Brokers with ZAR Account – Forex Trading Account

To start trading in the South African forex market, all you should be concerned about is to look for reliable brokers with a ZAR account. ZAR is the local currency of South Africa that SA traders can use to perform the funding procedures.

Numerous brokers in the forex market offer opening ZAR accounts to provide convenience and flexibility for South African traders.

Try to look for a beginner-friendly broker platform available with various trading tools for a convenient trading journey.

To make your task a bit easier, in this guide, we will discuss top leading forex brokers with ZAR account and will have a detailed discussion about why opening a ZAR account is best for you.

Three primary reasons to choose brokers with ZAR trading accounts

There are various reasons for a trader to choose ZAR accounts for forex trading. The top 3 primary reasons are discussed below:

1.   Promptness

With the help of ZAR trading accounts, funds withdrawal and depositing have become so prompt and convenient. It allows the traders to withdraw their funding amount at any hour of the day.

The ZAR account holder has a local broker from which they receive funds directly in the currency of Rand. Thus, you don’t need to wait extra to receive or send your money. However, on the other side, traders with foreign currency pairs cannot enjoy this advantage.

In short, with ZAR trading accounts, the method of transaction becomes extremely easy for the traders.

2.   Unique offers of trading account

Different local forex brokers offer their ZAR account holders a variety of benefits to enjoy. These offers are extraordinary and are designed just for the local traders. In short, these accounts will support the local traders to fulfil their trading needs.

SA traders can receive their money from the brokers at any time. This is because both brokers and traders are using the same regional banking system.

3.   No wire transfer fee

All the USD trading accounts charge their traders with additional charges in case of any withdrawal or deposit of funds. But the ZAR account saves you from all such hassle and does not demand any other charges at any funding stage.

Local brokers with ZAR accounts can send their money to the traders directly through local banks, which is a significant advantage.

If we talk about USD trading accounts, they will charge you extra fees each time you deposit or withdraw funds. Some of the banks often charge you a 6% commission fee for your withdrawal and deposition.

To keep yourself away from paying additional charges or fees, open a ZAR account right now, which can be the best option.

List of best forex brokers with ZAR account South Africa reviewed

Below is the list of most leading forex brokers with a ZAR account, which you can choose to open your ZAR account conveniently. Have a look:

1.   FXCM

FXCM is a popular broker platform with ZAR base currency for opening a trading account. This trading platform is available with 40 various forex pairs, in which we have ZAR/JPY and USD/ZAR.

FXM allows you to start trading with some significant currency pairs having a leverage ratio of 400:1. In addition, you can also invest in multiple currencies all at once through forex baskets.

If we talk about spreads on FXCM, it generally starts from 1.3pips which you often find on non-ZAR forex brokers. It won’t charge any extra fees for withdrawal or deposit purposes. But the inactivity fee on FXCM is 750 ZAR after one year without trading.

Apart from that, various trading platforms are available on FXCM to have an extraordinary trading experience. In addition, 24/5 customer support help is available via live chat, phone, or email.

Pros

• Trade with more than 40 forex pairs
• Leverage ratio of 400:1 when trading
• High spreads from 1.3 pips
• Available with six different trading platforms

Cons

• Has a high inactivity fee

2.   Plus500

Plus500 is another top leading broker platform in South Africa with high leverage, low spreads, and various currency pairs to trade on. Through this ZAR broker, a trader can trade with a maximum of 70 currency pairs and have a leveraged margin of 1:30.

Furthermore, the broker even provides transparent information about swap fees, overnight fees, and some other applicable fee details.

On this broker platform, you will experience the functions of built-in indicators, which you can customise according to your needs. In addition, market news fees and economic calendar features are also available to perform a successful trading journey.

The only major downside of this broker platform is its lack of support for forex signals. However, all trading accounts have 24/7 access to customer support via live chat, phone, and email.

Pros

• Trade with more than 70 forex pairs
• Access a leveraged margin of up to 1:30
• Numerous built-in indicators
• Has market news feed with economic calendar

Cons

• Lacks the support of forex signals trading

3.   Markets.com

On the third spot, we have Markets.com, which is a well-known multi-faceted trading platform. Availability of the lowest spreads has made this platform the most recommended one for Zar account opening. The leverage ratio starts from 0.4 pips on the famous EUR/USD trading pair.

Markets.com also offers reliable MetaTrader 4 and 5 for the advanced traders in SA. But apart from that, they even provide their trading platforms, namely Markets and Markets.

The Markets platform is specially designed for long-term investing, and Markets is for trading on stocks and forex.

The MT4 trading platform on Markets.com is available with forex signals, technical indicators, and robot-trading. All these tools help the traders to have complete insight into the current trade condition and price movements.

Market scanner and trading signals are also part of this broker platform with which you can effortlessly search for the best currencies to sell and buy.

In addition, Markets.com has more than 67 currency pairs to trade on. 24/5 customer support help is also provided.

