Best Free Forex Simulators For 2025

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Go to broker’s website Plus500 Overview

If you're too busy to read the entire article and want a quick answer, the best Forex trading simulator is Plus500. Why? Here are its key advantages:

Is legit in your country (Identified as United States )
Has a good user satisfaction score 6.83 out of 10
Technical and fundamental analysis practice
Risk-free environment

Go to broker’s website Plus500 Overview

Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Best free Forex trading simulators are:

Plus500 - Best premium client support (personal manager, exclusive analysis, webinars)
Pepperstone - Best for scalping strategies (spread from 0 pips)
OANDA - Best for trading with advanced technical analysis tools (TradingView charts support)
FOREX.com - Diverse range of tradable assets (80+ currency pairs)
Interactive Brokers - Best broker for international investors (assets from 33 countries, 150+ markets)

If you’re a beginner trader who isn’t ready to risk their real money trading, you might consider using a Forex trading simulator. Forex trading simulators have features and tools that allow you to learn the ropes of trading without the financial risk that comes with live trading.

In this guide, we talk about the benefits and risks of a Forex simulator, the best Forex broker simulators, and more.

Best free Forex simulators

Free Forex broker simulators are handy resources for traders wanting to improve their trading techniques without risking real money. These realistic practice platforms let you try out different strategies and build valuable trading experience.

Best free Forex trading simulators
	Min. deposit, $	Max. leverage	Min Spread EUR/USD, pips	Max Spread EUR/USD, pips	Max. Regulation Level	Open an account
Plus500	100	1:300	0,5	0,9	Tier-1	Open an account Your capital is at risk.
Pepperstone		1:500	0,5	1,5	Tier-1	Open an account Your capital is at risk.
OANDA		1:200	0,1	0,5	Tier-1	Open an account Your capital is at risk.
FOREX.com	100	1:50	0,7	1,2	Tier-1	Study review
Interactive Brokers		1:30	0,2	0,8	Tier-1	Open an account Your capital is at risk.

What is a Forex simulator?

A Forex simulator is a software that simulates real market conditions. This tool is a great way for new traders to trade and practice their strategies with virtual money. That way, they can trade without having to worry about risking their real money, while at the same time, learning the ropes.

In addition to trading, beginner traders can use Forex simulators to see charts, indicators, and economic news as if it were happening live.

Simulated trading is similar to demo trading. But the difference is that simulated trading goes off of historical data. With simulated trading, you’re able to place your orders, modify them, or close them just like you’d be able to do if you’re trading live.

A Forex trading simulator can not only help you practice trading, but it can also help you test new trading ideas. Therefore, you’ll be able to find out what works and what doesn’t.

The many benefits of using a Forex trading simulator include:

A live trading environment.
Ability to test your trading strategy.
Implement new trading ideas to see how they work.
Risk-fee trading with all the tools and features of live trading.

Best Forex simulation software developers

MT4

With the MT4 Trading Simulator Pro, you can simply choose any date in the past and replay the market starting from that day. The simulator copies live market conditions that have taken place in the past.

When you take advantage of Forex simulation on MT4, you can:

Get full control of your trading experience by choosing any instrument, timeframe, or range of time for your simulation. You can also change the pace of your simulation by slowing it down, speeding it up, or pausing it.
Use MT4 indicators.
Use MT4 templates.
Gain access to balance/equity graph and trade history.
Save your trading results as HTML reports.

TradingView

Open an account

TradingView allows simulated trading by giving you the ability to trade with “fake” money and practice buying and selling currencies. The trading and market conditions are essentially the same as if you were trading with real money. The only difference is that you can practice trading without any of the risk. The TradingView system tracks your orders and you can see how much Profit or Loss (PnL) you have on your account. As a result, you can gauge how good you are at trading.

To use paper trading, log in to your TradingView account. You’ll get $100,000 in virtual money, which you can reset at any time. The chart features “buy/sell” buttons, allowing you to enter orders quickly.

Forex.com

FOREX.com Review

Forex.com offers a suite of trading platforms that are custom built to deliver maximum performance, flexibility, and speed. When you sign up on the platform, you’ll gain access to sophisticated trading features, integrated market insights, professional charting tools, and more. Using the software, you’ll be able to backtest automated trading strategies with real historic price data.

Should I try Forex simulators?

