Since 2012 we have reviewed and traded with over 180 Forex brokers in Kenya. The FX Scouts team of trading experts is frequently cited in international and local media. Find out more about us here.
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
Demo accounts are multi-purpose tools. They are the best way for beginner traders to learn how to trade the Forex market without risking any of their own money. But demo accounts are also important for traders who want to test new strategies in a risk-free environment. It’s important that demo accounts never expire because new strategies will always need to be tested, and beginners should never be forced into live trading before they feel ready. Whatever your reason for opening a demo account, all the brokers on this list also have excellent education and low costs on their entry-level accounts.
These are the best Forex demo accounts in Kenya for 2023, according to our testing and our research.
Pepperstone is internationally recognised for its high-speed trading execution, low trading fees, and ECN pricing. Free demo accounts at Pepperstone allow clients to trade 80+ Forex pairs on MT4, MT5 and cTrader platforms. The demo account expires after 30 days unless you have a live account, in which case you can request a non-expiry demo account. The main draw here with the Pepperstone demo account is for beginners to learn how ECN pricing alters the trading experience with no risk.
Demo and live accounts have the same performance and conditions, except the demo account comes loaded with 500,000 USD in virtual funds. Pepperstone’s education section called Learn to Trade Forex helps traders get started with some of the technical concepts, while a section called Trading Guides supports traders with issues that they will confront every day; how to keep a trading journal, developing a trading plan and managing risk.
AvaTrade is one of the largest and best-regulated brokers in the world. The free demo account is available on AvaTrade’s webtrader platform, MT4, MT5 and its excellent mobile app, AvaTradeGO. Demo traders can access over 1250 instruments, including Forex, Crypto, Stocks, Commodities, and Indices. The demo account comes pre-loaded with 100,000 USD and will expire after 21 days. If you are not ready to open a live account after this time, get in touch with the customer service team and they will be happy to extend it.
With an AvaTrade demo account, you get to test-drive the excellent AvaTradeGo mobile app. Voted the best Forex Trading App 2020, AvaTradeGO offers a smooth trading experience with a sophisticated dashboard, complete with a set of intuitive management tools, clear zoomable charts, and many more helpful features.
Trading conditions on the live account at AvaTrade are great. The average spread on the EUR/USD is 0.9 pips and the minimum deposit is 100 USD, no commission is charged. Maximum leverage is 400:1. Deposits and withdrawals are free of charge.
For beginner traders, AvaTrade offers a complete library of educational material, as well as helpful tools and analysis to assist traders in finding the best opportunities. Customer support is available 24/5 in 14 languages and is well-known for its quality.
Awarded the Global Forex Broker of the Year 2020 in the Global Forex Awards, XM is a serious market maker broker with ASIC and CySEC regulation. The demo account at XM is funded with a 100,000 USD virtual balance and is available on both the MT4 and MT5 platforms. XM’s demo account is also unlimited and can be run in parallel with a live account.
XM’s MT5 Demo Account is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to Stock CFDs, Stock Indices CFDs, CFDs on Precious Metals and CFDs on Energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality.
The live account trading conditions at XM are good across the board. XM offers the XM Zero Account, a raw pricing account with low commission, spreads as low as 0 pips on major currency pairs, and fractional pip pricing. It also offers Micro and Standard Accounts with spreads starting at 1 pip and minimum deposits of only 5 USD. Unfortunately, having ZAR as a base currency is only possible on the Micro and Standard Accounts and not on the XM Zero Accounts.
For beginner traders, XM Group’s educational content is primarily instruction in a video format. The core educational offerings are three Education Rooms, aimed at traders of differing skill levels (Primary, Intermediate and Advanced). The Primary Education Room is open to the public, but access to the others requires registration.
FXTM, regulated by the FSCA in South Africa, is internationally recognised for its focus on new traders. The free demo account at FXTM allows clients to trade 60 Forex pairs on their choice of the MT4 or MT5 platforms. The FXTM Demo Account never expires and is available as an option on all account types, including FXTM’s excellent ECN and ECN Zero Accounts. The Demo ECN Account is especially interesting as it offers spreads starting at 0 pips with a commission of only 4 USD round turn.
