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eToro, Pepperstone, and CMC Markets are some of traders' favourite trading platforms in their own rights.
However, they and other investment and trading platforms in Australia offer demo modes where customers can use virtual money to place trades and become familiar with its features before switching to the live version.
If you're thinking of starting your trading and investment portfolio, here's a shortlist of some of the best demo platforms in Australia:
- eToro - Best demo account for social trading with a user-friendly experience
- Pepperstone - Great option to practice Forex and CFD trading
- Swyftx - Best demo account for crypto trading
- CMC Markets - Broad range of virtual assets to trade
- Saxo Markets - Sophisticated platform with professional tools
- IG Australia - An all-in-one demo account experience
Picks of the top demo accounts for Australian traders
eToro is a world-class multi-asset trading platform that built its popularity on its social trading and community features.
For traders who want to continue their learning and gain insights from successful traders, eToro provides this in spades, where users can copy the moves of others on a user-friendly interface.
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
![eToro's CopyTrader. Past performance is not an indication of future results. The trading history presented is less than five complete years and may not suffice as a basis for investment decisions. Picture supplied eToro's CopyTrader. Past performance is not an indication of future results. The trading history presented is less than five complete years and may not suffice as a basis for investment decisions. Picture supplied](/images/transform/v1/crop/frm/nyJNdbYwrvs4ar4apYrpG8/41b20458-9218-4de5-8eb1-3b2c6cc243f2.png/r0_0_626_278_w1200_h678_fmax.jpg)
The eToro demo account, stocked with $100,000 of virtual funds, allows you to practice trading in various asset classes, such as Forex, commodities, stocks, and even crypto like Bitcoin.
Besides its broad range of markets, eToro excels with its simplicity, making it accessible for those who don't want to deal with the complicated interfaces of the other platforms on this list. Its unique but intuitive design provides a broad playground for experimenting with different trading strategies.
As you might be aware, eToro is a top-rated copy trading platform with its CopyTrader feature. It allows you to mimic the trading moves made by the platform's top traders. This essentially turns a learning experience into an interactive one.
Creating an eToro demo account is simple and quick. Users get access to $100,000 in virtual money as soon as they register, giving them plenty of funds to explore the platform.
When it comes time to trade with real money, the switch will be seamless because the trading interface is the same as the actual account.
![An example of your demo portfolio is if you use virtual funds. Picture supplied An example of your demo portfolio is if you use virtual funds. Picture supplied](/images/transform/v1/crop/frm/nyJNdbYwrvs4ar4apYrpG8/2df3e84a-af9b-4080-8fe8-c23fe4b80b3c.png/r0_0_637_172_w1200_h678_fmax.jpg)
Although eToro's ease of use will prove advantageous for everyday Australians, some traders who want sophisticated analytical tools may find it lacking. But for the most part, eToro executes and delivers its services extremely well - all of them can be accessed on its demo account.
Pros:
- $100,000 in virtual money for practising trading and using its features.
- Ability to follow and copy trades from experienced traders.
- It is easy to switch between demo and live trading modes.
- A diverse range of assets.
- The demo mode is available on its mobile apps.
Cons:
- The demo (and live) mode lacks advanced features.
eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. See PDS and TMD.
Pepperstone is great for traders wanting a demo account with robust CFD and Forex markets. It's known for its pricing, low spreads, and fast execution speeds, making it ideal if you value efficiency and precision in trading.
When you sign up, you will be asked to activate a demo account in one of its several platforms, such as cTrader, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). Each platform has a wealth of advanced trading tools and features.
These platforms, especially useful for FX and CFD traders, are appreciated for their strong charting features and quick execution. Additionally, Pepperstone provides 24/7 customer service to guarantee that you can get help whenever needed.
Once you've set everything up, they can trade with $50,000 in virtual funds on any supported site. With so many options, you may select the platform that best fits your needs and preferences, whether cTrader's sophisticated trading features or MT4's intricate charting.
For those who trade forex and CFDs, Pepperstone excels in providing a realistic trading environment with low spreads and quick execution times. Several platforms are available, so you can select the one that best suits your requirements and style.
![There are not a lot of markets in the demo mode, but analytical tools galore. Picture supplied There are not a lot of markets in the demo mode, but analytical tools galore. Picture supplied](/images/transform/v1/crop/frm/nyJNdbYwrvs4ar4apYrpG8/bb5a613a-238f-4de9-97fc-9fcc1f9c1b7c.png/r0_0_631_312_w1200_h678_fmax.jpg)
Pepperstone is a dependable option for traders because its sophisticated analytical tools and strong customer service improve the entire trading experience.
