Fake It Till You Make It: UK's Best Demo Trading Accounts in 2024

	Name	Score	Visit	Disclaimer
	eToro	8.7	Visitetoro.com					Don’t invest unless you’re prepared to lose all the money you invest.

The eToro demo account provides traders with a realistic trading experience using virtual funds. It replicates the same trading platform and features as the live account. This then allows users to practice trading strategies, explore different markets, and familiarize themselves with the platform's layout and functionality.

Furthermore, the demo account offers £78.6K in virtual funds. This lets traders simulate real market movements and test their skills without risking any actual money. There are also no time limits on this account.

We also need to emphasize that eToro’s demo account lets you copy trade options and transfer trade options onto your live account, making it much easier to transition.

Finally, it needs to be mentioned that eToro does not use the MT4 platform.

	Name	Score	Visit	Disclaimer
	IG	8.9	Visitig.com					Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG's demo trading account provides an excellent platform for traders to hone their skills. It offers a wide selection of tradable instruments, including stocks, indices, commodities, and forex pairs.

The demo account closely resembles the live trading environment. Traders can expect to easily familiarize themselves with the platform's features and test out various strategies.

With virtual funds, traders can practice risk-free and gain valuable experience. IG's demo account is accessible through the web platform or mobile app, providing flexibility and convenience for traders.

Where IG really stands out is its focus on Forex trading, with transparent and detailed charts and tools that make currency trading easier.

	Name	Score	Visit	Disclaimer
	Saxo Markets	8.8	Visithome.saxo					CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.

Saxo Markets' demo trading account offers a robust platform for traders to practice their strategies. It provides access to a broad range of financial instruments, including stocks, bonds, commodities, and forex pairs. The demo account replicates real market conditions, allowing traders to simulate trades and track their performance.

With virtual funds at their disposal, traders can experiment with different strategies and refine their trading skills. Saxo Markets' demo account is accessible via their user-friendly web platform, offering a seamless and intuitive trading experience.

We also need to mention that you get free access to SaxoTraderPro, the (paid and) advanced variant of their regular trading accounts.

However, it has a very low expiration date, of 20 days. While you can always create another account, it's difficult to make long-term trades within that short amount of time.

	Name	Score	Visit	Disclaimer
	Capital.com	6.6	Visitcapital.com

Capital.com's demo trading account is an excellent tool for traders to sharpen their trading skills. It offers a diverse range of instruments, including stocks, commodities, and indices.

The broker is also an excellent cryptocurrency exchange for many, yet it might come with a steep learning curve for those who are new to investing in crypto.

The demo account provides a realistic trading environment with virtual funds, just like the other platforms on our list. With user-friendly interfaces available on both the web platform and mobile app, traders can conveniently access and utilize the demo account to refine their trading techniques.

This account does not have an expiration date and uses the lauded MT4 system. However, it only gives you £786 in virtual money, which is comparatively low.

	Name	Score	Visit	Disclaimer
	Plus500	9.8	Visitplus500					CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% 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. Availability subject to regulations. FCA (FRN 509909).

The Plus500 demo trading account provides a straightforward and intuitive platform for traders to practice. It offers a variety of tradable instruments, including stocks, commodities and forex pairs.

The demo account is equipped with virtual funds, enabling traders to learn and experiment with different strategies without the risk of losing real money. Plus500's demo account is accessible through their web platform or mobile app, making it convenient for traders to practice and improve their trading skills.

Now, Plus 500 really stands out for its intuitive and user-friendly platform. Its ease of use makes it especially welcoming to beginners with little to no experience in trading.

Plus500UK Ltd authorized & regulated by the FCA (#509909). For more information, read our in-depth Plus500 review.

	Name	Score	Visit	Disclaimer
	Trading 212	8.4	Visittrading212.com					CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Trading 212's demo trading account offers an immersive and user-friendly platform for traders to practice. It provides a wide range of tradable instruments, including stocks, ETFs, forex pairs, and commodities. The demo account closely replicates live trading conditions, letting you slowly build confidence in your trading. What’s exciting to learn here is that the demo account is easily accessible, owing to the intuitive design language of the web platform and mobile app.

FP Markets' provides one of the best forex demo accounts for traders to enhance their forex trading skills. It offers advanced trading tools and a comprehensive range of instruments, including forex pairs, commodities, indices, and stocks.

The demo account offers a hands-on experience with virtual funds, enabling traders to practice different strategies and assess their performance.

The account is easily accessible through its user-friendly web platform, allowing traders to refine their trading techniques and gain confidence in a risk-free environment.

You can also find a host of educational tools within the platform, especially for forex. However, the demo account is accessible only for 30 days; therefore, you will need to create a new account before the expiry.

The platform typically offers all the features and tools available in a live trading account, allowing users to execute trades, analyze market data, and monitor their portfolios. It provides access to simulated versions of financial markets, including stocks, forex, commodities, and cryptocurrencies, replicating real-time price movements and market conditions.

This lets you test out different trading strategies, helps you develop reading discipline, and in general breaks the ice for people who have cold feet about trading.

There are a host of features that a demo trading account can offer you. In fact, many of these accounts have identical capabilities to the live accounts found on their respective platforms.

They typically cover various financial instruments and markets, including forex trading, stocks, cryptocurrencies, and commodities.

Furthermore, users are provided with a virtual amount of money, typically ranging from £10,000 to £100,000, allowing them to execute trades and experience the potential gains or losses without risking real funds.

One of the key advantages of demo accounts is the ability to engage in self-analysis and practice trading strategies without any risk. Traders can test different approaches, evaluate their performance, and make adjustments as needed.