FXTM’s live account trading conditions are good, whether you have an ECN or Standard Account. The Cent Account only requires a minimum deposit of 10 USD, leverage of 1:1000 and spreads from 1.5 pips. If you decide to open a live ECN Account, you will be expected to make a minimum deposit of at least 500 USD.
For new traders, FXTM has a great deal of high-quality educational material. The expansive education section includes articles, videos, and webinars. There is an additional set of videos that cover analysis topics, and more detail on chart reading techniques. Market analysis is updated daily and offers many actionable trading ideas.
HFM is a well-regulated STP broker with awards for its client protection and product line. The HFM demo account is unlimited and comes with 100,000 USD preloaded on both MT4 and MT5. But the MT4 Demo Account experience is the standout here; with complete access to expert advisors and over 50 built-in indicators, this is the perfect MT4 demo experience for new traders.
HFM offers 4 different accounts, all with a KES base currency option, with 1:400 leverage for traders that want to take the step up to a live account. The minimum deposit required is exceptionally low, at 5 USD, and spreads start at 1 pip on the EUR/USD.
🏦 Min. Deposit | USD 0 |
🛡️ Regulated By | ASIC, BaFin, DFSA, CFTC |
💵 Trading Cost | USD 6 |
⚖️ Max. Leverage | 200:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, L2 Dealer, ProRealTime |
💱 Instruments | Bonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates |
The world’s largest broker, IG Markets is a market maker regulated by the FCA, ASIC and the FSCA. IG Markets offers both a Domestic Demo Account and an International Demo Account. The Domestic Demo Account gives South African traders 1 million Rand of virtual money but does not allow for Forex trading – the only tradeable markets are South African stocks, ETFs, and the SA 40 index.
The International Demo Account has 10,000 GBP preloaded but offers access to all 17,000 instruments available at IG Markets (including all Forex pairs). This demo account is available on both MT4 and IG Markets’ own web trading platform. Both demo accounts are unlimited and provide free access to the IG Academy’s educational content.
The live trading environment at IG Markets is one of the best in the world. There is a single account on either MT4 or IG markets web-based platform, with a required minimum deposit of 250 USD/4000 ZAR. Spreads are variable and very low for a market maker, sometimes down to 0.4 pips on the EUR/USD. Over 80 currency pairs are available to trade, alongside 12,000 share CFDs, indices, commodities, cryptocurrencies, bonds, and options.
With the Award for Best Forex Educators 2018 (UK Forex Awards), IG Markets provides accessible and high-quality educational material for beginner traders. Market analysis is equally superb and 24-hour customer support is available from IG Markets’ offices in Johannesburg.
XTB is a well-regulated, award-winning NDD (no dealing desk) market maker. The demo account at XTB has 100,000 USD virtual funds and remains open for 4 weeks – after which traders are expected to move to a live trading environment.
The main draw at XTB is the award-winning xStation 5 trading platform. Intuitive, powerful, and fast, xStation 5 shows XTB sentiment data in the platform and offers powerful charting tools, one-click trading, and real-time performance statistics so traders can identify areas for improvement.
For those making the step up to a live account at XTB, the xStation 5 platform offers access to over 1500 instruments with spreads down to 0.5 pips on major Forex pairs. Minimum deposits are low, at 5 USD, and dynamic leverage maxes out at 1:500.
For beginners, XTB has some of the best Forex education available. Its Trading Academy is structured into topics and experience levels; it is clear and concise, and structured like a course. Market analysis is less detailed but will assist new traders looking for trading opportunities.
FBS is a well-regulated broker offering trading on multiple assets, including Forex, metals, energies, indices, crypto, and stocks. FBS’ free demo account allows traders to test out trading strategies on MT4, MT5, and the FBS Trader platforms with virtual money under real trading conditions. Demo accounts expire after 90 days of inactivity, and then they are automatically deleted. Clients can open a new account if this happens.
