10 Best Forex Brokers in SA with ZAR Deposit Accounts

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

Best forex brokers in South Africa

Forex brokers offer zar trading accounts that allow South African traders to trade in one of the most liquid financial markets in the world. The forex market is constantly shifting, with prices changing second by second, making it essential for traders to have a broker they can trust to provide up-to-date information and execute trades quickly. For South African forex traders, it is not only important to have a safe and stable trading environment, but also to keep their funds in safe and local zar accounts. The best forex brokers in South Africa with zar accounts ensure funds are held in a completely segregated third-party bank account.

Forex brokers with ZAR accounts

Traders must consider trading expenses and broker fees in addition to verifying that the forex broker has the required regulation and authorization. Another factor to examine is if the forex broker provides a ZAR Account, which allows South African traders to deposit and withdraw money without having to worry about currency conversion costs.

South African traders may be subject toย specific trading fees while trading forex, according to the currency pairs they wantย to trade. When dealing with an overseas broker, these costs may be lowered by utilizing a ZAR Account, which uses the South African Rand as the foundation currency.

Beginner traders may feel overwhelmed by the sheer quantity of alternatives available to them. The process of finding the ideal forex broker that provides a ZAR account may be arduous and time-consuming for experienced traders.

As a result, we’ve compiled a thorough list of South African forex brokers that provide ZAR deposit accounts as well as reasonable spreads, a diverse choice of trading instruments, and a variety of other features.

Khwezi Trade

khwezi trade image

Khwezi Trade is a South African-based, FSCA-regulated forex broker and authorized ODP that has been in operation since 2013.

Khwezi Trade offers a wide range of financial markets as well as competitive trading conditions, a suitable maximum leverage ratio, and a reliable trading platform.

Khwezi Trade offers the best order execution quality, ensuring that South African clients’ orders are fulfilled at some of the best available rates with little slippage.

South African traders have the option of registering a live trading account with ZAR as the base currency in addition to making ZAR deposits into their retail investor account.

Khwezi Trade Pros and Cons

โœ” Pros โŒ Cons
Trusted forex broker with regulation through the Financial Sector Conduct AuthorityNo crypto deposits accepted
Khwezi Trade is an industry-leading broker and is one of the first non-bank entity to receive OTC licensingThere are limited account base currency options
Khwezi Trade is an authorised FSP and ODP in South AfricaUS clients are not accepted
Traders are provided access to powerful trading technology
Competitive spreads are offered
There is a decent maximum leverage ratio offered

Khwezi Trade features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘ FSCA
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ ZAR500
โš–๏ธ Average spread from๐Ÿ‘‰ 0,6 pips
๐Ÿ“ˆ Commissions fromN/A
๐Ÿ’ธ Deposit/Withdrawal FeesN/A
โš–๏ธ Maximum Leverageโš–๏ธ. 1:400
๐Ÿค‘ Bonuses๐Ÿ‘ 30%
โ“ Customer Support๐Ÿช. 24/5

Plus500

Plus500-Logo

Plus500 is a well-known name in the CFD trading sector, and the broker caters to traders from all over the world, whether they are beginners or seasoned traders and investors.

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

South African traders can register a ZAR denominated account, an Islamic or swap-free account for Muslim traders, and a virtual trading account, which is funded with virtual money, which they can use before risking real money in live market conditions where the exchange rate between foreign exchange major, minor, and exotic pairs can change drastically.

Plus500 also allows for social trading and provides a choice of trading opportunities. Traders in South Africa may use debit cards, credit cards, bank transfers, and a variety of electronic payment systems to finance their transactions.

