11 Best Forex Brokers in South Africa with Demo Accounts
A forex demo account is one of the many keys to success in a trader’s journey. Many may frown at the mention of a demo account, especially when they have had a demo account for some time. Some think that a demo account is only useful while learning to trade.
Demo accounts help traders with consistency, provides a risk-free platform where strategies can be back tested, a fall-back when traders hit a string of losses, and the ideal platform to test new indicators and trading systems, amongst several other uses.
South African brokers understand the importance of a demo account across all experience levels, providing traders with the tools that they need to start trading, refine their trading, and add a competitive edge to their trading.
Below we list the 11 best forex brokers in South Africa who offer demo accounts, with top standard trading solutions and services.
IFX Brokers
Features
Established in 2018, IFX Brokers is a well-regulated ECN broker that is based in South Africa. IFX Brokers is one-stop trading and investing platform for both private and institutional clients, offering them the use of MetaTrader 4 and 5 through which several asset classes can be traded.
IFX Brokers offers the use of the powerful and popular MetaTrader 4 and 5 through which trades can be conducted and through which traders can carry out analysis, use advanced charting capabilities, and more. The education that IFX Brokers offers includes a comprehensive Trading Academy, Information Centre, and the use of a demo account.
Pros and Cons
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AvaTrade
Features
Established in 2006, AvaTrade is one of the most popular multi-asset Market Maker and STP brokers in the world, with offices based in Australia, South Africa, Japan, Ireland, and the British Virgin Islands.
AvaTrade offers forex traders of all experience levels the education, resources, and tools that they need to excel in the forex market and to add a competitive edge to their trading. Apart from its range of educational materials, AvaTrade also offers a comprehensive demo account that can be used on different trading platforms.
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Alpari
Features
Established in 1998, Alpari is a popular international broker that operates in South Africa and several other areas, providing comprehensive trading solutions to traders. Alpari provides different financial instruments that are spread across several asset classes.
Alpari offers reliable trade execution, competitive spread, modern trading technology, and the use of a demo account. Alongside this, Alpari also provides articles that introduce new traders to forex trading by explaining some basic terms.
Pros and Cons
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Exness
Features
Exness is a popular and well-regulated forex broker in South Africa that offers traders of all experience levels flexible account types that have competitive and tailor-made trading conditions that suits the needs and objectives of different traders.
Exness offers South African traders the advantage of using a demo account on either MetaTrader 4 or MetaTrader 5, allowing beginners to practice trading while more advanced traders can explore the trading environment and/or practice and test out their trading strategies.
Pros and Cons
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CONS |
Limited range of tradable instruments |
Axi
Features
Axi is a well-regulated and reputable STP and ECN broker that has been offering its comprehensive trading solutions and services since 2007. Axi serves retail traders from more than 150 countries and because the company was established by a group of traders, Axi has a keen understanding of the needs of various traders.
This ensures that Axi offers tailor-made solutions that consist of tight spreads, fast and reliable trade execution speeds, multilingual support, the provision of advanced trading tools, a demo account, and a trading environment that is fair, safe, and transparent.
Pros and Cons
PROS
Multi-regulated broker |
Commission-free trading offered |
No accounting fees charged |
Axi trading academy and community offered |
Flexible funding methods offered |
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ThinkMarkets
Features
Established in 2010, ThinkMarkets is a well-regulated STP broker with offices in Australia, the United Kingdom, and South Africa.
ThinkMarkets is well-known for its emphasis on client security, its competitive trading conditions, and the platform that the broker offers where traders can improve and increase their trading skills and knowledge with a demo account and several other educational sources.
Pros and Cons
PROS
Well-regulated |
Range of trading instruments offered |
VPS service provided to eligible clients |
No minimum deposit requirement |
Competitive trading conditions offered |
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Pepperstone
Features
Pepperstone was established in 2010 and over more than a decade, the ECN and STP broker has grown to become one of the largest brokers in the industry, processing trading volumes worth billions of US dollar daily, providing comprehensive online trading solutions to more than 65 countries worldwide.
Pepperstone is known for its innovative trading technology, low spreads, low-latency and high-speed trade execution speeds, award-winning customer support, and wide range of educational sources, including a demo account.
Pros and Cons
PROS
Negative balance protection offered |
Range of funding options provided |
Social trading supported |
All trading strategies accommodated |
Intuitive trading platforms offered |
CONS |
| Fixed spreads are not offered |
Plus500
Features
Plus500 is a well-regulated and popular ECN and STP forex broker that offers a wide range of tradable CFD and forex instruments through a powerful proprietary trading platform. Plus500 offers competitive trading conditions and is known to cater for traders of all levels, from beginners up to professional traders.
Plus500 offers traders the advantage of registering a demo account that can be used in various ways on its powerful trading platform.
Pros and Cons
PROS
User-friendly trading platform |
Zero deposit or withdrawal fees |
Impressive portfolio of 2,000+ instruments |
Excellent customer support |
Innovative trading solutions offered |
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Tickmill
Features
Tickmill was established in 2015 and is a well-regulated ECN and STP broker that offers South African traders comprehensive trading solutions. Apart from offering flexible live trading accounts with competitive trading conditions, Tickmill also offers traders the option of registering a demo account that can be used in several ways.
Tickmill also offers the use of powerful, flexible trading platforms through which trades can be executed, and through which traders can carry out different analyses.
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HotForex
Features
HotForex is the trading arm of HF Markets that has been in operation since 2010, offering some of the best trading solutions in the industry. HotForex is a flexible and accommodating broker that offers solutions to both beginner and professional traders.
With HotForex, traders not only have access to several different account types, but they have the advantage of a demo account on each of these retail trading accounts.
Pros and Cons
PROS
Commission-free trading offered |
A choice between flexible accounts |
Powerful trading platforms offered |
Well-regulated broker |
Negative balance protection applied |
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FXTM
Features
Founded in 2011, FXTM is a well-regulated broker that offers South African traders unique trading solutions, a safe trading environment, and a wide range of tradable instruments. FXTM is well-known for offering a choice in educational materials, advanced trading tools, flexible account types, and the benefit that traders can demo these accounts.
Pros and Cons
PROS
More than 250 instruments offered |
A choice between different trading accounts |
Low minimum deposit |
Advanced trading tools offered |
Comprehensive educational materials offered |
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FREQUENTLY ASKED QUESTIONS
What is a demo account?
A demo account is a capital-risk-free trading account where traders can practice their trading, test the trading environment, and try different trading strategies. A demo account can also be used to evaluate automated trading systems.
What happens if my demo account runs out of money?
It means that you cannot continue trading, but many brokers allow you to reset the demo balance.
How do I choose the best forex trading demo account?
In the same way that you would choose a forex broker. It takes patience and it involves registering several demo forex accounts with different brokers to find the one that suits your unique trading needs and objectives.
How do I open a forex trading demo account?
It normally takes a few minutes and requires that you visit the broker where you want to register an account, fill in a quick registration form, verify your contact details, and start demo trading.
How do I use a forex trading demo account?
You use it in the same way as you would a live account, by opening buy and sell positions on different financial instruments.