TradeForexSA follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

AuthorBy Chris Cammack
Updated: May 5, 2022

There are not many Forex brokers who offer ZAR Forex trading accounts, but we have researched all of them to find the best. The 10 brokers with ZAR trading accounts on this list have been selected for their trustworthiness and low trading costs.

ZAR Forex trading accounts are popular in South Africa because they let traders avoid paying conversion fees on deposits or withdrawals.

Most brokers with ZAR accounts will also keep your trading funds in Rand in South African banks. This means that deposits and withdrawals via bank transfer will be faster and usually free.

We know that keeping your money safe is the top priority, so all the brokers on this list are regulated by the FSCA or another respected regulator, like ASIC or the FCA. It’s also important to keep costs down, so we’ve also picked the ones with low fees for South African traders.

These are the best Forex brokers with ZAR Accounts in 2022.

  • HotForex - Great ZAR Micro Account
  • XM - Best Overall ZAR Forex Account
  • Exness - High Leverage ZAR Account
  • FxPro - ZAR Accounts on MT4, MT5 and cTrader
  • Plus500 - Unlimited ZAR Demo Account
  • markets.com - ZAR Accounts on the Best Trading Platform
  • Khwezi Trade - Best South African Broker with ZAR Accounts
  • Global GT - Best for ZAR Accounts on the MT5 Platform

Summary

Scroll for more detailsPreviousNext
Broker
Overall Rating
Official Site
ZAR Account
FSCA (SA) Regulated
Min. Deposit
Max. Leverage (Forex)
Beginner Friendly
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Regulated By
Compare
HotForex
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 70
1000:1
Excellent
USD 10
1.00 pips
0.10 pips
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
888:1
Excellent
USD 16
1.60 pips
0.10 pips
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
International Financial Services Commission
Exness
4.12 /5
Read Review
Visit Broker >
Your capital is at risk
USD 3
2000:1
Standard
USD 7
0.70 pips
0 pips
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
FxPro
4.29 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100
200:1
Excellent
USD 14
1.40 pips
0.40 pips
FCA Regulated Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Securities Commission of the Bahamas
Plus500
4.09 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 1500
30:1
Standard
USD 8
0.80 pips
0.80 pips
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Monetary Authority of Singapore
Financial Markets Authority of New Zealand
Markets.com
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 2500
300:1
Excellent
USD 7
0.70 pips
0.60 pips
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Khwezi Trade
3.47 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 500
400:1
Standard
USD 14
1.40 pips
0.60 pips
FSCA Regulated Forex Brokers
Global GT
3.99 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
1000:1
Excellent
USD 14
1.40 pips
1.90 pips
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
ThinkMarkets
4.18 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0
500:1
Excellent
USD 12
1.20 pips
0.00 pips
FSCA Regulated Forex Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
CySEC Regulated Brokers
Financial Services Agency

Why Choose a ZAR Forex Trading Account?

There are three good reasons for you to have a trading account in Rand (ZAR):

  • If you trade FX pairs with ZAR as the quote currency such as USD/ZAR or EUR/ZAR you will avoid currency conversion when opening and closing a trade. This will save you money as most brokers charge a commission for currency conversions when trading and will often give you a bad exchange rate.
  • If you deposit ZAR into a normal US Dollar (USD) trading account, your Rands are converted to USD first. There is usually a fee for this currency conversion and you may lose money on the exchange rate too. To make matters worse, you will be charged another conversion fee when you withdraw from your trading account. With a ZAR trading account, you don’t have to worry about fees or exchange rates.
  • If your broker has ZAR trading accounts, they probably keep your funds in a South African bank. This means that deposits and withdrawals to and from your personal bank account will be much quicker and cheaper. 

We go into more detail on the advantages (and disadvantages) of using a ZAR Account for Forex trading below the broker reviews.

ZAR Account Broker Reviews

Below, we’ve picked out the ten best brokers in South Africa with ZAR accounts. In our short reviews, we look at the trading costs on their ZAR accounts and why we think they are safe to trade with. When we compare brokers we also look at a few other things, like the number and quality of trading platforms on offer and how good the customer service is. We’ve also highlighted any other unique features that are important to consider. 


