10 Best Forex Brokers with Zar Accounts

In this article, we will be reviewing the 10 Best Forex Brokers with ZAR Accounts in South Africa.

We tested and verified the best forex brokers with Zar accounts in South Africa. Kindly lead through for detailed information.

Before choosing and picking a broker, South African traders who wish to engage in the world’s largest and most liquid market, the exchange market, must examine several factors relating to their forex broker of choice.

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

best forex brokers with zar accounts
Photo credit: TradeFX

List of 10 Best Forex Brokers with Zar Accounts for South Africans

Below is the list of best brokers in South Africa with Zar accounts.

1. HotForex

Due to the broker’s regulation by the Financial Sector Conduct Authority, this is one of the most known solutions for South African clients who wish to participate in global financial markets.

In addition to a wide selection of trading marketplaces, this broker offers a variety of retail investor accounts and attractive trading conditions.

Pros

  • It offers Commission-free trading along with a ZAR account
  • It provides Education materials along with an economic calendar and other tools.
  • It provides a Loyalty program, deposit bonuses, and other promotions offered.
  • It offers a Tight average spread on major currencies such as EUR/USD.

Cons

  • It does not provide Fixed spreads

Features

  • Regulation: CySEC, FCA, DFSA, FSA, FSCA, CNMV, BaFin
  • The minimum deposit is from $5 / ZAR R80.
  • Average spread from: 0.0 pips
  • Commissions from: $3 / ZAR R48
  • Deposit/Withdrawal Fees: None
  • Maximum Leverage: 1:1000
  • Bonuses: Yes
  • Customer Support: 24/5

2. Khwezi Trade

This is a South African-based, has been in operation since 2013, is an FSCA-regulated forex broker, and also authorized ODP.

This broker offers a wide range of financial markets and competitive trading conditions, a suitable maximum leverage ratio, and a reliable trading platform.

Pros

  • It is a Trusted broker with regulation through the Financial Sector Conduct Authority
  • It is an industry-leading broker and is also one of the first non-bank entities to receive OTC licensing
  • Khwezi Trade is an authorized FSP and ODP in South Africa.
  • The platform provided traders access to powerful trading technology.
  • Competitive spreads are offered on the platform.
  • It offers a decent maximum leverage ratio in the platform.
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Cons

  • There are No crypto deposits accepted on the platform
  • There are limited account base currency options on the platform.
  • The broker does not accept US clients.

Features

  • Regulation: FSCA
  • Minimum deposit from ZAR500
  • Average spread from 0,6 pips
  • Commissions from: N/A
  • Deposit/Withdrawal Fees: N/A
  • Maximum Leverage: 1:400
  • Bonuses: 30%
  • Customer Support: 24/7

3. Plus500

Plus500 is a popular name in the CFD trading sector, and this broker caters to traders from around the world, whether they are newbies or seasoned traders and investors.

Plus500 broker offers over 2,000 trading instruments across several markets, including currency pairs, precious metals, commodities, cryptocurrencies, and lots more.

Pros

  • Commission-free trading is offered on the platform across the range of assets that can be traded
  • It provides market news and in-depth insight into market conditions.
  • It Offers over 2,000 tradable instruments that can be traded using any trading strategy.

Cons

  • In the platform, Fixed spreads are not offered
  • There is an inactivity fee charged on the platform for dormant accounts.

Features

  • Regulation: FCA, ASIC
  • Minimum deposit from ZAR/ R1600
  • Average spread from 0,8 pips
  • Commissions from: N/A
  • Deposit/Withdrawal Fees: N/A
  • Maximum Leverage: 1:300
  • Bonuses: 25EUR / ZAR R420
  • Customer Support: 24/7

4. Exness

In South Africa, Exness is one of the best forex brokers with zar accounts and also a great choice for traders. Although it offers a limited number of products, it provides retail investor accounts with a wide range of features and a choice of base account currencies and deposit currencies, including the South African Rand.

  Pros

  • It offers Comprehensive trading solutions along with competitive trading conditions
  • Provides access to VPS to professional traders
  • Exness is one of the largest and most known forex brokers in trading volumes, trading solutions, and customer base.

Cons

  • The platform rollover fees which are charged are not transparent
  • The platform variable average spreads are wider than that of other forex brokers.
  • It offers a limited range and variety of trading instruments.

Features

  • Regulation: CySEC
  • Minimum deposit from: $10 / ZAR R160
  • Average spread from: 0.0
  • Commissions from: $0.1 / ZAR R1.60 to $3.50 / ZAR R56.00
  • Deposit/Withdrawal Fees: Variable depending on the method
  • Maximum Leverage: 1:2000
  • Bonuses: 10% of Deposit Bonus
  • Customer Support: 24/7

5. Blackstone Futures

Despite their trading needs, this South African-based online forex broker caters to forex traders of all levels. This broker is an FSCA-regulated broker partnered with Trade Nation, which grants it an additional high level of trustworthiness.

Pros

  • There is a choice of advanced trading tools and comprehensive trading solutions
  • There is dedicated customer support provided across many channels.

