Best ZAR Forex Accounts in 2024 South Africa

This account size offers the equivalent of a micro account, which is suitable for traders who are making the transition from a demo account to a live trading account. Nearly all brokers that feature ZAR trading accounts are regulated in SA by the FSCA that oversees the financial market. This allows traders to trade forex and CFDs on regulated platforms, using lower margin requirements. The MT4 trading platform can be chosen with instant as well as market execution methods with no difference in the pricing pattern.

If you live in South Africa, you could also open an ZAR trading account with JustMarkets and fund it in rand. JustMarkets accepts EFT payments and Neteller, and charges no fees on deposits or withdrawals. Create a free account on JustMarkets.com to see all funding options available to you. How much you are required to deposit changes for each broker but brokers with ZAR trading accounts tend to have lower minimum deposits than brokers with USD trading accounts. For ZAR trading accounts, your minimum deposit will always be in Rand. You will avoid currency conversion fees and your transactions will be processed faster.

However, trading EUR/USD on Professional Accounts attracts no spread, but you mustpay a flat commission of $0.035 per 1,000 units. 178.3 ZAR is the minimum deposit for the Exness Standard ZAR Account which is for beginners. However, for Professional coinmama exchange review Exness Accounts the minimum deposit is higher. Having a ZAR Account does not necessarily equate to being regulated with the FSCA.

Markets.com offers a ZAR account with a low minimum deposit of R1500, making it accessible to traders of all levels. With over 2000 trading instruments available, including Forex pairs, commodities, indices, stocks, and cryptocurrencies, traders have ample opportunities for diversification. Additionally, Markets.com prioritises low costs, ensuring competitive pricing structures that enable traders to maximise their profits while minimising expenses. The minimum deposit for ZAR based account is R150 in South Africa.

South Africa is the most advanced forex market in Africa, with a well-regulated market structure. This has allowed the proliferation of forex brokerage firms that allow for the operation of forex and CFD accounts that permit the use of the local currency; the so-called ZAR accounts. Trading forex with forex brokers that offer ZAR accounts is a new and refreshing way of trading forex. It offers an alternative currency for those wishing to trade forex but who for some reason or another, have problems or difficulty accessing foreign exchange. For example, if you withdraw profits from your trading account in USD, the broker may offer your a lower conversion rate than the actual USD/ZAR rates during withdrawals. This could be a range anywhere from 2-8% on the currency conversion fees.

You can repeat this step for any ZAR broker to verify their FSP license. This depends on your mostly traded instruments on whether ZAR Account would make sense for you. Below is the list & explanation of the Best Forex Brokers In South Africa that offers ZAR Accounts.

Markets.com – Low Costs, R1500 Min Deposit and 2000+ Instruments

IFX withdrawals are processed in 4 hours but take 24 hours to reach your account. HFM withdrawals are instant when withdrawing in ZAR currency via local bank transfer. ZAR Accounts are cost saving because you save the money you would have lost to your broker, due to deductions for currency conversion services. They offer CFDs trading services on financial instruments including forex and others. She has a degree in Digital Marketing and a background in content writing and SEO.

HFM: 70 Rand Micro Account

Also, anyone who has an account in South Africa with access to a bank-linked debit card (not virtual) can trade on FX brokers that provide ZAR accounts. With forex broker rating all of this being said, there can be some FX brokers that limit using ZAR accounts only to South African traders. There are many brokers that offer ZAR accounts to South African Traders which allow them to directly trade in ZAR in market without any currency conversion rates. Some of the best brokers with ZAR accounts include HotForex, Exness, Exness, Plus500, and FXPro.

Khwezi Trade – Best South African Broker with ZAR Accounts

Some brokers will also charge a commission and give you a poor exchange rate, so these trading costs can mount up over time. Below, we’ve picked out the ten best brokers in South Africa with ZAR accounts. In our short reviews, we look at the trading costs on their ZAR accounts and why we think they are safe to trade with.

Although on their website $100 is stated as minimum deposit, Tickmill has clarified that their minimum deposit is actually lower for South Africans who want to deposit in ZAR currency. This can be to your disadvantage because you are at the risk of price of re-quotes with market execution. You can see from the image that HF Markets have forex, metals, energies, indices, CFD stocks, commodities, bonds, and ETFs. For intricate details on each range, click on the range you want to check. If you click indices, for example, you will see more details like spreads, leverage, and trading hours. Having said this, it is also important, that your ZAR broker allows electronic funds transfer (EFT).

It has easy-to-use tools for the users, teaching materials, and fees without any deceitfulness. By being fair and following the norms of fair trading, the company focuses on exits. HFM introduces ZAR accounts to make trading more convenient and less expensive for its South African clients. Thus, they can execute transactions and manage their funds in their native currency without converting it. As a result, they eliminate currency exchange expenses that might be high enough to make significant savings.

In order for you to use this website in any manner, please read our disclaimer/disclosure page and privacy policy. The profit and loss on 1 pip movement are measured with respect to the quote currency. For example, if the currency pair is EUR/USD, a movement of 1 pip on a standard lot will result in a $10 change in profit and loss. Similarly, for 1 pip movement on 0.1 lot of EUR/USD, the change will be nearly equal to 16 rands. Plus 500 does charge an inactivity fee which can be up to USD 10, in case a user does not use their account for a period of more than three months.

1. If you’re using a ZAR-denominated account for trading forex and CFDs, and the account deposits are also made in ZAR, no currency needs to be converted.
2. Traders who are looking to maximise their earnings often use AvaTrade since it is a famous broker that offers ZAR accounts without commission costs.
3. In the RMA agreement, the South African rand remained as a legal currency in all member states and was circulating with the national currency of members.
4. SuperForex offers trading accounts in local currencies to eliminate extra currency conversion costs so you can focus on what’s important—making money.

Its Pro and Raw Spread accounts will appeal to day traders and scalpers. It is estimated that compared to last year the number of beginner traders from South Africa has increased by 30%. It is not surprising, as the Forex is becoming more and more accessible in terms of affordability and availability of educational resources.

The safety of your funds is not tied to the law of the land alone. The FSCA is the regulator of financial services providers in South Africa. Beyond having a ZAR Account, your chosen broker must be licensed by them. Since this is the scenario you are likely to find yourself in, you should open a USD account. You will have to convert your ZAR to dollars and vice versa but you will give out less money in conversion fees. This is very important because as a trader, you want to give as little money as possible to your broker in terms of fees.