11 Best Forex Brokers in SA with Demo Accounts

A forex demo account is one of the most useful and important features of trading foreign exchange over online trading platforms. A demo trading account is an all-inclusive trading package that can be used by beginner traders as a practice account to learn forex trading hands-on.

Experienced traders in South Africa can use demo accounts funded with virtual funds to test their trading strategies on complex instruments safely before risking real money.

A demo account is one of the most beneficial tools that all types of traders can benefit from.

While there are many helpful forex courses, trading programs, tutorials, educational materials, and more, a demo account is the most basic yet crucial starting point in trading forex online.

Demo trading with virtual money should form part of any basic strategy and it provides traders with the necessary trading skills to carry out real trading in the forex market, allowing them to build a solid foundation towards becoming successful traders.

South Africa is home to several reputable forex brokers who offer demo trading across powerful trading platforms, providing beginner traders and professionals access to a wide range of financial markets that they can experience first-hand using adequate virtual funds.

Khwezi Trade

Khwezi Trade provides unrivaled, stable trading conditions, ensuring that South African traders’ orders are processed with the least amount of slippage and at the best pricing, with tight spreads and a transparent trading environment.

Khwezi Trade was established in 2013 and is one of the most popular and well-regulated South African online CFD and forex brokers. It provides a wide range of tradable products using the robust, popular MetaTrader 4 trading platform, which can be accessed over the web or downloaded to PCs and mobile devices.

Khwezi Trade is a multi-award-winning broker, having been named the Best Broker in South Africa for 2019 and 2020 by Global Brands Magazine.

In addition, Khwezi Trade has recently been named one of the first forex brokers and non-bank institutions in South Africa to receive an Over-the-Counter license.

Khwezi Trade Pros and Cons

✔ Pros	❌ Cons
Khwezi Trade is one of the first non-bank institution in South Africa to receive an OTC license	Limited account currency options
Khwezi Trade is a proudly South African FSCA-regulated forex broker authorised as an ODP	Limited funding options provided
Well-regulated broker that caters for any novice or professional trader by providing innovative, versatile trading software through MetaTrader 4	Individual stock trading is not supported
Provides segregated bank accounts and a fair and safe trading environment
Trading tutorials and market analysis provided in real-time
There is a choice between retail investor accounts

Khwezi Trade features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👍 FSCA
💵 Minimum deposit from	💰 ZAR500
⚖️ Average spread from	👉 0,6 pips
📈 Commissions from	N/A
💸 Deposit/Withdrawal Fees	N/A
⚖️ Maximum Leverage	⚖️. 1:400
🤑 Bonuses	👍 30%
❓ Customer Support	🏪. 24/5

Plus500

Plus500 is a well-known worldwide broker that provides traders from all over the globe with access to over 2,000 trading products covered across metals, energies, options, ETFs, and FX.

Plus500 provides competitive trading conditions and is well-known for its ability to accommodate traders of all skill levels, from novices to professionals.

Plus500 Pros and Cons

✔ Pros	❌ Cons
User-friendly proprietary trading platform	Inactivity fees are charged on dormant accounts
Zero deposit or withdrawal fees	Fixed spreads are not offered
Impressive portfolio of 2,000+ instruments
Fully authorized subsidiaries in several jurisdictions
User-friendly proprietary trading platform with comprehensive analysis and news feeds
Offers a forex demo account and competitive trading costs

Plus500 features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👍 FCA, ASIC
💵 Minimum deposit from	💰 ZAR/ R1600
⚖️ Average spread from	👉 0,8 pips
📈 Commissions from	N/A
💸 Deposit/Withdrawal Fees	N/A
⚖️ Maximum Leverage	⚖️. 1:300
🤑 Bonuses	👍 25EUR / ZAR R420
❓ Customer Support	🏪. 24/7

FXTM

FXTM was founded in 2011.

Fxtm is a well-regulated broker that provides South African traders with innovative trading solutions, a secure trading environment, and a diverse selection of tradable assets.

