The 5 best Day Trading demo account for beginners in comparison

Before investing your hard-earned cash in a broker, you would want to test out their platform to see if they offer products or services that you are looking for. Lucky for you, this review will give you all the information you need to decide on which broker to partner with.

Here are the 5 best day trading demo accounts that you can practice on for free.

#1: BDSwiss

BDSwiss, as the name suggests, is a Switzerland-based online broker that has been operating since 2012. Since its inception, it has continued to grow and now has more than 1.5 million clients from 186 countries. This company also boasts of its average monthly trading volume of upwards of $84 billion and more than 18,000 partnerships.

This broker offers a wide range of assets to choose from. Registered clients can trade forex, indices, commodities, and cryptocurrencies. Below is a list of these assets.

Forex:

AUD/CAD     AUD/CHF      AUD/JPY        AUD/NZD

AUD/USD      CAD/CHF       CAD/JPY        CHF/JPY

EUR/AUD      EUR/CAD      EUR/CHF       EUR/GBP

EUR/HUF       EUR/JPY         EUR/MXN      EUR/NOK

EUR/NZD       EUR/PLN       EUR/SEK       EUR/TRY

EUR/USD       GBP/AUD      GBP/CAD       GBP/CHF

GBP/JPY         GBP/NZD       GBP/USD       GBP/ZAR

HKD/JPY        NOK/JPY        NOK/SEK       NZD/CAD

NZD/CHF       NZD/JPY        NZD/USD       USD/CAD

USD/CHF       USD/CNH      USD/CZK       USD/DKK

USD/HKD      USD/HUF       USD/JPY         USD/MXN

USD/NOK      USD/PLN       USD/SEK       USD/SGD

USD/TRY       USD/ZAR       ZAR/JPY        

Indices:

AUS 200         ESP 35            EUR50           

FRA 40            GBR 100        GER 30

HKG 50          NAS100         SPX500           

US30

Commodities:

CL_BRENT    USOIL

XAGUSD       XAUEUR

XAUUSD       XPDUSD

XPTUSD       

Cryptocurrencies:

ZCASH           Ripple              TRON

Monero            NEO                Omise Go

IOTA               Litecoin           EOS

Ethereum         Dash                Bitcoin

Stocks or shares of companies are also tradeable with BDSwiss. They offer stocks from countries like Switzerland, Spain, Netherlands, Germany, France, the United Kingdom, and the United States. You will find popular names like Adobe, Apple, Tesla, and more on BDSwiss’ trading platform.

When it comes to BDSwiss’ demo account, it comes equipped with $10,000 in virtual funds. You can use this to practice trading on any of the available assets on their platform. The only downside to their demo account is it requires a few extra steps to activate it. Aside from filling out their log-in form, you will need to contact them so they could complete the process. 

You can reach their customer service representatives via their built-in live chat system on their website. This is available from 9:00 AM to 11:30 PM five days a week. You also have the option to send them an email with your concern, and they will get back to you as soon as possible.

Keep in mind that if you are located in Belgium, Cyprus, Congo, the United States, India, or South Africa, you are not eligible to sign up for an account with BDSwiss.

#2: eToro

eToro is considered one of the most famous online brokers out there. Because of this company’s extensive global reach, even non-traders have heard of their name. Founded in 2007 and initially known as RetailFX, eToro has built up its reputation and now serves more than 20 million traders from over 100 countries around the globe.

With this specific broker, you will have the opportunity to practice trading stocks of companies from countries like Amsterdam, Brussels, Copenhagen, Hong Kong, Helsinki, Frankfurt, London, Lisbon, Milan, Madrid, Oslo, Saudi Arabia, Paris, Zurich, and more. A few examples of famous names you will find on their list are Tesla, Nike, Disney, and Apple.

Stocks are not the only tradeable asset on eToro’s platform. They also offer commodities, currencies, indices, and cryptocurrencies. Check out the list of products offered on eToro below.

Commodities:

Gold                Silver  

Copper            Platinum         

Oil                   Natural Gas    

Palladium        Cocoa

Sugar               Cotton

Aluminum       Wheat

Nickel

Currencies

EUR/USD       GBP/USD       NZD/USD      USD/CAD

USD/JPY        USD/CHF       AUD/USD      EUR/GBP

EUR/CHF       EUR/JPY        GBP/JPY        EUR/AUD

EUR/CAD      AUD/JPY       CAD/JPY        CHF/JPY

USD/HKD      USD/ZAR       USD/RUB      USD/CNH

AUD/CHF      AUD/CAD     AUD/NZD      EUR/NZD

GBP/AUD      GBP/CHF       BGP/NZD       NZD/CAD

NZD/CHF       NZD/JPY        CAD/CHF      USD/NOK

USD/SEK       NOK/SEK      EUR/NOK      EUR/SEK

USD/TRY       USD/MXN     USD/SGD       GBP/CAD

ZAR/JPY        EUR/PLN       USD/HUF       EUR/HUF

GBP/HUF       CHF/HUF       USD/PLN       USD/CZK

USD/RON     

Indicies:

