Demo accounts are often seen as something that is restricted to beginner traders.
However, demo accounts have become increasingly popular amongst forex traders who want to test out a forex broker’s platform or to test their trading strategies in a risk-free environment where their capital is not at risk. Many forex brokers offer traders the advantage of registering a demo account.
Below are some of the best worth considering:
Established in 2018, IFX Brokers is a well-established and reputable forex broker in South Africa. IFX Brokers is well-known for its comprehensive trading solutions and competitive trading conditions.
In addition to offering a safe, fair, and transparent trading environment, IFX Brokers also offers traders the option of registering a demo account that can be used for different applications.
|Well-regulated||Spreads are not the tightest|
|Educational material and trading tools offered||MetaTrader 5 not offered|
|Useful trading tools offered||FIX API not supported|
|A wide range of instruments offered|
Plus500 is one of the most popular forex brokers in the forex industry that caters for retail and professional traders from South Africa. Plus500 is known for its low, competitive spreads, commission-free trading, and a wide range of tradable financial instruments.
Plus500 only offers one retail trading account with the option of registering a demo account.
|Multi-regulated||Forex signals not supported|
|Powerful proprietary trading platform|
|Wide range of tradable instruments|
|Economic calendar and other tools offered|
XM is another large, popular forex broker with a strong presence in South Africa. XM is known for offering low minimum deposit requirements, negative balance protection that is applied to retail investor accounts, and multiple currency options on accounts. XM also offers traders the option of registering a demo account on a wide variety of retail accounts.
|Competitive trading conditions||Restricted leverage for retail traders|
|Well-regulated by several entities|
|A wide range of tradable instruments offered|
|Tight zero-pip spreads|
|Demo account option offered on accounts|
HotForex is one of the most reputable brokers in the industry, with multiple regulations, a wide range of financial instruments, and competitive trading conditions.
HotForex offers a choice between flexible trading accounts, with the option of registering a demo account to explore HotForex’s conditions, trading platform, practice trading, and test out different trading strategies in a safe environment.
|Demo account offered||Fixed spreads are not offered|
|Competitive trading conditions|
|Variable spread accounts offered|
|Economic calendar provided|
|Range of advanced trading tools|
Exness is a well-known forex broker in South Africa that caters for both beginner and professional traders. Exness offers competitive pricing, tailor-made trading solutions, and advanced trading tools as well as powerful trading platforms.
Another benefit that Exness offers is the option to register a demo account, allowing traders an overview of the broker’s conditions in action, practice trading for beginners, and the perfect environment to test trading strategies.
|Competitive spreads||Swap rates and rollover rates are not transparent|
|Dedicated customer support|
|Demo account offered|
When searching for the best forex brokers with demo accounts for South Africans, the above should be sufficient options.