10 Best Forex Brokers in South Africa with ZAR Accounts
10 Best Forex Brokers in South Africa with ZAR Accounts
South African traders who want to participate in the largest, most liquid market in the world, the foreign exchange market, have a lot to consider before they choose a broker.
Apart from ensuring that the forex broker has the necessary regulation and authorisation, traders must consider the trading costs and broker fees that they may incur. Another consideration revolves around whether the forex broker offers a ZAR Account, making it easy for South African traders to make deposits and withdrawals without worrying about currency conversion fees.
When trading forex, South African traders may also be faced with certain trading fees depending on the currency pairs that they trade. These fees can be reduced by using a ZAR Account where South African Rand is the base currency, especially when dealing with an international broker.
Beginner traders who are just starting may be overwhelmed with the number of options that they have. Experienced traders may find the process involved with selecting the right broker that offers a ZAR account tedious and time-consuming.
Therefore, we have provided a comprehensive list of South African forex brokers that offer ZAR accounts, as well as competitive spreads, negative balance protection, a wide range of trading instruments, and several other features.
Khwezi Trade has been in operation since 2013 and it is an FSCA-regulated forex broker and authorised OTC derivative provider based in South Africa. Khwezi Trade offers a wide range of markets that can be traded, featuring competitive trading conditions, decent maximum leverage, and a powerful trading platform that can be used.
Khwezi Trade offers ultra-fast trade execution, ensuring that South African clients’ orders are executed at some of the best possible prices with minimal slippage.
Khwezi Trade offers a native ZAR account that South African traders can use to participate in CFD trading, forex trading, and several other activities.
Trusted forex broker with regulation through the Financial Sector Conduct Authority
The top retail account is needed to receive the best trading conditions
Offers trading tutorials and comprehensive market analysis
US clients are not accepted
Provides a dedicated account manager
Limited account currency options
Offers powerful trading platforms
Competitive spreads offered
Decent maximum leverage ratio offered
FXCM is another well-established STP forex broker that caters for traders in South Africa, providing them access to comprehensive trading solutions and competitive average spreads.
Traders can expect a choice between different trading accounts, access to a wide range of markets, and client fund protection through segregated accounts, where trader funds are not used for operational purposes.
FXCM is a member of the FSCS compensation scheme
Spreads are not the tightest
Well-regulated by several regulatory bodies
A social trading platform is supported
There is advanced charting provided by TradingView
A daily analysis is provided with an in-depth analysis of all market conditions, offered through Trading Central
Offers a ZAR Account
Provides access to MetaTrader and ZuluTrade
Markets.com is a trusted and well-regulated international forex broker that offers a multi-faceted proprietary trading platform that offers South African retail traders some of the best trading options.
Markets.com offers competitive and tight spreads and a wide range of assets that can be traded including foreign currencies, stocks, cryptocurrencies, and more. Markets.com is recognised as one of the best forex brokers that welcomes South African traders of all experience levels, providing a range of educational tools, technical analysis, and several other useful tools and resources.
ZAR Account is offered
A high minimum deposit is required when registering an account
User-friendly trading technology supported with a proprietary mobile app
An inactivity fee is charged on dormant accounts
A tight average spread is offered
Commission-free trading provided
There are no deposit fees or withdrawal fees charged
Caters for all trading styles and trading strategies
SuperForex is another online broker in terms of a ZAR Account, transparent trading fees, a wide range of advanced trading tools, some of the lowest spreads, a range of trading instruments, and more.
Traders from South Africa who use SuperForex can also expect flexible methods for deposits and withdrawals, a choice between different accounts, and comprehensive CFD trading solutions.
Traders have a choice between South African trading accounts
MetaTrader 5 is not offered
Low minimum deposit requirement offered
A range of educational tools is provided
Multiple trading tools are provided
Rapid trade execution speeds ensured
Flexible funding methods offered
XM is one of the best international online brokers that offers its comprehensive trading solutions to retail traders in South Africa.
XM offers a choice between variable spread accounts, each featuring tailor-made trading conditions that suit beginner forex traders as well as advanced forex traders in providing the best trading experience.
XM offers a range of markets that can be traded through powerful forex trading platforms, with traders able to use any trading strategy and trading style.
In addition, XM also offers comprehensive automated forex trading software that traders can use to add a competitive edge to their trading.