NSDQ100       SPX500           UK100

GER30            HKG50           JPN225

ESPS35           EUSTX50       FRA40

AUS200          China50           DJ30   

USDOLLAR

Cryptocurrencies:

Dogecoin         Bitcoin             Bitcoin Cash  

Tezos               Chainlink         Uniswap

TRON             ZCASH           Binance Coin

Stellar              NEO                EOS

IOTA               Cardano           Ethereum Classic

Ripple              Dash                Litecoin

Ethereum

One key advantage of practicing on eToro’s platform is you will be able to utilize their groundbreaking copy trading services. As the name suggests, this allows you to mirror trades made by other clients to see if their strategy or method best suits your trading style. eToro is also well known as a social trading platform. This basically allows you to communicate or even get a second opinion from well-seasoned traders using eToro’s platform.

eToro’s demo account comes equipped with a virtual value of $10,000, which you can use to practice trading the available assets mentioned above. Signing up won’t take much of your time. You have the option to sign up by linking your Facebook or Google account, or you could fill-up the form and register with your personal email.

This broker features a help center that you can access directly from their platform. Here, you will find frequently asked questions and their corresponding answers. If you would prefer to speak with their customer service representatives, you may do so by opening a ticket containing your concern or question, and they will respond via email within one business day.

eToro’s website is available in English, German, Spanish, Italian, Russian, Chinese, Arabic, French, Polish, Dutch, Norwegian, Portuguese, Swedish, Czech, Romanian, Danish, Thai, Vietnamese, and Finnish. Traders from Macao, Madagascar, India, Saudi Arabia, New Zealand, Singapore, Hong Kong, Canada, Japan, Turkey, and Iran can not use eToro’s platform.

#3: XTB

This Europe-based broker is known as one of the leading forex and CFD or Contract for Difference trading firms. It was founded in 2004 and now has offices in more than 13 countries, including Germany, France, Chile, Poland, and the United Kingdom.

With over 1876 global stocks and 140 ETFs to trade, XTB’s platform will surely maximize your exposure to these two asset classes. Some of the popular stocks that you can trade are Tesla, Amazon, Google, and Apple. When trading ETFs, you will find company names like Ark Fintech Innovation, Vanguard Total Bond Market, and many more.

XTB doesn’t only offer stocks and ETFs. You can also practice trading cryptocurrencies, forex, indices, and commodities. Below is a complete list of these asset classes.

Cryptocurrency

Bitcoin                         Bitcoin Cash

Ehtereum                     Litecoin

Ripple                          Dash

Neo                             Monero

Stellar                          Cardano

IOTA                           XEM

TRON                         EOS

Ethereum Classic        Zcash

Forex:

AUD/CAD     AUD/CHF      AUD/JPY

AUD/NZD      AUD/USD      CAD/CHF

CAD/JPY       CHF/HUF      CHF/JPY

CHF/PLN       EUR/AUD      EUR/CAD

EUR/CHF      EUR/CNH      EUR/CZK

EUR/GBP      EUR/HUF      EUR/JPY

EUR/MXN     EUR/NOK     EUR/NZD

EUR/PLN      EUR/RON      EUR/RUB

EUR/SEK      EUR/TRY      EUR/USD

EUR/ZAR      GBP/AUD      GBP/CAD

GBP/CHF      GBP/JPY       GBP/MXN

GBP/NZD      GBP/PLN       GBP/USD

GBP/ZAR      NZD/CAD      NZD/CHF

NZD/JPY       NZD/USD       USD/BRL

USD/CAD      USD/CHF       USD/CLP

USD/CNH      USD/CZK      USD/HUF

USDJ/PY        USD/MXN     USD/NOK

USD/PLN       USD/RON      USD/RUB

USD/SEK       USD/TRY       USD/ZAR

Indices:

AUS200          AUT20

BRAComp      CHNComp

CZKCASH     DE30

DE30.cash       EU50

EU50.cash       FRA40

FRA40.cash    HK.cash

HKComp        ITA40

ITA40.cash      JAP225

KOSP200        MEXComp

NED25            RUS50

SPA35             SPA35.cash

SUI20              UK100

UK100.cash    US100

US100.cash     US2000

US30               US30.cash

US500             US500.cash

USDIDX         VOLX

W20   

Commodities:

Aluminum       Cotton

Cocoa              Coffee

Copper            Corn

Emiss               Gold

NATGAS        Nickel

Oil                   Oil. WTI

Palladium        Platinum

Silver               Soybean

Sugar               Tnote

Wheat              Zinc

Practicing with XTB’s demo account gives you unlimited and complete access to their own award-winning platform, xStation 5, or the traditional MetaTrader 4 platform. You can utilize your virtual fund of $100,000 to master the platform or your strategy without losing real money.

