Guide · Learning to trade

Forex trading courses: what to check before you pay

A currency trading course can teach the mechanics; ASIC’s Moneysmart says a basic course or seminar won’t give you enough information to start trading. This guide lists what to check about the people behind a course, the claims that mark a scam, the free material published by the FCA and ASIC, and how to practise on a demo account: 11 brokers with a Tier 1 company publish both how long their demo lasts and its virtual balance.

Written and checked by: Low Spread Brokers team
Updated: 21 Oct 2026

Low Spread Brokers does not give personal investment advice.

Key takeaways

1Promising guaranteed profits or offering to trade for you through a managed account are the patterns the FCA describes in forex scams.
2In February 2026 seven UK social media influencers were sentenced for promoting an unauthorised forex trading scheme.
3ASIC research found that at least 68% of retail investors lost money trading CFDs in 2023–24.
4Brokers in our data publish retail loss rates of 58.9% to 88%; no course changes those odds by itself.

Quick answer

Is a forex trading course worth paying for?

Pay only once you have checked three things. First, who runs it and whether they or the firm they promote are authorised: the FCA Firm Checker in the UK, ASIC’s professional registers in Australia. Second, what it promises: income claims, “signals” that predict the market or an offer to manage your account are red flags. Third, what you get that free material does not cover: the FCA and ASIC Moneysmart publish free pages on trading risk, and a broker’s demo lets you practise with live prices at no cost.

A course that sends you to a broker through its own link may be making a financial promotion, which in the UK needs an authorised firm’s approval (FG24/1).
Moneysmart lists unclear costs, fees or commissions as a seminar warning sign: get the price, refund terms and ongoing fees in writing.
Measure progress with a written log of at least 30 demo trades, not with the course’s testimonials.

What a currency trading course can and cannot do

A course can explain pips, lots, leverage, margin and order types in a few hours; regulators publish the same basics free. What it cannot do is predict exchange rates. Moneysmart warns against claims that a course, signal service, copy-trading service, program or AI tool can accurately predict currency movements.

The numbers are against a fast start. ASIC research cited by Moneysmart found at least 68% of retail investors lost money trading CFDs in 2023–24, and the broker companies in our data publish loss rates from 58.9% to 88% (checked up to 19 Oct 2026).

Who runs the course, and are they authorised?

In the UK, promoting a regulated financial product without approval from an FCA-authorised firm may be a criminal offence. FCA guidance FG24/1 (March 2024) applies this to social media influencers and affiliate marketers. On 20 February 2026 the FCA reported that seven influencers had been sentenced at Southwark Crown Court for promoting an unauthorised forex trading scheme; their Instagram accounts had a combined following of 4.5 million.

In Australia, Moneysmart says providers of add-ons such as software, trading robots or seminars may need an Australian financial services licence or authorisation from a licensee. Check the presenter and the firm by name on the FCA Firm Checker or ASIC’s professional registers search, and search the course name on the warning lists.

Red flags in forex courses, signals and mentoring

Each of the six claims below appears in an FCA or Moneysmart description of investment scams or high-pressure seminars. One of them is enough to stop and check the firm on the register.

Claims that should stop you paying for a forex course
What the course offers	Why it is a red flag	Regulator source
Guaranteed or very high returns	Fraudsters promise high returns and guaranteed profits	FCA, forex trading scams
A “managed account” or someone who trades for you	The firm makes trades on your behalf; early returns are used to get a bigger deposit	FCA, forex trading scams
Signals, a robot or AI that predicts the market	No course or tool can accurately predict currency movements	Moneysmart, forex trading
A free first session, then reports and pricier courses	Seminars may push you to buy more expensive courses	Moneysmart, investment seminars
Sign up today, limited places	Pressure to decide on the spot is a warning sign	Moneysmart and FCA scam warnings
No names, qualifications or licences	Unlicensed presenters may give advice they are not allowed to give	Moneysmart, investment seminars

Free forex course material from regulators

A free forex course does not need a sign-up. The FCA and ASIC publish pages that cover the risks a paid course often leaves out:

FCA InvestSmart: risk and returns, high-risk investments and how hype affects decisions.
FCA forex trading scams page: how unauthorised brokers and clone firms operate.
ASIC Moneysmart forex trading page: how margin FX works and why leverage magnifies losses.
ASIC Moneysmart CFD page: a worked margin call, where a $500 margin on a $10,000 position is lost.
ASIC Moneysmart investment seminars page: the sales tactics to watch for.

