5 best South African forex brokers with demo accounts

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, and these are the best ones.

IFX Brokers

Features

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 several different applications.

Pros and Cons

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

Features

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 and Cons

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

Features

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 and Cons

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

HotForex

Features

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 and Cons

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

Features

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 and Cons

PROS	CONS
Competitive spreads	Swap rates and rollover rates are not transparent
Flexible leverage
MetaTrader supported
Dedicated customer support
Demo account offered