Well-regulated forex broker
There may be limits on maximum leverage according to the region
Offers a choice between spread or commission accounts to forex traders
There are no proprietary platforms offered
Negative balance protection is applied to retail accounts and there are mobile trading apps offered
Offers tight spreads to those who are trading forex
Professional trading tools are provided
Perfect for beginner traders and offers educational material
Offers a comprehensive ZAR base currency trading account
Blackstone Futures is a forex broker for beginners that is headquartered in South Africa. Blackstone Futures is a trusted FSCA-regulated forex broker that is affiliated with Trade Nation.
Blackstone Futures is well-known for its comprehensive trading solutions, competitive commission fees, and expert trading tools that it provides to South African Forex Traders. In addition, when dealing with this broker, forex traders can be assured of regulatory protection, adequate risk warnings, and a fair, safe trading environment
Offers a range of markets
The spreads are not the lowest
Provides intuitive trading platforms
Limited funding options offered
There is a choice in advanced trading tools
There is no cryptocurrency trading
Offers a collection of educational materials and resources
A limited selection of tradable markets offered
There is dedicated customer support provided
Exness is one of the best options for South African traders as far as forex brokers are concerned. Exness offers limited instruments but offers feature-rich retail investor accounts and a choice in the base account currency.
Exness has competitive trading conditions that suit the trading objectives and needs of different types of traders. Exness offers competitive spreads, rollover fees, and a flexible maximum leverage ratio.
Offers forex spreads from 1 pip
Swap fees are not transparent
Flexible leverage offered
Spreads are not the lowest
Supports powerful trading platforms
Provides access to VPS
Dedicated customer support is offered
HotForex is a part of HF Markets, and it is one of the most popular options for South African residents because of its regulation with the Financial Sector Conduct Authority.
HotForex is globally known as one of the best international forex brokers that offer a wide range of markets that can be traded, a choice in retail investor accounts, and competitive trading conditions.
HotForex offers a choice between retail investor accounts, a low minimum deposit requirement, negative balance protection which is applied to retail accounts, and a powerful forex trading platform offered through MetaTrader.
HotForex is the best option for beginner traders and the broker also caters for professional traders who need the lowest spreads, the best execution speeds, technical analysis, fundamental analysis, access to an economic calendar, and some of the best liquidity providers in the industry.
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 offered
FxPro is another popular choice for South African traders who want to trade using a ZAR Account. FxPro is known for offering some of the lowest spreads, a wide range of trading options spread across major currencies, minor currencies, exotics, and several other complex instruments.
FxPro is a trusted option for South African traders who want to participate in international financial markets. FxPro also offers a choice in retail investor accounts, and a choice of powerful trading platforms including MetaTrader 4, MetaTrader 5, and cTrader.
In addition, FxPro also has a proprietary trading platform that offers comprehensive mobile trading options for Android and iOS users.
Mobile trading platform offered for Android and iOS mobile traders
Managed accounts are not available
VPS is provided through Beeksfx
Social trading opportunities are not supported
Uses an NDD execution policy and model
Expert analysis is provided by Trading Central and there is an economic calendar
Premium trader tools and a range of educational materials offered
Plus500 is a popular name in the CFD trading world, and the broker caters for traders from around the world, regardless of whether they are novices or seasoned traders.
Plus500 has an impressive offering of more than 2,000 tradable instruments spread across a broad range of markets including forex pairs, precious metals, commodities, cryptocurrencies, and more.
Plus500 also provides a ZAR Account and a demo account that can be used before South African traders risk real money in live market conditions.
Plus500 also supports several trading strategies and provides for social trading opportunities. South African traders can also choose from flexible funding options such as debit cards, credit cards, bank transfers, and several electronic payment gateways.
Commission-free trading is offered
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
Provides 24/7 customer support
Offers flexible trading conditions and a powerful proprietary trading platform
You do not have to use a ZAR broker to trade forex in South Africa. However, if you use a broker that offers ZAR accounts and deposit/withdrawal currencies, you can save money on currency conversion fees.
There are issues associated with ZAR liquidity providers and brokers who offer ZAR accounts must access large amounts of South African Rand or liquidity pools that have ZAR, so that client orders can be covered.
There are only a few South African banks that are willing to provide the funding that these brokers need, which is why there are only a few ZAR forex brokers. Another reason relates to the fact that most international brokers charge fees in United States Dollars and the conversion fees are high.
Mr. Khwezi2021-12-09T15:53:41+02:00December 6th, 2021|