Opening a demo account will require you to input your email address and country of residence. Once you submit the completed form, you can start trading on your desired platform. XTB’s customer service is available 24/5 and can be reached via telephone or email.

They also have a built-in live chat system on their website that supports 16 languages. These are English, French, Czech, German, Hungarian, Italian, Polish, Portuguese, Romanian, Russian, Slovak, Spanish, Turkish, Thai, Arabic, and Vietnamese.

XTB is not available for traders from the United States, Australia, Canada, Kenya, Romania, Japan, Slovakia, Mauritius, Singapore, Israel, Turkey, Pakistan, India, Bosnia, and Herzegovina, Ethiopia, Uganda, Syria, Cuba, Iray, and Iran.

#4: Plus500

Plus 500 is one of the leading CFD or Contract for Difference online broker. It operates under a holding company known as Plus500 Ltd and has been operating for 14 years and now has more than a million registered clients around the globe. It is the United Kingdom-based online broker with the main office located in the city of London.

With Plus 500, beginners can practice trading cryptocurrencies, commodities, indices, and forex. Below is a list of these tradeable assets.

Cryptocurrencies:

Bitcoin (BTCUSD)                       Ethereum/Bitcoin (ETHBTC)

Ethereum (ETH)                           Crypto 10 Index (Crypto10)

Litecoin (LTCUSD)                      Stellar (XLMUSD)

Bitcoin Cash ABC (BABUSD)    Cardano (ADAUSD)

NEO (NEOUSD)                          EOS (EOSUSD)

Commodities:

Oil                   Natural Gas

Brent Oil         Gold

Gasoline          Wheat

Live Cattle      Cotton

Platinum          Silver

Copper            Coffee

Lean Hogs       Low Sulphur Gasoil

Palladium        Cocoa

Corn                Soybeans

Feeder Cattle   Sugar

Heating Oil     EUA

Indices:

USA 30 – Wall            Street   USA 500

Japan 225                    Crypto 10 Index

US-TECH 100 ASX 200

USA 2000                   Germany 30

Singapore 25               Swiss 20

China A50                   VIX Volatility Index

Hong Kong 50 France 40

Europe 50                    UK 100

Sweden 30                  Real Estate Giants Index

Spain 35                      Germany Mcap

NYSE FANG+            Index   Italy 40

Poland 20                    Norway 25

Hungary 12                 Greece 25

Austria 20                   Cannabis Stock Index

Forex:

EUR/USD      EUR/GBP      EUR/AUD

EUR/NZD      EUR/CAD      EUR/CHF

GBP/USD       AUD/USD      NZD/USD

USD/CAD      USD/CHF       USD/JPY

AUD/CAD     AUD/CHF      AUD/JPY

AUD/NZD      CAD/CHF      CAD/JPY

CHF/JPY       EUR/JPY       GBP/AUD

GBP/CAD      GBP/CHF      GBP/JPY

GBP/NZD      NZD/CAD      NZD/CHF

NZD/JPY       USD/SGD       AUD/SGD

EUR/SGD      GBP/SGD      CHF/DKK

CHF/HUF      CHF/NOK     CHF/SEK

EUR/CZK      EUR/DKK     EUR/HUF

EUR/MXN     EUR/NOK      EUR/PLN

EUR/SEK       EUR/TRY       EUR/ZAR

GBP/DKK      GBP/NOK      GBP/SEK

GBP/THB       GBP/TRY       GBP/ZAR

USD/CNH      USD/DKK      USD/CZK

USD/HKD      USD/HRK      USD/HUF

USD/KRW      USD/NOK      USD/MXN

USD/PLN       USD/RON      USD/RUB

USD/SEK       USD/TRY       USD/ZAR

SGD/JPY        TRY/JPY        DKK/NOK

SEK/NOK                 

This broker also offers more than 1000 shares from countries like Australia, Germany, France, Italy, Japan, Singapore, the United States of America, and many more. Some of the most popular stocks that you can trade with Plus 500 are Tesla, Spotify, Moderna, Virgin Galactic, and Disney. There are also a handful of options and ETFs to trade.