HotForex – Great ZAR Micro Account

Fees and Trading Conditions: HotForex is popular among South African traders looking for a low-cost ZAR Account. Leverage is flexible up to 1000:1 on the Micro Account where the minimum deposit is 70 Rand. All trading at HotForex has STP execution and a range of other accounts are available with minimum deposits between 1400-2800 ZAR. HotForex has CFD trading on commodities, indices, shares, bonds and ETFs – but no longer offers crypto trading. 

Regulation and Security: Founded in 2009, HotForex is regulated by the FCA, CySEC and the South African FSCA (FSP 46632). It has a South African customer support team and all South African traders have negative balance protection. 

FEATURES

  • FSCA and international regulation and No-Dealing Desk STP execution 
  • 70 Rand minimum deposit Micro Account with 1000:1 leverage
  • Dedicated market analysis from in-house experts, including market news, technical analysis, special reports, and monthly outlooks.
  • 24/5 customer support 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 1.00 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.

XM – Best Overall ZAR Forex Account

Fees and Trading Conditions: The XM Ultra-Low Account is the best ZAR account available for South African traders. XM’s Ultra-Low Account is available on the MT4 trading platform with a minimum deposit of 700 Rand (50 USD) and some of the lowest trading costs in the Forex trading industry, with spreads starting at 0.6 pips on the EUR/USD. In addition, all XM’s ZAR accounts have a maximum leverage of 888:1 and negative balance protection. If 700 Rand is too much, minimum deposits start from 5 Rand (5 USD) on the entry-level account, though spreads will be wider. XM offers CFD trading on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares.

Regulation and Security: Founded in 2009, XM is one of the most well-regulated brokers in the Forex industry. Although it is not regulated by the South African FSCA, it is regulated by CySEC, ASIC, the FCA and the IFSC Belize. South African traders will fall under IFSC regulation which allows higher leverage limits than the other regulators. Overall, XM is considered a safe broker.

FEATURES

  • ZAR Accounts for South African traders, no conversion fees from Rand bank accounts
  • MT4 video tutorials: Opening an account, complex order types, and backtesting Expert Advisors.
  • XM Ultra-Low account: A minimum deposit of 50 USD (700 Rand) and spreads start at 0.6 pips with no commission.
Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

Exness – High Leverage ZAR Account

Fees and Trading Conditions: Exness’ Standard Account on MT4 requires a minimum deposit of 140 Rand (10 USD) and has average spreads on the EUR/USD of 1 pip. This account is a good, low-risk opportunity for beginner Forex traders to get experience in the live market. The Pro Account on MT4 also has low trading costs, offering commission-free trading with spreads averaging 0.6 pips EUR/USD – but the minimum deposit is 200 USD (3000 ZAR). All accounts feature high leverage up to 2000:1.

Regulation and Security: Founded in 2008, Exness Group has been FSCA-regulated since 2020 (FSP 51024) and offers trading on 100+ Forex pairs, cryptocurrencies, stock CFDs, indices and commodities. Currently, South African trading accounts are regulated by the Seychelles FSA, which does not require brokers to offer negative balance protection and trader’s funds may not be kept in South African banks.

FEATURES

  • Nine account types for both beginners and more experienced traders
  • ZAR Accounts for South African clients, no conversions fees from Rand bank accounts
  • Automated instant withdrawal system, with free withdrawals to e-wallets.
  • TC.Technical Analysis indicator from the international analytical agency Trading Central
Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
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, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

FxPro – ZAR Accounts on MT4, MT5 and cTrader

Fees and Trading Conditions: FxPro’s ZAR trading accounts all feature market execution and minimum deposits starting at 1500 Rand.  Both the MT4 and MT5 accounts offer commission-free trading, while the cTrader account has a commission but tighter spreads – down to 0.3 pips on the EUR/USD. In addition, FxPro has its own award-winning EDGE web-based trading platform which beginners may find easier to use. 

