By Jeffrey Cammack Updated: May 28, 2020

Forex demo accounts are free practice accounts that can be likened to flight simulators for pilots. In contrast to live accounts, where you make a cash deposit with a Forex broker to trade the live markets, a demo account is a virtual money account designed for beginners. They mimic real conditions and allow a trader to know what it is like to trade under real market conditions.

The primary purpose of demo accounts is to get hands-on experience before making a deposit. They also offer the opportunity to put what you have already learned into practice and test your trading strategy. Demo accounts are also used by experienced traders to test new strategies, trading robots and trading platforms, so you should always keep your demo account open.

Demo accounts are all about learning, so when we compare demo accounts we also look more generally at how a broker helps beginner clients. Every broker has a demo account, so we also look at the quality of their education material, customer service, market analysis and trading conditions. Since the best demo account will vary between people, we named our favourite broker and highlighted other brokers who stand out for their success in each of these areas.

These are the leading demo accounts from the best brokers in South Africa.

By Jeffrey Cammack Updated: May 28, 2020
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  • Broker
    AvaTrade

    AvaTrade  - Best Demo Account

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    AvaTrade has an excellent reputation in the Forex trading community as a dependable and client-focused broker, especially for new traders.

    Like most brokers, AvaTrade has a free demo account so you can acquaint yourself with how Forex trading works and get a feel for the platform. It is also a handy tool to practice your trading or test expert advisors on the MT4 platform. Opening a demo account with AvaTrade is a simple business, you can open it via your Facebook or Google account, or if you prefer you can fill in a short form with your name, email address and telephone number. You will not be required to download MT4 as AvaTrade offers full support for the web-based version of the platform.

    With 100,000 USD virtual funds, the demo account accurately simulates AvaTrade’s real account and will only expire after 21 days, though this can be extended indefinitely by getting in touch with customer support. We recommend that you keep your demo account open, as it allows you to test to new strategies and new trading robots, even once you have become an experienced Forex trader.

    • Good for beginners
    • Well regulated
    • Low minimum deposit
    • Dealing desk
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.2 pipsNoneInstantUSD 100 Account Details
    Professional0.9 pipsNoneInstantUSD 100 Account Details
    Retail0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    FXTM

    FXTM  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    FSC FSC
    Trading Desk Type
    Minimum Deposit
    USD 10
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    FXTM is one of the best Forex brokers in the world for beginner traders and in 2018 won the award for Best Forex Education Provider Africa from International Business Magazine. This focus on creating a good environment for new traders also extends to FXTM’s demo account offering.

    FXTM’s demo accounts are unlimited, only expiring after 90 days of inactivity and they accurately simulate four of FXTM’s six live accounts on both the MT4 and MT5 platforms. The only two accounts that are unavailable as demo accounts are the specialist Shares Account (exclusively for trading stocks) and the FXTM Pro Account, which is limited to professional traders only.

    Opening a demo account with FXTM is quick and easy, you only need to fill in your name, email, country of residence, mobile phone number and create a password. Your phone number is crucial, as FXTM uses 2-factor authentication to protect user accounts, something we would like to see more brokers doing.

    • Good for beginners
    • Excellent education
    • Well regulated
    • Low minimum deposit
    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Cent Account1.5 pipsNoneInstantUSD 10 Account Details
    Standard Account1.3 pipsNoneInstantUSD 100 Account Details
    ECN Zero Account1.5 pipsNoneMarketUSD 200 Account Details
    ECN Account0.1 pips$2.00MarketUSD 500 Account Details
    FXTM Pro Account0.0 pipsNoneMarketUSD 25000 Account Details
  • Broker
    Blackstone Futures

    Blackstone Futures  - Best Trading Platforms

    REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    ZAR 1000
    Trading Conditions
    Trading Platforms
    • MT4
    • Cloud Trade

    Founded in 2009, BlackStone Futures is an established FSCA-regulated broker based in Johannesburg. It offers tight spreads, STP execution and ZAR and USD accounts on the MT4 and CloudTrade platforms.