You can trade all these with Plus 500’s demo account that comes equipped with a virtual fund of €20,000. This will help you hone your skills as a day trader without the fear of risking your hard-earned money.

You won’t need to download a trading platform. Instead, Plus500 uses a WebTrader platform that can be accessed via your chosen web browser. Signing up for a demo account will give you unlimited access to this platform.

Customer support is available 24/7 via live chat or email if you have any concerns. However, they do not have a telephone support line for their clients. 

It is important to note that you can not access Plus 500’s platform if you are from Iran, Belgium, United States, Canada, Cote D’Ivoire, Nigeria, Zimbabwe, Cameroon, Indonesia, India, Thailand, Egypt, Brazil, Pakistan, Cayman Islands, Philippines, and France.

#5: IQ Option

IQ Option was established in 2013 and has a main office located in Cyprus. This broker operates under IQ Options Europe Ltd. and now has more than 77 million registered users from 178 countries around the globe. With a monthly trading volume of 393 million dollars, IQ Option is one of the biggest brokers in the market.

This particular trader specializes in binary options trading. But this is not the only asset class they offer. Clients may also opt to trade foreign exchange, cryptocurrencies, commodities, stocks, CFDs, and ETFs. Below is a list of the tradeable assets on IQ Option’s platform.

Crypto:

Ethereum Classic        Ethereum

OmiseGo                     Binance Coin

Dash                            Litecoin

Bitcoin Cash               Ontology

NEO                            EOS

Ripple                          Stellar

Zcash                           Bitcoin

TRON                         Qtum

Cosmos                       IOTA

ETF:

S&P Oil & Gas Explor & Product      Energy SPDR

UltraPro Short QQQ                            Materials Select Sector SPDR

S&P Metals & Mining ETF                 Utilities SPDR

Dow Jones Industrial Average ETF    US Real Estate ETF

MSCI Japan ETF                                 S&P 500 ETF

Consumer Discretionary SPDR          Gold Miners ETF

UltraShort S&P500                              20+ Year Treasury Bon ETF

Ishares Russel 2000 ETF                     Core MSCI Emerging Markets

MSCI Emerging Markets ETF           QQQ Trust, Series 1

MSCI Mexico ETF                              ETFMG Alternative Harvest

Commodities:

Silver

Crude Oil WTI           

Crude Brent

Forex:

CAD/JPY        CHF/JPY        GBP/JPY

USD/JPY        EUR/JPY        CAD/CHF

EUR/NZD      AUD/JPY       EUR/AUD

NZD/JPY        AUD/NZD      GBP/USD

USD/CHF       EUR/USD       EUR/GBP

EUR/CHF       AUD/USD      NZD/USD

AUD/CHF      GBP/CAD      USD/CAD

NZD/CHF       EUR/CAD      AUD/CAD

NZD/CAD                 

IQ Option has 180 stocks available for their clients to trade. For some professional or long-time traders, this could be considered a relatively small number. But for newbie traders, this is more than enough for you to practice on. You will find some famous company names like Microsoft, Apple, Amazon, Facebook, and Tesla on this brokers platform.

Signing up for a demo account won’t take much of your time. In fact, all you have to do is input your complete name, country of residence, contact number, email address, and password. To make the process even easier, this broker gives you the option to sign up by linking your Google or Facebook account.

Owning a demo account gives you access to all the tools and assets that are available on IQ Option’s trading platform. You will also be given a virtual fund of $1,000, so you can practice trading with zero risks. The trading platform can be downloaded on both Mac and Windows computers. If you prefer to trade on a mobile device, this is also available on the Google Playstore and Apple App Store.

If you have any questions or you encounter any problems, IQ Option’s customer service representatives can be reached via email or telephone. You may also send them a message on their Facebook, Twitter, Telegram, or Instagram accounts.

What is a day trading demo account?

A day trading demo account, as the name suggests, is a demo account that allows you to make high-frequency trades that classify under day trading. Day trading is a form of trading that happens when a trader, on the same trading day, buys and sells a certain asset or financial instrument. 

This strategy is widely used by scalpers or those that make multiple quick trades for numerous small gains. Other types of high-frequency traders or those that use trading bots can also widely benefit from day trading accounts as they sometimes encounter situations wherein they may want to exit their position on the same day. 

Like all demo accounts, virtual funds will be credited to your demo account when you make one. You’ll be able to simulate real market conditions such as spreads, commissions, and all the assets that your broker will offer. 

