AuthorBy Chris Cammack
Updated: February 26, 2021

When you fund your trading account, most Forex brokers will convert your Rands to US Dollars, Euros or British Pounds. But ZAR Forex brokers offer trading accounts that keep the trading balance in ZAR, which is useful if you want to avoid currency conversion fees.

Having a ZAR account also means your trading funds will be kept in local bank accounts, which makes deposits and withdrawals by bank transfer faster and more convenient. Unfortunately, only local SA brokers and a few international brands have ZAR Forex trading accounts.

In this guide, you will learn the advantages and disadvantages of trading with a ZAR Forex account. This includes a summary of why ZAR accounts are rare, who should use a ZAR-based account, and a shortlist of the brokers with the best ZAR account options.

  • Blackstone Futures - ZAR Accounts with the Tightest Spreads
  • HotForex - Best Regulated Broker with ZAR Accounts
  • XM - Best Trading Platforms
  • Khwezi Trade - Best Local Broker with ZAR Accounts
  • Plus500 - Best Research
  • Exness - Best Education
  • FxPro - Best No Dealing Desk (NDD) Broker with ZAR Accounts
  • MarketsX - Best Trading Platform with ZAR Accounts
  • FxPrimus - Most Secure Broker with ZAR Accounts
English

Best Forex Brokers with ZAR Accounts 2021

Last updated on 26 Feb 2021
Updated 26 Feb 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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Founded in 2009, BlackStone Futures is an established FSCA-regulated broker based in Johannesburg. It offers both ZAR and USD accounts on MT4 and the proprietary CloudTrade platforms, and STP execution ensures no conflict of interest. Beginner traders are well-catered for with excellent educational support, really emphasising the duty of care BlackStone Futures feels for their clients. Spreads are tight and leverage is kept sensibly low until traders can prove their ability, thereby limiting the chance of account wipe out for beginners.

Pros
  • ZAR accounts
  • Tight spreads
  • Fast and free withdrawals
Cons
  • Limited platform choice
  • Local regulation only
Read More About Blackstone Futures
2
HotForex
Min. Deposit
ZAR 70
4.364.36
FSCA Licence
46632
Min. Spread
0 pips
Base Currencies
USD, ZAR
Overall Rating
11110.54.36/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.20 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.

HotForex offers a structured beginner course and webinars to help newcomers get started, but customer support is closed on the weekend, leaving novices stranded when they may need help the most.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
3
XM
Min. Deposit
USD 5
4.384.38
FSCA Licence
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 is a reliable multi-regulated CFD broker offering trading in Forex, stocks, commodities, indices, metals, and energies. XM leads the Forex industry in terms of education and market analysis, but with customer service closed on the weekend, beginner traders with technical issues could face difficultly.

With support for MT4 and MT5, trading costs below the industry average on both introductory and professional accounts, and a low minimum deposit of 5 USD (70 ZAR), XM Group stands out from a crowded field of market maker brokers.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
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 1.80 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
5
Plus500
Min. Deposit
ZAR 1500
3.693.69
FSCA Licence
47546
Min. Spread
0 pips
Base Currencies
AUD, EUR, USD
Overall Rating
1110.503.69/ 5
AlertAccepts South African Clients. Plus500 does not publish their spreads, and thus a cost of trading can not be established. Max leverage 300:1. 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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Plus500 is a leading CFD provider with CFDs on Forex, equities, indices, cryptocurrencies, commodities and options. Clients of Plus500 have access to an easy to use trading platform with a ZAR account, but membership lacks trading courses for beginners and market analysis. Plus500 is supervised by some of the best global regulators but is not currently licenced by the FSCA.

The Plus500 trading platform offers South African traders a single account option, however, a lack of platform support for copy trading, hedging and scalping, could limit traders looking for new ways to trade. Plus500 falls behind in market analysis, advanced trading tools, and an absence of trading courses, making it less suitable for beginners or inexperienced traders.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
6
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
7
FxPro
Min. Deposit
USD 100
4.214.21
FSCA Licence
45052
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, GBP, CHF, EUR, PLN, AUD, JPY
Overall Rating
11110.54.21/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. 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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FxPro is one of the most respected Forex brokers in the industry. Regulated by the FCA and CySEC and with over 870,000 client accounts in 173 countries, FxPro is a truly global powerhouse.

