The 5 best day trading demo account for beginners in comparison
Table of Contents
Before investing your hard-earned cash in a broker, you would want to test out their platform to see if they offer the products or services 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.
See the list of the 5 best day trading demo accounts:
Here are the 5 best day trading demo accounts that you can practice on for free:
Broker: | Review: | demo account: | Spreads: | Assets: | Advantages: | account: |
|---|---|---|---|---|---|---|
1. Vantage Markets  | Yes, free | Starting 0.0 pips | 180+ | + The best trading conditions for Forex + Very fast execution + No hidden fees + Low trading fees | Free demo account(Risk warning: Your capital can be at risk) | |
2. eToro  | Yes, free | Starting 0.0 Pips | 3,000+ | + A regulated and safe company + Social and copy trading + Innovative and user-friendly platform + Professional support + Minimum deposit from $ 50 | Free demo account51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. | |
3. XTB  | Yes, free | Starting 0.1 Pips | +3,000 | + A fully regulated and safe company + Direct market access + No minimum deposit + Spreads from 0.1 pips + Professional support and customer service | Free demo account(Risk warning: 76% of retail CFD accounts lose money) | |
4. RoboForex  | Yes, free | Starting 0.0 pips | 12,000+ | + High leverage is possible (1:2000) + Start with a small amount of money + Bonus Programm + Low spreads and commission + Professional Support | Free demo account(Risk warning: Your capital might be at risk) | |
5. IQ Option | Yes, free | Starting 0.0 pips | Over 300+ | + Free and unlimited demo account + 24/7 support + Forex, CFDs, Crypto, Stocks, and more asset + More than 300 different markets | Free demo account(Risk warning: Your capital might be at risk.) |
(5 / 5)- Vantage Markets – Real ECN Trading
- eToro – Leverage up to 1:30 for European traders
- XTB – Professional support and customer service
- RoboForex – High leverage is possible (1:2000)
- IQ Option – Regulated European company
#1: Vantage Markets – Real ECN Trading
Vantage Markets is a global, multi-asset CFD broker offering clients access to an elegant and robust service for CFD trading on Forex, Indices, Commodities, ETFs, and Stocks.
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:
XAGUSD XAUEUR
XAUUSD XPDUSD
XPTUSD
Cryptocurrencies:
Monero NEO
IOTA Litecoin EOS
Ethereum Dash Bitcoin
Client funds are kept with the National Australia Bank. This bank has the highest rating and a market capitalization of more than $ 93 billion. This is one of the safest banks in the world, and client funds are kept separate from company funds. Vantage Markets is one of the safest brokers in the world compared to other brokers due to the facts mentioned above. No other company offers such security as Vantage Markets through so many parts of the business.
Vantage Markets is in providing traders with lightning-fast execution and competitive spreads.
Clients can access the range of markets through the powerful MetaTrader 4 and MetaTrader 5 platforms, as well as WebTrader and mobile apps. Multiple different payment options are also offered.
#2: eToro – Leverage up to 1:30 for European traders
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 its 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 stocks.
Check out the list of the products provided 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
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 allows you to communicate or even get a second opinion from well-seasoned traders using eToro’s platform.
eToro’s demo account comes 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 can sign up by linking your Facebook or Google account, or you can fill up the form and register with your 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. Suppose you would prefer to speak with their customer service representatives. In that case, you may open 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.
51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
#3: XTB – Professional support and customer service
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 sell 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
Ethereum Litecoin
Ripple Dash
Neo Monero
Stellar Cardano
IOTA XEM
TRON EOS
Ethereum Classic Zcash
Forex:
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 an XTB 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.
Their website also has a built-in live chat system 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.
(Risk warning: 76% of retail CFD accounts lose money)
#4: RoboForex – High leverage is possible (1:2000)
Trade over 40 different currency pairs from 0.0 pips spread at RoboForex. The leverage can be as high as 1:2000. However, it should be noted that it is not available in every account model. You can also set the leverage on your own when opening an account. Commissions start from $3 per traded 1 lot in the best account model. However, you will need a higher deposit for this. Trading fees may be higher for lower stakes.
RoboForex offers trading in stocks via CFD with leverage up to 1:20 and via actual exchange execution without leverage. More than 12,000 stocks are available at RoboForex. You get an extensive selection at this broker. A total of 3,000 real stocks and 8,400 CFDs on stocks are available. With CFDs, you can also go short. The spreads are also very favorable and start from just 1 cent. The minimum commissions are at least 0.25 USD per trade high. Another advantage is that you can trade the stocks 24/7.
