The 10 Best Forex Brokers with ZAR Trading Accounts in South Africa revealed.
We tested and verified the best brokers offering trading conditions in the South African Rand. (R)
This is a complete guide for forex trading brokers with ZAR Trading Accounts. Updated for January 2023.*
In this in-depth guide you’ll learn:
- How to choose the best ZAR trading broker
- How to compare the best trading apps for ZAR trading pairs.
- Who are the best forex brokers for South African ZAR / Rand accounts
- Which brokers offer Nas100 in ZAR and Micro accounts.
- How to sign up for a ZAR trading account.
- Best time to trade the South African markets.
And Lots more…
So if you’re ready to go “all in” with trading in your native RAND account, this guide is for you.
Let’s dive right in…
10 Best Forex Brokers with ZAR Trading Accounts (2023)
- ✔️HF Markets – Overall, Best Forex Broker with a ZAR Account
- ✔️Exness – Super Low Spread ZAR Regulated Broker
- ✔️Khwezi Trade – Proudly ODP Regulated Forex Broker
- XM – Global Forex Broker offering a ZAR trading account
- Blackstone Futures – Good conditions and support ZAR Forex Broker
- IFX Brokers – Fastest Growing FX Broker
- Plus 500 – CFD Provider offering multiple ZAR trading pairs
- FXPRO – FSCA Regulated Forex Broker with World Class Client Support
- SuperForex – Low Commission ZAR Account Broker
- FXCM South Africa – Low minimum Deposit broker in South Africa
South African rand (ZAR) trading accounts are offered by 10 of the regulated Best Forex Brokers across the globe. South African Forex Trading accounts are dominated by ZAR as the base currency and offer South African traders several benefits.
✅ Find a full write-up of the best FSCA-regulated forex brokers offering ZAR Trading Accounts.
HotForex / HF Markets
HF Markets is listed as one of the Top 100 Companies by the World Finance Magazine and is recognized for its integrity by its industry peers, and the financial industry as a whole. HotForex is a highly regulated forex broker being licensed by major global regulatory bodies, including FCA, CySEC, and the local Financial Security Conduct Authority FSCA.
As an STP broker regulated by multiple major international organizations HotForex is an international broker with a reputation for achieving a stable, fair, secure, and transparent trading environment.
HF Markets- Brief Overview
| ?Min. Deposit | USD 5 |
| ⬆️Maximum Leverage | 500:1 |
| ⬇️Min. Spread | 0.0 pips |
| ⚖️Regulators | CySEC, FCA, FSCA, DFSA, FSC |
| ?Trading Desk Type | Market Maker |
Hotforex – Account Options
| ? Account | ? Micro Account | ? Premium Account | ? Zero Spread Account | ? Auto Account | ? HFCopy Account |
| ? Minimum Deposit | $5/R70 | $100/R1400 | $200/R2800 | $200/R2800 | $300 for Strategy Provider, $100 for Follower |
| ? Maximum Leverage | 1:1000 | 1:500 | 1:500 | 1:500 | 1:400 |
| ? Spreads | Variable | Variable | Variable | Variable | – |
| ? Spreads from (pips) | From 1 pip | From 1 pip | From 0 on Forex | From 1 pip | From 1 pip |
| ? Max Simultaneous Open Orders | 150 | 300 | 500 / (*)60 Standard lots per position | 300 | 300 |
| ? Open an Account | ? Click Here | ? Click Here | ? Click Here | ? Click Here | ? Click Here |
Hotforex – Tradig Conditions
| ?Number of FX Pairs | 51 |
| ?Hedging Allowed | Yes |
| ?Scalping | Yes |
| ☪️Swap-Free Accounts | Yes |
Deposits with HotForex are handled on weekdays and conditions do apply. HotForex covers the fees for transfers over the minimum amount of 250 USD and a minimum deposit of 50 USD is required. Withdrawals are processed within 24 hours on a weekday, and conditions apply.
HotForex also offers deposit bonuses, the option for an instant deposit, and zero fees for deposits and withdrawals. Withdrawal methods are also fast and convenient, providing traders with first-class trading services.
Customer Support is available 24/5 in over 27 languages.
