Open Demo Account: Popular Forex Brokers

If you are intending to open a new Forex account (either your first Forex trading account or maybe searching for a better broker) then our word of advice is to open demo account first.  In our opinion, a trader should make herself/himself familiar with the trading platform first, before deciding to deposit money for a live account with any broker.

Our list below provides you with information at a glance  related to popular Forex Brokers (in no particular order):  main details regarding the company, regulatory body they comply with, software/trading platforms they provide and few consideration pros and cons.

 

PEPPERSTONE

PEPPERSTONE @ a glance

Pepperstone is an online Forex and CFD Broker providing traders across the globe with cutting edge technology to trade the world’s markets. Since 2010, our focus has been to change the way people trade forex.  Pepperstone intends to provide traders with incredibly low-cost pricing across all FX, CFDs and Commodities with the security of tight financial regulation and industry leading customer support.

Trading Platforms:

  • MetaTrader 4 and 5: Forex, Commodities, Indices, Stocks & Bonds;  200+ different products
  • WebTrader: Trade the markets on the Desktop, Web, Tablet And Smartphone using a professional-grade trading platform. Is is suitable for novice and expert traders alike, that offers a variety of customisable tools and indicators for complex analysis and testing, and also automated trading routines that work precisely to your specifications
  • MT4 for iPhone, iPad/Tablet and Android
  • cTrader including cTrader WebTrader, cTrader cAlgo and cTrader Mobile

 Pros:

  • FREE Demo account for 30 Days
  • Minimum funding required is $200
  • More than 70 trading instruments
  • Many options for funding methods including Credit Cards, PayPal, UnionPay, Bank wire,  BPay, Skrill, Web-Money
  • Offer advance trading tools including videos and tutorials
  • Eleven choices of trading platforms
  • Offer Islamic accounts
  • VPS Hosting

Cons:

  • The Demo account is valid for 30 days only
  • Deposit accepted only for a number of major currencies

View Websitewww.pepperstone.com

 

AVA TRADE

AVA TRADE @ a glance

Ava Trade is a multinational company with regional offices and sales centers in Paris, Dublin, Milan, Tokyo, Sydney and New York. As a broker that trades over 1.5 billion trades each month, there’s no question that Ava Trade is one of the leading Forex brokers online today.

What sets AvaTrade apart from other Forex brokers, however, is not only the volume of trades it processes each month, but their site’s intuitive user interface that caters both to both financial professionals and new Forex traders.

Trading Platforms:

  • MetaTrader 4: Forex, Commodities, Indices, Stocks & Bonds;  200+ different products
  • Ava Trader: Trade the markets on the Desktop, Web, Tablet And Smartphone using a professional-grade trading platform. Is is suitable for novice and expert traders alike, that offers a variety of customisable tools and indicators for complex analysis and testing, and also automated trading routines that work precisely to your specifications

 Pros:

  • FREE Demo account
  • Start with as little as $100
  • More than 200 FX currency pairs that you can trade
  • Fixed and Floating spreads and Mirror Trader available
  • Deposit by Credit Card, PayPal or Web-Money
  • Offer advance trading tools including videos and tutorials
  • Available languages are English, Arabic, Chinese, Dutch, French, German, Italian, Japanese, Spanish, Hindi

Cons:

  • The Demo account is valid for 21 days only
  • Spreads are somehow large
  • Does not guarantee the stop loss
Click image to visit broker site

View Websitewww.avatrade.com

 

PLUS500

PLUS500 @ a glance

Plus500 is a leading provider of Contracts for Difference (CFD’s) traded in more than 50 countries which delivers trading facilities on shares, forex, commodities and indices, alongside innovative trading technology. 

Plus500 has developed and operates an online trading platform for retail customers to trade CFDs internationally over more than 1,900 different underlying global financial instruments comprising equities, ETFs, foreign exchange, indices and commodities.

The company is listed on London Stock Exchange and it is regulated by the Australian Securities and Investment Commission (ASIC) and is authorized to offer Contracts For Difference (CFD).