FxPro offers a no dealing desk execution model on MT4, MT5, cTrader and a browser-based platform. A reasonable 100 USD opening deposit and outstanding customer service are combined with competitive spreads – often as low as 0.6 pips – to match profitability with security.

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 500:1. 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
      3.393.39
      FSCA Licence
      46675
      Min. Spread
      0.10 pips
      Base Currencies
      ZAR, USD, EUR
      Overall Rating
      1110.503.39/ 5
      AlertAccepts South African Clients. Average spread EUR/USD 0.30 pips with 10 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.
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      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

      🏆BlackStone Futures – ZAR Accounts with the Tightest Spreads

      Founded in 2009, BlackStone Futures is an FSCA-regulated STP broker based in Johannesburg.  Offering ZAR Accounts with the tightest spreads in the country and a minimum deposit of 1000 Rand, Blackstone Futures is South Africa’s favourite broker, it offers:

      • ZAR Accounts with SA’s tightest spreads
      • Responsible Customer Care
      • MT4 Support and Fast Withdrawals

      ✔️Tight Spreads | ZAR Accounts

      Blackstone Futures offers ZAR accounts on both the MT4 and CloudTrade platforms. Traders will struggle to find a South African broker with tighter spreads, with the EUR/USD down to 0.6 pips at times – exceptional for a broker which does not charge commission.

      ✔️Responsible | Client Focused

      All BlackStone Futures clients have negative balance protection, and all trades are executed at third-party venues, removing any conflict of interest. Leverage is limited for new traders to 1:100, this way new traders are less likely to make costly mistakes. Leverage is 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.

      🚩Why Should Traders Use BlackStone Futures?

      BlackStone Futures is an FSCA-regulated broker with super-tight spreads on its ZAR Account and a clear focus on customer support.  MT4 and CloudTrade are both available and Forex education is excellent, with a structured course for beginner traders and one-on-one customer support.

      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

      Regulated by the FSCA since 2016, HotForex is a firm favourite among South African traders looking for a ZAR Account with STP execution and strong international regulation. The minimum deposit for ZAR accounts is 700 Rand.

      • Regulated by the FSCA, FCA and CySEC
      • ZAR Accounts with STP execution
      • Tight spreads and high leverage
      • Great value Micro Account
      • Detailed market analysis and dedicated customer service

      ✔️Strong Regulation | STP Execution | 1000:1 Leverage

      HotForex is regulated by CySEC in Europe, the FCA in the UK and the South African FSCA – providing local protection for South African traders. No-Dealing Desk (NDD) STP execution means tights spreads for all trades. Leverage is flexible – all the way up to 1000:1 on the Micro Account where the minimum deposit is 5 USD. Spreads start at 1 pip even, on the Micro Account.

      HotForex Micro Account

      ✔️Detailed Market Analysis | Dedicated Customer Support

      HotForex’s has a dedicated market analysis website hosted by a team of in-house experts. Analysis includes market news, technical analysis across all asset classes, special reports, and monthly outlooks. The site is updated frequently throughout the trading day and is always useful. In addition, customer support is available 24/5 in over 27 languages. Toll-free local phone numbers and local email addresses give clients direct free access to quality customer service in their language.

      🚩Summary: Why Should Traders Use HotForex?

      Regulated by the FSCA since 2016, HotForex has account options for South African traders looking for a ZAR Account. Spreads are tight, with flexible leverage up to 1000:1 on the Micro Account. Detailed market analysis will be helpful for both new and experienced traders and customer support is excellent.

      AlertAccepts South African Clients. Average spread EUR/USD 1.20 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. 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. A genuinely excellent local broker, KhweziTrade offers:

      • FSCA Regulation and ZAR Accounts
      • Tight Spreads and STP Execution
      • Excellent Local Customer Support
      • Free Deposits and Withdrawals

      ✔️FSCA Regulated |MT4 Support | Local HQ

      KhweziTrade is the best African Broker for good reason. FSCA regulation, ZAR Accounts, MT4 support and STP execution are combined with tight spreads and a local focus. Not just local regulation, but local offices, local staff, and local banks. With KhweziTrade, all your funds are kept in segregated accounts at Standard Bank.