Regulation and Security: Founded in 2006 and headquartered in London, FxPro has 873,000 traders from 173 countries around the world and is one of the most respected brokers in the industry. FSCA-regulated (FSP 45052) since 2015, most trades are executed in less than 10 milliseconds and only 9% of orders received negative slippage. All South African clients of FxPro will have negative balance protection and their funds are kept in South African banks.

FEATURES

  • Hedging, scalping, and signal/robot trading on MT4, MT5 and cTrader
  • Funds kept in FxPro Wallet are separate from the trading account, so are not considered when calculating margin.
  • 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.

Plus 500 – Unlimited ZAR Demo Account

Fees and Trading Conditions: Plus500 only offers one live account with average trading costs (spreads starting at 0.8 pips* on the EUR/USD) no commissions, and a minimum deposit requirement of 1500 ZAR (100 USD). The Plus500 demo account is unlimited, meaning it will never expire and is available on mobile app and web browser. The Plus500 mobile app has the same functionality as the web platform and features advanced order types, sentiment indicators and price alerts on the move. Plus 500 offers trading on 70+ Forex pairs, cryptocurrencies, indices, commodities, shares, options, and ETFs. 

Regulation and Security: Founded in 2008 and listed on the London Stock Exchange, Plus500 is regulated by many of the best regulated, including the FSCA (FSP 47546). But according to our research, South African trading accounts are held by Plus500AU Pty, which is regulated by ASIC in Australia, so traders may find their leverage limited to 30:1. Negative balance protection is available for all South African traders.

FEATURES

  • FSCA Regulation and ZAR Accounts, no conversion fees from Rand bank accounts
  • A fixed 0.8 pip spread* on the EUR/USD and no commission.
  • Free Deposits and withdrawals
  • Customer service team available 24/7 via WhatsApp and Live Chat.

*spread correct as of 17:40 on 02/09/21

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
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.

Markets.com – ZAR Accounts on the Best Trading Platform

Fees and Trading Conditions: Markets.com’s offers commission-free ZAR trading accounts to South African clients on its Marketsx trading platform, available as a mobile app and through a web browser. The minimum deposit is 2500 Rand and traders have a choice of over 2,200 instruments, with 50+ FX pairs available to trade. Spreads start at 0.6 pips on the EUR/USD and leverage is available up to 1:300. Other instruments include stocks, cryptocurrencies, commodities and over 25 major market indices.

Regulation and Security: Founded in 2010, Markets.com has been regulated by the FSCA in South Africa (FSP 46860) since 2014. All traders’ funds are held in segregated accounts at top-tier banks, and all traders receive automatic negative balance protection. Additionally, Markets.com has taken out a $1,000,000 insurance policy covering clients in all regulated territories. 

FEATURES

  • 14 fundamental, technical and sentiment-based trading tools and expert analysis, in addition to in-depth charting and comparison tools
  • Traders can see orders, related instruments, and open positions with a single click
  • All traders are assigned a dedicated Account Manager
  • Trade Blends: Stock baskets that track market sectors and legendary investors. Blends include the US Tech Blend, the Cannabis Blend and the Warren Buffett Blend
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.

Khwezi Trade – Best South African Broker with ZAR Accounts

Trading Conditions and Fees: KhweziTrade supports the MT4 trading platform and the minimum deposit to open the entry-level Silver Trading account is 500 Rand, with spreads starting at 1.4 pips. The Gold Account requires a minimum deposit of 2,000 ZAR, the Platinum Account 10,000 ZAR and the Diamond Account 30,000 ZAR. Maximum leverage is 200:1 but can be increased on a case-by-case basis.

Regulation and Security: Based in Cape Town and winner of our Award for Best Forex Broker in Africa, Khwezi Trade is an FSCA-regulated broker (FSP 44816) with fast STP trade execution. It is renowned for its customer-focused approach to traders and all client trading accounts are kept at Standard Bank in South Africa, providing an additional level of security for South African traders. 