FXTM is well-known for providing a variety of instructional resources.

Complex trading tools, as well as a variety of account types, and the ability for traders to practice trading on these accounts.

FXTM Pros and Cons

✔ Pros	❌ Cons
More than 250 instruments offered	There is an inactivity fee applied to dormant accounts
A choice between different trading accounts that cater for every type of trading experience
Popular trading platforms supported across devices
Advanced trading tools offered for trading forex and other instruments
Comprehensive educational materials offered

FXTM features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👉 CySEC, FCA, FSC, FSCA
💵. Minimum deposit from	💰 $10 / 160 ZAR
⚖️ Average spread from	👉 0.1 pips
📈 Commissions from	📈 No commission on Forex
💸 Deposit/Withdrawal Fees	🙅. Deposit fees no, withdrawal fees yes
⚖️ Maximum Leverage	⚖️ 1:2000
🤑 Bonuses	💰 Yes
❓ Customer Support	🏪 24/5

Tickmill

Tickmill was founded in 2015 and is a well-regulated ECN and STP broker offering full trading solutions to South African traders.

Apart from providing traders with customizable live trading accounts and competitive trading conditions.

Tickmill also allows users to open a demo account that can be utilized in a variety of ways.

Traders in South Africa have access to over 80 financial instruments that can be traded across several financial markets including foreign exchange major currencies, minor currency pairs, and exotic currencies, commodities, energies, bonds, and several CFDs, amongst other complex instruments.

Tickmill Pros and Cons

✔ Pros	❌ Cons
Negative balance protection offered on retail investor accounts	Fixed spreads are not offered
AutoChartist, VPS, and FIX API offered	Crypto trading is not supported yet
FSCA-regulated broker in South Africa	Limited educational material and resources offered
Member of an investor compensation fund that provides client protection
Commission-free trading offered
Range of advanced trading tools offered

Tickmill features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👉 FSA, FCA, CySEC, Labuan FSA, FSCA
💵. Minimum deposit from	💰 $100 / 1 600 ZAR
⚖️ Average spread from	👉 0.27 pips
📈 Commissions from	📈 No commission on Forex
💸 Deposit/Withdrawal Fees	🙅. No
⚖️ Maximum Leverage	⚖️ 1:500
🤑 Bonuses	💰 Yes
❓ Customer Support	🏪 24/5

Pepperstone

Pepperstone was founded in 2010 and has evolved to become one of the leading brokers in the business over the last decade.

Handling daily trading volumes worth billions of dollars and offering full online trading solutions to over 65 countries worldwide.

Pepperstone allows traders to trade over 80 financial assets including forex, commodities, energy, bonds, and exchange-traded funds (ETFs) using the popular and powerful MetaTrader 4, MetaTrader 5, and cTrader platforms.

In addition, Pepperstone also offers innovative trading technology, low average spreads, high-speed trade execution, award-winning customer service, and a wide range of educational materials, including demo accounts.

Pepperstone Pros and Cons

✔ Pros	❌ Cons
Negative balance protection offered	Fixed spreads are not offered
Range of funding options provided
Social trading supported on powerful and versatile trading platforms
Welcomes all types of traders
Welcomes all types of trading strategies
Offers a wide range of markets

Pepperstone features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👉 FCA, ASIC, DFSA, CySEC, CMA, SCB, BaFin
💵. Minimum deposit from	💰 $0 / 0 ZAR
⚖️ Average spread from	👉 0 pips
📈 Commissions from	📈 No commission on Forex
💸 Deposit/Withdrawal Fees	🙅. No
⚖️ Maximum Leverage	⚖️ 1:500
🤑 Bonuses	💰 No
❓ Customer Support	🏪 24/5

HotForex

HotForex is HF Markets’ trading division, which has been in operation since 2010, delivering some of the industry’s top trading options.

HotForex is a dynamic and friendly broker that caters to both novice and experienced traders in South Africa.

HF Markets has over 1.5 million registered customers.