They can explore technical analysis tools, try out different indicators, and study chart patterns to enhance their understanding of market dynamics.

Moving forward, as we've mentioned already, demo accounts usually provide a simulated trading environment that replicates real-time market conditions (as much as possible). Traders can monitor price movements, place trades, and experience the impact of market volatility without any financial consequences.

While demo trading accounts offer numerous advantages, it's important to acknowledge their limitations as well. Since demo accounts only serve the purpose of polishing your trading skills, there might be discrepancies between the virtual trading experience and real market conditions.

Slippage, liquidity issues, and different execution speeds are some of the factors that vary in a demo trading and live trading environment.

Then, of course, the emotional factors. A common aspect of trading is the sense of fear, anxiety, impatience, and greed that comes with the entire process. You probably won't feel these emotions when using virtual funds on a demo account, as a result, you won’t get the opportunity to learn how to deal with such emotions while trading live.

While we have discussed many advantages of using a demo account, there are essentially two main reasons you should use them as listed down below:

• An opportunity to learn the fundamentals of trading

• To play, test, and experiment in a risk-free environment

By using a demo account, you can plan trade executions, experiment with different techniques, indicators, and timeframes, so you can analyze market trends and identify patterns.

Essentially, you get the opportunity to familiarize yourself with the entire process of online trading without risking any money.

You get the opportunity to improve your analytical skills by constantly testing, learning, and identifying patterns within the simulated environment. A trader can experiment with a variety of techniques and strategies, and then apply that to live trading, once they are ready.

There are several factors that can be found in a good demo trading account, such as:

• Asset range - Assess the range of trading instruments available on the demo account, including forex, stocks, commodities, and cryptocurrencies. A diverse selection allows traders to practice across different markets and asset classes.

• Replication quality - Look for a demo account that closely replicates real-market conditions as much as possible. Factors such as execution speeds, spreads, and order fill rates should reflect what traders would experience in live trading.

• Time limit and account persistence - Consider the duration for which the demo account remains active before expiring. A sufficiently long time limit allows traders to practice and refine their skills without being rushed.

• Maximum leverage - Evaluate the maximum leverage offered on the demo account and compare it to the live account conditions. Understanding the trading conditions, such as margin requirements, lot sizes, and risk management tools, ensures that traders can realistically simulate their trading strategies and manage their positions effectively.

• Platform features and functionality - Look for a user-friendly interface, comprehensive charting tools, order types, and risk management features. The platform should provide a smooth and intuitive trading experience, enabling traders to practice efficiently and effectively.

There are several risks and benefits that need to be considered when using a demo account.

Advantages

• Risk-Free Practice: Perhaps the most important benefit of a demo account is the opportunity for traders to practice and dip their toes into investing, without risking any real money.

• Learning and skill development: Above all, demo accounts are excellent learning tools. Not only do you get to familiarize yourself with investing, but you also get the opportunity to enhance your skills and put theory into practice.

• Testing and experimentation: Demo accounts give you the freedom to experiment and play with investing to a much greater level than what you would be willing to do with a live account.

Disadvantages

• Not a real trading environment - This is the main risk associated with the usage of a demo account. No matter how close it is to simulating a real account, there will always be certain aspects missing. Traders need to be wary of becoming overconfident, and making costly mistakes once they make the transition to a live account.

• Lack of emotional impact - As there is no real risk or money involved, this removes the stress and anxiety that is a regular part of trading. Traders do not get the opportunity to learn how to deal with these issues and they might be overwhelmed once they start with a real account.

MT4 is a popular electronic trading platform that provides users with a highly customisable and robust trading environment. It allows users to create personalized charts, graphs, and other graphic data representations that help them keep track of their investments. Furthermore, it also has an easier and more flexible approach to order types, as well as the possibility to automate trading strategies.

Some of the best demo trading accounts offered in the UK also allow for MT4 integration. These are:

• IG

• Capital.com

• FP Markets

While many people look for no-deposit demo trading accounts, keep in mind that there are no demo trading accounts that require a deposit.

All demo trading accounts require a sign-up, most often needing you to input your email address. When you switch to live accounts, they might also require ID or passport info as well.

Even though you don't risk any money while using a demo account, there are still certain potential mistakes you need to be aware of. For example:

• Not treating it like real trading - One common mistake is not approaching the demo account with the same mindset and discipline as live trading. Traders should take the practice account seriously, trade with proper risk management strategies, and follow their trading plan.

• Forgetting about the emotional aspects - Another common mistake is forgetting the stress that is usually caused by trading. Having a casual approach to your virtual funds can bleed over to having a casual approach with actual money once you start live trading.

• Having unrealistic expectations - No demo trading is identical to real-life trading. Having amazing success when using a demo account can set you up for failure once you start working with real money.

• Overlooking learning opportunities - Demo accounts offer a valuable learning environment, and traders should avoid the mistake of overlooking the learning opportunities they provide. It's essential to utilize the available resources, educational materials, and analytical tools to enhance trading skills and knowledge.

First of all, you want to set aside a reasonable amount of capital to begin trading with real money. Consider starting with a minimum amount of £250 to £500. Note that some platforms might require more starting capital than others.

Next, it's time to open a real account. It's much easier to switch to the platform you used for your demo account, but it is not necessary.

Determine the appropriate trade size based on the amount of risk you are willing to take per trade. Consider using risk management techniques such as the percentage of the overall fund for each trade.

The knowledge you gained from using a demo account should give you an idea of where to start.

Finally, place your trade after double-checking all of the information, trades, funds you allocated to the trade, and your order type.