Despite its generosity, the $50,000 virtual money might not be enough for prolonged long-term practice, particularly for trading strategies that demand substantial capital. Other cons include its emphasis on forex and CFD trading, which may limit its appeal to people interested in other asset classes.
Pros:
- The demo mode is available on MT4, MT5, and cTrader platforms.
- The demo mode simulates real-time execution speeds.
- Comprehensive analytical and charting capabilities.
- 24/7 customer assistance for any trading queries.
Cons:
- The $50,000 of virtual money is limited compared to other demo modes.
- It can be complicated and intimidating for some traders.
- Primarily caters to forex and CFD traders.
Swyftx is one of the best-rated Australian exchanges for buying and selling cryptocurrency.
The Brisbane-based exchange stands out in the Australian crypto market by offering a seamless user interface that results in a straightforward understanding of how it works, a wide range of coins to trade, free deposit options, and great customer support.
It has an easy-to-use mobile app with a demo mode that mimics the live version.
![The Swyftx demo mode resembles the live version. Picture supplied The Swyftx demo mode resembles the live version. Picture supplied](/images/transform/v1/crop/frm/nyJNdbYwrvs4ar4apYrpG8/ef082175-37d2-4806-a9a7-3cf11a07e0f1.png/r0_0_636_472_w1200_h678_fmax.jpg)
Swyftx's demo account offers a wide range of features to give you a realistic trading experience without putting your money in danger. One of the product's most notable features is offering users a $10,000 account in fictitious Australian dollars to practise trading methods.
To keep customers informed of the most recent changes in the market, the trial account offers access to real-time market prices and price notifications. For consumers who are constantly on the go, the sample account is easily accessible and available on desktop and mobile devices.
According to Kevin Groves, the founder of Hedge With Crypto and an industry researcher at HollaEX, a white label-crypto software company, has stated that Swyftx combines hundreds of indicators and drawing tools for in-depth technical analysis with TradingView charting which makes it a powerful platform for learning how to trade. With a portfolio tracker and access to 375 cryptocurrencies, the website will provide you with a demo mode that mimics real market conditions, allowing you to improve your skills.
Pros:
- Equipped with $10,000 of fake money.
- All of Swyftx's trading charts and tools are available.
- Easy to activate and use.
- Practice crypto trading with more coins and tokens than other demo modes on this list.
Cons:
- Unable to perform coin-to-coin trades.
4 - CMC Markets - Broad range of virtual assets to trade
CMC Markets is renowned for its sophisticated trading platform, Next Generation, and wide selection of trading instruments. It serves traders looking for sophisticated analytical tools and a wide range of markets.
You can trade various instruments, such as FX, indices, commodities, shares, and treasuries, using $10,000 in virtual funds.
The Next Generation platform offers real-time data, trading capabilities, and sophisticated charting tools. It is intended for traders who value in-depth research and broad market coverage.
Furthermore, CMC Markets facilitates mobile trading, enabling users to oversee their trades from anywhere.
![CMC Markets demo mode. Picture supplied CMC Markets demo mode. Picture supplied](/images/transform/v1/crop/frm/nyJNdbYwrvs4ar4apYrpG8/04179bca-0cdf-40ea-9cbd-a4244ec6a2e4.png/r3_0_628_352_w1200_h678_fmax.jpg)
It's easy to open a demo account at CMC Markets. Upon registration, traders receive $10,000 in virtual funds to begin trading on the Next Generation platform. This platform offers access to the same tools and functionality as the actual trading environment.
The extensive trading tools and features available on CMC Markets' Next Generation platform set it apart from its competition. There are many chances for you to diversify your tactics due to the wide variety of tradable instruments available across various asset classes.
To round out its appeal to the general public, the instructional tools available on the platform are very helpful for anyone who wants to learn more advanced trading principles and strategies.
For some, the intricacy of CMC Markets' platform may pose challenges and a steep learning curve. In addition, traders needing large amounts of capital will find the meagre $10,000 rather limiting.
Pros:
- Next Generation offers robust analytical tools and features.
- Educational Resources: Comprehensive learning materials and webinars.
- Mobile trading with full demo mode functionality.
Cons:
- It is difficult to get accustomed to the intricacies of the platform.
- Limited virtual funds.
- Lacks community engagement features.
5 - Saxo Markets - Sophisticated platform with professional tools
With access to a wide range of international financial markets, Saxo Markets provides a first-rate trading experience. It is designed for traders and serious investors seeking a feature-rich and adaptable trading environment.
With $100,000 in virtual money provided by Saxo Markets, you can practise extensively with various asset types, such as FX, equities, bonds, ETFs, and options.
