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ZAR Forex brokers offer trading accounts that keep the trading balance in ZAR, which is useful if you want to avoid currency conversion fees. A ZAR account also means your trading funds will be kept in South African bank accounts, making deposits and withdrawals by bank transfer faster. 

To test these brokers, we opened a live account and checked the broker’s regulation and trading conditions. We verified that the ZAR Accounts do not have conversion fees on deposits and that the account funding and withdrawals were fast and without constraints. Since most ZAR brokers have a local office, we tested their local customer support, as South African support will have a better understanding of your needs. These are the best ZAR Forex brokers for 2021, according to our testing and our research.

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Best Forex Brokers with ZAR Accounts 2021

Last updated on 12 May 2021
Updated 12 May 2021
by Editorial Director Chris Cammackby Chris Cammack
Chris Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
XM
Min. Deposit
USD 5
4.254.25
FSCA Licence
None
Min. Spread
0.10 pips
Base Currencies
USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
Overall Rating
11110.54.25/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
2
HotForex
Min. Deposit
ZAR 70
4.494.49
FSCA Licence
46632
Min. Spread
0 pips
Base Currencies
USD, ZAR
Overall Rating
11110.54.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
3
Exness
Min. Deposit
USD 1
4.124.12
FSCA Licence
51024
Min. Spread
0.10 pips
Base Currencies
USD, EUR, GBP, AUD, ZAR, CHF, JPY, NZD, SGD
Overall Rating
11110.54.12/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
4
Khwezi Trade
Min. Deposit
ZAR 2000
3.473.47
FSCA Licence
44816
Min. Spread
0.60 pips
Base Currencies
ZAR
Overall Rating
1110.503.47/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816
5
Blackstone Futures
Min. Deposit
ZAR 1000
4.484.48
FSCA Licence
49846
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, GBP
Overall Rating
11110.54.48/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846
6
Plus500
Min. Deposit
ZAR 1500
4.094.09
FSCA Licence
47546
Min. Spread
0 pips
Base Currencies
AUD, EUR, USD
Overall Rating
11110.54.09/ 5
AlertAccepts South African Clients. Plus500 does not publish their spreads, and thus a cost of trading can not be established. Max leverage 30:1. Islamic account available. Only Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS.All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
7
FxPro
Min. Deposit
USD 100
4.244.24
FSCA Licence
45052
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, GBP, CHF, EUR, PLN, AUD, JPY
Overall Rating
11110.54.24/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB.
8
markets.com
Min. Deposit
ZAR 2500
4.494.49
FSCA Licence
43906
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, AUD, DKK, EUR, GBP, NOK, PLN, SEK
Overall Rating
11110.54.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & Marketsx platforms supported. MarketsX is regulated by the FCA, CySEC, ASIC, and the BVI FSC.
9
Global GT
Min. Deposit
USD 5
3.643.64
FSCA Licence
48896
Min. Spread
1.40 pips
Base Currencies
USD, EUR, ZAR, BTC, ETH, USDT
Overall Rating
1110.503.64/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 555:1. Islamic account available. MT5 platform supported. GT.io is regulated by the FSCA & FSA Seychelles.
10
FxPrimus
Min. Deposit
USD 100
3.493.49
FSCA Licence
46675
Min. Spread
0.10 pips
Base Currencies
ZAR, USD, EUR
Overall Rating
1110.503.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

How to Compare ZAR Forex Trading Accounts

When depositing South African Rand (ZAR) with a Forex broker, your deposit is usually converted into US Dollars (USD) and added to your trading account. Having a ZAR Forex trading account means that your broker will not convert your ZAR deposit to USD. To compare Forex brokers with ZAR accounts, you should consider the following:

Conversion Fees: Ask your broker about the conversion fees on ZAR deposits and withdrawals from a USD trading account. These fees can be significant, so a ZAR trading account could help you save up to 10%. 

Local Banks: Most Forex brokers that offer ZAR trading accounts will use local banks. Having a broker with a local bank means that deposits and withdrawals will be faster. It also means that your funds are kept locally and are protected by South African laws and FSCA regulation. On the other hand, if you have a USD Forex trading account your broker could keep your funds anywhere in the world.

Broker Regulation: Check if the broker has the proper oversight from the financial authorities. The South African regulator is called the FSCA, and most brokers who offer ZAR trading accounts will also be regulated by the FSCA.


