How To Open A Forex Trading Demo Account
Opening a forex trading demo account is normally the first step that you’ll take when you’re ready to start trading forex.
A demo account helps you get familiar with the software program that your chosen broker uses, the trading conditions provided and the spread on the various pairs or market’s you’re trading before you risk real money on a live account.
It will also help you practice your forex trading strategy from the trading course that you’re following and help you get familiar with spotting the patterns that you’re looking for in the charts to get your edge in the market.
Below you will find some of the best broker’s I’ve come across to create a demo account with so that you can start your trading career. You may also be interested in some of the brokers who offer a no deposit bonus on their live account, so you can try out trading in live account conditions without risking your own money.
A Top South African Broker is Markets.com
Markets.com is operated by Safecap Investments Limited (“Safecap”), a regulated investment services firm authorized by the Cyprus Securities and Exchange Commission (“CySEC”) under license no. 092/08 and by the Financial Services Board (“FSB”) in South Africa as a Financial Services Provider under license no. 43906.
They're perfect for beginner traders and offer a low initial depost (just $100) so that you can dip your feet into the trading market, without a risk of drowning immediately.
Classic Trading Account
- Minimum Deposit requirement of $100
- Daily Market Analysis
- Webinars & Video Tutorials Provided
- Desktop & Mobile Trading
Standard Trading Account
- Minimum Deposit Requirement of $2500
- All of Classic account features
- Dedicated Account Manager
- Premium Daily Analysis
Premium Trading Account
- Minimum Deposit of $20,000
- All features of Premium Account
- Premium Customer Support
Deposits and Withdrawals
They accepts credit or debit card transfers via Visa, MasterCard and Diners' Club, along with wire transfers for both deposits and withdrawals, and charge no fees during the deposit/withdrawal process and commits to reimbursing you for any charges incurred by your bank in deposits that exceed the $2,500 mini account limit.
The withdrawal process is initiated following the submission of a withdrawal request form by you. Credit card withdrawals are instant, while withdrawals through other mediums may take up to 3 days at times.
In rare cases, this process may take longer due to delays in the interbank market.
Click here to open an account and get R250 free deposit.
My Preferred Broker Is Blackstone Futures.
I Trade My Own Live Account With Them
Blackstone Futures is regulated by the FSB with registration number 38782.
Trading the Forex Market, Commodities, Indices and Equity markets in South Africa has never been this appealing with them.
I had a personally met with the CEO before he started operating in South African and I'm very impressed on the impact in the local market.
Since their launch in 2009, trader feedback has been nothing but positive.
If you are looking for an ECN/STP/Non-market maker which allows you to fund and trade in ZAR, then Blackstone Futures is for you.
No currency conversion fees!
Blackstone Futures make withdrawals just as quick as depositing, with next day withdrawals.
They're conveniently located in The Business Exchange, Rivonia Road, Sandton 2057, South Africa and you can visit them anytime.
Expert or Beginner, they offer a solid platform to grow as a trader.
Need a helping hand?
Their resident expert shares his knowledge and expertise surrounding the Financial Markets.
Trade on MT4 or their Cloudtrade platform!
They also offer a SUB-IB account, sign up by clicking here.
GT247 - Trade Forex & Stocks on the JSE as well (*CFD only)
GT247.COM is the #1 online stockbroker and one of the cheapest trading platforms in South Africa.
Their tighter spreads, no platform or monthly fees mean more of your funds go towards your trading, not on costs.
Less cost = More profit.
GT247.COM is a subsidiary and a juristic representative of Purple Group Limited, an authorised Financial Services Provider by the Financial Services Board (FSB) of South Africa, FSB License No. 46315.
They have been offering trading services to South Africans since 2000.
Their minimum deposit is just R2,000 and rather than charging spreads like other brokers, they have an innovative concept of "shading" that make it easy and cheap for traders to trade.
Try them out, you won't be disappointed.
Mt.Cook Is For The Professional Trader
Or For Those Joining A Mirror Trading Service
Mt.Cook shares a FSB number of Khwezi Trade which is 44816. In perfectly legal terms, they are an authorized juristic representative. Essentially what it means is that they are licensed to thrill South African traders with their excellent trading conditions.
As you can read for yourself from their story, they started out as traders themselves but then started managing other people's money and were frustrated by the lack of response from their brokers (most Retail Forex Brokers cater mostly to retail traders and churning them through until their live accounts are blown.
