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This is our list of the best Forex brokers with Rand (ZAR) trading accounts in South Africa. With a ZAR trading account, deposits from South African banks do not have conversion fees. ZAR trading funds are also kept in a South African bank account, making deposits and withdrawals faster. 

To make this list, we checked each broker’s regulation and trading costs to make sure they were trustworthy and not overcharging their clients. Since many Forex brokers with ZAR accounts have a local office, we also verified that they had local customer support.

Below the list are summaries of each broker explaining why they made the list. We also share our expert knowledge on why ZAR accounts are often – but not always – a good option for South African Forex traders. These are the best Forex brokers with ZAR Accounts for 2021.

English

Best Forex Brokers with ZAR Accounts 2021

Last updated on 6 Oct 2021
Updated 6 Oct 2021
by Editorial Director Chris Cammackby Chris Cammack
Chris Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
XM
Min. Deposit
USD 5
4.254.25
FSCA Licence
None
Min. Spread
0.10 pips
Base Currencies
USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
Overall Rating
11110.54.25/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
2
HotForex
Min. Deposit
ZAR 70
4.494.49
FSCA Licence
46632
Min. Spread
0 pips
Base Currencies
USD, ZAR
Overall Rating
11110.54.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
3
Exness
Min. Deposit
USD 1
4.124.12
FSCA Licence
51024
Min. Spread
0.10 pips
Base Currencies
USD, EUR, GBP, AUD, ZAR, CHF, JPY, NZD, SGD
Overall Rating
11110.54.12/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
4
Khwezi Trade
Min. Deposit
ZAR 2000
3.473.47
FSCA Licence
44816
Min. Spread
0.60 pips
Base Currencies
ZAR
Overall Rating
1110.503.47/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816
5
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.
6
FxPro
Min. Deposit
USD 100
4.244.24
FSCA Licence
45052
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, GBP, CHF, EUR, PLN, AUD, JPY
Overall Rating
11110.54.24/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB.
7
Blackstone Futures
Min. Deposit
ZAR 1000
4.304.30
FSCA Licence
49846
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, GBP
Overall Rating
11110.54.30/ 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
8
markets.com
Min. Deposit
ZAR 2500
4.494.49
FSCA Licence
43906
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, AUD, DKK, EUR, GBP, NOK, PLN, SEK
Overall Rating
11110.54.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & Marketsx platforms supported. MarketsX is regulated by the FCA, CySEC, ASIC, and the BVI FSC.
9
Global GT
Min. Deposit
USD 5
3.643.64
FSCA Licence
48896
Min. Spread
1.40 pips
Base Currencies
USD, EUR, ZAR, BTC, ETH, USDT
Overall Rating
1110.503.64/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT5 platform supported. GT.io is regulated by the FSCA & FSA Seychelles.
10
FxPrimus
Min. Deposit
USD 100
3.493.49
FSCA Licence
46675
Min. Spread
0.10 pips
Base Currencies
ZAR, USD, EUR
Overall Rating
1110.503.49/ 5
AlertDoes NOT Accept South African Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

How to Compare ZAR Forex Trading Accounts

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

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

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

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


These are best ZAR Forex accounts in South Africa for 2021

  • XM - Best MT4 ZAR Account
  • HotForex - Best Regulated Broker with ZAR Accounts
  • Exness - Best ZAR Account for Beginners
  • Khwezi Trade - Best Local Broker with ZAR Accounts
  • Plus500 - Unlimited Demo Account
  • FxPro - Best No Dealing Desk (NDD) Broker with ZAR Accounts
  • Blackstone Futures - ZAR Accounts with the Tightest Spreads
  • markets.com - Best Trading Platform with ZAR Accounts
  • Global GT - Best MT5 ZAR Account
  • FxPrimus - Most Secure Broker with ZAR Accounts

XM – Best MT4 ZAR Account

Founded in 2009, XM is one of the most well-regulated brokers in the Forex industry and offers CFD trading on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares. XM stands out from other brokers with ZAR Accounts for its MT4 support, educational content, and low trading costs. All XM’s ZAR accounts have max leverage of 500:1, negative balance protection, and minimum deposits start from 75 Rand (5 USD). XM’s MT4 spreads are as low as 0.6 pips, and 99.35% of all trades are executed in less than 1 second with a strict no-requotes/rejection policy.

XM FEATURES

  • ZAR Accounts for South African traders, no conversion fees from a ZAR bank account
  • MT4 video tutorials covering: 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.
  • All accounts have a no-requotes execution policy and 99.35% of XM orders are executed in less than one second.

 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
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.

HotForex – Best Regulated Broker with ZAR Accounts

Founded in 2009, HotForex is regulated by the FCA, CySEC and the South African FSCA (FSP 46632). HotForex is popular among South African traders looking for low-cost ZAR Accounts 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 70 Rand. HotForex offers trading on commodities, indices, shares, bonds and ETFs – but no longer offers crypto trading. 

HOTFOREX 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.
  • Customer support is available 24/5 with toll-free local phone numbers.
Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Exness – Best ZAR Account for Beginners

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. 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 has similarly great trading conditions, offering commission-free trading with spreads averaging 0.6 pips EUR/USD – however, the minimum deposit here is 200 USD. 