These are best ZAR Forex accounts in South Africa for 2021

  • HotForex - Best Regulated Broker with ZAR Accounts
  • Khwezi Trade - Best Local Broker with ZAR Accounts
  • Blackstone Futures - ZAR Accounts with the Tightest Spreads
  • FxPro - Best No Dealing Desk (NDD) Broker with ZAR Accounts
  • markets.com - Best Trading Platform with ZAR Accounts
  • FxPrimus - Most Secure Broker with ZAR Accounts

HotForex – Best Regulated Broker with ZAR Accounts

HotForex is a leading FSCA regulated broker among South African traders looking for a ZAR Account with No-Dealing Desk STP execution and strong international regulation. Leverage is flexible up to 1000:1 on the Micro Account where the minimum deposit is 5 USD, however, the minimum deposit for ZAR accounts is 700 Rand.

HotForex’s has a dedicated market analysis website hosted by a team of in-house experts. The analysis includes market news, technical analysis across all asset classes, special reports, and monthly outlooks updated frequently throughout the trading day and is always useful. Customer support is available 24/5 with toll-free local phone numbers.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

KhweziTrade – Best Local Broker with ZAR Accounts

Winner of the Award for Best Forex Broker in Africa, Khwezi Trade is a South African FSCA regulated broker headquartered in Cape Town and supported by local customer services staff and local Standard Bank accounts. An STP broker, Khwezi Trade supports MetaTrader 4 and provides ZAR Accounts for all clients. The minimum deposit to open a ZAR account is 2000 Rand.

At Khwezi Trade, all accounts have a personal account manager. Support is offered via live chat, email, and phone from 7 am to 6 pm, with an after-hours number for emergency assistance. Customer support is offered in English, Afrikaans, Zulu, Sotho, and Xhosa. All account funding is free, there are no deposit or withdrawal fees, and all withdrawals are processed the same day.

Pros
  • ZAR Accounts
  • Fast and free withdrawals
Cons
  • Local regulation only
  • No swap-free account option
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816

BlackStone Futures – ZAR Accounts with the Tightest Spreads

Blackstone Futures, an FSCA-regulated STP broker based in Johannesburg, offers ZAR accounts on MT4 and CloudTrade platforms. All clients have negative balance protection, and all trades are executed at third-party venues, with EURUSD spreads as low as 0.6 pips.

Leverage is limited for new traders to 1:100 and increased after a track record of responsible trading. Blackstone Futures also provides free withdrawals and aims to have client funds back in their accounts within 24 hours.

Pros
  • South African broker; FSCA regulated (FSP 49846) since 2009
  • Fast STP trade execution and negative balance protection for all traders
  • Tight spreads starting at 0.6 pips and no commission
  • ZAR accounts available; trade in Rand with fast deposits and withdrawals
Cons
  • Limited trading platform choice: MT4 and CloudTrade only.
AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846

FxPro – Best No Dealing Desk (NDD) Broker with ZAR Accounts

Offering FSCA-regulated ZAR Accounts since 2015, FxPro’s NDD execution model is available on all three accounts – one for each of the major platforms: MT4, MT5 and cTrader. Both the MT4 and MT5 accounts offer commission-free trading while the cTrader account has a 4.50 USD commission per trade but raw spreads – down to 0.3 pips on the EUR/USD. In addition, FxPro has its own FxPro (EDGE) web platform. The minimum deposit is 1500 Rand. All trades are NDD and most are executed in less than 10 milliseconds. Only 9% of orders received negative slippage.

FxPro offers ZAR Accounts and ZAR FxPro Wallets, so South African traders can avoid paying any conversion fees. The FXPro Wallet is kept separate from the trading account, so will not be considered when calculating margin or leverage making it a risk management tool. All deposits and withdrawals from the FxPro Wallet are free of charge via all methods.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB.

Marketsx – Best Trading Platform with ZAR Accounts

Marketsx is the new clean and well-designed platform operated by Markets.com, regulated by the FSCA since 2012. Commission-free ZAR Accounts are offered to all South African traders, with a minimum deposit of 2500 Rand. Traders with a ZAR account have a choice of over 2,200 instruments on the Marketsx platform with 50+ FX pairs available to trade with spreads starting at 0.6 pips and leverage up to 1:300. Other instruments include stocks, cryptocurrencies, commodities and over 25 major market indices.

The Marketsx trading tools menu features a range of tools that analyse big data from leading analysts, hedge funds, and commentators to give traders better insight into the market. Each tool has integrated buy and sell buttons so traders can act upon the information presented. In the chart view, traders can see their orders, related instruments, and open positions with a single click.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & Marketsx platforms supported. MarketsX is regulated by the FCA, CySEC, ASIC, and the BVI FSC.

FXPRIMUS – Most Secure Broker with ZAR Accounts

FXPRIMUS offers tight spreads on two ZAR accounts for a minimum deposit of 1500 ZAR. FXPRIMUS has a secure trading environment and a strong focus on customer satisfaction – with free withdrawals and negative balance protection for all South African clients.