The platforms are renowned for their thorough market research reports and sophisticated analytics, which help traders make defensible choices. The interface's customisation options let you tailor the platform to your own requirements and tastes.
![The demo mode on Saxo Markets. Picture supplied The demo mode on Saxo Markets. Picture supplied](/images/transform/v1/crop/frm/nyJNdbYwrvs4ar4apYrpG8/c87784a8-eb33-4642-a2b5-ad30f8e4755d.png/r0_0_630_397_w1200_h678_fmax.jpg)
Saxo Markets excels at offering a top-notch, expert trading environment, and its demo mode simulates it. The wide variety of tradable products allows you to diversify your portfolios across international markets.
The platforms' sophisticated tools and thorough research reports cater to traders and investors seeking in-depth market information.
The substantial $100,000 in virtual funds offer plenty of room for thoroughly testing different approaches. Because the platforms are customisable, they can also match each user's unique trading tastes and styles.
For some traders, Saxo Markets' sophisticated platforms may be too much to handle and take a long time to become proficient - but that's what a demo is for - to practice.
Even though the many features are helpful, some may feel they are unnecessary for individuals who prefer more straightforward trading platforms such as eToro. The absence of a social trading option may also disadvantage users who desire community engagement and insights.
Pros:
- $100,000 of virtual USD allows for extensive strategy testing.
- Professional-grade tools.
- Extensive range of investment assets to trade.
- It has an in-built research hub for traders to get valuable insights.
Cons:
- The demo mode is only available for 20 days after creation.
- The interface may be overwhelming for some.
- No social community.
6 - IG Australia - An all-in-one demo account experience
In the trading industry, IG is a well-known brand renowned for its extensive selection of instruments and robust regulatory structure. For traders searching for a dependable, safe, and feature-rich platform, it's a great option.
IG's demo account offers $20,000 in starting virtual funds, but you can increase this to a staggering $10 million if you choose. This gives you an abundance of virtual funds to practice trading over a long period of time, which is a pro compared to the other demo modes on this list.
The list of available markets to practice virtual trading is also astounding. Users can access Forex, stocks, 17 cryptocurrencies, shares, bonds, ETFs and commodities, making it one of the most well-stocked virtual modes out there.
Additionally, IG supports the popular MetaTrader 4 (MT4) platform, known for its advanced trading tools and customisation options. The educational resources available, including tutorials and webinars, are designed to enhance traders' knowledge and skills.
![A clear and functional interface. Picture supplied A clear and functional interface. Picture supplied](/images/transform/v1/crop/frm/nyJNdbYwrvs4ar4apYrpG8/00a47290-ac62-4f61-a905-659e0774fb01.png/r0_0_631_451_w1200_h678_fmax.jpg)
Setting up an IG demo account is straightforward. The demo environment replicates the live trading experience, offering access to IG's trading platforms and a wide range of tradable instruments. This allows you to test your strategies in a realistic setting.
Pros:
- Wide range of markets available.
- Extensive tutorials and webinars to educate users.
- Access to both IG's proprietary platform and MT4.
- Up to $10 million of virtual funds.
Cons:
- No TradingView charting.
Demo trading accounts and how they work
Brokers offer virtual trading environments or demo trading accounts so that traders can practise and improve their skills without risking real money.
Virtual funds are included in these accounts, which replicate the real trading platform of the broker's live trading circumstances and capabilities.
How demo trading accounts can be useful to traders
Practice trading accounts are essential for traders at every level of experience. They provide a safe space to hone and improve trading abilities without the risk of financial loss.
These accounts replicate real market conditions using virtual funds, allowing traders to engage in trades confidently.
This is particularly advantageous for traders and investors who are starting out their journeys. For example, demo accounts serve as good environments to build up a foundational understanding of the landscape they are dealing with.
Essentially, they learn about the mechanics of trading and develop their confidence before committing real money.
This includes identifying mistakes and learning from them without the risk of incurring actual financial losses.
But traders who have been doing it for some time might find a different purpose for demo accounts.
These accounts provide a sandbox environment to test new strategies and ideas. This testing ground is essential for refining trading tactics and ensuring their viability in live trading conditions.
Additionally, demo accounts help traders manage and control the psychological aspects of trading. Since they involve no real financial risk, traders can focus on strategy development and execution without the emotional stress associated with real-money trading. This can lead to more disciplined and less emotionally driven trading practices when transitioning to live accounts.
Disclaimer: This information is general and is for educational purposes only. This story is general in nature and not intended to provide financial advice, nor does it take into account your financial situation. These platforms can be complex, and investors should obtain professional advice from an independent financial advisor where appropriate and make your inquiries. ENTR Media may receive compensation if you visit their website.