Exness
Exness was founded in 2008 with developments occurring at an impressive rate since the company’s inception. Exness holds brokerage licenses in the United Kingdom, Cyprus, Seychelles, South Africa, Mauritius, BVI, and Curaçao.
Exness – A Brief Overview
| ?Min. Deposit | USD 10 |
| ⬆️Maximum Leverage | 1:2000 |
| ⬇️Min. Spread | 0.0 |
| ⚖️Regulators | CySEC, FCA, South Africa FSCA, the Seychelles FSA, the BVI Financial Services Commission and the Central Bank of Curaçao. |
| ?Trading Desk | MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader) |
Exness – Account Options
| ? Standard Account | ? Standard Cent Account | ? Raw Spread Account | ? Zero Account | ? Pro Account |
| Leverage up to 1:2000 on MetaTrader 5 and unlimited on MetaTrader 4. | Market execution and the option of converting the account to an Islamic Account. | A minimum deposit of US Dollar 500. | A minimum deposit of US Dollar 500. | A minimum deposit of US Dollar 500. |
| Access to trading Forex, metals, cryptocurrencies, energies, and indices. | Unlimited leverage. | Leverage up to 1:2000 on MetaTrader 5 and unlimited on MetaTrader 4. | Leverage up to 1:2000 on MetaTrader 5 and unlimited on MetaTrader 4. | Leverage up to 1:2000 on MetaTrader 5 and unlimited on MetaTrader 4. |
| Commission-free trading. | Access to trading Forex and metals. | Access to trading Forex, metals, cryptocurrencies, energies, and indices. | Access to trading Forex, metals, cryptocurrencies, energies, and indices. | Access to trading Forex, metals, cryptocurrencies, energies, and indices. |
| Spreads from 0.3 pips. | Commission-free trading. | Commission charges up to US Dollar 3.5. | Commission charges from US Dollar 3.5. | Commission-free trading. |
| Minimum lot size of 0.01 lots. | Spreads from 0.3 pips. | Spreads from 0.0 pips. | Spreads from 0.0 pips. | Spreads from 0.1 pips. |
| Maximum lot size of 200 between 07H00 and 20H59 GMT+0 and 20 lots from 21H00 to 06H59 GMT+0. | Minimum lot size of 0.01 lots. | Minimum lot size of 0.01 lots. | Minimum lot size of 0.01 lots. | Minimum lot size of 0.01 lots. |
| An unlimited number of positions. | Maximum lot size of 100. | Maximum lot size of 200 between 07H00 and 20H59 GMT+0 and 20 lots from 21H00 to 06H59 GMT+0. | Maximum lot size of 200 between 07H00 and 20H59 GMT+0 and 20 lots from 21H00 to 06H59 GMT+0. | Maximum lot size of 200 between 07H00 and 20H59 GMT+0 and 20 lots from 21H00 to 06H59 GMT+0. |
| Hedging margin on 0% on Forex, metals, energies, and indices, and 100% on cryptocurrency. | Maximum of 1,000 positions. | An unlimited number of positions. | An unlimited number of positions. | An unlimited number of positions. |
| Margin call of 60% and stop out of 0%. | Hedging margin of 0%. | Hedging margin on 0% on Forex, metals, energies, and indices, and 100% on cryptocurrency. | Hedging margin on 0% on Forex, metals, energies, and indices, and 100% on cryptocurrency. | Hedging margin on 0% on Forex, metals, energies, and indices, and 100% on cryptocurrency. |
| Market execution and the option of converting the account to an Islamic Account. | Margin call of 60% and stop out of 0%. | Margin call of 30% and stop out of 0%. | Margin call of 30% and stop out of 0%. | Margin call of 30% and stop out of 0%. |
| ? Click Here | ? Click Here | ? Click Here | ? Click Here | ? Click Here |
Exness – Trading Conditions
| ?Number of FX Pairs | 107 |
| ?Hedging Allowed | Yes |
| ?Scalping | Yes |
| ☪️Swap-Free Accounts | Yes |
Exness is a fully regulated and transparent online broker with not only high operational standards but superior service delivery in that it caters to all types of traders with different levels of experience in South Africa. This ranges from beginner to professional traders. The type of accounts provided are tailored for different traders and commission costs on trades along with other pricing is relatively low when compared with other brokers. Exness offers competitive spreads, prices, and trading conditions with access to all major currency pairs.