Of course, you will be given access to mostly all services and features that your selected broker has. Some of these features include charting software, access to research on technical and fundamental analysis, and as well as tutorials and guides for both newbies and veterans alike. 

One of the best things about demo accounts is that they are free to make and usually just require you to input a few details, such as your email address and name. As for your credited virtual funds, you can use them however you like, with the only exception of not being able to withdraw them. 

With that said, you can buy any asset class you want as long as it fits your allotted virtual portfolio, which varies between brokers. Leverage and margin also vary depending on your set amount and your choice of broker as well. 

It is also recommended to double-check if your chosen broker puts a time limit on your demo account. Although only a fraction of brokers implements this, you might be surprised if you can’t perform any more actions with your demo account after a few weeks. However, this could be fixed by creating succeeding demo accounts since these are free. 

Why should you use a day trading demo account?

One of the main reasons why you might want to try practicing with a day trading demo account is to know what type of trading suits you the most. Being a day trader has its ups and downs when being compared to other traders that have a longer time frame. One reason is that they might encounter a Pattern Day Trading (PDT) rule, or you might run into problems regarding settled cash. The ability to test out and realize these restrictions will save you a lot of time and stress in choosing a broker to partner with. 

Generally, demo accounts of all kinds are a good way to practice since these are risk-free ways to learn how to trade. Without even spending a single cent, you get lots of experience in the world of trading. 

For beginner day traders, this would give experience in high-frequency trading trades in assets such as forex, stocks, options as well as indices. Also, with the rise of the very volatile asset class of cryptocurrency, the number of assets you can trade is endless. Every day, you’ll be given an opportunity to trade and practice risk-free. 

Furthermore, trading with a day trading demo account makes learning fast since you’ll be trading short-term trends. More roundtrip trades means more chances for trial and error, so feel free to use all your demo account’s capital as much and as often as you can,

Advantages and disadvantages of using day trading demo account

As an aspiring day trader, you would be familiar with which charts would have the potential for short-term trades, and you could use this over and over to accumulate and compound small gains. With most demo accounts offering multiple asset classes, you get to practice certain strategies over and over with your chosen asset. 

Since demo accounts provide real market conditions, you could be able to assess which account type suits you. Aside from cash accounts and margin accounts, you should choose between a zero commission account or a fixed commission account, depending on which one suits you better. 

If and when you transition to swing trading, you’d be able to observe short-term trends better, and that would translate to a higher win rate when holding for the mid-term. Since entry points are one of the most important aspects of trading, having a low price average on your asset will greatly benefit you. 

Learning to day trade enhances your skills to analyze stock charts even quicker, together with plotting important price points. Day trading also improves your mentality in cutting your losses and tempering your greed. 

How to trade using a day trading demo account

Upon making either a live or demo account, the first thing you should do is check your balance and the set leverage and margin for your account to avoid over-allocation. You then select the desired asset class you want to trade. Depending on your choice, the strategy might differ. For example, when it comes to stocks, you might need to trade breakouts rather than ranging trades that usually arise from forex. 

From there, you can filter using third-party applications and websites to find a trade setup that is appropriate to your strategy and personality. Also, don’t forget to check the charts to manually filter and double-check if everything is in order to your liking. 

As a day trader, you have multiple strategies and entry points depending on what the market gives you. Some of these opportunities come from breakouts, range trades, flash crashes, market-moving news updates, and many more. But to trade all these, first, you must master or at least be familiar with what supports and resistances are and their significance in trading and trading psychology. 

On setting your trades manually, you need to input the correct code for the asset you want to trade. Upon checking your margin and leverage, you must fill up your desired volume and price for your desired financial instrument. Remember that if you’re day trading, it is imperative to close your positions on the day you bought them. It is highly suggested to know what time the market you’re trading on closes. 

Tip and tricks

The easiest strategy to trade between the strategies mentioned is breakouts. To trade these, all you need to do is plot the resistance on the chart and buy when the price breaches that level. Usually, when a stock breaks out, there is underlying buying power that pushes the price up even further. The same applies for the opposite should you choose to buy puts or short a certain asset. 

Despite being easy, breakouts are not foolproof, but you can increase your hit rate by only trading assets that are reaching all-time highs since these offer fewer resistances and more buyers at these price levels. 

Make sure to close your trades before the market you’re trading on ends as well. This is to ensure that your portfolio doesn’t experience unwanted and unexpected drawdowns the next day due to market-moving updates. Treat tomorrow as a different day and find new opportunities. 

As a day trader, you shouldn’t be expecting to double your account within a few days. The key here is consistency and trying to earn a bit every day. A percent increase in your portfolio in the next 200 days will translate to more than 500% in gains.