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 to specific trading fees while trading forex, according to the currency pairs they want 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 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

✔ 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 is one of 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

Khwezi Trade features

👉 Feature	ℹ️ Information
👮‍♂️ 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	🏪. 24/5

Plus500

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

✔️ 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

Plus500 features

👉 Feature	ℹ️ Information
👮‍♂️ 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

Exness

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.

Exness Pros and Cons

✔️ 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

Exness features

👉 Feature	ℹ️. Information
👮‍♂️ 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 method
⚖️. Maximum Leverage	⚖️. 1:2000
🤑. Bonuses	💰. 10% of Deposit Bonus
❓ Customer Support	🏪. 24/7

XM Group

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.

XM Group Pros and Cons

✔️ Pros	❌ Cons
Low minimum deposit	Inactivity fee charged after 90 days on live accounts
Comprehensive educational offering	Limited product portfolio
Streamlined account opening process

XM Group features

👉 Feature	ℹ️ Information
👮‍♂️ 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

Blackstone Futures

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.

Blackstone Futures Pros and Cons

✔️ 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

Blackstone Futures features

👉 Feature	ℹ️. Information
👮‍♂️ 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)

SuperForex

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

✔️ 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

SuperForex features

👉 Feature	ℹ️. Information
👮‍♂️ 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

FxPro

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

✔️ 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 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

👉 Feature	ℹ️ Information
👮‍♂️ 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

HotForex

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

✔️ 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

HotForex features

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👉 CySEC, FCA, DFSA, FSA, FSCA, CNMV, BaFin
💵 Minimum deposit 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

Markets.com

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

✔️ 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

Markets.com features

👉 Feature	ℹ️ Information
👮‍♂️ 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

FXCM

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

✔️ 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
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

👉 Feature	ℹ️ Information
👮‍♂️ Regulation	👉 FCA, FSCA, ASIC
💵 Minimum deposit from	💰 $50 / ZAR R800
⚖️ Average spread from	👉 1.2 pips
📈 Commissions from	📈 $2 / ZAR R32 2.00 per 100k lot per side
💸 Deposit/Withdrawal Fees	🙅 Start from $0 / ZAR R0 depending on withdrawal method used
⚖️ Maximum Leverage	⚖️ 1:400
🤑 Bonuses	💰 Yes
❓ Customer Support	🏪 24/5

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.