    BlackStone Futures takes special care to create a welcoming environment for new traders and this extends to its demo account policy. Demo accounts are available on both MT4 and CloudTrade, in either USD or ZAR, and are unlimited - only expiring after 30 days of inactivity. This is ideal for traders who have little experience on either platform, it also provides beginners with as much time as they need to learn how the Forex market operates before trading with real money.

    In order to open a demo account at Blackstone Futures, you will need to register with the BlackStone Futures Client Portal – aside from the usual personal details (name, email, country of residence, phone number), you will also be asked to choose a username and password. By registering with the Client Portal, it will be easier to open a live account later.

    • ZAR accounts
    • Tight spreads
    • Fast and free withdrawals
    • Limited platform choice
    • Local regulation only
    AccountSpread FromCommissionExecutionMin. Deposit
    USD Account0.6 pipsNoneMarketUSD 100 Account Details
    ZAR Account0.6 pipsNoneMarketZAR 1000 Account Details
  • Broker
    HotForex

    HotForex  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    DFSA DFSA
    FSC FSC
    Trading Desk Type
    Minimum Deposit
    ZAR 70
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    With a HotForex demo account, you will be able to simulate any of its 6 account types across both the MT4 and MT5 platforms. Multiple demo accounts can be opened, allowing new traders to check out all the various iterations of the HotForex product offering.

    HotForex demo accounts exactly simulate the live accounts on both the MT4 and MT5 platforms. To open a demo account, you will have to register with myHF but will not be required to open a live account. Registering with myHF is a simple affair but you will need to enter your legal name, country of residence, date of birth, email address and phone number. You will also need to choose the base currency for your account, though this can be changed later.

    Demo accounts on both platforms have unlimited usage and come with a 100,000 USD virtual balance. This is the ideal setup for gaining platform experience, learning how to trade and for testing strategies and new trading robots.

    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts
    • Limited base currencies
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneMarketUSD 5 Account Details
    Islamic1.0 pipsNoneMarketUSD 100 Account Details
    Premium1.0 pipsNoneMarketUSD 100 Account Details
    Auto1.0 pipsNoneMarketUSD 200 Account Details
    Zero0.0 pips$3.00MarketUSD 200 Account Details
    HFCopy1.0 pipsNoneMarketUSD 300 Account Details
    Premium Pro1.0 pipsNoneMarketUSD 5000 Account Details
  • Broker
    XM

    XM  - Best Research

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Minimum Deposit
    USD 5
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    A well-respected market maker, XM Group was established in 2009 and has over 1.5 million clients in 196 countries.

    XM offers demo accounts for all three of its accounts on both the MT4 and MT5 platforms and they all mirror exactly the live trading experience. The virtual balance for all demo accounts is set at 100,000 USD and neither account is time-limited, which is perfect for testing trading strategies or learning an unfamiliar platform.

    Opening a demo account at XM is straightforward, apart from your name, phone, email, and country of residence, you will also be asked to choose your preferred language from the 23 that XM support. You will also be asked to select your platform (MT4 or MT5), Base Currency (of the 11 offered), Leverage and Investment Amount (anywhere from 1,000 to 5,000,000 currency units).

    XM also allows traders to open five demo account simultaneously, this is especially useful for new traders who are unsure which account type they want to us.

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals
    • Dealing desk
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneInstantUSD 5 Account Details
    Standard1.0 pipsNoneInstantUSD 5 Account Details
    XM Ultra Low0.6 pipsNoneInstantUSD 50 Account Details
    XM Zero0.6 pips$7.00InstantUSD 100 Account Details
  • Broker
    CM Trading

    CM Trading  - Best Education

    REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    USD 250
    Trading Conditions
    Trading Platforms
    • MT4
    • Sirix

    Founded in 2013, CM Trading is a well-regarded South African broker, regularly cited as the largest in the country.

    CM Trading offers a demo account for all account types on the MT4 platform, but not for the Sirix platform. Unlike most brokers, the demo account will only be available after you open a live account and fund it.

    Demo accounts at CM Trading are unlimited and exactly mirror trading conditions on your live account. We recommend using the CM Trading demo account extensively to get a good understanding of the Forex market before you spend too much money on your live account. Unlimited demo accounts are also excellent for testing new trading strategies, and new algorithms in MT4.

