FSCA-regulated brokers provide the best demo accounts for South Africans, which allow them to trade Forex and cryptocurrencies without any risk. It’s also worth thinking about if a demo account will expire or whether you’ll be able to keep it open indefinitely. The ideal approach for South African newbie traders to learn how to trade the Forex market is to use a free Forex trading demo account. Traders may understand how the Forex market operates with a free trial account without any investment. In 2021 there will be many demo account offers by various trading platforms. Let’s discuss them in detail to know which one is best to learn trading strategies without risking your own money.
AvaTrade Demo Account:
AvaTrade is an FSCA-regulated trading platform for newbies having a CFD broker for trading forex, indices, stocks, cryptocurrencies, and vanilla options. AvaTrade has garnered widespread industry acclaim for Avatrade, one of the most popular mobile trading programs accessible worldwide, and has a local South African customer care team, that many European broken don’t have. AvaTrade has more options than other brokers, including support for MT4, MT5. Other than that, AvaTrade has a web trader platform that offers various trading tools.
FXTM Demo Account:
FXTM is a well-known and award-winning trading market. Their ECN broker offers Forex, metals, commodities, equities, and indices trading. FXTM’s trading fees are higher than usual on its two commission-free accounts, with spreads starting at 1.5 pips on the EUR/USD. In addition to its own FXTM Trading App and a comprehensive range of trading tools, including a VPS hosting option, FXTM supports both the MT4 and MT5 platforms. You can use its demo account to learn how to trade in the modern era.
XM Demo Account:
XM is a negotiating firm operator that offers trading on various products such as Forex, stock CFDs, metals, equities, precious metals, commodities, and stocks. Its account trading expenses are marginally higher than those of other marketers, with a spread average of 1.7 pips. But beginners can learn a lot through its demo account. XM is a fantastic broker for scalpers, day investors, and protracted traders because of its quick execution and good analytical software. It offers trading on both the MT4 and MT5 platforms, and the customer support unit is ready to assist with any account or technical questions.
HotForex Demo Account:
HotForex is a worldwide CFD broker with FSCA regulation and ZAR trading accounts that offer a diverse selection of trading products such as Forex, metals, commodities, shares, stocks, and ETFs. However, it recently discontinued supplying crypto CFDs. HotForex demo account supports both the MT4 and MT5 platforms and includes several useful trading tools to help traders. Sadly, excellent trading tools like Autochartist, which other brokers provide as a free service, demand a 6500 ZAR account balance.
The forex trading demo account in South Africa is the safest option to learn how to move in a forex trading market. Traders can learn new strategies without risking their own money.
Some demo accounts may expire after a certain amount of time, generally between 30 and 90 days. The greatest demo accounts will either never expire or will expire after a certain amount of inactivity.