Plus500 Pros and Cons

โœ”๏ธ ProsโŒ Cons
Commission-free trading is offered across the range of assets that can be tradedFixed spreads are not offered
The broker provides market news and in-depth insight into market conditionsThere is an inactivity fee charged on dormant accounts
Offers more than 2,000 tradable instruments that can be traded using any type of trading strategy
Provides a range of funding options including bank transfer, credit cards, debit cards, and others
Offers flexible trading conditions and a powerful proprietary trading platform and mobile trading app

Plus500 features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘ FCA, ASIC
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ ZAR/ R1600
โš–๏ธ Average spread from๐Ÿ‘‰ 0,8 pips
๐Ÿ“ˆ Commissions fromN/A
๐Ÿ’ธ Deposit/Withdrawal FeesN/A
โš–๏ธ Maximum Leverageโš–๏ธ. 1:300
๐Ÿค‘ Bonuses๐Ÿ‘ 25EUR / ZAR R420
โ“ Customer Support๐Ÿช. 24/7

Exness

Exness-Logo

When it comes to forex brokers, Exness is one of the best options for traders in South Africa. Although Exness offers a limited number of products, it does provide retail investor accounts with a range of features and a choice in base account currencies as well as deposit currencies, including the South African Rand.

Exness provides a competitive trading environment that meets the aims and needs of all types of traders. Exness features a configurable maximum leverage ratio, minimal spreads, and competitive commissions.

ย 

Exness Pros and Cons

โœ”๏ธ ProsโŒ Cons
Comprehensive trading solutions are offered along with competitive trading conditionsThe rollover fees which are charged are not transparent
Offers flexible maximum leverage levels which are suited to any high volume trader who needs flexibility on trade sizesThe variable average spreads are wider than that of other forex brokers
Supports powerful trading platforms with robust charting capabilities, technical indicators, an economic calendar, and moreThere is a limited range of trading instruments offered
Provides access to VPS to eligible professional traders
Exness is one of the largest forex brokers in terms of trading volumes, trading solutions, and customer base

Exness features

๐Ÿ‘‰ Featureโ„น๏ธ. Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘ CySEC
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $10 / ZAR R160
โš–๏ธ Average spread from๐Ÿ‘‰ 0.0
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ โ€Ž$0.1 / ZAR R1.60 to $3.50 / ZAR R56.00
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿคท Variable depending on method
โš–๏ธ. Maximum Leverageโš–๏ธ. 1:2000
๐Ÿค‘. Bonuses๐Ÿ’ฐ. 10% of Deposit Bonus
โ“ Customer Support๐Ÿช. 24/7

XM Group

XM-Logo

XM Group is a renowned global online broker that has a high trust score, known for the comprehensive and flexible trading solutions that it offers to retail traders in South Africa.

To deliver the best trading experience, XM Group offers a selection of variable spread accounts, each with its own set of trading conditions that appeal to both beginner and experienced forex traders.

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

Traders may also make use of XM Group’s vast automated forex trading tools, which can help them get a competitive edge in their trading.

ย 

ย 

XM Group Pros and Cons

โœ”๏ธ ProsโŒ Cons
Low minimum depositInactivity fee charged after 90 days on live accounts
Comprehensive educational offeringLimited product portfolio
Streamlined account opening process

XM Group features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ IFSC, ASIC, CySEC, FCA and DFSA
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $5
โš–๏ธ Average spread from๐Ÿ‘‰ 0.1 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $3.5 commission per $100 000 traded
๐Ÿ’ธ. Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:30
๐Ÿค‘ Bonuses๐Ÿ’ฐ $30 Trading Bonus
โ“ Customer Support๐Ÿช 24/5

Blackstone Futures

Blackstone Futures-Logo

Blackstone Futures is a South African-based online broker that caters to forex traders of all experience levels despite their trading needs. Blackstone Futures is an FSCA-regulated forex broker partnered with Trade Nation, which grants it an additional high level of trustworthiness.

Blackstone Futures is recognized for delivering all-encompassing trading solutions, low commission rates, and expert trading tools to South African Forex traders, helping them refine their trading strategies so that they can make informed trading decisions.

Additionally, forex traders who work with this broker may anticipate regulatory protection, sufficient risk warnings, and a fair, secure trading environment in which retail forex traders can thrive.