    As you will need to open a live account with CM Trading before you can open a demo account, the process is more involved than with other brokers. You will need to submit a full trading profile, including your funding details and go through a fraud prevention check, this can take up to 24 hours before you gain access to the CM Trading client portal.

    • Good for beginners
    • Great customer support
    • Copy trading accounts
    • Expensive withdrawals
    • Local regulation only
    AccountSpread FromCommissionExecutionMin. Deposit
    Bronze1.5 pipsNoneInstantUSD 250 Account Details
    Silver1.2 pipsNoneInstantUSD 1000 Account Details
    Gold0.9 pipsNoneInstantUSD 10000 Account Details
    PremiumNot Published pipsNoneInstantUSD 25000 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    Trading Platforms
    • MT4

    Founded in 2001, easyMarkets was one of the first online brokers and it has grown to one of the largest Forex brokers in the world. easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop loss back in 2001 – these tools are now industry standards – and has always had a special focus on beginner traders.

    easyMarkets offers an unlimited demo account both on MT4 and easyMarkets' own web-based platform, though you will need to register before you can access it. Unlimited accounts are great not just for new traders, but also for experienced traders who want to test out new strategies and new trading indicators.

    The demo account is particularly useful if you want to test easyMarket's proprietary trading platform and innovative tools such as dealCancellation, Freeze Rate, and Inside Viewer. Registering is a simple affair, requiring just your email and password to access the client portal and web-based trading platform.

    • Well regulated
    • Wide range of assets
    • Innovative trading tools
    • Limited platform choice
    • Limited account options
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.9 pipsNoneInstantUSD 100 Account Details
    Standard1.9 pipsNoneInstantUSD 100 Account Details
    Premium1.4 pipsNoneInstantUSD 2000 Account Details
    VIP0.9 pipsNoneInstantUSD 10000 Account Details
    Super VIP1.2 pipsNoneInstantUSD 50000 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    Trading Platforms
    • MT4

    Founded in 2010, and regulated incomparably better than most brokers, IronFX has oversight from ASIC, the FCA, CySEC and the FSCA and offers a wide range of account types.

    The IronFX demo account is unlimited and available as a mirror of all IronFX live accounts on the MT4 platform, including the three ECN/STP market execution accounts. This will be useful for new traders who have no experience with trading in an ECN environment, which differs greatly from a standard fixed-spread trading environment.

    Registering a demo account with IronFX is a simple affair, requiring you to enter to name, email, phone number and country of residence. You will also be able to select the account type you want to mirror, one of eight base currencies, leverage (up to maximum of 1:500) and virtual deposit amount (anywhere from 500 to 5,000,000 currency units).

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Live Fixed Spread2.2 pipsNoneInstantUSD 100 Account Details
    Live Floating Spread1.1 pipsNoneInstantUSD 100 Account Details
    Live Zero Spread0.0 pips$18InstantUSD 500 Account Details
    STP/ECN No Commission1.7 pipsNoneECN/STPUSD 500 Account Details
    STP/ECN Zero Spread0.0 pips$7.50ECN/STPUSD 500 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    IFSC IFSC
    Trading Desk Type
    Minimum Deposit
    USD 5
    Trading Conditions
    Trading Platforms
    • MT4
    • xStation5

    XTB is an award-winning NDD and ECN/STP broker, with simple account choices, a wide variety of asset types for trade and a long track record of offering a fair and secure environment for new traders.

    With an excellent reputation among beginner traders, XTB offers demo account on both of its account types on both MT4 and the xStation platform. xStation is a particularly good proprietary platform and many new traders will want to use the demo account to test this software.

    While the demo account is limited to 4 weeks and only 100,000 USD of virtual funds, this can be extended by the XTB customer support team. Four weeks is a relatively short period of time for learning how to trade; we recommend keeping your demo account open as long as possible in order to test new trading strategies and different indicators and tools, especially on the MT4 platform.

    Registering a demo account with XTB is simple affair, requiring only your email address and country of residence.