Khwezi Trade
Khwezi Trade is a well-respected South African broker in the Forex Market and its parent company, Khwezi Financial Services, has been regulated by the FSCA (FSP: 44816) since 2013. Khwezi Trade trading conditions will vary depending on the Kwezi Trade account type chosen and the account type will, in turn, depend on the minimum deposit. As Khwezi Trade is a well-respected South African broker a ZAR Account is made available.
Khwezi Trade – A Brief Overview
| ? Broker | ? Khwezi Trade |
| ?Min. Deposit | R500 ZAR |
| ⬆️Max Leverage | 1:400 |
| ⚙️ Broker Type | Market Marker |
| ⚖️Regulators | FSCA |
| ? Bonus | Up to 30% |
| ? Open an Account | ? Click Here |
Khwezi Trade – Account Options
| ? Kwezi Real Account | 1️⃣ Option 1 | 2️⃣ Option 2 | 3️⃣ Option 3 | 4️⃣ Option 4 |
| Minimum Deposit | R 2000 | R15 000 | R30 000 | R50 000 |
| Account Type | Basic Account | Standard Account | Premier Account | VIP Account |
| Account Overview | Account manager | Free training sessions | Tight spreads | Institutional spreads |
| Wider spreads | An account manager | Unlimited training | Market Analysis Portal | |
| Reduced spreads | Account manager | Advanced personal training | ||
| Open an Account | ? Click Here | ? Click Here | ? Click Here | ? Click Here |
Khwezi Trade – Trading Conditions
| ?Number of FX Pairs | 32 |
| ?Hedging Allowed | Yes |
| ?Scalping | Yes |
| ☪️Swap-Free Accounts | No |
Khwezi Trade also runs monthly promotions and giveaways. Spreads are floating on all account types, and at the VIP Account level, they can be as tight as 0 pips. There are no deposit or withdrawal fees required and withdrawals are processed daily (weekdays only). No inactivity fees apply.
South African traders can deposit and withdraw funds through popular methods such as Electronic Funds Transfer (EFT), credit cards, debit cards, and more.
Khwezi Trade is well suited to both a beginner trader and an experienced trader alike, plus Khwezi Trade sends daily analysis to all clients via email.
XM
XM.com has since grown to become a large and well-established international investment firm and a true industry leader with more than 2 500 000 clients from 196 countries.
XM – A Brief Overview
| ?Min. Deposit | 5 USD |
| ⬆️Maximum Leverage | 1:888 |
| ⬇️Min. Spread | Zero pips |
| ⚖️Regulators | CySEC, Asic |
| ?Trading Desk Type | Dealing Desk |
XM – Account Options
| Micro account | Standard account | Ultra-Low account | Shares account | |
| ? Minimum Deposit | $5 or ZAR 80 | $5 or ZAR 80 | $5 or ZAR 80 | $10 000 or ZAR 16 000 |
| ? Leverage | 1:1 to 1:888 ($5 – $20,000) 1:1 to 1:200 ($20,001 – $100,000) 1:1 to 1:100 ($100,001 +) |
1:1 to 1:888 ($5 – $20,000) 1:1 to 1:200 ($20,001 – $100,000) 1:1 to 1:100 ($100,001 +) |
1:1 to 1:888 ($5 – $20,000) 1:1 to 1:200 ($20,001 – $100,000) 1:1 to 1:100 ($100,001 +) |
No Leverages |
| ? Spread | As Low as 1 Pip | As Low as 1 Pip | As Low as 0.6 Pips | To be confirmed by the underlying exchange |
| ? Commission | No | No | No | Yes |
| ? Hedging | Yes | Yes | Yes | No |
| ✅ Open an Account | ? Click Here | ? Click Here | ? Click Here | ? Click Here |
XM – Trading Conditions
| ?Number of FX Pairs | 330 |
| ?Hedging Allowed | Yes |
| ?Scalping | Yes, but limited |
| ☪️Swap-Free Accounts | Yes |
XM.com can be summarily described as a worthwhile company for potential traders, retail traders, experienced traders, or professional traders, knowing that they approach your needs with openness to cultural, national, ethnic, and religious diversity. Their advanced trading platforms and flexible trading conditions suit a diverse global clientele. Their expertise is due to extensive experience and knowledge of the global financial markets
Blackstone Futures
Blackstone Futures is an African Forex Broker that was founded and established in 2009. Blackstone Futures is not only an FSCA (Financial Conduct Authority) -regulated broker but the company is affiliated with Trade Nation which is a multinational broker with regulations crossing several regions.