ย 

Blackstone Futures Pros and Cons

โœ”๏ธ ProsโŒ Cons
Offers a range of trading instruments that can be traded using competitive trading conditionsThe spreads that are offered are not the lowest
Provides powerful trading platforms that are available across the web, desktop applications, and mobile platformsLimited funding options are offered
There is a choice in advanced trading tools and comprehensive trading solutionsThere is no cryptocurrency trading
Blackstone Futures is a good broker in terms of educational materials and resources for beginner forex tradersThere is a limited selection of tradable markets offered
There is dedicated customer support provided across several channels

Blackstone Futures features

๐Ÿ‘‰ Featureโ„น๏ธ. Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘ FSCA
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ ZAR R1000
โš–๏ธ Average spread from๐Ÿ‘‰ 2.0 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ N/A
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿคท N/A
โš–๏ธ. Maximum Leverageโš–๏ธ. 1:400
๐Ÿค‘. Bonuses๐Ÿ’ฐ 25%-50% percent of base salary
โ“ Customer Support๐Ÿช. between 9:00 – 17:00 (GMT +1)

SuperForex

SuperForex-Logo

In terms of fees, a ZAR base currency account, transparent trading costs, a comprehensive selection of sophisticated trading tools, some of the lowest spreads, a variety of trading products, and more, SuperForex is another online broker that traders can consider.

Traders from South Africa who use SuperForex can anticipate a variety of deposit and withdrawal options, as well as a variety of account options and extensive CFD trading solutions.

SuperForex Pros and Cons

โœ”๏ธ ProsโŒ Cons
Traders have a choice between South African trading accounts and the option of ZAR bank deposits or deposits using credit cards, debit cards, etcMetaTrader 5 is not offered
There are low minimum deposit requirements when registering an account, giving traders access to a range of assets
A range of educational tools is provided to inexperienced traders who require guidance
Multiple trading tools are provided to professional traders
Rapid trade execution speeds are ensured
Flexible funding methods are offered to South African clients

SuperForex features

๐Ÿ‘‰ Featureโ„น๏ธ. Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘ IFSC
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $1 / ZAR R16
โš–๏ธ Average spread from๐Ÿ‘‰ 2.0 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ N/A
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿคท $5 / ZAR R80
โš–๏ธ. Maximum Leverageโš–๏ธ. 1:2000
๐Ÿค‘. Bonuses๐Ÿ’ฐ Welcome bonus
โ“ Customer Support๐Ÿช. 24/5

FxPro

FXPro-Logo

FxPro is a popular choice for South African traders who want to trade with their ZAR-funded retail investor account. FxPro is known for offering some of the industry’s lowest spreads, as well as a wide range of trading choices, including major and minor currencies, exotics, and several other complex instruments.

FxPro is a viable option for South African traders who want to participate in international financial markets. FxPro also offers a selection of retail investor accounts, as well as advanced trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader.

FxPro also offers a specialized trading platform that enables Android and iOS consumers with a broad variety of mobile trading opportunities.

FxPro Pros and Cons

โœ”๏ธ ProsโŒ Cons
Mobile trading platform offered for Android and iOS mobile tradersManaged accounts are not available
VPS is provided through Beeksfx to ensure that active traders remain connected to financial marketsSocial trading opportunities are not provided ye
FxPro applies an NDD execution policy and model to ensure accurate and competitive pricing
Expert analysis is provided by Trading Central and there is an economic calendar that traders can use to keep an eye on economic events
Premium trader tools and a range of educational materials offered

FxPro features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FSCA, CySEC
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $100 / ZAR R1600
โš–๏ธ Average spread from๐Ÿ‘‰ 0.37 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $45 / ZAR R720 per million USD traded
๐Ÿ’ธ. Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:30
๐Ÿค‘ Bonuses๐Ÿ’ฐ N/A
โ“ Customer Support๐Ÿช 24/7

HotForex

HotForex-Logo

Due to its regulation by the Financial Sector Conduct Authority, HotForex is one of the most popular solutions for South African clients who want to participate in global financial markets.

In addition to a broad selection of trading marketplaces, HotForex offers a variety of retail investor accounts and attractive trading conditions.