Security and trustworthiness are of the utmost importance at FXPRIMUS. FXPRIMUS is a regulated member of the Investor Compensation Fund (ICF), meaning that client funds are protected up to €20.000. As an added safety measure, FXPRIMUS has introduced professional indemnity insurance of €2.5million. FXPRIMUS has partnered with the Boudica Client Trust to introduce third-party monitoring of client withdrawals. This ensures that withdrawal requests are executed as quickly and efficiently as possible.

Pros
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
  • Great customer support
Cons
  • High commission
  • Limited education
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

Advantages of ZAR Forex Trading Accounts

The greatest advantage of having a ZAR Trading Account is that you will avoid currency conversion fees when funding your trading account.

If you have a USD trading account, conversion fees or the volatile ZAR/USD exchange rate can take a bite out of your profits before you even start trading. Most international brokers will also give you a poor exchange rate from ZAR to USD.

ZAR Accounts will not have conversion fees on withdrawals and deposits

ZAR accounts are also good for traders who use bank transfers or credit cards to fund their accounts. If you ask your bank or credit card company to fund a USD account, you can lose 7-10% of the value of your deposit in conversion charges and added fees. Fund transfers are also much quicker between local banks, so deposits and withdrawals can generally be made within 24 hours, and often happen instantly.

Funding ZAR Accounts is much faster than USD accounts

Another benefit of having a ZAR account is that your funds will be kept in a South African bank and will be accessible if your broker declares bankruptcy. With a USD account at an international broker, this will not be the case: Even if your funds are kept in a segregated account, they will be kept in a segregated account in another country.

ZAR Accounts are usually held in South African banks

Standard Bank

Other Features of Brokers with ZAR Trading Accounts

Forex brokers with ZAR trading accounts are different from brokers without ZAR trading accounts. They are usually regulated by the FSCA, minimum deposits tend to be lower (and also denominated in Rand) and opening large trades can be more expensive than with a USD trading account. Brokers with ZAR trading accounts also tend to have local customer service teams.

FSCA Regulation 

All brokers with ZAR accounts will be regulated by the FSCA, as ZAR accounts will be held in South African banks and will be governed by South African laws.

Alongside FSCA regulation, brokers who offer ZAR accounts will need a licence from the South African Reserve Bank (SARB) to provide financial products denominated in Rand – this extra licencing requirement adds another layer of protection for local traders.

Lower Minimum Deposits in ZAR

For ZAR trading accounts, your minimum deposit will always be in Rand. 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.

ZAR Trading Conditions 

Trading conditions are particularly important for traders with ZAR accounts as your trading balance will be denominated in Rand. This means that when you open a trade with the base currency in anything other than ZAR (USD/JPY, EUR/USD, AUD/USD, etc.) your ZAR balance will be converted in the base currency, it will be converted back again to ZAR once you close the trade. This can be expensive if you plan to hold multiple large trades open simultaneously.

If you are planning to trade the USD/ZAR be aware that this is considered an exotic pair and spreads are much wider than for major pairs, often as wide as 80 or 100 pips.

Local Customer Service

Another important factor to consider when opening a ZAR trading account is the quality of customer service offered by a broker. Brokers with ZAR trading accounts tend to have local offices and can offer local support – which can make all the difference for beginner traders.

City

Brokers with local customer support have a better understanding of the issues new traders in South African’s have when setting up their accounts. They also can offer support in multiple languages, including Afrikaans, Xhosa, and Zulu.

Why are ZAR Accounts so Rare?

Forex brokers who offer ZAR accounts are rare, and most brokers still only offer USD or EUR accounts. This is mainly due to a lack of ZAR liquidity providers. Forex brokers with ZAR accounts need access to large amounts of Rand, or Rand liquidity pools, to cover their clients’ trades. Currently, there are just not that many banks in South Africa willing to provide the necessary funding.

Broker with ZAR accounts need the support of large South African banks

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 would open themselves up to huge exchange rate risk. They would lose money every time the ZAR devalued against the USD, which has been a common problem recently.

International brokers with ZAR accounts lose money when the Rand devalues

Should South Africans Use a ZAR Trading Account?

In most cases, yes – South African traders should use a ZAR account if they can. You will avoid conversion fees and withdrawals and deposits will be faster.

Some traders want a USD account, especially traders who keep many positions open simultaneously. With this approach to trading with a ZAR account, the fluctuations in the exchange rate would impact your profit margins.

One thing to keep in mind with a ZAR account is whether your broker charges commission on trades – most ECN brokers do – and what currency the commission is charged in. If you have a ZAR account and are being charged a USD commission for every trade, you will be losing a small amount of every trade in currency conversion. This can add up over time and become quite expensive. Most brokers with ZAR accounts will charge the commission at a fixed rate in ZAR but do check first.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients. 

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information. With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

References

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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