PROS CONS
Trusted forex broker with regulation through the Financial Sector Conduct Authority No crypto deposits accepted
Khwezi Trade is an industry-leading broker and the first non-bank entity to receive OTC licensing There are limited account base currency options
Khwezi Trade is an authorised FSP and ODP in South Africa US clients are not accepted
Traders are provided access to powerful trading technology
Competitive spreads are offered
There is a decent maximum leverage ratio offered
PROS CONS
Commission-free trading is offered across the range of assets that can be traded Fixed spreads are not offered
The broker provides market news and in-depth insight into market conditions There 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
PROS CONS
Comprehensive trading solutions are offered along with competitive trading conditions The 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 sizes The 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 more There 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
PROS CONS
XM Group is a well-regulated broker with a high trust score in the forex industry There may be limits on maximum leverage which will depend on the trader’s country of residence
Traders can choose between paying the average spread or paying a flat commission fee per trade There are no proprietary platforms offered
Negative balance protection is applied to retail accounts and there are mobile trading apps offered
Those who are trading forex can expect a competitive spread on major currency pairs
Professional trading tools are provided to help advanced traders refine their trading across different asset classes
Perfect broker for beginner traders that offers free educational material
PROS CONS
Offers a range of trading instruments that can be traded using competitive trading conditions The spreads that are offered are not the lowest
Provides powerful trading platforms that are available across the web, desktop applications, and mobile platforms Limited funding options are offered
There is a choice in advanced trading tools and comprehensive trading solutions There is no cryptocurrency trading
Blackstone Futures is a good broker in terms of educational materials and resources for beginner forex traders There is a limited selection of tradable markets offered
There is dedicated customer support provided across several channels
PROS CONS
Traders have a choice between South African trading accounts and the option of ZAR bank deposits or deposits using credit cards, debit cards, etc. MetaTrader 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
PROS CONS
Mobile trading platform offered for Android and iOS mobile traders Managed accounts are not available
VPS is provided through Beeksfx to ensure that active traders remain connected to financial markets Social trading opportunities are not provided yet
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
PROS CONS
Commission-free trading offered along with a ZAR account Fixed 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
PROS CONS
Markets.com is a broker with a high trust score that offers ZAR as the base currency and deposit currency A high minimum deposit is required when traders register a live account with Markets.com
User-friendly trading technology supported with a proprietary mobile app An 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
PROS CONS
FXCM is a member of the FSCS compensation scheme, providing traders investor protection The average spread that traders can expect is not the tightest
Well-regulated by several market regulators
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

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.