HotForex provides retail investor accounts, minimal minimum deposit requirements, negative balance protection for retail accounts, and a robust MetaTrader forex trading platform.

Professional traders that want low spreads, fast execution, technical and fundamental research, an economic calendar, and access to some of the greatest liquidity providers in the business may use HotForex.

HotForex Pros and Cons

โœ”๏ธ ProsโŒ Cons
Commission-free trading offered along with a ZAR accountFixed spreads are not provided
Education materials are provided along with an economic calendar, and other tools
Loyalty program, deposit bonuses, and other promotions offered
Tight average spread is offered on major currencies such as EUR/USD

HotForex features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ CySEC, FCA, DFSA, FSA, FSCA, CNMV, BaFin
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $5 / ZAR R80
โš–๏ธ Average spread from๐Ÿ‘‰ 0.0 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $3 / ZAR R48
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:1000
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

Markets.com

Marketscom-Logo

Markets.com is a licensed international forex broker that caters to South African retail traders.

With minimal spreads and a wide range of assets to trade, Markets.com has its South African clients covered in every aspect. Markets.com is a prominent forex broker for South African traders of all levels, providing traders access to global financial markets through powerful forex trading platforms.

Markets.com Pros and Cons

โœ”๏ธ ProsโŒ Cons
Markets.com is a broker with a high trust score that offers ZAR as the base currency and deposit currencyA high minimum deposit is required when traders register a live account with Markets.com
User-friendly trading technology supported with a proprietary mobile appAn inactivity fee is charged on dormant accounts
A tight average spread is offered on forex major pairs
Commission-free trading is provided
There are no deposit fees or withdrawal fees charged
Caters for all trading styles and trading strategies

Markets.com features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FSCA
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $100 / ZAR R1 600
โš–๏ธ Average spread from๐Ÿ‘‰ 1.9 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $0 / ZAR R0
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:300
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/7

FXCM

FXCM-Logo

FXCM is another well-known international broker that caters to South African traders, providing them with a comprehensive set of trading tools and competitive average spreads.

Client money is safeguarded through segregated accounts which are kept with top-tier financial institutions and client funds are not utilized for operational needs.

FXCM Pros and Cons

โœ”๏ธ ProsโŒ Cons
FXCM is a member of the FSCS compensation scheme, providing traders investor protectionThe average spread that traders can expect is not the tightest
Well-regulated
A social trading platform is provided for active traders and those who want to participate in copy trading
There is advanced charting provided by TradingView
Trading Central offers a daily analysis of all market conditions that traders can use on their trading day as part of a solid trading plan
Offers a ZAR Account and ZAR deposits

FXCM features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA, FSCA, ASIC
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $50 / ZAR R800
โš–๏ธ Average spread from๐Ÿ‘‰ 1.2 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $2 / ZAR R32 2.00 per 100k lot per side
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… Start from $0 / ZAR R0 depending on withdrawal method used
โš–๏ธ Maximum Leverageโš–๏ธ 1:400
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

ย 

Frequently Asked Questions

No, you are not forced to use a forex broker with a ZAR account but when you deposit funds in local currency you can save on currency conversion fees.

Most of them, but not all. Brokers who offer ZAR accounts are regulated by the FSCA because funds are kept in South African banks which are subject to South African laws.

Because there is a shortage of liquidity providers to cover the trades of clients.

No, the minimum deposit will not be lower and it will depend on the exchange rate between the South African Rand and foreign currencies and the deposit options and amount of the broker.

Traders can save money on currency conversion fees when they trade forex pairs and when they fund their retail trading account.

Further reading:

7 Best Forex Brokers in South Africa with Sign-Up Bonus

10 Best Forex Brokers for Beginners

10 Best Forex Brokers in Namibia

10 Best Forex Brokers in SA with ZAR Deposits

11 Best Forex Brokers in South Africa with Demo Accounts

11 Best Forex Brokers in South Africa with Low Spreads

11 Best Forex Brokers in South Africa with MetaTrader 4

Recommended Posts