Cons

  • The spreads offered are not the lowest.
  • There are Limited funding options.
  • There is no crypto trading.
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Features

  • Regulation: FSCA
  • Minimum deposit from ZAR R1000
  • Average spread from: 2.0 pips
  • Commissions from: N/A
  • Deposit/Withdrawal Fees: N/A
  • Maximum Leverage: 1:400
  • Bonuses: 25%-50% percent of base salary
  • Customer Support: between 9:00 – 17:00 (GMT +1)

Read also:

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6. FXCM

This is another popular international broker that caters to South African traders; it provides them with a comprehensive set of trading tools and competitive average spreads.

Pros

  • FXCM is a member of the FSCS compensation scheme, which provides traders investor protection
  • A Well-regulated broker
  • TradingView provides advanced charting.
  • The platform offers a ZAR Account and ZAR deposits.

Cons

  • The average spread that traders expect is not the tightest

Features

  • Regulation: FCA, FSCA, ASIC
  • Minimum deposit from: $50 / ZAR R800
  • Average spread from: 1.2 pips
  • Commissions from: $2 to ZAR R32 2.00 per 100k lot per side
  • Deposit/Withdrawal Fees: Start from $0 to ZAR R0, depending on the withdrawal method used
  • Maximum Leverage: 1:400
  • Bonuses: Yes
  • Customer Support: 24/5

7. SuperForex

In terms of trading fees, a ZAR base currency account, transparent trading costs, a comprehensive selection of sophisticated forex trading tools, some of the lowest spreads, a variety of wide range of trading products, and more, SuperForex is among the best forex brokers with zar accounts that traders should consider.

Pros

  • The platform provides a range of educational tools to inexperienced traders who require guidance
  • The broker provides Multiple trading tools to professional traders.
  • Rapid trade execution speeds are ensured.
  • Flexible funding options and methods are offered to South African clients.

Cons

  • MetaTrader 5 is not offered

Features

  • Regulation: IFSC
  • Minimum deposit from: $1 / ZAR R16
  • Average spread from: 2.0 pips
  • Commissions from: N/A
  • Deposit/Withdrawal Fees: $5 / ZAR R80
  • Maximum Leverage: 1:2000
  • Bonuses: Welcome bonus
  • Customer Support: 24/5

8. XM Group

This is a renowned global online broker with a high trust score, known for the comprehensive and flexible trading solutions to its retail traders in South Africa.

Using XM Group’s powerful forex platforms, traders may trade a wide range of markets and use any trading approach or style.

 Pros

  • The platform has a Low minimum deposit
  • Comprehensive educational offering
  • Offers Streamlined account opening process

Cons

  • The platform charges an Inactivity fee after 90 days on live accounts
  • Limited product portfolio

Features

  • Regulation: IFSC, ASIC, CySEC, FCA and DFSA
  • Minimum deposit from $5
  • Average spread from: 0.1 pips
  • Commissions from: $3.5 commission per $100 000 traded
  • Deposit/Withdrawal Fees: None
  • Maximum Leverage: 1:30
  • Bonuses: $30 Trading Bonus
  • Customer Support: 24/5
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9. FxPro

This is one of the best forex brokers with zar accounts for South African traders who wish to trade with their ZAR-funded retail investor account. His broker is known for offering some of the industry’s lowest spreads and a range of trading choices, including minor and major currencies, exotics, and many other complex instruments.

Pros

  • The mobile trading platform offered for iOS and Andriod mobile traders
  • It offers Premium trader tools and a range of educational materials.

Cons

  • Managed accounts are not available
  • Social trading opportunities are not provided yet.

Features

  • Regulation: FSCA, CySEC
  • Minimum deposit from: $100 / ZAR R1600
  • Average spread from: 0.37 pips
  • Commissions from: $45 / ZAR R720 per million USD traded
  • Deposit/Withdrawal Fees: None
  • Maximum Leverage: 1:30
  • Bonuses: N/A
  • Customer Support: 24/7

10. Markets.com

Markets.com is a licensed international broker that caters to South African retail traders. With minimal spreads and a fast range of assets to trade, Markets.com has it’s South African clients covered.

Markets.com is a prominent broker for South African traders of any level, providing traders access to global financial markets via powerful forex trading platforms.

Pros

  • It supports User-friendly trading technology with a proprietary mobile app
  • It offers A tight average spread on major forex pairs.
  • It offers Commission-free trading.
  • The platform doesn’t charge deposit fees or withdrawal fees.

Cons

  • A high minimum deposit is needed when traders register a live account with Markets.com
  • An inactivity fee on dormant accounts.

Features

  •  Regulation: FSCA
  •  Minimum deposit from $100 / ZAR R1 600
  •  Average spread from: 1.9 pips
  •  Commissions from: $0 / ZAR R0
  •  Deposit/Withdrawal Fees: None
  •  Maximum Leverage: 1:300
  •  Bonuses: Yes
  •  Customer Support: 24/7

ZAR Forex accounts are popular in South Africa because they allow traders to avoid paying conversion fees on withdrawals and deposits.

Most brokers with ZAR accounts will keep your trading funds in Rand in South African banks, meaning deposits and withdrawals through bank transfer will be quick and aster and usually free.

Let’s have your view on the best forex brokers with ZAR accounts in south Africa discussed in this article.

 Watch the video below to know the best forex brokers with Zar accounts:

best forex brokers with zar accounts
best forex brokers with zar accounts

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