Blackstone Futures offer a ZAR account for African Forex Traders and a USD account for international clients. Blackstone Futures is a perfect start for beginner forex traders with excellent educational support.
Blackstone Futures – A Brief Overview
| ?Min. Deposit | ZAR 1000 |
| ⬆️Maximum Leverage | 400:1 |
| ⬇️Min. Spread | 0.6 pips |
| ⚖️Regulators | FSCA, DFSA, FSC |
| ?Trading Desk Type | STP |
Blackstone Futures – Account Options
| ? ZAR Account Vs. | ? USD Account |
| Significantly lower risk per point. | Recommended for more experienced traders. |
| Unaffected by the exchange rate risk associated with USD Accounts. | High Exchange Rate. |
| High Trading Risk. | |
| ? Click Here | ? Click Here |
Blackstone Futures – Trading Conditions
| ?Number of FX Pairs | 32 |
| ?Hedging Allowed | Yes |
| ?Scalping | Yes |
| ☪️Swap-Free Accounts | No |
Blackstone Futures offers a range of educational material across its site that will assist Beginner Forex Traders with their overall trading experience. Blackstone Futures offers both MT4 and CloudTrade as mobile apps. Customer support is available 7 am-10 pm Monday-Friday and 12 pm-10 pm on Saturday/Sunday; the trading desk is available 24/5.
IFX Brokers
Operating from South Africa, IFX Brokers™ is an online trading broker where old-fashioned values meet with ground-breaking technology. The broker facilitates one-stop trading and investing experience for private and institutional clients, providing them with the highly advanced MetaTrader 4 and Metatrader 5 platforms for online trading of more than 200 instruments across 6 asset classes.
IFX Brokers – A Brief Review
| ?Min. Deposit | USD 100 |
| ⬆️Maximum Leverage | 1:200 |
| ⬇️Min. Spread | 0.5 pips |
| ⚖️Regulators | FSCA, FCA, CySEC, SCB |
| ?Trading Desk Type | No Trading Desk |
IFX Brokers – Account Options
| ? Account | ? IFX Standard | ? IFX Premium | ? IFX VIP | ? IFX Islamic | ? IFX Cent |
| Platform | MT4 & MT5 | MT4 & MT5 | MT4 & MT5 | MT4 & MT5 | MT5 |
| Range of Markets | All Instruments | All Instruments | All Instruments | All Instruments | All Instruments |
| Minimum Deposit | USD 10 | USD 250 | USD 1000 | USD 10 | USD 10 |
| Bonus | Yes | No | No | Yes | Yes |
| Leverage | Up to 1:500 | Up to 1:500 | Up to 1:500 | Up to 1:500 | Up to 1:1000 |
| Volatility Index | Yes | Yes | Yes | Yes | Yes |
| Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots | 0.01 lots | 0.01 lots |
| Spreads from | 1.3 pips | 1 pips | 0.5 pips | 1.3 pips | 1.6 pips |
| Commission from | No Commission & No Hidden Costs | No Commission & No Hidden Costs | USD 6 | No Commission & No Hidden Costs | No Commission & No Hidden Costs |
| Swap Fees | Yes | Yes | Yes | No | Yes/No |
| Margin Call | 50 | 60 | 40 | 50 | 50 |
| Stop Out | 30 | 20 | 10 | 30 | 30 |
| Account Base Currencies | ZAR/USD/GBP/EUR | ZAR/USD/GBP/EUR | ZAR/USD/GBP/EUR | ZAR/USD/GBP/EUR | USD |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution |
| Server Location | London | London | London | London | London |
| One Click Trading | Yes | Yes | Yes | Yes | Yes |
| Suitable for | All trading strategies | All trading strategies | All trading strategies | All trading strategies | All trading strategies |
| Open an Account | ? Click Here | ? Click Here | ? Click Here | ? Click Here | ? Click Here |
IFX Brokers – Trading Conditions
| ?Number of FX Pairs | 70 |
| ?Hedging Allowed | yes |
| ?Scalping | Yes |
| ☪️Swap-Free Accounts | Yes |
IFX Brokers invested heavily into systems and processes to ensure clients have a smooth trading journey. With a professional customer support team that can be contacted via telephone, email or a sophisticated ticket system, help is within easy reach.