      KhweziTrade Homepage

      ✔️Personalised Customer Support | Free Withdrawals

      At Khwezi Trade, all accounts come with 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.

      KhweziTrade Testimonials

      🚩Why Should Traders Use KhweziTrade?

      KhweziTrade is honest, transparent, and genuinely interested in the welfare of its clients. Trading conditions on its ZAR accounts are competitive with the best international brokers. Local, personal customer support is the best amongst South African brokers.

      AlertAccepts South African Clients. Average spread EUR/USD 1.80 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 MT4, MT5, cTrader and its browser-based platform. FxPro recommends an opening deposit of 7000 Rand, though accounts can be opened with as little as 1500 Rand. Features traders will like at FxPro are:

      • Ultrafast NDD Execution and Platform Choice
      • Tight Spreads on ZAR Accounts
      • Free Funding via the FxPro Wallet

      ✔️ZAR Accounts | Fast Execution | No Dealing Desk

      FxPro offers ZAR Accounts and ZAR FxPro Wallets, so South African traders can avoid paying any conversion fees. All trades are NDD and most are executed in less than 10 milliseconds. Only 9% of orders received negative slippage. A perfect environment for scalpers and automated trading in volatile markets.

      FXPro No Dealing Desk

      ✔️Tight Spreads | All Three Major Platforms

      FxPro has 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 for those that want to keep things simple.

      FxPro cTrader

      ✔️FxPro Wallet | Free Deposits and Withdrawals

      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.

      FxPro Wallet

      🚩Why Should Traders Use FxPro?

      FxPro offers its clients a choice of platform and then provides the execution and simplicity that many traders crave. ZAR Accounts, fast NDD execution, tight spreads, simple funding, and complete transparency.

      AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. 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 trading platform operated by Markets.com. Markets.com has been regulated by the FSCA since 2012 and offers ZAR Accounts for all South African traders. The minimum deposit to open a ZAR Account is 2500 Rand. The Marketsx platform offers traders fast, commission-free trading on over 2,200 financial instruments with spreads as tight as many ECN brokers.

      • Trade over 2200 tradeable instruments with a ZAR Account
      • Tight spreads with no commission
      • In-depth charting, asset comparison and sentiment tools
      • Live-streamed, expert analysis

      ✔️7 Tradeable Markets | 2200 Instruments | Tight Spreads | ZAR Accounts

      Traders with a ZAR account have a choice of over 2,200 instruments on the Marketsx platform. Over 50 FX pairs are available to trade with spreads starting at 0.6 pips, no commission and leverage of 1:300. Other tradeable assets include stocks, cryptocurrencies, over 25 major market indices, commodities, dozens of regional and sectoral ETFs and US, UK and German government bonds.

      Marketsx Chart

      ✔️Trading Tools and Usability

      The Marketsx trading tools menu features a range of tools that crunch 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 instantly upon the information presented. In the chart view, traders can see their orders, related instruments, and open positions with a single click. Marketsx offers a clean, well-designed UI that puts the trader usability first.

      Marketsx Tools

      🚩Summary – Why Should Traders Use Marketsx?

      Marketsx is perfect for traders looking for a ZAR Account on a modern, intuitive trading platform. The platform is packed full of features and analytical tools, Forex spreads are tight, and almost any other asset is available to trade.

      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 is an STP market maker founded in 2009. Regulated by the FSCA since 2018, FXPRIMUS now offers ZAR Accounts to all South African traders. The minimum deposit to open a ZAR account is 1500 ZAR, though FXPRIMUS recommends a 7000 Rand starting balance. 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.

      Highlights are:

      • Negative Balance Protection
      • Third-party monitoring of client withdrawals
      • Investor compensation and great customer support

      ✔️Secure | Trusted

      Security and trustworthiness is 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. In addition, 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.