Plus500

Trading Platforms:

  • Plus500 Desktop Trading Software
  • Webtrader
  • Mobile apps for iPhone, iPad and Android

Pros:

  • Free Demo account  with no time limit
  • Start trading with as little as $200 to gain the effect of AU$40,000 capital
  • More than 1900 financial instruments
  • No trading commissions – spread only
  • It offers guaranteed stop loss and limit orders
  • Funding options: PayPal, Credit Card, BPay or wire transfer (minimum $100)
  • Trade Share CFDs in over 20 countries: USA, UK, Germany, France and more with real time quotes from these markets. Receive dividends as if you held the share itself
  • Trade FX market with up to 1:200 leverage

Cons:

  • The bonus for opening a real account is not available for all countries (check carefully if you qualify)
  • USA citizens are not allowed to open an account or to trade in USA
  • Spread are quite large for majority  of currency pairs
  • Does not offer  expert advisor (ea) trading
  • Charge an “inactivity fee” if their platform has not been used for more than three months
Plus500

View Website: www.plus500.com

 

easy-forex

easy forex@ a glance

Established in 2003, easy-forex is providing traders a world-class trading experience, in over 160 countries worldwide. With one  account, traders can trade over 175 products ranging from currencies, commodities and metals, to options, using their desktop, tablet or smartphone devices. Licensed in Cyprus by the Cyprus Securities & Exchange Commission – CySEC (which has been passported in the European Union through the MiFID Directive) and in Australia by the Australian Securities & Investments Commission – ASIC, easy-forex has offices in major financial centers around the world including London, Shanghai, Limassol, Warsaw and Sydney.

Trading Platforms:

  •  Web Trading platform– Visual Trading Machine that allows you to trade from any computer wherever you are in the world
  •  TradeDesk – a personal trading environment for charting, market information and Forex trading
  •  easy-forex MT4,
  •  MT4 apps on mobiles
  •  Mobile app for iPhone

Pros:

  • FREE Demo account and also a Trade Simulator
  • Minimum opening balance is $25 which allows to trade mini positions
  • FX products: over 40 currency pairs as day trades, forward deals and more than 20 currency pairs on options
  • There is no restriction on citizenship. Even people from US can use this broker
  •  Offers advance trading tools, technical and fundamental analysis  including videos and tutorials
  •  Trading instruments: currencies, metals, energy commodities, agricultural commodities, indexes (CFDs), forex options

Cons:

  • Spread are quite large for majority of currency pairs
  • Scalping and hedging are not allowed

Visit Website:     http://www.easy-forex.com/

XM

XM  @ a glance

XM is the trading name of Trading Point Holdings Ltd, a financial services provider that offers online trading in the global financial markets.

XM is providing market access and trade execution services in over 100 financial instruments, including forex, metals, energies, commodities and stock indices. XM is licences under CySEC – Cyprus Securities and Exchange Commission and also under FSP (Financial Service Providers Register) in New Zealand.

Trading Platforms:

  •  XM MT4 Terminal
  •  XM MAC MT4
  •  XM Web Trader
  •  XM MT4 Multi-terminal
  •  Mobile app for iPhone, iPad and Android

Pros:

  • FREE Demo account – Unlimited time
  • Micro trading account- this is recommended for those who are learning the Forex markets or who wish to embrace an extremely low-risk approach. One is able to open up a profile for as low as five dollars.
  • FX products: 53 currency pairs
  • Free VPS services – ideal for EAs
  • No commissions
  • Leverage up to 888:1
  • Research tools, trading signals,  videos tutorials and webinars
  • Trading instruments: Forex, precious metals, energies, equity indexes (CFDs)
  •  Offers Islamic accounts

Cons:

  • PayPal is not a supported payment method
  • USA citizens are not allowed to open an account or to trade in USA
  • Spread are quite large for majority  of currency pairs
  • Customer support only Mon-Friday

 

Visit Website:     https://www.xm.com

ETX Capital

ETX Capital @ a glance

ETX Capital is a global provider of cutting edge innovative technology giving customers access to over 6000 markets. ETX Capital is a trading name of Monecor (London) Limited that is authorised and regulated by the Financial Conduct Authority in UK.