Plus 500
Plus500 offers over 2000 instruments and has one of the highest-rated CFD trading apps on Apple’s App Store and Google Play as it is simple to use yet powerful in its many advanced features. It also includes CFDs on popular financial instruments.
Plus 500 – A Brief Overview
| ?Min. Deposit | USD 100 |
| ⬆️Leverage | 1:30 |
| ⬇️Spread | Variable |
| ⚖️Regulators | CySEC, FCA, ASIC, FMA, FSB, MAS |
| ?Trading Desk Type | WebTrader |
Plus 500 – Account Options
| ? Retail Account | ? Professional Account |
| Negative balance protection. | Negative balance protection. |
| Commission-free trading with the exception of a minimal spread. | Commission-free trading with the exception of a minimal spread. |
| 4 different stop order types. This includes a guaranteed stop which slightly increases your spread, but protects you from slippage. | 4 different stop order types. This includes a guaranteed stop which slightly increases your spread, but protects you from slippage. |
| ICF (Investor Compensation Fund). | ICF (Investor Compensation Fund). |
| Access to the proprietary Plus500 trading platform. | Access to the proprietary Plus500 trading platform. |
| ? Click Here | ? Click Here |
Plus 500 – Trading Conditions
| ?Number of FX Pairs | 70 |
| ?Hedging Allowed | no |
| ?Scalping | no |
Plus500 is a CFD provider regulated by several international financial authorities, including top-tier ones such as the Financial Sector Conduct Authority (FSCA). Plus500 is considered safe because it is listed on a stock exchange, discloses its financials, and is regulated by several top-tier financial authorities. Plus500 is also known for offering an award-winning proprietary trading platform that connects South African
The Plus500 platform supports a wide range of trusted payment methods that South African investors can use to transfer/withdraw funds. This includes a debit/credit card, bank wire transfers, bank transfers, crypto wallet, and several others.
Added to this, the company provides access to an impressively wide range of market instruments, more than many other brokers in the industry, and its customer support is offered in many different languages.
FXPro
FxPro is a multi-award-winning brokerage firm founded in 2006. It is a subsidiary of FxPro Group Limited.
FXPro – A Brief Overview
| ?Min. Deposit | USD 100 |
| ⬆️Maximum Leverage | 1:200 |
| ⬇️Min. Spread | 0.5 pips |
| ⚖️Regulators | FSCA, FCA, CySEC, SCB |
| ?Trading Desk Type | No Trading Desk |
FXPro – Account Options
| ? MT4 Account | ? MT5 Account | ? cTrader Account | ? Edge Account | ? VIP Account | ? Joint Account | ? Islamic Account |
| Commission-free trading | Metatrader platform | cTrader | Spread betting | Available if trading volume or frequency exceeds a certain amount | MAM, and PAMM accounts are available | Swap free account |
| Hedging account | Same excellent features as MT4 and the FxPro MT5 account | Highly-competitive 0 pips | Improved leverage and spreads | |||
| Low Spreads | Commission-free trading | Access to dedicated support and account managers | ||||
| Fixed Spreads | Competitive spreads | High limits and resources | ||||
| ? Click Here | ? Click Here | ? Click Here | ? Click Here | ? Click Here | ? Click Here | ? Click Here |
FXPro – Trading Conditions
| ?Number of FX Pairs | 70 |
| ?Hedging Allowed | yes |
| ?Scalping | Yes |
| ☪️Swap-Free Accounts | Yes |
This award-winning broker offers tight spreads, high leverage, a great selection of market instruments, and popular Forex Trading platforms.