      FXPRIMUS Home

      ✔️Tight Spreads | Great Customer Support

      Not just secure and trusted, FXPRIMUS also offers tight spreads across two simple accounts with low minimum deposits. Customer support is also knowledgable and helpful and available via WeChat, Zalo, Line, Telegram, Live Chat, WhatsApp, Facebook Messenger, Email and telephone.

      🚩Why Should Traders Use FXPRIMUS?

      South African traders who want a ZAR account broker with the highest level of security should look to FXPRIMUS. FSCA regulation, negative balance protection for all South African clients and third party monitoring of client withdrawals makes FXPRIMUS one of the most secure brokers in the industry. In addition, customer support is top-notch and minimum deposits are low with tight spreads.

       

      AlertAccepts South African Clients. Average spread EUR/USD 0.30 pips with 10 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.

      What are the Advantages of Having a ZAR Account?

      The greatest advantage of having a ZAR 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

      How to choose the best ZAR Account

      Choosing a broker with the best ZAR account is much the same as choosing any Forex broker. It is essential to look at the detail of each broker to find out what differentiates them from each other.  When looking for a ZAR account broker, it is important to judge them on the following areas:

      Regulation 

      Regulation is the most important aspect of selecting a broker with a ZAR account, as it is with any Forex broker. You want to make sure your funds are secure and kept in a segregated account and that your broker maintains a fair trading environment. 

      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. The best international brokers tend to be regulated by the FCACySEC or ASIC as well as the FSCA.

      The best regulators in the world are the FCA, CySEC and ASIC

      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.

      South Africa Reserve Bank

      HotForex, one of the best brokers offering ZAR accounts, is regulated by the FSCA, CySEC and the FSCA.

      Trading Conditions 

      This includes what kind of spreads are available, how much leverage is offered, and how many currency pairs are available. These factors will directly impact your profit or loss.

      Trading conditions are particularly important for traders with ZAR accounts as your trading balance will be denominated in Rand. This means that when you are open a trade with the base currency in anything other than ZAR (USD/JPY, EUR/USD, AUD/USD, etc.) you 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.

      When trading, your account currency is converted to the base currency of an FX pair

      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 (such as the USD/GBP), often as wide as 80 or 100 pips.

      Blackstone Futures, a well-established South African broker, has some of the best trading conditions to be found on a ZAR account.

      Trading Platforms

      Another factor to consider is the choice of trading platforms on offer. Most brokers will offer MT4, but some brokers will offer multiple platforms – each with their own advantages. Many brokers also have their own platforms, these are often easier to use for beginners, though may not have the automation options that exist on downloadable applications like MT4, MT5 and cTrader.

      MT5

      Broker’s own trading platforms are often easier to use for beginner traders

      For traders who want a ZAR account but a wide choice of platform, we recommend looking at FxPro which offers cTrader, MT4, MT5 and its own platform.

      Minimum Deposit 

      For ZAR Accounts, your minimum deposit will always be in Rand. How much you are required to deposit changes for each broker and often changes between account types offered by the same broker, with higher minimum deposits often linked to better trading conditions.

      Accounts with higher minimum deposits have better trading conditions

      Deposit and Withdrawal Methods

       All brokers accept traditional payment types such as debit/credit cards and bank transfers, many accept online payments through Skrill and Neteller, some broker with ZAR Accounts will also accept Ozow and other local online payment services.

      Always check for deposit and withdrawal fees before you sign up with a broker

      Always check for deposit and withdrawal fees, a few brokers charge a percentage fee for some withdrawal methods, making large drawdowns expensive. 

      Education and Market Analysis

      Most brokers with ZAR accounts will offer Forex education and market analysis. If you are a beginner trader, the quality of this educational and research material should be an important factor in your decision.

      Unfortunately, most South African brokers lag behind their international peers when it comes to the quality of their educational material.

      International brokers tend to have better education than local brokers

      For beginner traders who want to have the best educational material and market analysis available when opening a ZAR account, we recommend checking out MarketsX.

      Customer Service

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

      Brokers with local customer support will have a better understanding of your needs

      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.

      Khwezi Trade, a South African broker offering ZAR accounts with an excellent reputation, is well-known for the quality of its customer service, especially for onboarding new traders.

      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 I Use a ZAR 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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