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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.Â
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 Malaysia for 2021, according to our testing and our research.
Accepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
Accepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
Accepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
Accepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
Accepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
Accepts Malaysian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and CySEC.
Accepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
Accepts Malaysian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
A demo account trading account is a risk-free setup for beginners and experienced traders equally. While beginner traders will use this account type 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. To compare demo accounts, consider the following:
Free Education:Â Any legitimate demo account will be free. A reliable broker will never charge for opening a demo account and will often provide free learning material to get you started. Structured trading courses complemented by top-quality market analysis by in-house analytics teams are a great addition to any demo account.
Trading platform: The first thing a beginner trader will learn is how to manage the trading platform. Learning Forex strategy is complex enough, so before trading any real money, invest the time in finding a trading platform you are comfortable operating.Â
Customer service:Â Demo accounts are mainly used by beginners, and beginners often need customer service support. While customer service hours vary between brokers, the evening and weekend opening hours will affect when you can get the support you need and fit your learning into a busy schedule.
The free demo account at FXTM allows clients to trade 60 Forex pairs on their choice of the MT4 or MT5 platforms. The FXTM Demo Account never expires and is available as an option on all account types, including FXTM’s ECN and ECN Zero Accounts. FXTM is regulated by the FSCA in South Africa.
For new traders, FXTM has a great deal of high-quality educational material. The comprehensive education section includes articles, videos, and webinars. There is an additional set of videos covering analysis topics and more detail on chart reading techniques. Market analysis is updated daily and offers many actionable trading ideas.
Accepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
OctaFX – Best Demo Account Platforms
OctaFX offers demo accounts on all three major platforms: MT4, MT5 and cTrader. All demo accounts are unlimited, and OctaFX runs frequent demo account contests. The Champion Demo Contest is a monthly contest with a prize pot of 1000 USD. The cTrader Weekly Demo Contest runs weekly and has a prize pot of 400 USD – but is only available on the cTrader demo account.
Beginner traders will appreciate OctaFX’ education and analysis sections and a range of useful trading tools. Traders on MT4 and MT5 with a 500 USD or higher balance will have free access to AutoChartist – an algorithm that highlights trading opportunities. The Account Monitoring tool allows users to monitor any other OctaFX traders account – traders can access the history of an account which is valuable for beginners studying successful traders. Accounts are only represented by numbers, so all holders remain anonymous. Copy trading is also available on all accounts.
Accepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
BDSwiss – Best Market Research Provider
The free demo account at BDSwiss comes with 10,000 USD virtual credit and has no time limit. It is available on MT4, MT5, the BDSwiss WebTrader and the recently updated mobile app. Adding another demo account or changing the demo account balance can be done by contacting the BDSwiss support team. Winner of our award for the Best Market Research Provider of 2020, beginner trader’s will benefit from the accuracy of its market forecasting. BDSwiss is also known for its comprehensive trading education, tight spreads and free deposits and withdrawals.
Live trading accounts at BDSwiss are suitable for both beginners and more experienced traders, including a Raw Account with spreads down to 0 pips. All accounts benefit from fast execution speeds, with 97.5% of all trades executed in less than 0.2 seconds.Â
Accepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
AvaTrade – Best Mobile Demo Account
The free demo account is available on AvaTrade’s webtrader platform, MT4, MT5 and its mobile app, AvaTradeGO. Clients can trade over 1250 instruments, including Forex, cryptocurrency, stocks, commodities, and indices. Voted the best Forex Trading App 2020, AvaTradeGO offers a sophisticated dashboard, complete with a set of intuitive management tools, clear zoomable charts, and many more helpful features.
AvaTrade offers a library of educational material, tools and analysis to assist clients in finding the best trading opportunities. The demo account includes a 100,000 USD balance that expires after 21 days. If you are not ready to open a live account after this time, contact the customer service team and extend it. Customer support is available 24/5.
Accepts Malaysian Clients. Spreads start at 0.90 pips on theEUR/USD on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
XM – Best MT5 Demo Account
Awarded the Global Forex Broker of the Year 2020 in the Global Forex Awards, XM is a serious market maker broker. The demo account at XM is funded with a 100,000 USD virtual balance and available on both the MT4 and MT5 platforms. XM’s MT5 Demo Account is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to Stock CFDs, Stock Indices CFDs, CFDs on Precious Metals and CFDs on Energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.
For beginner traders, XM Group’s educational content is based on instruction in a video format. The core educational offerings are three Education Rooms, aimed at traders of differing skill levels – primary, intermediate and advanced. The Primary Education Room is open to the public, but access to the others requires registration.
Accepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
eToro – Best Social Trading Demo Account
eToro was the creator of the first social trading system and it remains the leading social trading broker in Malaysia and the world. eToro offers a free practice account for new traders to get used to its own specialist trading platform. The eToro demo account has a maximum balance of 100,000 USD and never expires. To top up the demo account, eToro clients can get in touch with customer service. Â
eToro’s web-based platform, also available as a mobile app, is intuitive and easy to use – but very different from more traditional trading platforms. The social trading aspect is the focus and the complex trading features found on other platforms like MetaTrader and cTrader are either removed or are blended into the trading experience in a more natural way. This point-and-click platform is built for beginner traders and needs little introduction before opening trades. eToro lets traders copy individual traders or algorithmically managed investment portfolios following a selected strategy named CopyPortfolios.
Accepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
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 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.Â
Accepts Malaysian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and CySEC.
HotForex – Best MT4 Demo Account
HotForex is a well-regulated STP broker with awards for its client protection and product line. The HotForex demo account is unlimited and comes with 100,000 USD pre-loaded on both MT4 and MT5. But the MT4 Demo Account experience is the standout here; with complete access to expert advisors and over 50 built-in indicators, this is the better MT4 demo experience for new traders.
Award-winning customer service and their client-focused approach to doing business means that beginner traders at HotForex can rely on premium support. High-quality structured courses and market analysis will benefit beginners and intermediate traders.
Accepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
FxPro – Best cTrader Demo Account
FxPro is a reputable and strongly regulated broker – one of the biggest brands in the business. FxPro supports demo accounts on all major platforms: MT4, MT5 and cTrader, but cTrader access is what sets the platform choice apart from many. The cTrader demo account, available on desktop and Android/iOS mobile apps, is loaded with $100,000 in virtual funds and expires after 180 days.
A comparatively light education section includes trading courses for beginner and advanced traders. An economic calendar, calculators and trading news caps off the support offered. While education material exists, the true draw for FxPro is the cTrader support at a reputable brokerage.
Accepts Malaysian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
What is a Forex Trading Demo Account?
While a live Forex account is funded by the trader, a demo account is a free virtual Forex trading account designed for beginners. This virtual money can only be used in the demo account and cannot be converted into real money. Because demo accounts work in the same way as real accounts, traders with demo accounts will face real market conditions.
Demo accounts are all about learning how Forex trading works. Demo accounts are a good way for a new trader get hands-on experience before opening a live account and practice what they have learned. Demo accounts are also used by experienced traders to test new strategies, new trading robots and new trading platforms.
Why Use a Forex Demo Account?
Use a Forex demo account so that you will not lose any money while you are learning. Forex is a high-risk venture and 70-90% of traders will lose money, and beginner traders rarely profit by jumping straight into a real account. Being profitable depends on how well you know the Forex market and your ability to use your trading platform correctly. It also depends on the performance of your Forex trading strategy.
Note that demo accounts are simulations of live accounts. For the true trading experience, you should open a demo account with the same minimum trade size as you would use in your live account. This way the demo trading environment will better mirror a live account, so the trader will learn how to trade, gain platform experience and perfect a strategy that will also work on a live environment.Â
A Guide To Demo Accounts
Demo accounts at different brokers can change considerably. Just because the money in the accounts is not real, does not mean that the rest of the broker experience will be the same. When reviewing brokers by demo accounts look for these things.
Unlimited Demo Account
Traders should choose a Forex demo account that never expires. Some brokers will only offer demo accounts for three for four weeks, but most brokers will extend the demo account if asked.
Demo accounts that are unlimited are better because allow you to practice at your own pace, with no need for renewal. This way you are not under pressure to complete your education within a set time. With a demo account that never expires, you can also continue your trading education once you have a live account.
Here are the regulated brokers with unlimited demo accounts. They are ordered by overall score, showing the broker with the highest overall score at the top.Â
When choosing a demo account, a trader should consider which trading platform to use. MetaTrader 4 (MT4) is supported by many Forex brokers and is a reliable platform with a lot of community support. Because it is so widely supported there are many online tutorials and guides for beginners. MetaTrader 5 (MT5) is similar to MT4 but has extended features and a more modern interface. cTrader is another popular platform, though is less widely available.
Some brokers will offer more than one choice of platform. Choosing a broker with a wide platform choice would allow for the trader to try different trading platforms on the demo account. Here are the regulated brokers with a wide platform choice. They are ordered by overall score, showing the broker with the highest overall score at the top.Â
If you plan to be doing a lot of mobile trading, it makes sense to open a demo Forex account on a mobile app as well. Make sure that the trading app works well on your mobile phone.
Mobile trading apps have evolved a lot over the years since the first ones became available a decade ago. To a large extent, the functionalities of Forex demo accounts available on desktop platform terminals are now captured by mobile apps.
Customer Support for Demo Accounts
All brokers will have customer service open on weekdays, but the better brokers extend their customer service into the evenings and weekends. We include the customer service hours in our reviews and some of the tables on this page. Contact methods can vary from poor customer service ticketing systems (eToro) to direct email address and local toll-free phone numbers. Live chat and other messenger services are also available with some brokers, but responsiveness can vary depending on the time of day.
How do you open a Forex Trading Demo Account?
Opening a demo account only takes a few minutes. To get started:
Visit a Forex broker where you would like to open an account.
Complete your personal information.
Verify your phone number or email address.
Follow the instructions on your screen and in your email.
Here is a video tutorial showing how to open a demo account on FXTM, but the process is a similar with other brokers.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.Â
Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.
Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)
Our Methodology
Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Malaysian Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.Â
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from a Malaysian perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.Â
References
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Accepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