Pros

• Has a low trading forex fees
• Supports both MT4 and MT5 platform
• Offer trading signals and scanner
• 24/5 of customer help support

Cons

• The inactivity fee is charged after three months

4.   XM

To have MetaTrader 4 or MetaTrader 5 trading platform for your forex trading, choosing an XM broker is the one that should be your first choice.

This broker platform has more than 57 currency pairs to start trading on. The leverage ratio for significant forex pairs is up to 30:1. XM is highly transparent about their trading cost, which is their plus point.

Three different account options are available on XM, namely, Micro, Standard, and Zero. With Micro and Standard account types, trade volumes start from 0.01 lots and are commission-free with spreads of 1 pip.

With a Zero account, the trader is charged with commissioning spreads as low as 0 pips. Thus, all these three account types act as swap-free Islamic accounts.

Although XM does not have its trading platform, various analysis tools and research tutorials are part of this broker. In addition, you can access the XM daily trade ideas and professional research reports.

To improve your trading skills, XM also offers weekly forex webinars and an economic calendar. In addition, 24/5 customer help support is given to the traders via email, live chat, or phone.

Pros

• Offer advanced MT4 and MT5 trading platforms.
• Select between spread and commission accounts for trading
• Weekly forex trading webinar
• Professional research reports with the latest trade ideas

Cons

• The leverage ratio is limited to 30:1

5.   HotForex

HotForex is a global trading platform based in Cyprus, offering services to the Middle East, Asia, and South Africa traders. This trading broker has a maximum of 50 currency pairs to start trading on, with the spreads starting from 1 pip on major currency pairs.

The leverage ratio on HotForex is up to 200:1. HotForex only offers MT4 and MT4 trading platforms because they don’t have a trading platform. Various custom trading tools are available on HotForex, including price alerts, live market sentiment tracking, and customisable news feeds.

All the clients of HotForex broker can get free access to Autochartist for the AI-based technical analysis.

The process of depositing your funds in HotForex accounts is straightforward and quick. Numerous funding options are offered, such as e-wallets, debit cards, credit cards, Skrill, and Neteller. The minimum deposit at HotForex is just 75 ZAR.

To start trading with high leverage, all the accounts have negative balance protection. In addition, a 24/5 customer support team is available via email, live chat, or call.

Pros

• Trade with a leverage ratio of 200:1
• Both MT4 and MT5 trading platforms are available
• Includes with free Autochartist account
• Numerous deposit options with low minimum

Cons

• The spread ratio is higher

6.   Exness

Exness is a famous ZAR broker specially designed for institutional and professional traders. Hence, a new trader can also open a ZAR account with Exness and enjoy various advanced trading features.

Exness has competitive pricing on which a trader can start their journey. Spread generally starts from 1 pip on the major currency pair EUR/USD. The best thing about this broker is that they won’t charge you any inactivity fees.

A slight drawback of this broker is that it is not transparent enough in describing its swap or overnight fees on a ZAR base currency. This might confuse a trader for a second to decide if they should trade on Exness or not.

In addition, it also offers some flexible leverage limits. Your margin is wholly based on your trading history and trade qualification.

Although Exness does not have its trading platform, the clients can get free access to MT4 and MT5 platforms! In addition, VPS hosting is also available for the faster execution of trades and deals with market fluctuations.

A 24/7 customer support team is available via email, live chat, or call.

Pros

• Spread on forex trading starts from 1 pip
• Flexible leverage limits for a smooth forex trading
• Supports both MT4 and MT5 trading platforms
• Offers a VPS for faster trading
• 24/7 customer help support

Cons

• Not clear about their overnight or swap rates

7.   FxPro

FxPro is a reliable forex broker in South Africa that focuses on trading minor, major, and exotic currency pairs. More than 70 forex instruments are available to trade on with a leverage ratio of 200:1.

FxPro gives you complete freedom to choose your favourite trading platform out of MT4, MT5, and cTrader. Unfortunately, this broker does not support signals trading, which is a significant drawback for the new traders.

A seamless mobile experience for the traders will carry out a convenient and hassle-free trading activity. As a result, an average spread of up to 1.7 pips is placed on the EUR/USD currency pair, which is slightly high.

In addition, FxPro is extremely fast in its execution speed which is a plus point. It even requotes the trade with 1.2% or less time, so you get the exact price shown on FxPro.

The FxPro 24/5 customer support team is available via email, live chat, or phone for any queries.

Pros

• Trade with more than 70 forex pairs
• Supports both MT4 and MT5 platforms
• Superior mobile trading experience
• Quick trade execution

Cons

• Forex spreads are average

8.   Blackstone Futures

Blackstone Futures is a leading South African forex broker based on a seamless approach to support traders through onboarding trading experience. FSCA regulates this platform.

Blackstone Futures is available with more than 32 forex pairs on which they can trade. It might be a low side to consider, but they have spreads starting from 0.6 pips for the EUR/USD trading pair.

In addition, traders will get a leverage of up to 400:1. All the trading accounts have negative balance protection.

For a flexible trading experience, Blackstone Futures has an MT4 trading platform along with their custom platform of CloudTrade. Through CloudTrade, traders can experience the fastest execution and guaranteed stops.