Hotforex has earned over 25 industry awards since its start.

HotForex is a reputable broker that offers full trading solutions, including trading tools, education, bonuses and promotions, robust trading platforms, and a choice of dynamic or flexible retail trading accounts.

Hotforex Pros and Cons

✔ Pros	❌ Cons
Commission-free trading offered on some accounts	No fixed spreads
A choice between flexible retail investor accounts
Powerful trading platforms offered across desktop, the web, and mobile platforms
Well-regulated broker with FSCA regulation
Negative balance protection applied to retail trading accounts
Offers educational materials and a range of useful trading tools

Hotforex features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👍 CySEC, DFSA, FCA, FSA, FSCA
💵 Minimum deposit from	💰 $5
⚖️ Average spread from	👉 0,0 pips
📈 Commissions from	📈 USD 0.03 per 1K lot.
💸 Deposit/Withdrawal Fees	🙅 None
⚖️. Maximum Leverage	⚖️. 1:1000
🤑 Bonuses	👍 100% Supercharged Bonus
❓ Customer Support	🏪 24/5

AvaTrade

AvaTrade was founded in 2006 and has operations in Australia, South Africa, Japan, Ireland, and the British Virgin Islands.

AvaTrade provides forex traders of all experience levels with the information, resources, and tools necessary to flourish.

In the forex market, Avatrade gives their trading a competitive edge.

Apart from its teaching resources, AvaTrade also provides a robust demo account that can be utilized on a variety of trading platforms.

AvaTrade Pros and Cons

✔ Pros	❌ Cons
FSCA-regulated and trusted forex broker in South Africa and one of the best market makers in the industry	There are no variable spread accounts offered
Commission-free trading offered with a competitive average spread	Limited selection of retail trading accounts offered
Competitive trading conditions that suit all types of traders	Spreads offered are not the tightest
Social trading opportunities are offered, and all trading strategies are welcome
Offers powerful proprietary trading platforms on desktop and mobile devices
Trusted broker that connects South African traders to global financial markets

AvaTrade features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👍 Central Bank of Ireland, MiFID, ASiC, BVI
💵 Minimum deposit from	💰 $100
⚖️ Average spread from	👉 0.9 pips
📈Commissions from	No commission on Forex
💸Deposit/Withdrawal Fees	None
⚖️ Maximum Leverage	1:400
🤑 Bonuses	First Deposit Bonus
❓ Customer Support	🏪 24/5 – multilingual

Exness

Exness is a well-known and well-regulated forex broker in South Africa.

Exness offers traders of all experience levels a variety of account types with competitive and tailor-made trading conditions to fit their requirements and aims.

Exness provides South African traders with the option of opening a demo account on MT4 or MT 5.

This enables novices to practice trading while more advanced traders can study the market environment or practice and test their trading techniques risk-free.

Exness Pros and Cons

✔ Pros	❌ Cons
Well-regulated by reputable entities including the Financial Sector Conduct Authority (FSCA)	Limited range of tradable instruments
High maximum leverage offered
Low minimum deposit requirement
Low commissions charged on trading accounts
Dedicated customer support offered in multiple languages
Supports powerful forex trading platforms on mobile, desktop, and the web

Exness features

👉 Feature	ℹ️. Information
👮‍♂️ Regulation	👍 CySEC
💵 Minimum deposit from	💰 $10 / ZAR R160
⚖️ Average spread from	👉 0.0
📈 Commissions from	📈 ‎$0.1 / ZAR R1.60 to $3.50 / ZAR R56.00
💸 Deposit/Withdrawal Fees	🤷 Variable depending on method
⚖️. Maximum Leverage	⚖️. 1:2000
🤑. Bonuses	💰. 10% of Deposit Bonus
❓ Customer Support	🏪. 24/7

Alpari

Alpari was founded in 1998 and is a well-known worldwide broker.

Alpari works in South Africa and numerous other countries, offering traders the best possible trading solutions in competitive market conditions.