Brokers also publish education, but our data does not yet score it: the research and education criterion stays unscored until we test it.

Practise on a demo account instead of paying for simulations

A broker demo uses live prices and virtual money. 11 brokers with a Tier 1 company publish both how long the demo lasts and its virtual balance; first on this guide’s list: Pepperstone, IG and CMC Markets. Check the expiry rules, because an unused demo is often closed.

Set the virtual balance to the amount you would fund live with, not the default. Vantage’s published demo balance, for example, is $1,000 to $100,000, chosen by you, in USD, GBP, CAD, AUD, EUR, SGD, NZD, HKD or JPY. A demo cannot show slippage on a fast market or how you react to losing real money.

Demo terms as published by the first five brokers on this guide’s list
Broker	How long the demo lasts	Virtual balance	Checked
Pepperstone	The Trader and TradingView demos expire after 90 days of inactivity, the Pepperstone, MT4 and MT5 demos after 60 days (logging in or trading counts as activity)	Unlimited, in a currency you choose	20 Oct 2026
IG	Not published for the web-platform demo	£10,000 in virtual funds, pre-set by IG	20 Oct 2026
CMC Markets	Unlimited on the CMC platform	£10,000 in virtual funds	20 Oct 2026
Saxo	20 days	USD 100,000 in virtual funds	20 Oct 2026
Plus500	Unlimited while the account is open	Unlimited virtual funds	20 Oct 2026

A study plan using free guides, step by step

Work through the guides below in order, and do the exercise for each step on a demo before moving on. The exercises are measurable, so you can see whether a step is done.

What is forex trading: name the base and quote currency of five pairs.
What is a pip: work out the pip value of 0.01, 0.1 and 1 lot of EUR/USD.
Leverage and margin: calculate the margin for a 0.1 lot position at 1:30.
What are CFDs: find the overnight financing charge on your demo platform.
Forex sessions: record the EUR/USD spread at three different hours.
Forex trading strategies: write one rule for entry, stop-loss and exit, then log 30 demo trades with it.

Brokers to practise with on a demo

Why this order: Only brokers with a Tier 1 company open to retail clients that publish both how long their demo lasts and its virtual balance, sorted by our regulation score, so you practise with a firm you could later open a live account with. Ranked from our data on 11 brokers, updated 19 Oct 2026.

1Pepperstone8.6/10 · Minimum deposit £10 · 0.0 pips
Visit brokerUnpaid link
73.6% of retail investor accounts lose money when trading CFDs with this provider (Pepperstone Limited (UK)).
2IG8.0/10 · Minimum deposit £1 · 0.6 pips
Visit brokerUnpaid link
70% of retail investor accounts lose money when trading CFDs with this provider (IG Markets Ltd / IG Index Ltd (UK)).
3CMC Markets7.9/10 · Minimum deposit £0 · 0.0 pips
Visit brokerUnpaid link
69% of retail investor accounts lose money when trading CFDs with this provider (CMC Markets UK plc).

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.

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FAQ

Forex trading courses: questions

Short answers from the same broker data and country reference as the rest of the site, collected up to 19 Oct 2026. Terms change: check the broker’s own page before you trade.

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We cannot give personal investment advice.

1Are forex trading courses worth it?

A course can save time on the mechanics, but ASIC’s Moneysmart says a basic trading course or seminar won’t give you enough information to start trading. Check who runs it and what it promises before paying, and compare it with the free material from the FCA and ASIC.