EXNESS 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 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

KhweziTrade – Best Local Broker with ZAR Accounts

Based in Cape Town and winner of the Award for Best Forex Broker in Africa, Khwezi Trade is an FSCA-regulated broker (FSP 44816) with low deposit ZAR accounts and 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. KhweziTrade supports MetaTrader 4 and the minimum deposit to open the entry-level ZAR account is 500 Rand.

KHWEZITRADE FEATURES

  • All clients have a personal account manager
  • 3 trading account types with competitive spreads
  • Customer support is offered in English, Afrikaans, Zulu, Sotho, and Xhosa.
  • No deposit or withdrawal fees and 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 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

Plus 500 – Unlimited Demo Account

Founded in 2008, Plus500 is an FSCA-regulated (FSP 47546) CFD provider with a ZAR trading account and a minimum deposit of 1500 Rand (100 YSD).  It offers trading on 70+ Forex pairs, cryptocurrencies, indices, commodities, shares, options, and ETFs. The Plus500 demo account is unlimited, meaning it will never expire and is available using the mobile app and the web browser. Mobile trading apps are often worse than desktop trading platforms but the Plus500 mobile app has the same functionality as the web platform and traders can use the app’s advanced order types, sentiment indicators and price alerts on the move.

PLUS500 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.

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

FSCA-regulated (FSP 45052) since 2015, FxPro’s offers ZAR trading accounts and an NDD execution model on all three major platforms (MT4, MT5 and cTrader). Minimum deposits start at 1500 Rand and both the MT4 and MT5 accounts offer commission-free trading, while the cTrader account has a commission per trade but tighter spreads – down to 0.3 pips on the EUR/USD. In addition, FxPro has its own FxPro (EDGE) web platform. Most trades are executed in less than 10 milliseconds and only 9% of orders received negative slippage.

FXPRO FEATURES

  • Hedging, scalping, and signal/algo trading on MT4, MT5 and cTrader
  • Trading assets include Forex, shares, indices, futures, metals, and energies.
  • ZAR FxPro Wallet is kept separate from the trading account, so is 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.

BlackStone Futures – ZAR Accounts with the Tightest Spreads

Founded in 2009, Blackstone Futures is an FSCA-regulated (FSP 49846) STP broker based in Johannesburg offering low-cost ZAR accounts on the MT4 and CloudTrade trading platforms. Minimum deposits start at 1000 Rand and trading assets include 32 Forex pairs, Share CFDs, indices and commodities. All clients have negative balance protection, and all trades are executed at third-party venues, with EUR/USD spreads sometimes as low as 0.6 pips. 

BLACKSTONE FUTURES FEATURES

  • FSCA-regulated since 2009 and all client deposits are kept in South African banks.
  • Leverage is limited for new traders to 1:100 and only increases after a record of responsible trading.
  • Blackstone Futures also provides free withdrawals and aims to have client funds back in their accounts within 24 hours.
  • USD and ZAR trading accounts
Pros
  • South African broker; FSCA regulated (FSP 49846) since 2009
  • Fast STP trade execution and negative balance protection for all traders
  • Tight spreads starting at 0.6 pips and no commission
  • ZAR accounts available; trade in Rand with fast deposits and withdrawals
Cons
  • Limited trading platform choice: MT4 and CloudTrade only.
AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846

Markets.com – Best Trading Platform with ZAR Accounts

Founded in 2010 and regulated by the FSCA in South Africa (FSP 46860), Markets.com’s offers commission-free ZAR trading accounts to South African clients on its new Marketsx trading platform. The minimum deposit is 2500 Rand and traders have a choice of over 2,200 instruments on the Marketsx platform 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.

MARKETSX 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.

Global GT – Best MT5 ZAR Accounts

Founded in 2020 in South Africa and regulated by the FSCA (FSP 48896), Global GT offers ZAR accounts and trading on Forex, commodities, stock and indices. Global GT has five account types each with a low minimum deposit of 75 Rand (5 USD) and leverage up to 1:1000. 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. With an unlimited demo account for all account types, Global GT provides a risk-free way for traders to try out MT5 before spending their own money.

GLOBAL GT FEATURES

  • 24/7 Customer support
  • Segregated accounts at Tier 1 banks and negative balance protection for all clients
  • Five account types, including an ECN account with raw spreads
  • MT5 trading platform available on PC, Mac, Andriod and iOS.
Pros
  • #N/A
Cons
  • #N/A
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.

FXPRIMUS – Most Secure Broker with ZAR Accounts

Founded in 2009 and regulated by the FSCA since 2018 (FSP 46675), 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. 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.

FXPRIMUS FEATURES

  • Trade Forex, Commodities, Energies, Indices on the MT4 platform
  • FXPRIMUS is a member of the Investor Compensation Fund (ICF) and client funds are protected up to €20.000.
  • FXPRIMUS has introduced professional indemnity insurance of €2.5million.
  • Third-party monitoring of client withdrawals ensures that withdrawal requests are executed as quickly and efficiently as possible.
Pros
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
  • Great customer support
Cons
  • High commission
  • Limited education
  • Limited market analysis
AlertDoes NOT Accept 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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