Demo accounts are often misconstrued as something that is restricted to beginner traders. However, demo accounts have over time 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 forex brokers with demo accounts?
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 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 in 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 |
XM
Features
XM is another large and 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 testing 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, which allows traders to have 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 |
Demo accounts can be used by beginner and experienced traders for different reasons. Knowing the right broker is key in this regard.
