5 Best Forex Brokers with ZAR Accounts

In this article, we will go over the five best forex brokers with ZAR accounts in depth. These brokers all follow the standards set down by the UK forex regulator and offer trading services tailored to specific preferences and objectives. The South African Rand is used as legal tender in South Africa (parent country), Namibia, Lesotho, and Eswatini (formerly Swaziland).

It caters to traders of all types and with different levels of experience. Trading with SuperForex involves fees from USD 1 / ZAR 16, fixed + floating spreads, and Commissions imposed by third-party providers on the withdrawal options. XM provides ZAR accounts to give South African traders a more personalized trading experience. By making these accounts available, XM avoids the need to convert currency. Consequently, these should lessen the hassle of additional charges and complexities of changing money when trading. Tickmill offers three live accounts in addition to a demo account.

FxPro.com is a global broker, winner of 100+ awards including ‘Best FX Service Provider’ in 2023. Trade 250+ instruments across a wide range of asset classes on MT4/5 or cTrader. The brokers at the top of this page are the best brokers with ZAR accounts, but here are all the Forex brokers that have ZAR lmfx review accounts in South Africa. 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. XM has 24/5 customer support with a user-friendly copy trading option for beginners.

They offer multiple account types with different trading platforms and pricing patterns. MT4, MT5, as well as cTrader trading platforms, can be chosen to trade CFDs on various instruments. Each account type at FxPro can be opened with ZAR as base currency. For South African traders looking to maximise their trading adventure, choosing the proper Forex broker with a ZAR account is crucial. Individual preferences and goals can be better met by traders when they take into consideration elements like pricing fluctuations, account kinds, commission structures, and leverage choices.

1. One powerful way of engaging in global currency trade is through a 14-day trial of FXCM’s free forex trading signals service.
2. They use the ZAR account to trade ZAR-quoted currency pairs and use the USD account to trade USD-quoted currency pairs.
3. With the Award for Best Forex Educators (UK Forex Awards), IG provides accessible and high-quality educational material for beginner traders.

South African traders looking to simplify their trading experience and avoid extra translation costs generally seek out brokers that provide ZAR accounts. According to our analysis and comparison, HF Markets and Exness are the best brokers that offer ZAR as the base currency of the account. Seeking guidance from experienced traders or financial professionals can also be valuable. ZAR trading account refers to the trading account in which the account balance will be maintained in South African Rand (ZAR).

What Is The Significance of ZAR Accounts for South African Traders?

Plus 500 offers a proprietary trading platform that is available for web browsers and smartphones. The minimum account opening balance needs to be at least ZAR 1500. They offer negative balance protection without asking for any additional fees.

Disadvantages of ZAR Forex Trading Accounts

They are controlled by holding less than 1 percent of the total amount of remaining shares. The aim is to guarantee that the best interests of the nation’s economy over the interests of private individuals. To keep this policy in place the governor and 14 members of the board oversee the bank’s activities and strive to achieve monetary goals.

Cheaper Bank Transfer and Credit Card Funding

We go into more detail on the advantages (and disadvantages) of using a ZAR Account for Forex trading below the broker reviews. Replenishing your SuperForex account or bittrex review withdrawing your earned profits is always easy, quick, and transparent. Our segregated funds policy ensures maximum security for your funds. Operating from South Africa, IFX Brokers™ is an online trading broker where old-fashioned values meet with ground-breaking technology.

There are some advantages to trading with a ZAR broker, like you will save on exchange rates & fees during withdrawals into another currency. Note that Debit/Credit Cards, eWallets & Crypto funding methods will attract currency conversion fees. Currency conversion fees will not be deducted if your ZAR deposit/withdrawalis by bank transfer. We will list & discuss FSCA certified forex brokers who offer ZAR Accounts without any hidden conditions, as well as their pros & cons.

R2.55 was needed to convert into one USD in the year 1990, and in 1999 it was R6.14 to USD. If you have a USD account with an international broker, this will not be the case. In the event that your broker files for bankruptcy, your funds will be safeguarded under South African law if they are held in a bank located in that country. I am an expert in brokerage safety, adept at spotting scam brokers in mere seconds. My guidance, rooted in my firsthand experience with brokers and an in-depth understanding of the regulatory framework, has safeguarded hundreds of users from fraudulent brokerage activities. FXCM South Africa operates within the FXCM group of companies and is an FSCA-regulated, high-quality Forex and CFDs trading service provider.

Risk of Trading Forex

This type of account is good for South African traders because it means your funds will be kept with your broker in rand. The implication is that your money in a South African bank and protected by South African laws. In addition, you also do not have to lose money to currency conversion charges when trading, funding, or withdrawing your money. The importance of trading in your local currency cannot be diminished in securities markets. If there is a need for currency conversions, it means that you will have additional costs of trading.

South African traders may successfully navigate the complexities of the global financial markets and begin on a rewarding Forex trading journey by employing these platforms. By using a forex broker with a ZAR account, the trader saves on transfer fees, and other charges that would otherwise have been paid using foreign currency-based wire transfers. All that is needed to fund a ZAR-denominated forex account is a local deposit, using a local bank deposit or a card-based transaction. Several forex and CFD brokers in South Africa offer ZAR as the base currency of the account.

All account types with MT4 and MT5 trading platforms have spread as the only trading fees. Only the cTrader account involves a commission with very low spreads. The MT4 account also has a fixed spread version which offers trading with fixed spreads only on major currency pairs. The broker also supports various types of accounts for new clients available in the South African rand. Among them is the most popular and profitable account type – the Zero Spread account type.