A risk-free environment. With a Forex simulator, you can place trades on a demo account without having to worry about losing real money. As a result, you can devote your full attention to learning how to trade since emotions aren’t involved.
Live simulated quotes. Price quotes on Forex simulated trading are similar to the price quotes in a live trading environment.
Adjustable timing. With real trading, you must wait for the daily candlestick to close. But when you use a Forex simulator, you can adjust the speed. This gives you access to more candles, trades, and practice, all within a short period of time. In fact, one day's worth of data appears in only one minute on a good Forex simulator.
All the tools of your trading platform are at your disposal. A Forex simulator gives you a wide range of tools to leverage that can help you analyze the market. While embarking on your simulated trading adventure, you can use all the tools of your trading platform to analyze the market. As a result, you can get familiar with the tools as well as the many features of the trading platform itself.
Test trading strategies risk-free. You can test various trading strategies risk-free. Then, you can choose the one that’s best for you. The strategy should match your personality and trading style. As a result, you should be able to confidently move on to a real trading account.

Simulators can’t mimic emotional stress. Real trading pressure like fear and greed doesn’t exist in simulators. Practice controlling your emotions by using a small live account after simulator sessions.
Market depth is often missing. Many simulators don’t show real order book data, so you can’t experience how liquid the market really is. Try platforms offering Level 2 data for better accuracy.
No slippage or delayed execution. Simulators place trades immediately, unlike real markets where price changes can hurt your returns. Be conservative about expected profits while practicing.
Economic news impact is downplayed. Most simulators don’t include real-time financial events. Follow market news while practicing to learn how the market reacts.
Psychological pressure is underestimated. With no real money at stake, it’s easy to trade carelessly. Set strict risk limits and keep a trading journal to simulate real-life pressure.
Over-optimization trap. Simulators can make strategies seem perfect because conditions are often too favorable. Don’t rely only on backtests; test your strategies in live markets too.

How to simulate Forex trading

Trade as though it's real money. Don't take unnecessary risks just because it's not real money. Follow your trading plan and emotions as if it were real. Set realistic trading goals and limits - вefine the amount of virtual money you'll start with, the maximum risk per trade, number of trades per day/week, etc.
Practice different trading strategies. Use your simulated account to test different technical indicators, risk management techniques, or try out new strategies. Simulate real-world scenarios, place limit, stop and trailing orders. Practice hedging strategies and trading during volatile market events.
Record and analyze your trades. Review your trading activity and look for patterns in your wins/losses. Identify mistakes and areas for improvement.
Switch to a live account slowly. Only trade real money when consistently profitable on your simulated. Start small to minimize initial risks.

The key is to treat simulated trading like real trading as much as possible. Use the opportunity to practice skills and strategies in a risk-free environment.

Choose a Forex simulator that builds real trading skills

When picking a free Forex simulator, don’t settle for platforms that only offer simple charts. Look for simulators with real-time market data, access to Level 2 order books, and customizable risk settings. These features create a lifelike trading experience, helping you manage market conditions like liquidity, spreads, and price slippage. A top-notch simulator should also allow for strategy automation, letting you explore algorithmic trading even as a beginner.

Another key factor is trading psychology simulation, which many platforms overlook. To work around this, set up psychological triggers like adjusting stop-loss orders or simulating account drawdowns. This can create pressure similar to live trading and help you keep your focus. Look for simulators with performance tracking that highlights your trading behavior, such as impulsive trades or risky bets, making it easier to tailor your learning journey.

Methodology for compiling our ratings of Forex brokers

Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.

Key aspects of the assessment include:

Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.

Find out more about the unique broker assessment methodology developed by Traders Union specialists.

Conclusion

Using a Forex simulator is a great way to learn the ins and outs of Forex trading without the risk that comes with live trading. By using real, historical market data, Forex simulators give you the ability to see what real trading is like so that you can learn the markets. There are many platforms that provide Forex trading simulation. The one you choose depends on the platform’s ease of use, fees, and other key factors that matter to you.

FAQs

Is simulated trading the same as paper trading?

Yes, simulated trading and paper trading both refer to practicing trades without risking real money.

How long can I use a Forex simulator?

Most brokers offer unlimited access to their simulators so traders can practice for as long as they need until ready to trade live. Some may limit demo accounts to 30 days to encourage live trading.

Is historical market data available on simulators?

Yes, most simulators like MT4 Strategy Tester use real historical price data, allowing backtesting of strategies on past market movements for accuracy.

How realistic are conditions on a Forex simulator?

Simulator conditions aim to closely mimic real live markets and trading conditions. However, they can't fully replicate the pressures of trading with one's own capital at financial risk.

Team that worked on the article

Maxim Nechiporenko has been a contributor to Traders Union since 2023. He started his professional career in the media in 2006. He has expertise in finance and investment, and his field of interest covers all aspects of geoeconomics. Maxim provides up-to-date information on trading, cryptocurrencies and other financial instruments. He regularly updates his knowledge to keep abreast of the latest innovations and trends in the market.

Learn about our editorial policies

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

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