5 best forex brokers with demo accounts for South Africans – Alberton Record

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:

IFX Brokers

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.

PROS CONS
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
MetaTrader offered  
A wide range of instruments offered  

Plus500

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.

PROS CONS
Multi-regulated Forex signals not supported
Powerful proprietary trading platform  
Wide range of tradable instruments  
Economic calendar and other tools offered  

XM

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.

PROS CONS
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  

READ MORE: 10 Reasons to Start Forex Trading To Supplement Your Income

HotForex

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.

PROS CONS
Demo account offered Fixed spreads are not offered
Well-regulated  
Competitive trading conditions  
Variable spread accounts offered  
Economic calendar provided  
Range of advanced trading tools  
Global presence  

Exness

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.

PROS CONS
Competitive spreads Swap rates and rollover rates are not transparent
Flexible leverage  
MetaTrader supported  
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.

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