SuperForex
SuperForex was founded in 2013 and is regulated by the International Financial Services Commission (IFSC). They operate globally and offer services in more than 150 countries.
SuperForex – A Brief Overview
| ?Min. Deposit | 1 USD / 1 EUR |
| ⬆️Maximum Leverage | 1:1000 |
| ⬇️Min. Spread | 2 pips |
| ⚖️Regulators | IFSC |
| ?Trading Desk Type | ECN |
SuperForex – Account Options
| ? Account | ? Standard | ? Swap Free | ? No Spread | ? Micro Cent | ? Profi STP | ? Crypto |
| Account currency | USD, EUR, GBP, RUB, ZAR, NGN, CNY, BDT, INR, THB | USD, EUR, GBP, RUB, IDR, MYR, AED, ZAR, NGN, BDT | USD, EUR, GBP | USD, EUR | USD, EUR, GBP, ZAR | USD |
| Maximum deposit | Unlimited | Unlimited | Unlimited | Limited 3000 USD/EUR | Unlimited | Unlimited |
| Minimum deposit | 1 USD / 1 EUR | 1 USD / 1 EUR | 100 USD / 100 EUR | 1 USD / 1 EUR | 500 | 100 USD |
| Compatible with bonuses | All bonuses | All bonuses | Welcome, Energy, Hot, Dynamic | Welcome, Energy, Hot, Dynamic | Welcome, Energy, Hot, Dynamic | Welcome, Energy, Hot, Dynamic |
| Lot size | 10 000 USD | 10 000 USD | 100 000 USD | 10 000 USD | 100 000 USD | 10 BTC |
| Maximum leverage | 1:1000 | 1:1000 | 1:1000 | 1:1000 | 1:2000 | 1:10 |
| Swap | Included | No | No | No | No | No |
| Spreads | Fixed | Fixed | 0 | Fixed | 0 | Fixed |
| Forex Сopy | Included | Included | No | No | No | No |
| Open an Account | ? Click Here | ? Click Here | ? Click Here | ? Click Here | ? Click Here | ? Click Here |
SuperForex – Trading Conditions
| ?Number of FX Pairs | 330 |
| ?Hedging Allowed | Yes |
| ?Scalping | Yes, but limited |
| ☪️Swap-Free Accounts | Yes |
SuperForex is a legit forex trading company and is a fully regulated and transparent broker with high operational standards, low trading fees, superior service delivery, helping investors reach their objectives. It caters for all types of traders with different levels of experience.
FXCM South Africa
FXCM South Africa operates within the FXCM group of companies and is an FSCA-regulated, high-quality Forex and CFDs trading service provider. FXCM focuses on traders who are starting out in trading the financial markets and new traders can take advantage of trading tools and forex education on offers. FXCM also offers state-of-the-art trading tools, education and platforms for more experienced traders.
FXCM – A Brief Overview
| ?Min. Deposit | USD 50 |
| ⬆️Maximum Leverage | 400:1 |
| ⬇️Min. Spread | Variable pips |
| ⚖️Regulators | FSCA |
| ?Trading Desk Type | Market Maker |
FXCM – Account Options
| ? Accounts | ? Standard Account | ? Active Trader Account |
| Minimum Deposit Requirement (Clients can open account with as little as $1) | $50 (depending on payment method) | To keep equity above $25,000 |
| Minimum Lot Trading Size | 0.1 | 0.1 |
| Commission Costs – Forex/ CFDs | No commissions | $50M to 150M – $3 per 1K lot $150 to 500M – $2.5 per 1K lot |
| Trading Platforms | Trading Station MetaTrader 4 Ninja Trader Zulu Trader Trading View Capitalise.ai |
Trading Station MetaTrader 4 Ninja Trader Zulu Trader Trading View Capitalise.ai |
| Trading Execution | Market Maker/Dealing desk | Market Maker/Dealing desk |
| Social Trading | ✔️ Yes | ✔️ Yes |
| Trading Automation | ✔️ Yes | ✔️ Yes |
| Scalping | ✔️ Yes | ✔️ Yes |
| Base Currencies – Australia | AUD, USD, NZD and more | AUD, USD, NZD and more |
| Base Currencies – UK, Europe | UK, GBP, USD, EUR, CHF and more | UK, GBP, USD, EUR, CHF and more |
| Base Currencies – South Africa | USD, EUR, GBP and more | USD, EUR, GBP and more |
| Open an Account | ? Click Here | ? Click Here |
FXCM – Trading Conditions
| ?Number of FX Pairs | 39 |
| ?Hedging Allowed | Yes |
| ?Scalping | Yes |
| ☪️Swap-Free Accounts | Yes |
FXCM also supports most of the major trading platforms including MT4. FXCM offers commission-free trading and has a standard demo account and a single live account on offer.