Demo accounts are available on all 6 of FBS’ account types, including the Cent and Micro, aimed at beginners. But FBS offers account types to suit traders of all experience levels and allows leverage of up to 3000:1 on three of its accounts. Trading costs can be higher than other brokers on some of its account options, with spreads as wide as 3 pips (EUR/USD) on its Micro Account and a 20 USD per lot commission on its Zero Spread Account. Trading costs are significantly lower on the Cent and Standard accounts, with spreads down to 0.8 pips on the EUR/USD.
Founded in Australia in 2009, Eightcap is regulated in Australia and supports the MT4 and MT5 trading platforms. In addition to Forex, Eightcap’s demo account offers trading on a selection of indices, commodities, and US and Australian shares. Share trading is available on the demo account, though only on the MT5 platform, and includes 250 of the largest US and Australian stocks. Alongside big US tech companies like Tesla, Apple, and Google the shares of Australian majors like BHP Group and Commonwealth Bank are also available.
Founded in 2001, easyMarkets was one of the first online brokers. Regulated by ASIC since 2003, CySEC since 2007 and the FSA since 2020, easyMarkets offers simple accounts and unique trading tools. The easyMarkets demo account is available on both MT4 and the easyMarkets platform. While the demo account has unlimited use on both platforms, the demo account on the easyMarkets platform allows traders to test the innovative features that this broker is famous for, such as dealCancellation, Freeze Rate and easyTrade.
Live account trading conditions are good for a market maker, with fixed spreads starting at 1 pip on the EUR/USD and leverage of 1:400 available. The minimum deposit is 25 USD, and 103 different currency pairs are available to trade, alongside precious metals, commodities, indices, cryptocurrencies, and shares.
easyMarkets are a firm favourite for new traders, with simple account options and an intuitive web-based trading platform. easyMarkets also hosts the Learn Centre featuring articles, videos and ebooks covering multiple topics including trading strategies, trading psychology, risk management and introductory learning modules for new traders. Market analysis is less impressive, but the market news feed is integrated into the trading platform for ease of access.
🏦 Min. Deposit | USD 50 |
🛡️ Regulated By | CySEC, FCA, ASIC, FSCA |
💵 Trading Cost | USD 22 |
⚖️ Max. Leverage | 500:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4 |
💱 Instruments | Commodities, Stock CFDs, Forex, Futures, Indices, Metals |
IronFX is a remarkably well-regulated Forex market maker with MT4 support and award-winning education and research material for traders. Traders can choose from two demo accounts: The Standard Floating Spread Account or the STP/ECN Absolute Zero Account. Both demo accounts come pre-loaded with 100,000 USD and demo traders can choose their leverage, up to 1:1000.
When it comes to live trading accounts, IronFX offers seven options. Standard Accounts come in four types, all Standard Accounts have relatively tight spreads and maximum leverage of 1:1000 and require a 100 USD minimum deposit. For traders looking for the best conditions, the ECN/STP accounts require a 500 USD minimum deposit but spreads start at 0 pips on the Zero Spread Account – but with a commission of 7.50 USD.
For beginner traders, IronFX’s award-winning education section is full of educational videos covering trading strategy, market analysis, social trading, crypto trading and trading psychology and it is continually expanding. Market analysis is updated daily and of very high quality, the IronFX research team is frequently called on by major news organisations to offer insight.
A demo account is a virtual Forex trading account designed for beginners. A demo account is the same as a real account, except for the money in the account. A real Forex account is funded by the trader, but a demo account has virtual money provided by the broker.
Real accounts are funded with real money by the trader, demo accounts are funded with virtual money by the broker
This virtual money can only be used in the demo account and cannot be converted into real money. Because they work the same way as real accounts, traders with demo accounts will face real market conditions.