Alpari offers a diverse range of financial products across many asset types, featuring competitive foreign exchange rates on major currency pairs, minor pairs, and exotic currencies.

Alpari provides dependable trade execution, competitive spreads, innovative trading technology, and the ability to practice trading with a demo account.

Additionally, Alpari offers articles that educate novice traders about forex trading by teaching certain fundamental terminologies.

Alpari Pros and Cons

✔ Pros	❌ Cons
Member of the Financial Commission in providing investor protection	Fixed spreads not offered
Offers MetaTrader 4 and 5 on the web, desktop applications, and mobile trading apps	Limited tradable instruments
Trading signals provided through AutoChartist	Lack of comprehensive education
Offers managed accounts for professional traders
News provided through FxWirePro
FSCA-regulated broker that is trusted by traders in South Africa

Alpari features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👉 FSCM
💵. Minimum deposit from	💰 $100 / 1 600 ZAR
⚖️ Average spread from	👉 0.9 pips
📈 Commissions from	📈 Yes
💸 Deposit/Withdrawal Fees	🙅 Yes
⚖️ Maximum Leverage	⚖️ 1:400
🤑 Bonuses	💰 Yes
❓ Customer Support	🏪 24/5

Axi (AxiCorp Financial Services)

Axi is also known as AxiCorp.

Axi has been in operation since 2007 and is a well-regulated and reputed STP and ECN broker,

Axi provides extensive trading solutions and services.

Axi supports retail traders in over 150 countries, including South Africa.

Since the brokerage firm was founded by professional traders, Axi has a great grasp of the demands of different forex traders regardless of their experience level, trading style, trading strategy, or unique trading objectives.

Axi Pros and Cons

✔ Pros	❌ Cons
No withdrawal/deposit fees	24/5 customer service
Low forex fees	Research tools somewhat limited
Fully digital account opening or activation	Forex and CFDs trading only

Axi features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👉 FCA, ASIC, DFSA
💵. Minimum deposit from	💰 $0 / 0 ZAR
⚖️ Average spread from	👉 1.24
📈 Commission	📈 No
💸 Deposit/Withdrawal Fees	🙅 No
⚖️ Maximum Leverage	⚖️ 1:400
🤑 Bonuses	💰 Yes
❓ Customer Support	🏪 24/5

IG Markets

IG is a trusted and well-established CFD and forex trading broker.

IG has been in business since 1974, delivering the finest trading conditions in the market to over 200,000 traders worldwide.

Through innovative and user-friendly trading systems, South African traders can trade in over 17,000 marketplaces using powerful proprietary trading platforms.

Advanced tools include technical indicators, powerful charting capabilities, technical analysis, in-depth market analysis.

IG provides fundamental analysis and a detailed indication of market conditions on any given trading day.

IG Pros and Cons

✔ Pros	❌ Cons
Powerful and user-friendly trading platforms provided	Inactivity fees are applied to dormant accounts
Tight spreads and low commissions offered	There is a high minimum deposit requirement
Multi-regulated and trusted broker
Withdrawal and deposits are free
FIX API DMA trading supported
Offers Islamic Accounts

IG features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👉 FCA
💵. Minimum deposit from	💰 R4 000 ZAR
⚖️ Average spread from	👉 0.6 pips
📈 Commission	📈 No
💸 Deposit/Withdrawal Fees	🙅 No
⚖️ Maximum Leverage	⚖️ 1:50
🤑 Bonuses	💰 No
❓ Customer Support	🏪 24/5

Frequently Asked Questions

Because it is the perfect platform where they can start practising trading before they go into a live trading environment.

A demo account serves two purposes namely providing potential clients with a risk-free overview of the broker’s offering, and a testing ground for beginner and experienced traders who want to practice trading and test strategies.

Yes, traders are participating in a live market environment but with virtual funds.

You should use the demo account until you can execute more wins than losses and until you feel comfortable with depositing real money.

No, not all forex brokers offer demo accounts.