Trading Platforms: 

  • ETX BINARY – designed for trading short term contracts (for example 60 seconds trades)
  • ETX TRADER – designed for traders that want a user-friendly platform
  • ETX TRADERPRO – platform for advanced traders that provides a large array of tools
  • ETX MT4 – this platform allows to automate trading and use of custom MT4 indicators and Expert Advisors (EAs)

Pros:

  • Free Demo account
  • Trading instruments: Forex, Equities (leveraged), Commodities and  Indices
  • FX products: 53 currency pairs
  • Minimum deposit account $100
  • No commissions
  • Leverage up to 200:1
  • Seminars, video commentary, morning briefs and live webinars
  • Access to Autochartist tool

Cons:

  • Does not allow scalping or hedging
  • Customer support and opening an real account might take a long time
  • Does no offer VPS services
 

Visit Website: http://www.etx.com

Social Trading Platforms

ZuluTrade 

ZuluTrade  @ a glance

The concept of ZuluTrade is to offer an open environment, where traders on a global-level can connect any trading platform and share their knowledge. It is not a ‘broker’ in the traditional way  – traders must open or have an account with a broker/signal provider that is listed on their website and that must be connected to the ZuluTrade account.

ZuluTrade trading platform is an auto-trading system. The ZuluTrade platform receives trading signals from third party signal providers. Once the signal is received, ZuluTrade validates the signal and confirms whether it is consistent with the investor’s account settings and if the signal is accepted, ZuluTrade sends the trading signal to the investor’s broker for execution.

All you have to do is pick the Signal Providers you like, and ZuluTrade will quickly convert their advice into live trades in your trading account directly with your broker.

The company also provides ZuluRank – a proprietary algorithm that ranks a trader, by analyzing different factors, such as the amount of trading activity, the drawdown of each trade and the entire P & L, how often the trader logs in, the age of the signal provider, the amount of time a trade stays open, the sharp ratio, and many other factors.

Trading Platforms: 

  • Platforms for iPhone & iPad , Android, Windows Phones and Blackberry
  • Desktop widget for Windows and Mac

Pros:

  • Free Demo account
  • Simulation tool that allows you to test your Traders’ performance against different settings in your account
  •  ZuluGuard™ – an account protection feature that monitors each Trader’s trading behavior and automatically takes action when a radical change in trading strategy is detected
  •  TradeWall displaying the real- time trades and a Performance Table where you can monitor the performance of ‘Signal Providers’
  •  Minimum deposit depends on the broker but it can be as little as $300

Cons:

  • Demos account limited for one month
  • No guarantee that the signal providers advise is sound and reliable

Visit Website: www.zulutrade.com

eToro

eTORO @ a glance

eToro is social investment network that allows its users to follow the financial trading activity of other investors, learn, interact and copy their trades.

The beginner traders can pick out few popular Investors  and follow their trades, learn from their trading method and copy their trades automatically. The experienced traders (popular traders) can join the Popular Investor program and earn commissions for their copiers. eToro’s brokering services are provided by eToro (Europe) Ltd. which is regulated by CySEC the Cypriot Securities & Exchange Commission. eToro (Europe) Ltd. is obligated to operate under the Markets in Financial Instruments Directive (MiFID).

Trading Platforms: 

eToro OpenBook -platform accessible on most every high-tech device. OpenBook connects in real-time with traders around the world so you can see, follow and copy precisely what the most successful social traders are doing.

Pros:

  • FREE Demo account – Unlimited
  • Products offered: currencies, indices, stocks and commodities
  • See, Follow, Copy: Find top traders and copy their trades
  • Offers a “Trading Academy” where you have access to live webinars, online guides and e-courses.

Cons:

Spread are quite large for majority  of currency pairs

  • Deposit can be done only in USD
  • High risk of copying unreliable traders
  • Scalping is not allowed
  • No VPS services
  • Fee charges on deposit and withdrawals

Visit Website: www.etoro.com

Risk warning: Forex, spread bets and CFDs are high risk and losses can exceed your investment.