Demo accounts simulate real market conditions
Demo accounts are always free. This works for both traders and brokers: Trader get hands-on experience before making a deposit and brokers want new traders to have a good time trading without any risk. This makes it more likely for a new trader to open a live account.
Demo accounts are always free
Demo accounts also offer traders the opportunity to practice what they have learned. Demo accounts are used by experienced traders to test new strategies, new trading robots and new trading platforms. Traders should always keep their demo account open.
Traders should always keep a demo account open
Demo accounts are all about learning. When comparing demo accounts new traders should also look at how a broker helps beginners. Other things to consider are:
Traders should choose a Forex demo account that never expires. Some brokers will only offer demo accounts for a short period of time, sometimes as short as one week.
Choose a Forex demo account that never expires
Demo accounts that never expire allow you to practice at your own pace. You are not under pressure to complete your education within a set time. With a demo account that never expires, you can also continue your trading education once you have a live account.
Demo accounts remain open for different lengths of time depending on the broker but generally vary in length from 7 days to unlimited.
FXTM, Plus500 and XM all offer demo accounts that never expire.
When choosing a demo account, it is also important to think about what trading platform you will be learning to use.
Choose a demo account on the trading platform you want to use
MetaTrader 4 (MT4) is supported by nearly every Forex broker and is a good, user-friendly platform for beginners to start with. Because it is so widely supported there are many online tutorials and guides for beginners.
MetaTrader 5 (MT5) is similar to MT4 but has extended features and a more modern interface. cTrader is another popular platform, though is less widely available.
The most popular trading platforms are MetaTrader 4, MetaTrader 5 and cTrader
FXPro, Pepperstone and OctaFX all offer demo accounts for all three platforms (MT4, MT5 and cTrader).
It is important to reiterate that demo accounts are simulations of live accounts. For the true trading experience, you should open a demo account with the same minimum trade size as you would use in your live account.
If you plan to be doing a lot of mobile trading, it makes sense to open a demo Forex account on a mobile app as well. Make sure that the trading app works well on your mobile phone.
Choose a demo account that works well on your mobile phone
Mobile trading apps have evolved a lot over the years since the first ones became available a decade ago. To a large extent, the functionalities of Forex demo accounts available on desktop platform terminals are now captured by mobile apps.
Use a Forex demo account so that you will not lose any money while you are learning. Forex is a high-risk venture and 70-90% of traders will lose money. It is really that simple.
You cannot lose real money with a demo account
Of course, you will not make any profits either. But beginner traders rarely profit by jumping straight into a real account.
Yes, there is a (very) small chance you will be lucky and make a profit. But this is no better than gambling. And like gambling, the house always wins in the end: You may make a profit once or a few times, but eventually, you will lose.
Being profitable depends on how well you know the Forex market and your ability to use your trading platform correctly. It also depends on the performance of your Forex trading strategy.
Use a demo account to learn how to trade, gain platform experience and perfect your strategy
When you are learning to trade Forex with a demo account, these are the concepts you should cover as part of your practice sessions.
Leverage is money borrowed from your Forex broker which allows you to open much larger trades than you would with just your own money. The margin is the deposit required from you to open a trade. This is real money taken from your trading account.
Leverage is money borrowed from your broker to increase the size of your trade
Calculating how much you will borrow and how much you will need to deposit when opening a trade is an important part of managing your risk. This means understanding how leverage and margin can affect the size of your orders.
You should go through the list of currency pairs and know which ones are the major pairs, minor pairs, and exotic pairs. Understand how they are priced and why exotic pairs have a larger range of movement than major currencies.
Exotic pairs have a larger range and wider spreads than major pairs
It is also important to know the spreads for each currency pair you plan to trade and to discover whether they are fixed or variable.
Forex is about buying and selling currencies, but there are various ways to do this. The different ways to buy and sell currencies are called order types.
The two common order types are buy and sell. These are instant orders to buy or sell a currency pair at market price. Then there are limit orders, stop orders and pending orders. Each one of these has variations that can give traders an edge, depending on the market situation. They can also be combined to better manage risk.