    • Well regulated
    • Tight spreads
    • Low minimum deposit
    • Good for beginners
    • Limited platform choice
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic0.28 pips$10.00InstantUSD 5 Account Details
    Pro0.28 pips$7.00InstantUSD 5 Account Details
    Standard0.35 pipsNoneInstantUSD 5 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    ZAR 2500
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    Marketsx is a premium trading platform owned and operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments.  

    The demo account at Marketsx offers traders the chance to try out this new platform, which has been built from the ground up to provide traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

    In addition, the Marketsx demo account is unlimited, giving new traders the opportunity to fully understand the Forex market before opening a live account. The unlimited nature of the demo account is also fantastic for experienced traders who want to test the platform’s features, which include an advanced charting package and asset comparison tools.

    Opening a demo account is easy, and only requires your email address, a password, and your choice of base currency (GBP, USD, EUR or AUD).

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals
    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live0.9 pipsNoneInstantUSD 250 Account Details
  • REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    USD 250
    Trading Conditions
    Trading Platforms
    • MT4

    IG Markets, our highest ranked broker, is the world’s largest CFD broker by revenue and offers an extraordinarily good environment for beginner traders, with a wealth of educational analytical material. It's therefore unsurprising that IG Markets also provides an excellent demo account product.

    The IG Markets demo account is available for both MT4 and IG Markets own Webtrader and both exactly mirror live account conditions. The demo account is unlimited and comes with 10,000 USD of virtual funds, though this can be increased by contacting the IG Market customer support team.

    While unlimited demo accounts are great for new traders who need to learn the fundamentals of Forex trading, in this case, the Webtrader demo account is also useful for more experienced traders who want to test the platform. Of course, unlimited demo accounts are useful for all traders who want to try out new strategies and new forms of algorithmic trading on the MT4 platform.

    Registering for either demo account is easy, requiring only your name, phone number, email address, and country of residence.

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis
    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live Account0.6 pipsNoneInstantUSD 250 Account Details
    Spread Betting0.6 pipsNoneInstantUSD 250 Account Details

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All Forex Brokers in South Africa

What is a Demo Account?

A Forex demo account is a trading account opened with a Forex broker with virtual money. A Forex demo account has all the elements of a real Forex account, except for the source of funds in the account – otherwise known as the capital. A real account has money sent by the trader to the broker, who then credits the account with the funds. But a demo account contains virtual money provided by the broker. Such funds can only be used for practice trades and cannot be converted into real funds.

Why Use a Demo Account?

Trading with real money can be a risky venture. All CFD brokers who are licensed by good regulators, such as CySEC in Cyprus, must clearly label their website and advertisements with a risk warning detailing what percentage of traders lose money on their platforms.

So, it is clear you can either win or lose. Winning and losing in Forex is a result of how well you know the market, your ability to use the trading platform correctly, the performance of your Forex trading strategy and your risk management strategies. These are all things that you can perfect with your demo account – let us look at how exactly it can help you become a better trader:

Learning

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:

  • What are the functions, the keyboard shortcuts, and the various order types? How are all these deployed?
  • How do you pull charts, change from one-time frame to the other, or add indicators?
  • How do you deploy your Forex expert advisors (EAs)?
  • How do you add custom indicators to your platform?
  • How do you execute functions such as one-click trading, adding or removing indicators with two mouse clicks, or add or remove charts for various assets?
  • How do you set up market orders, pending orders, stop loss and take profit orders? What is the importance of using a trailing stop order and how do you adjust indicator parameters?

Testing: New Strategies, Indicators and Robots

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, and to find out whether your indicators and robots will work in live market conditions. You will also need some theoretical knowledge of the categories of indicators available and how they are used.

Attaining Platform Experience: MT4, MT5, cTrader, Proprietary Platforms

It makes a lot of sense to open a Forex trading demo account with the same platform that you will be trading a live account with. You should also use the same amounts you will fund your live accounts with, so you can use the same lot sizes and other trade 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). Some brokers will also offer proprietary platforms, but you should only use them for demo trading if you plan to open a real account on the same platform.

Learning to Trade with a Forex Demo Account

When you are learning to trade Forex with a demo account, these are the concepts you should cover as part of your practice sessions.