Below is a list of these tradeable assets:
Cryptocurrencies:
Bitcoin Ethereum/Bitcoin
Ethereum Crypto 10 Index
Litecoin Bitcoin Cash
Bitcoin Cash
Commodities:
Oil Natural Gas
Brent Oil Gold
Gasoline Wheat
Live Cattle Cotton
Platinum Silver
Copper Coffee
Palladium Cocoa
Corn Soybeans
Feeder Cattle Sugar
Indices:
Japan 225 Crypto 10 Index
USA 2000 Germany 30
Singapore 25 Swiss 20
Europe 50 UK 100
Spain 35 Germany Mcap
Poland 20 Norway 25
Hungary 12 Greece 25
ETFs are an exchange-traded asset that includes many different markets. If you buy an ETF, it will invest in the underlying assets. RoboForex offers more than 1,000 ETFs for trading. Buy real ETFs or trade them via CFD with a leverage of up to 1:20. The spreads start from 0.0 pips, and the minimum commission is 0.25 USD per trade.
You can also trade metals at RoboForex. Over 20 different markets are offered in this segment. The fees are meager here as well. Trade gold, silver, copper, and many more.
Commodities are available with a leverage of up to 1:20. There are even more than 100 ETFs on agricultural commodities. This requires a minimum deposit of 100€. Spreads start as low as 0.01 in wheat, for example. RoboForex has a great offer here as well.
The best conditions for traders:
- Trade over 12,000 products in 7 asset classes (stocks, commodities, forex, CFDs, and more)
- Spreads from 0.0 pip and 6 different account models
- Maximum leverage 1: 2000
- Protection against the negative account balance
- No fees on deposit and withdrawal (20 other payment methods)
- Scalping and Expert Advisors are allowed
- There is an own social trading platform
- Bonus program
(Risk warning: Your capital can be at risk)
#5: IQ Option
IQ Option is a broker that was established in 2013 and has since been improving and extending its global presence. To date, this broker has over 48 million registered clients and has a trading volume of 1.3 million per month.
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 broker’s platform.
Signing up for a demo account won’t take much of your time. 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 allows you to sign up by linking your Google or Facebook account.
Owning a demo account gives you access to all the tools and assets 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 Play Store 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.
(Risk warning: Your capital might be at risk.)
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 specific asset or financial instrument.
This strategy is widely used by scalpers or those that make multiple quick trades for numerous small gains. Other 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 actual market conditions such as spreads, commissions, and all the assets that your broker will offer.
Of course, you will be given access to all services and features your selected broker has. Some of these features include charting software, access to research on technical and fundamental analysis, and 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 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 being unable to withdraw them.
With that said, you can buy any asset class you want if it fits your allotted virtual portfolio, which varies between brokers. Leverage and margin also vary depending on your set amount and your choice of the 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 implement 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 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 mean 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 a 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 specific strategies over and over with your chosen asset.
If and when you transition to swing trading, you’d be able to observe short-term trends better, which 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 significantly 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.
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 most uncomplicated 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 to the opposite should you choose to buy puts or short a specific asset.
Despite being straightforward, 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 ensures 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.
FAQ – The most asked questions about day trading demo account:
What formalities must a trader fulfill for a day trading demo account?
Traders must fulfill certain conditions to sign up for a Day Trading demo account. Users can sign up for a Day Trading demo account by downloading the desired platform’s mobile application. You can even visit Day Trading’s website and click on the ‘demo account’ option. Then, traders can enter the details needed to sign up for a demo account. Finally, they will allow traders to trade with virtual funds.
What is the significance of the day trading demo account?
There is great significance in the Day Trading demo account. It helps traders signup for a trading account without paying fees. Besides, a Day Trading demo account allows traders a virtual currency of up to 100,000 USD. Traders can use these virtual funds to trade.
Which broker should a trader consider for a day trading demo account?
Several brokers are offering the best Day Trading demo account to traders. Here are some.
BDSwiss
eToro
XTB
Plus500
IQ Option
Which commodities or underlying assets are the best for day trading?
Traders can trade any commodities and underlying assets that they think are the best for day trading. A trader must ensure his day trading decisions follow proper analysis and research. They can enjoy a day trading demo account, which offers them all the trading tools and technical indicators.
Last Updated on January 4, 2024 by Arkady Müller