Each order type has its own purpose, and they can be combined
Traders should also know how to set the prices for pending orders and set the expiration time for execution of pending orders.
Reading and modifying charts is an essential part of Forex trading. You will need to understand how to change time frames and how to add indicators and oscillators to the charts.
Charting is an essential part of Forex trading
You will also need to understand how plug-in tools work. Autochartist is a tool that plugs-in directly to MT4, MT5, and cTrader and helps you detect chart patterns and trading opportunities.
Fundamental analysis is the study of how news events affect price action and volatility. Most brokers will have an economic calendar with the upcoming data releases for the major economies but trading unpredictable geopolitical events, such as Brexit or the Covid-19 pandemic, is a very tricky business.
Trading geopolitical events, like the Covid-19 pandemic, is a tricky business
You will need to learn how each currency pair that is listed on the news calendar responds to high-impact news releases. Once you understand a currency pair’s response you can learn to trade the initial spikes when news is released.
Technical analysis is the study of historical price movement to predict future price movement. Technical analysis occurs almost entirely on charts. Each platform comes with a variety of line tools, Fibonacci tools and other tools necessary for chart studies.
Technical analysis is the study of historical price movement to predict future price movement
With a Forex demo account, you can learn how to use these tools to plot support levels, resistance levels, chart patterns, retracement and extension levels, and create trade alerts.
Learning starts with understanding your Forex trading platform and its features. Before you start trading with real money you should be able to answer all the following questions about your platform:
For this reason, you should use the same platform for your demo account and your live account.
Use the same trading platform for your demo account and your live account
You should also use the same amount of virtual money in your demo account that you will fund your live account with. By doing this you can use the same lot sizes and other parameters to mimic the exact conditions that you will face in live trading.
More than 98% of Forex brokers offer demo accounts on the MetaTrader 4 (MT4) platform. However, the MetaTrader 5 (MT5) and cTrader platforms are also available for those who want extended functions such as algo trading (cTrader) or a Depth of Market (DOM) tool (MT5).
More than 98% of Forex brokers offer demo accounts for the MT4 platform
Some brokers also offer their own platforms. While these are often easier to use for beginners, you should only use them for demo trading if you plan to open a real account on the same platform.
Once you have mastered the use of the trading platform, it is time to use your demo Forex account to test your strategies and to learn the best use of indicators and Forex robots.
The emphasis is not to give yourself a false sense of security by just posting profits, but to understand how each indicator works. You also need to find out how well your indicators and robots work in live market conditions. You will also need some theoretical knowledge of the categories of indicators available and how they are used.
Unfortunately, the answer to this is: You cannot.
A drawback of Forex demo accounts is the reduced psychological impact when using them. When traders know that no real money is involved and nothing is at stake, they disconnect from the seriousness of the situation – it is human nature.
Trading with a demo account does not have the same psychological impact as trading with a real account.
However, when real money is involved, traders will find anxiety and self-doubt to be near-constant companions. Forex trading with a demo account cannot prepare you for dealing with these emotions, and you should be aware of this psychological challenge.
Furthermore, slippages and requotes that can occur in real money trading do not exist when using a demo Forex account.
Opening a demo account only takes a few minutes. To get started:
Here is a video tutorial showing how to open a demo account.
The best MT4 demo accounts offer real market conditions, premium charting packages for free, give beginner traders access to educational content, and trading using mobile phone applications.
We have a guide to setting up MT4 should you need the assistance getting started and more detail where we compare MT4 Forex brokers side-by-side.
If you are new to trading and don’t know how Forex trading works, it is wise to start your reading here, and then move off to learning to trade Forex, how to compare Forex brokers and how to open a trading account.
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.
Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.
Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)
Our State of the Market Report and Broker Directory are the result of extensive research on over 180 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 200 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.
FCA proposes stricter rules for contract for difference products – Press Release – Published: 06/12/2016 – https://www.fca.org.uk/news/press-releases/fca-proposes-stricter-rules-contract-difference-products
Session expired
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.