Order types

Know the order types available on the platform you will use. The common order types are buy/sell (instant orders to buy or sell a currency pair at market price), limit orders and stop orders. But these are not the only order parameters you need to know. You should know how to set the prices for pending orders and set the expiration time for execution of pending orders (i.e. Good-till-Cancelled or Good-till-day for trader-specified or end of day expirations for pending orders respectively).

Leverage, Margin, Spreads and Currency Pairs

You should know how to set a lot size for your trade without jeopardising proper risk management. This means understanding how leverage and margin can affect the size of your orders. 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.

You should go through the list of currency pairs and know which ones are the major currencies, minor currencies and exotic pairs. Understand how they are priced and why exotic pairs have a larger range of movement than major currencies.

Charting and Tools

 You will need to understand how plug-ins work; Autochartist will plug-in directly to MT4/MT5 and cTrader and will help you detect chart patterns and trading opportunities. Learn how to add such plug-ins to the platform and onto charts. Use your Forex demo account to understand how to add indicators and EAs to the charts, and how to enable/disable them, especially if you are conducting trading using a VPS.

Fundamental Analysis: How Fundamentals Affect Price and Volatility

How does the news affect price action and volatility? Most brokers will have an economic calendar with the upcoming data releases for the major economies but trading geopolitical events, such as Brexit or the Coronavirus Pandemic can be a very tricky business. Know how each currency pair that is listed on the news calendar responds to the high-impact news releases. Know how the initial spikes occur and how they can be traded. Get an understanding of the advantages and pitfalls of direction-based and non-directional trading.

Technical Analysis: Support and Resistance Levels, Signals and Patterns

Each platform comes with a variety of line tools, Fibonacci tools and other tools necessary for chart studies. 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.

How to Choose A Demo Account?

The best Forex demo accounts are those which are free and unlimited. These allow you to practice at your own pace, whenever and wherever possible. You are not under pressure to complete your practice period within a set time. Unlimited accounts also help you to continue your trading studies once you have a live account.

Forex Demo Accounts - How long do they stay open?

Demo accounts remain open for different lengths of time depending on the broker but generally vary in length from 7 days to unlimited.

You will also want to compare the various trading platforms in the market and assess their suitability for demo account use. MT4 is supported by nearly every Forex broker and is a good, user-friendly platform for beginners to start with. MT5 has all the features of MT4 but also has some extended features such as a depth of market (DOM) tool and the use of expanded time frames.

It is important to reiterate that a demo account is your live account simulation. Therefore, you would be best served opening the account with the same minimum trade size as you would use in your live account.

Most Forex platforms are also available as mobile apps. 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. If you plan to be doing a lot of mobile trading, it makes sense to open and operate a demo Forex account on a mobile app as well.

Live Account vs Demo Account

A common pitfall of Forex demo accounts is the psychological aspect of using them. When traders know that no real money is involved and nothing is at stake, they tend to switch off and disconnect from the seriousness of the situation. There is a tendency to behave more carelessly when trading with a demo 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 prepared for this psychological challenge.

Furthermore, slippages and requotes that can occur in real money trading do not exist when using a demo Forex account.

How do you open a Forex Demo Account?

Opening a demo account only takes a few minutes. To get started:

  1. Visit a Forex broker where you would like to open an account
  2. Complete your personal information
  3. Verify your phone number or email address
  4. Follow the instructions on your screen and in your email.

Here is a video tutorial showing how to open my demo account.

The Best MT4 Demo Accounts

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.

The Risks of Forex Trading

Forex trading is very risky, and much of the risk is hard to manage.

If you are concerned about making trading losses, or if you feel that you can make smarter trades, you should take note of the following: A tiny percentage of traders consistently predict the market and fewer still make significant returns, so starting with a risk-free account is a wise move.  The Financial Conduct Authority, the UK’s financial regulator, has data showing that 82% of traders will lose money on these products, so it is highly recommended to open a demo first and apply the risk management that is available to you before investing money.

Recommended Reading

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, and how to open a trading account

Sources:

https://www.fca.org.uk/news/press-releases/fca-proposes-stricter-rules-contract-difference-products

 

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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