Every broker in our rankings offers a free demo. Most traders use it for a weekend of consequence-free gambling, then go live. Here's a better plan.
Rule 1: demo at your real size
Set the demo balance to what you'll actually fund — not the default C$100,000. Practising with fantasy money teaches fantasy position sizing.
Rule 2: you're testing the broker, not just yourself
Use demo to evaluate: platform stability during news, order-entry ergonomics, charting quality, and support response times (yes, email support with a question — see how long it takes).
Rule 3: define graduation criteria before you start
For example: 40 trades minimum, positive expectancy, max drawdown under 6%, full trading journal. Going live is then a decision the data makes, not a mood.
What demo can't teach
Execution is friendlier on demo (no real slippage or requotes), and psychology is absent entirely. That's why the first live weeks should be at minimum size — you're paying for the missing lesson as cheaply as possible.
A two-broker trick
Run demos at two brokers simultaneously with the same strategy for two weeks. Differences in spreads, swaps and platform feel become obvious fast — and you've done real due diligence before depositing a dollar.