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.
My Preferred Broker Is Trade Nation.
I know Trade Nation since they were known as BlackStone Futures. This new brand is part of their global brand with offices all around the world.
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.
No currency conversion fees!
If you are looking for an ECN/STP/Non-market maker which allows you to fund and trade in ZAR, then
Try them out, open a live account and start trading.
They also offer a SUB-IB account, sign up by clicking here.
AVATrade Opens An Office in Sandton
AVAtrade is another international broker that’s regulated by the FSB (FSP Number 45984.) and now has a physical presence in the country with their offices in Sandton.
They’re an established broker and looking to grow their presence in the African market.
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.
CM Trading – Sharing an FSP number with Blackstone.
A Top South African Broker is Markets.com
Markets.com is operated by Safecap Investments Limited (“Safecap”), a regulated investment services firm authorized CySEC under license no. 092/08 and by the FSCA 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.
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.
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.
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
IronFX is Regulated With The FSCA 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.
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.Open A Demo Account