FEATURES

  • Personal account manager for all clients 
  • Customer support in English, Afrikaans, Zulu, Sotho, and Xhosa.
  • No deposit or withdrawal fees, all withdrawals are processed same-day
Pros
  • ZAR Accounts
  • Fast and free withdrawals
  • Great customer support
Cons
  • Local regulation only
  • No swap-free account option
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 400:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816

Global GT – Best for ZAR Accounts on the MT5 Platform

Fees and Trading Conditions: Global GT has five different account types, all with a low minimum deposit of 75 Rand (5 USD) and leverage up to 1:1000. Trading instruments include Forex, commodities, stock and indices. Global GT offers market execution on all accounts, but, unlike most brokers in South Africa, provides support for the MT5 trading platform, rather than MT4.

Regulation and Security: Founded in 2020 in South Africa and regulated by the FSCA (FSP 48896) Global GT offers an unlimited demo account for all account types. This unlimited demo account provides a risk-free way for traders to try out MT5 before spending their own money. All traders funds are kept in segregated accounts at Tier 1 banks and Global GT provides negative balance protection for all clients.

FEATURES

  • 24/7 Customer support
  • Five account types, including an ECN account with raw spreads
  • MT5 trading platform available on PC, Mac, Andriod and iOS.
Pros
  • Low minimum deposit
  • ZAR Accounts
Cons
  • Limited platform choice
  • Wide spreads
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT5 platform supported. GT.io is regulated by the FSCA & FSA Seychelles.

Advantages of ZAR Forex Trading Accounts

1. Avoid Currency Conversion Fees when Making a Deposit

This is the greatest advantage of having a ZAR Trading Account. If you have a USD trading account, your broker or bank will charge conversion fees and maybe commission when you make a deposit or withdrawal in ZAR. Most international brokers will also give you a poor exchange rate from ZAR to USD, leading to more lost money. These losses can add up over time, especially if you are a high-volume trader.

2. Avoid Currency Conversion when Opening or Closing a Trade

Another important advantage, though this only works if you trade currency pairs with the ZAR as the quote currency, such as USD/ZAR or EUR/ZAR. Some brokers will also charge a commission and give you a poor exchange rate, so these trading costs can mount up over time. If you mainly trade currency pairs without the ZAR as the quote currency, such as EUR/USD, then having a ZAR account could be a disadvantage over time (see more detail below in the section on disadvantages).3. 

3. Faster Deposits and Withdrawals

Usually, but not always, making deposits and withdrawals from ZAR Accounts is much faster than with USD accounts. This depends on whether your Forex broker keeps your ZAR trading account in a South African bank. If your ZAR trading account is kept overseas, it can still take 2-3 days for deposits and withdrawals to reflect.

4. Cheaper Bank Transfer and Credit Card Funding

ZAR accounts are also cheaper 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 traders can generally make deposits and withdrawals within 24 hours.

5. South African Legal Protection

Another benefit of having a ZAR account is that if your funds are kept in a South African bank, they will be protected by SA laws if your broker declares bankruptcy. This will not be the case with a USD account at an international broker: Even if your funds are kept in a segregated account, they will be held in an overseas bank account.

6. South African Customer Service Teams

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

Disadvantages of ZAR Forex Trading Accounts

1. Conversion with non-ZAR Currency Pairs

For South Africans, there is only one real drawback to trading with a ZAR Account, but it’s a big one. If you are trading currency pairs without ZAR as the quote currency (i.e. EUR/USD, USD/JPY, etc.) you will be converting currency every time you trade.

To avoid currency conversion when trading, it is best to use the same base currency as the quote currency of the currency pairs that you trade the most. For most traders, this is the USD as three of the most traded pairs feature the USD as the quote currency (EUR/USD, GBP/USD and AUD/USD).

If you want to trade USD quoted currency pairs, you should probably keep your trading account balance in USD, even if it means converting to and from ZAR every time you make a deposit or withdrawal.

Many South African traders have two trading accounts, one in ZAR and the other USD. They use the ZAR account to trade ZAR-quoted currency pairs and use the USD account to trade USD-quoted currency pairs.

FAQS

Which brokers have ZAR accounts?

The brokers at the top of this page are the best brokers with ZAR accounts, but here are all the Forex brokers that have ZAR accounts in South Africa. 

