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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
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
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Blackstone Futures is an established FSCA-regulated CFD broker based in Johannesburg, offering clients trading in commodities, cryptocurrencies, equities, energies, Forex, futures, indices, and metals. Blackstone offers ZAR and USD accounts on MT4 and the proprietary CloudTrade platforms – both with STP execution.

While trading costs are low, spreads are tight, minimum deposits are reasonable, and maximum leverage is 400:1, traders are limited by the small selection of FX pairs. Beginner traders are well-catered with outstanding educational support for beginners, weekly webinars, and in-person Masterclass sessions around South Africa.  

 

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.
Read More About Blackstone Futures
2
XM
Min. Deposit
USD 5
4.384.38
FSCA Licence
None
Min. Spread
0.10 pips
Base Currencies
USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
Overall Rating
11110.54.38/ 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.
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XM Group (XM) is a dealing desk broker offering trading on multiple instruments, including Forex, stock CFDs, commodities, equities, precious metals, energies, and shares.  Trading costs are slightly higher than other market makers on two of its accounts, with spreads averaging at 1.6 pips on the EUR/USD. However, trading conditions are much more competitive on the Ultra Low Account, with spreads starting at 0.6 pips on the EUR/USD in exchange for a reasonable minimum deposit of 50 USD. 

With fast execution times and good analysis software, XM is a great broker for scalpers, day traders, and long-term traders.  It also provides a world-class repository of educational and market analysis materials to get new traders started.  Lastly, trading is offered on both the MT4 and MT5 platforms, and the responsive and knowledgeable customer service is available to help with any account or technical queries.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
3
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.
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HotForex is a global CFD broker with FSCA regulation offering a variety of trading products including Forex, commodities, indices, shares and crypto. Trading conditions are unusually good on the 70 ZAR (5 USD) introductory account, with fast market execution and competitive spreads. Experienced traders will be interested in HotForex’s professional account with EUR/USD spreads starting at 0 pips pips and a 6 USD commission.

HotForex supports both the MT4 and MT5 platforms and provides 18 trading tools to further assist traders. Unfortunately, access to better trading tools like Autochartist, which other brokers offer as a free service, requires an account balance of 6500 ZAR – well above the required minimum deposit.

Furthermore, Hotforex does not charge any withdrawal or deposit fees, allows hedging, scalping, and copy trading, and offers an excellent selection of educational and market analysis materials to get new traders started. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
4
Exness
Min. Deposit
USD 1
4.324.32
FSCA Licence
51024
Min. Spread
0.10 pips
Base Currencies
USD, EUR, GBP, AUD, ZAR, CHF, JPY, NZD, SGD
Overall Rating
11110.54.32/ 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.
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Exness is an FSCA and internationally regulated CFD broker offering trading in Forex, cryptocurrencies and metals. Exness has some of the tightest spreads in the industry and a relatively low minimum deposit, but its selection of financial instruments is limited compared to similar brokers.

Exness has market and instant execution accounts and full support for MT4 and MT5 on both standard accounts. An optional ZAR account is available to South African traders, deposits and withdrawals are free of charge, and customer service is 24/7.

While Exness’ trading costs are well below the industry average, its education and market analysis are poor compared to other major brokers.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
Read More About Exness
5
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
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Khwezi Trade is a South African FSCA regulated broker headquartered in Cape Town. As is common with other STP brokers, Khwezi Trade uses MetaTrader 4 as their single choice of platform, as it provides fast and reliable market execution.

Khwezi Trade offers four account types depending on minimum deposit but all accounts come with a personal account manager.  Leverage is less than is offered by other international brokerages, and currency pairs are more limited, but the clear appeal with Khwezi Trade is their competitive trading conditions that rival other local players.

For beginner traders with higher deposits above R15,000, Khwezi Trade awards clients five trading sessions led by a professional trader as well as more profitable trading conditions. For deposits over R50,000 unlimited training is provided.

For a South African trader looking for a genuinely local broker, Khwezi Trade has local regulation, local offices, local staff, and uses local banks.

Pros
  • ZAR Accounts
  • Fast and free withdrawals
Cons
  • Local regulation only
  • No swap-free account option
Read More About Khwezi Trade
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.
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Offering trading in over 60 Forex pairs, cryptocurrencies, indices, commodities, shares, options, and ETFs, Plus500 is a popular CFD provider with both its new and long-standing customers. Plus500 boasts tight spreads compared to other market makers (starting at 0.8 pips on the EUR/USD) and fast execution on a single account with a 1500 ZAR minimum deposit requirement.  Support is only offered for its proprietary Plus500 platform, a web-based platform with no need for any downloads or setup, making it a good provider for those who want to keep it simple.  

Award-winning customer service is available 24/7, but Plus500 does not offer hedging, scalping, or copy-trading.  Lastly, its education and market analysis materials are virtually non-existent, making it a poor choice for beginner traders. 

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
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 DFSA
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One of the most respected Forex brokers in the industry, FxPro is well regulated and has over 870,000 client accounts in 173 countries. FxPro offers a no dealing desk execution model and trading on six asset classes, including Forex, shares, indices, futures, metals, and energies.

With full support for the MT4, MT5, C-Trader, and its own proprietary platform, FxPro offers comparatively poor trading conditions on two of its accounts, with minimum deposits starting at 100 USD, and average spreads as wide as 1.84 pips on the EUR/USD.  It makes up for it with competitive trading costs on its C-Trader account, with average spreads of 0.31 pips on the EUR/USD and a low commission of 4.5 USD round turn per lot.   One drawback for beginner traders considering FxPro is its limited selection of educational and market analysis materials.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
Read More About FxPro
8
MarketsX
Min. Deposit
ZAR 2500
4.394.39
FSCA Licence
43906
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, AUD, DKK, EUR, GBP, NOK, PLN, SEK
Overall Rating
11110.54.39/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
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Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in the UK can also use spread bets on applicable instruments.

The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

Owned by Tradetech Markets (South Africa) Pty Ltd., a subsidiary of Playtech PLC, Markets.com (South Africa) SA is one of the best-recognised Forex brands.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
Read More About MarketsX
9
gt.io
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.
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gt.io is an international CFD broker regulated by the FSCA and the FSA Seychelles. An STP broker with a wide range of CFDs, gt.io offers market execution and ZAR trading accounts. But, unlike most brokers in South Africa, gt.io only provides support for the MT5 platform, and not the industry-standard MT4.  gt.io does not have a required minimum deposit and offers commission-free trading, but its variable spreads are wider than its peers. 

Because gt.io is a new broker, it provides little in the way of education and market analysis materials, making it a poor choice for beginner traders.

Pros
    Cons
      Read More About gt.io
      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.
      Show Details

      FXPRIMUS is an STP market maker founded in 2009 and fully regulated in South Africa since 2018. Globally acclaimed for offering one of the fastest and most secure online trading environments, the company has a strong focus on customer satisfaction with free deposits and withdrawals and negative balance protection for all clients.

      A multi-asset broker, FXPRIMUS offers multiple tradeable instruments including Forex, Commodities, Energies, Indices on the MT4 platform. Both Standard and ECN account types are available, with spreads starting at 1.5 pips on the standard account and 0.3 pips on the ECN account.

      Pros
      • Tight spreads
      • Wide range of assets
      • Fast and free withdrawals
      • Great customer support
      Cons
      • High commission
      • Limited education
      • Limited market analysis
      Read More About FxPrimus

      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

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

      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.

      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

      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.

      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.

      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

      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.

      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 DFSA

      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.

      AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.

      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.

      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

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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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