They are a specialist brokerage providing service exclusively to Money Managers, Qualified Signal Providers, Professional Self-Directed Traders, Market Participants/Funds, and Small-Medium Institutions.
if you are a private trader, you must meet their stringent qualifying criteria, but with their excellent trading conditions (ECN, DMA STP and all that jazz) you will happy that you chose them to trade with. They waive their minimum requirements if you're signing up for some managed solution (I'm in the process of creating a PAMM, I've found a trader who shows promise to manage money, its still early days but get in contact if you'd like to learn more about this opportunity)
They have offices in Cape Town, though they only fund via Bank Transfer (not credit card) but don't let this distract you from trading with them if your circumstances demand you use a superior broker.
Newly Regulated AVATrade Offers Bitcoin Trading
AVAtrade is the latest international broker that's regulated by the FSB (FSP Number 45984.)
They're also one of the few brokers that offer Bitcoin trading.
AVATrade also makes it easier for South African traders to enter the market especially with the funding of your account using PayPal or a deposit into a local South African bank.
This makes them one of the more convenient brokers to deal with. I do have a live account with them, but since the training I'm following uses the New York close charts and AVA offers a GMT server, I can't follow the signals I receive using their charts.
I hope to trade my account with them when I get more confident in my ability to trade all charts and time-frames.
And like all good modern brokers do, they also offer a sub-IB program so that you can earn a passive income from referring other traders as well as other IBs.
Sign up as an affiliate here and earn some passive income from your referrals.
JP Markets is a global Forex powerhouse.
They are licensed and regulated by the Financial Services Board, South Africa, FSP 46855.
Negative Balance Protection
Through the use of an automated transaction monitoring and risk management system, a client’s account will never be allowed to reach negative balance.
Zero Fees on deposits and withdrawals because they want you to prosper
They don't charge you any fees for bank deposits or withdrawals made through their payment gateways.
Quick & Sufficient Trading Platforms
With high performing and innovative technology, their platforms are fast and sufficient for your trading. They do not lag and do not re-quote on orders. What you want you get.
Fast, Reliable Deposits & Withdrawals
With their almost instant deposit and almost instant funds withdrawal technology. You can enjoy your success almost instantly. No long waiting periods.
State of the Art Security for your Money
Safety is their top priority. Your money is always save with them and are kept in a separate banking account as requested by the regulator. Your money is safe and secure.
24/7 Friendly Customer Support
Customer Support, one of the most prized position – to what makes them different. They provide support 24 hours a day, 7 days a week. Call
Free Forex training course!
Open a live account and deposit a minimum of R10 000 to qualify for free training and be trained by experienced Forex traders with years of trading experience.
Or open a demo account and test out their platform.
IronFX is Regulated With The FSB Amongst Others
IronFX is one of the most regulated brokers in the world (FSP no 45276) and for particular reasons of their trading platform, I've still got a small ($50) live account with them.
They've had some bad press recently, but (perhaps) because my accounts are still tiny, I haven't had any problems with them, especially with requesting withdrawals (which seems to be the biggest problem, and some issues with bonuses and IBs)
Their Research & Analysis team get's global recognition by the most well respected Financial media of the world. There daily market analysis is 100% FREE for clients.
Being a globally trusted brand, IronFX offers instant execution with no slippage or delay.
They offer the best spreads from 0 pips, with your 1 account you can trade 15 platforms and they offer over 200 tradable instruments.
IronFX’s achievements has been recognized by multiple international awarding bodies.
HotForex Is Another Newly Regulated FSB Broker
The HF Markets Group has announced last year that, in addition, to existing licenses and regulation from the Financial Services Commission (FSC) of Mauritius, the Financial Services Authority (SVGFSA) of Saint Vincent and the Grenadines and the Cyprus Securities and Exchange Commission (CySEC); the HotForex brand is now licensed and regulated by the Financial Services Board (FSB) of South Africa , through HF Markets SA (PTY) Ltd, under Financial Service Provider (FSP) license number 46632.
I've personally only started working with them now, I haven't yet started trading an account with them yet. I hope to do so soon.
I like that they have free funding, so even if you're using a wire transfer to fund your account and your bank charges you for that, they will still fund your account with the amount that you initially transfered.
ForexTime: A New Broker Regulated in South Africa
FXTM is now licensed by South Africa's FSB with FSP number 46614.
Like all good (excellent brokers), all of FXTM's client funds are deposited in segregated accounts at top-tier banks such as Barclay’s and Credit Suisse.
FXTM are one of the few brokers that offers all traders an insane leverage of up to 1:1000 (don't take them up on this, unless you know what you're doing. High leverage is terrible if you don't), tight spreads starting from 0.1 pips, and the ability to trade 100+ instruments.
They provide a great variety of optimised account types, desktop and mobile MT4/MT5 trading platforms, regularly hosts exciting demo and live contests, gives out trade-enhancing bonuses as well as useful free trading tools.