To avail forex signals and a built-in news feed, traders should visit the MT4 platform.

Above all, this broker is amazingly known for providing trader educational resources. A trading course is also available at MT4 with some detailed articles to learn exciting tricks and tips about trading.

Pros

• Zero commissions
• Leverage of up to 400:1
• Included with MT4 and custom CloudTrade platform
• Offers a variety of trader education resources

Cons

• Available with just 32 forex pairs

Best forex brokers with ZAR account South Africa – Fees comparison

Forex broker	EUR/USD Average Spread	Withdrawal & Deposit Fees	Inactivity Fee
FXCM	1.3 pips	None	750 ZAR per month after 12 months
Plus500	1 pip	None	150 ZAR per month after 3 months
Markets.com	0.4 pips	None	150 ZAR per month after 3 months
XM	1.7 pips	None	225 ZAR plus 75 ZAR per month after 12 months
HotForex	1.2 pips	None	225 ZAR per month after 6 months
Exness	1 pip	None	None
FxPro	1.7 pips	None	225 ZAR plus 75 ZAR per month after 12 months
Blackstone Futures	0.6 pip	None	None

Is currency conversion required in a ZAR broker?

One primary reason to choose a ZAR trading broker in South Africa is just that it saves so much of your money. In addition, a ZAR broker makes it more accessible for the trader to deposit ZAR or in South African Rand without any inconvenience of currency conversion.

We all know that currency conversion is a costly thing to do. But with ZAR brokers, you can keep yourself away from this headache. In addition, there is no need to worry about thinking of paying any extra charges while funding your trading account.

There is no such big difference between a ZAR broker and a non-ZAR broker. Both the platforms work on the same working system with similar trading costs.

Which payment methods are accepted by ZAR brokers?

All the ZAR brokers usually accept ZAR for payments. But still, it is essential to investigate the payment methods involved for withdrawal and deposit procedures.

Nearly all the ZAR brokers accept the option of bank transfer. Some even allow you to do funding with a credit card, Neteller, Skrill debit card, or Visa.

When selecting a broker platform, make sure you check their minimum deposit requirements for opening a new trading account. Usually, the deposit starts from 75 ZAR and goes high at 5,000 ZAR.

How to open a ZAR account with a broker? Tutorial for beginners

To open a ZAR trading account, every broker has the system account opening process, which you can successfully do in three simple steps. As an example, below, we have a tutorial guide for you to open a ZAR account with FXCM. Have a look:

Step 1: Log into the FXCM account

Visit the FXCM official site and click on the “open live account” option. Next, choose South Africa as your country. Next, select the trading platform with which you want to open your account with.

Fill the empty boxes in the application form with the details of your contact information, trading experience, and details of the base currency. You also have to upload a scanned copy of your ID as verification.

Step 2: Start funding your account.

Now it’s time to fund your newly opened FXCM account. A minimum deposit of 4,500 ZAR is required to run an account. You can pay the deposit amount through Neteller, bank transfer, credit card, debit card, UnionPay, or Skrill.

Step 3: Start Trading

Finally, you can start trading with the FXCM ZAR account. First, open your account trading platform and search for the currency pair. Next, enter the specific amount in which you want to start trading. Then, select from two options, either limit order or market order.

Plus, you also have the freedom to decide the leverage rate on which you want to trade. This can be up to 1:400 for some major forex pairs.

Once you are ready to trade, click the option “open trade” for executing the first trade with the FXCM ZAR account.

FAQs

1.   Which broker is the best platform to open a ZAR account in South Africa?

Our best and the top pick for a leading broker to open a ZAR account is FXCM. This platform is available with 40 currency pairs having high spreads, competitive leverage and offers various trading platforms.

2.   Is it necessary to use a ZAR broker for trading forex in South Africa?

Well, it is not necessary! There is no need to use a ZAR trading broker to start forex trading in South Africa. But, depositing your funds in ZAR can save your money during currency conversion fees.

3.   What is the leverage required to start trading in South Africa?

The leverage requirement will vary from one broker to another one. Most of the ZAR account brokers have a leverage ratio of 200:1 on their major currency pairs. Some of them are limited to 400:1 or 30:1

4.   How can you fund a ZAR forex account?

For withdrawal and deposit purposes, the payment method will vary from one broker to another. Most will accept debit cards, credit cards, Skrill, bank wire transfer, Neteller, and some will go for the options of UnionPay and PayPal.

5.   Can you start forex trading in South Africa with a demo account?

The majority of the brokers with a ZAR account are available with a demo account to practice the art of trading as a beginner. A demo account is entirely risk-free and does not involve funding real money at all.

Bottom line

Even if you are not trading in South Africa, opening a ZAR account can make your entire trading experience a fun thing to do. It grants ease and great comfort for the traders to start their trading journey without any hassle.

We have presented you with a long list of forex brokers who are famous enough to provide you with the ease of creating a ZAR account. Each of the brokers is available with numerous financial assets, has various trading tools, offers educational resources, and supports different payment methods.

Pick your favourite broker and open a ZAR account to start a successful trading routine!

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