Scroll for more detailsPreviousNext
Broker
Overall Rating
ZAR Account
Min. Deposit
Max. Leverage (Forex)
Negative Balance Protection (Default)
Regulators
Trading Cost (Standard Account)
EUR/USD
USD/JPY
GBP/USD
Account Types
Trading Commission
Compare
Markets.com
4.49 /5
Read Review
ZAR 2500
300:1
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
USD 7
0.60 pips
0.70 pips
1.20 pips
Market Maker
Fees Included in Spread
HotForex
4.49 /5
Read Review
ZAR 70
1000:1
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
USD 10
0.10 pips
0.30 pips
0.50 pips
STP
6 USD / lot - Zero Account
AvaTrade
4.48 /5
Read Review
ZAR 1500
400:1
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
Central Bank of Ireland
CySEC Regulated Brokers
USD 9
0.90 pips
1.10 pips
1.60 pips
Market Maker
Fees Included in Spread
FxPro
4.29 /5
Read Review
USD 100
200:1
FCA Regulated Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
USD 14
0.40 pips
0.60 pips
1.00 pips
Market Maker NDD
9 USD / lot
Valutrades
4.25 /5
Read Review
USD 5
500:1
FCA Regulated Brokers
The Seychelles Financial Services Authority
USD 7
0.10 pips
0.10 pips
0.40 pips
ECN/DMA
6 USD / Lot
XM
4.25 /5
Read Review
USD 5
888:1
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
International Financial Services Commission
USD 16
0.10 pips
0.10 pips
0.20 pips
Market Maker
7 USD / lot - XM Zero Account
ThinkMarkets
4.18 /5
Read Review
USD 0
500:1
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
USD 12
0.00 pips
0.00 pips
0.00 pips
ECN/DMA
STP
7 USD / lot - ThinkZero Account
Exness
4.12 /5
Read Review
USD 3
2000:1
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
USD 7
0 pips
0 pips
0.10 pips
Market Maker
Fees Included in Spread
Plus500
4.09 /5
Read Review
ZAR 1500
30:1
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
USD 8
0.80 pips
0 pips
0 pips
Market Maker
Fees Included in Spread
Global GT
3.99 /5
Read Review
USD 5
1000:1
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
USD 14
1.90 pips
1.60 pips
2.20 pips
STP
Fees Included in Spread
easyMarkets
3.98 /5
Read Review
USD 25
400:1
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
USD 18
0.70 pips
1.00 pips
1.30 pips
Market Maker
Fees Included in Spread
JustForex
3.73 /5
Read Review
USD 1
3000:1
Financial Services Authority – St. Vincent & the Grenadines
USD 9
0.60 pips
1.00 pips
0.70 pips
STP
7 USD round turn
Khwezi Trade
3.47 /5
Read Review
ZAR 500
400:1
FSCA Regulated Forex Brokers
USD 14
0.60 pips
0.80 pips
1.00 pips
STP
Fees Included in Spread
Trade.com
3.42 /5
Read Review
USD 100
300:1
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
USD 19
3.00 pips
3.00 pips
3.00 pips
Market Maker
Fees Included in Spread
Dukascopy
3.04 /5
Read Review
USD 100
200:1
Swiss Financial Market Supervisory Authority
USD 10
0.10 pips
0.20 pips
0.90 pips
ECN/DMA
Fees Included in Spread
Globex360
2.72 /5
Read Review
USD 100
300:1
FSCA Regulated Forex Brokers
USD 32
1.60 pips
0 pips
0 pips
STP
8 USD / lot

Are Brokers with ZAR Accounts Regulated by the FSCA? 

Most Forex brokers with ZAR accounts will be regulated by the FSCA, as ZAR accounts are 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.

Are Minimum Deposits Lower with a ZAR Account?

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

Why are there so few Brokers with ZAR Accounts?

Forex brokers who offer ZAR accounts are rare due to a lack of ZAR liquidity providers. Forex brokers with ZAR accounts need access to large amounts of Rand in 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.

Another reason for the lack of ZAR accounts is that most international brokers have their costs priced in USD. By converting large sums of USD to finance ZAR accounts, they open themselves to exchange rate risk because the broker would lose money when the Rand devalues.

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 results 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 sifting through the fine print. Learn more about how we rank brokers

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Featured Brokers

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.

Close
>