PROS CONS
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
PROS CONS
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
PROS CONS
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
PROS CONS
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
PROS CONS
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
PROS CONS
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
PROS CONS
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
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 offered
PROS CONS
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
PROS CONS
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 can start trading from as little as 15 ZAR in South Africa, depending on the minimum deposit requirement of the forex broker.

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.

This information should be freely available on the official website of the forex broker under their Account Types.

Most forex brokers that offer ZAR Accounts are regulated by the FSCA, but not all. Typically, ZAR Accounts held in South African banks are governed by South African financial laws.

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.