Sort by score, spread or minimum deposit. Deposits stay in each broker’s own currency and are not converted.

Sort:ScoreSpreadMin. deposit

Demo account broker comparison
Rank	Broker	Score	Min. deposit	EUR/USD spread from	Platforms	Account types	Max. leverage, retail	Actions
1	ThinkMarketsFCA · CySEC · ASIC · ASIC · DFSA · FSCA · FSA Seychelles · CIMA · FMA · Unregulated	7.6/10	$10	Not measured	MT4, MT5, TradingView, proprietary	Standard, Raw, Islamic, Demo, Spread betting, Professional	30:1 (Standard, ThinkTrader, ThinkZero accounts, retail) (FCA, ASIC) · 30:1 (ThinkZero account, retail) (CySEC) · 500:1 (Standard, ThinkZero); 2500:1 (ThinkTrader account) (FSA Seychelles)	Open accountUnpaid link	75% of retail investor accounts lose money when trading CFDs with this provider (TF Global Markets (UK) Limited).
2	XMCySEC · DFSA · FSCA · FSC Belize · FSA Seychelles · FSC Mauritius · BVI FSC · CMA Kenya · SCA/CMA	7.2/10	$5	0.0 pipsZero (EU) · 19 Oct 2026	MT4, MT5, TradingView	Raw, Islamic, Demo, Cent	30:1 (shown on Ultra Low and Zero account cards, EU site) (CySEC)	Open accountUnpaid link	76.15% of retail investor accounts lose money when trading CFDs with this provider (Trading Point of Financial Instruments Ltd).
3	SaxoDanish FSA · FCA · MAS · FINMA · JFSALicences and register check	7.4/10	£0	0.7 pipsnot stated · 19 Oct 2026	TradingView, proprietary, API	Standard, Demo, Professional	30:1 (FX majors, retail, ESMA; 3.33% initial margin) (Danish FSA) · 30:1 (FX majors, retail; EUR/USD initial margin 3.33% stated, leverage ratio derived) (FCA) · 1:66 (FX majors; EUR/USD initial margin 1.5% for Swiss residents) (FINMA)	Open accountUnpaid link Review	61% of retail investor accounts lose money when trading CFDs with this provider (Saxo Capital Markets UK Ltd).

All rankings

Spreads as published by each broker, latest check 19 Oct 2026. Minimum deposits are shown in each broker’s own currency and are not converted.

Closer look

One broker from this list, October 2026

ThinkMarkets has entities licensed by 4 Tier 1 regulators and records a demo account next to MT4, MT5 and TradingView. The trade-off: its ThinkZero minimum deposit is stated as $100 on one page and $500 on another, so confirm it before you move from demo to live.

Which of its entities you get depends on where you live: rankings by country

Closer look · October 2026

ThinkMarkets

7.6/10

FCA · CySEC · ASIC · ASIC · DFSA · FSCA · FSA Seychelles · CIMA · FMA · Unregulated · est. 2010

Visit ThinkMarketsUnpaid link

75% of retail investor accounts lose money when trading CFDs with this provider (TF Global Markets (UK) Limited).

Not on this list

3 brokers pass this filter, so there are no lower ranks.

Not published

Choosing a forex demo account: four checks

Pick the demo by the live account you plan to open, not by the size of the virtual balance: 2 of the 3 brokers here run MetaTrader demos.

1
Does the demo run on the platform you will use live?
MT4 demos on this list: ThinkMarkets and XM. MT5 demos: ThinkMarkets and XM. Saxo offers its own platform and TradingView instead of MetaTrader.
MT4 brokers MT5 brokers
2
Which entity will you move to after the demo?
A demo has no regulator behind it; the live account does. At ThinkMarkets a UK resident would sign with TF Global Markets (UK) Ltd (FCA number 629628, as the broker publishes it), while the global site uses an offshore Seychelles company with leverage up to 2500:1 on the ThinkTrader account.
FCA register
3
How long does the demo last?
Our data does not record demo time limits for any of the brokers here; check the demo terms when you register. For live accounts, XM’s EU client agreement marks an account dormant after 90 days without activity.
4
What will the live account cost?
Live minimum deposits: Saxo no minimum, ThinkMarkets $10, XM $5. ThinkMarkets’ ThinkZero account charges $3.50 per lot per side on forex and precious metals.
Low minimum deposit

Methodology v1 · preliminary

How we rate brokers

Every rating here comes from documents the brokers publish, collected on 19 Oct 2026. We have not opened live accounts, so each score is marked preliminary.

1Collect published termsSpreads, commissions, minimum deposits, platforms and account types, each saved with its source page and date.
2List every entityEach licensed company of a brand, with the licence number the broker publishes. Matching those numbers on the regulators’ registers is still to do.
3Score four criteriaCosts, platforms, regulation and accounts, 0–10 each. Research and support stay unscored until we test them.
4Apply this page’s ruleA filter by published fact, then a sort by one criterion. The rule is printed above the ranking.
5Show what changes a recommendationClient-book sales, regulator orders and offshore-only onboarding are written on the broker’s card.

Criteria weights

Costs · 25%
Regulation & safety · 25%
Platforms · 15%
Accounts & funding · 15%
Research & education · 10%
Support · 10%

3brokers on this page
18regulators behind their entities
19 Oct 2026latest data check

What does not affect a score

Partner status and advertising. We have no affiliate or advertising agreements with brokers.

Latest data entries

Date	Entry	Result
19 Oct 2026	EUR/USD spread, Ultra Low (EU) account, XM	0.8 pips
19 Oct 2026	EUR/USD spread, not stated account, Saxo	0.7 pips

Data collected 19 Oct 2026 · 83 of 152 licences checked on regulators’ registers

Editorial policy Read the full methodology

What this ranking is, and what it is not

A desk comparison of published terms; no broker pays us.

Who writes it

Each ranking is written and checked by the Low Spread Brokers team; the date the broker data was collected (19 Oct 2026) is printed at the foot of the page.

Low Spread Brokers teamAuthor and fact-checker

How we earn

At the moment we earn nothing from brokers: there are no affiliate or advertising agreements, and the buttons lead to the brokers’ official websites. Partner status is not an input to any score.

What we don’t do

No bonuses or sign-up offers, no offshore leverage presented as a benefit, no personal investment advice, and no claims of live-account tests we have not run.

How we make money

Risk warning:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.

Low Spread Brokers does not give personal investment advice.

Advertiser disclosure How we rank brokers

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FAQ

Demo account questions

Questions traders search for about forex demo accounts, answered from our broker data (collected 19 Oct 2026).

Ask us a question

Low Spread Brokers does not give personal investment advice.

1Is a forex demo account free?

A demo trades virtual money, so there is nothing to lose on it, and none of the 3 brokers here lists a fee for one on the pages we collected.