Best Forex Brokers with ZAR Accounts ️ 2024 Update

I’ve personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. If you follow our list, you will see that there are at least 10 Forex brokers offering ZAR accounts. We have also mentioned the top 3 brokers according to our opinion, experts’ analysis, and the reviews of the experienced traders. Another reason for the lack of ZAR accounts is that most international brokers have their costs priced in USD. By converting large sums of USD to finance ZAR accounts, they open themselves to exchange rate risk because the broker would lose money when the Rand devalues.

Exness ZA (PTY) LTD. commonly known as Exness, is legally permitted to operate in South Africa since 2020.

The broker is highly regulated and is licensed by major global regulatory bodies, including FCA, CySEC, and the local Financial Security Conduct Authority FSCA. Exness is a fully regulated & transparent broker with high operational standards, low trading fees, & superior support. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Arslan Butt, a financial expert with an MBA in Behavioral Finance, leads commodities and indices analysis.

They offer ZAR-based account for South African clients and also accepts local bank deposits and withdrawals. Because Exness has ZAR accounts, currency conversion fees are not deducted when you deposit/withdraw in ZAR. They offer spreads starting from 0.3 pips on EUR/USD currency pair with no deposit & withdrawal charges. From the image, you can see the differences in the trading account types.

As they are the most popular trading platforms, users should not face any problems while trading through them. Other HFM Accounts with ZAR base currency exist with higher minimum deposits, while offering lower fees than the Premium & Zero Spread Accounts. Realistically, the USD is the most traded currency on the forex market. If there is an instrument you will trade most, and it going to be the USD quoted currency pairs or even USD-based currency pairs, then you should choose USD as your account’s base currency. Your broker’s exchange rate will likely not be fair when compared to the normal market rate.

So when you are converting USD octafx review to ZAR during withdrawals, you lose some money too. Now, these amounts are negligible but they build up to a substantial amount. Once you start trading with Exness, you soon understand why this broker is trusted by over 500,000 active clients. We traded through its MT5 Standard account with spreads from just 0.3 pips. Most instruments have no swap charges at all, which makes it easy to estimate how profitable each trade could be.

Overall, Trade Nation is considered a low-to-medium risk broker with an overall trust score of 79 out of 99. Since then, XM.com has become a large and well-established international investment firm and industry leader, with over 2,500,000 clients from 196 countries. Exness is listed as the best stock trading app in South Africa because of its excellent trading environment that enhances trading strategies. Exness is one of the best investment apps that offer stock CFD trading. Exness was founded in 2008, and developments have occurred at an impressive rate since then.

AvaTrade – ZAR Accounts with No Commission

Gold is South Africa’s most popular export, accounting for 15% of the total exports in the year 2019 or $16.8 billion. 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. In 1986, after the massive depreciation of the rand and the subsequent devaluation, the countries replaced the RMA with the Common Monetary Area (CMA). The CMA as well as the Southern African Customs Union work together to support member countries. In the 1970s the rand was worth approximately R1.5 for each U.S. dollar (USD). In the following decades, the exchange rate for rand has decreased or diminished which means it became more expensive for the rand to convert it to 1 U.S. dollar.

XM measures apart from the competition by providing tight spreads for ZAR accounts, which makes trading with them more competitive. Traders can save money on transaction expenses when spreads are tight, meaning there are little differences between the bid and ask prices. South African traders who sign up for XM’s ZAR account get access to advantageous pricing interactions, which help them maximise profits while limiting losses. Tight spreads also help make trading more efficient and transparent, which is great for building confidence and reliability in the long run. An excellent option for traders who like to leverage their holdings is Exness’ high leverage ZAR account. Traders can increase their exposure to the market and, consequently, their earnings through leveraged trading.

What is a ZAR trading account?

HotForex, Exness, and Plus500 are among the brokers that are regulated by FSCA of South Africa and offer ZAR-based trading accounts. 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. Hence, clients will not be required to pay the currency conversion fees.

1. MT4, MT5, as well as cTrader trading platforms, can be chosen to trade CFDs on various instruments.
2. We used several criteria including License/regulation, Spread, Minimum deposit, and funding methods.
3. Nearly all brokers that feature ZAR trading accounts are regulated in SA by the FSCA that oversees the financial market.
4. This allows traders to trade forex and CFDs on regulated platforms, using lower margin requirements.
5. The South African Rand is used as legal tender in South Africa (parent country), Namibia, Lesotho, and Eswatini (formerly Swaziland).

XM ZAR account

During the worldwide coronavirus outbreak, the rand fell to less than R17 per USD. At the time of writing this article, ZAR stands at R15.08 per USD. Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.

This allows you to deposit forex broker rating or withdraw funds comfortably at low fees. Trade CFDs on over 250 instruments with high leverage and low spreads through JustMarkets.com. JustMarkets accepts all trading styles and Expert Advisors on MetaTrader 4 and 5.

As offering ZAR accounts means that the broker should have an account at your local bank in SA, such action is prohibited unless the broker has permission to operate within the country. We have first isolated the list of the FSCA-regulated Forex brokers (the Financial Sector Conduct Authority) to find the companies that work closely with South African markets. Then we have reviewed every individual broker to identify which one has ZAR accounts and affordable and high-quality trading conditions, at the same time. Below is the list of the top three Forex brokers offering ZAR accounts that are dominant on the market thanks to the highly competitive trading environment. Usually, but not always, making deposits and withdrawals from ZAR Accounts is much faster than with USD accounts.

South Africa

Exness also offers swap-free trading, so you don’t pay to hold positions overnight. On average, trading EUR/USD on the Standard Account will attract a spread of $0.9 for every 1,000 units (0.9 pips). The ODP license enables Exness to act as a market-maker hence providing greater liquidity even for small trade sizes.

But if you’re using a USD or other currency-denominated account, then you will need to change the currency to ZAR every time you make a deposit or withdrawal. This can add up to a lot of transfer fees as banks charge a spread or fee for the conversion. If you make forex trades in which the quote currency is ZAR, then you should always prefer to trade through a ZAR-denominated account. This is because if you trade other forex pairs, then you may be charged a currency conversion fee by the broker. FxPro is authorised by the Financial Sector Conduct Authority (FSCA) in South Africa.

Products approved by FSCA are derivatives instruments, shares, bonds, and CIS. However, XM is not an FSCA authorized ODP so they cannot act as market makers to your trades. When trading EUR/USD on the Premium Account you pay a spread from $1.4 per 1,000 units& this spread could widen. 100 ZAR is the HFM minimum withdrawal in South Africa& represents an equivalent of $5. However, HF Markets is not a licensed ODP so it cannot act as a counterparty to your trades; it is restricted to acting as an intermediary.