Conclusion
Overall, South African Rand accounts are readily available. However, many brokers in South Africa only offer USD or EUR accounts which is mainly due to a lack of ZAR liquidity providers and international-based brokers have their costs priced in USD and do not want to take on the exchange rate risk associated with ZAR accounts.
The Benefits of Brokers who offer ZAR as a base currency in South Africa are worth the search. Having a Forex broker with a ZAR Account South Africa is very important for many South African traders and choosing an account currency that is the same as their home currency has its perks; traders will avoid any broker conversion fees, and they will also avoid the large conversion spreads that banks charge when making a wire deposit or withdrawal.
Fund transfers are also much quicker between local banks. A benefit of having a ZAR account is that traders’ funds will be kept in a South African bank and will be accessible to them in the event of their broker going into liquidation, according to research in South Africa.
Quick Answers to pressing questions
Which broker has NAS100 in South Africa?
?Hotforex, Exness, and XM is the best option for trading for South Africans
Which broker is best for the ZAR account?
?Avatrade is the best ZAR trading platform for South African traders
Which broker is best to trade NAS100 in South Africa?
?Exness
Frequently Asked Questions
What is ZAR or Rand?
ZAR is the currency abbreviation for the South African Rand which is the national currency of the country of South Africa – distributed by the South African Reserve Bank.
What is a ZAR trading account?
ZAR Forex Trading Accounts are especially useful for traders in South Africa as they will help investors avoid losses in fees during the conversion of currency on deposits or withdrawals. Having a ZAR Account will generally imply that all funds with the broker will be kept in Rand. ZAR trading accounts may also be referred to as African Trading Accounts.
Do all brokers have ZAR trading accounts?
No, only a small selection of local South African brokers and a few international brands will make ZAR Forex Trading Accounts available.
Does Exness have a ZAR trading account?
Yes. Exness does make a ZAR Forex Account available to South African traders.
What is a ZAR Forex Broker?
The South African rand (ZAR) is the official currency in South Africa and a Forex Broker that makes a ZAR Forex Trading Account available to their clients can be referred to as a ZAR Forex Broker.
Do ZAR Forex Trading Accounts carry currency conversion fees?
If you are a South African Forex Trader who makes use of a ZAR or Rand account there is no conversion fee as there will be no currency to convert.
Do ZAR for part of any major currency pair?
In addition to its advanced offering, HotForex also offers deposit bonuses, the option for an instant deposit, and zero fees for deposits and withdrawals.
Is the USD/ZAR pairing classified as an Exotic currency Pair?
Yes. The U.S. dollar (USD) / South African rand (ZAR) exchange rate has become one of the most popular exotic currency pairs amongst global forex traders.
Why should I have a ZAR trading account?
There are multiple good reasons for having a trading account in Rand (ZAR) for both deposit & withdrawals when it comes to Forex trading. One example would be: If you trade FX pairs with ZAR as the quote currency (USD/ZAR or EUR/ZAR) you will avoid currency conversion when opening and closing a trade.
Can a ZAR account be a disadvantage?
Yes. For traders who mainly trade currency pairs without the ZAR as the quote currency (EUR/USD), having a ZAR account could be a disadvantage over time as currency conversion fees will come back into play.
Disclaimer
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk. Understanding how cfds work is crucial to limit losses.
Featured SA Shares Writer and Forex Analyst.
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