10 Best Forex Brokers in SA with ZAR Deposit Accounts
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.
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 accounts as well as reasonable spreads, a diverse choice of trading instruments, and a variety of other features.
Khwezi Trade is a South African-based, FSCA-regulated forex broker and authorised 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 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.
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
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.
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
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.
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
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 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
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.
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
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.
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
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.
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
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.
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
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 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
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 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