Best Forex Brokers with ZAR Trading Accounts

Best Forex Brokers with ZAR Trading Accounts

Best Forex Brokers with ZAR Trading Accounts

According to research in South Africa, Foreign Exchange Trading or Forex churns out trillions of dollars in trading volume each day and Forex markets are heavily traded in the major nations of the world, such as South Africa. The forex market in South Africa dates back to the late ’80s and the market experienced extraordinary growth starting from 1987 to 1990.

In recent years, the South African Forex market has grown to be one of the leading markets in the world and functions a tad different compared to the others.   Taking a trip to the country of South Africa will require travellers to convert their present currency into South African Rand (ZAR) currency – which means the individual will be participating in a forex exchange, especially since the rate between each of 2 currencies will be based on the present supply and demand.

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FX trading can be described as currency trading that traders across the globe can participate.

According to data gathered by the Bank of International Settlements, the daily trading volume of retail forex trading in SA stood at $19.1bn in 2017, making it the highest volume in Africa.

With the Brokers on this list, traders can open accounts in ZAR and use this currency for deposits and withdrawals.  The term ‘base currency’ is the currency against which exchange rates are generally quoted in a given country.

Our Best handpicked forex brokers with ZAR accounts:

FXCM Review
 

FXCM South Africa

FXCM South Africa is operates within the FXCM group of companies and is an FSCA-regulated, high-quality Forex and CFDs trading service provider.  FXCM focuses on traders who are starting out in trading the financial markets and new traders can take advantage of trading tools and forex education on offers. FXCM also offers state-of-the-art trading tools, education and platforms for more experienced traders.

Min. Deposit USD 50
Max. Leverage 400:1
Min. Spread Variable pips
Regulators FCA, ASIC, FSCA
Trading Desk Type Market Maker

Trading Conditions

Number of FX Pairs 39
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes

FXCM also supports the most of the major trading platforms including MT4.  FXCM offers commission-free trading and has a standard demo account and a single live account on offer.

Deposit and Withdrawal Fees

FXCM does not charge an administration fee for deposits via credit card, debit card and bank transfer. No withdrawal fees for credit or debit card transfers are required but bank wire withdrawals may carry a charge.

FXCM is widely respected and excels in platform choice, quality of educational material, and customer support.

 

HotForex Review

 

HotForex

HotForex is listed as one of the Top 100 Companies by World Finance Magazine and is recognized for their integrity by their industry peers, and the financial industry as a whole.

As an STP broker regulated by multiple major international organizations HotForex has a reputation for achieving a stable, fair, secure and transparent trading environment.

Min. Deposit USD 5
Max. Leverage 500:1
Min. Spread 0.0 pips
Regulators CySEC, FCA, FSCA, DFSA, FSC
Trading Desk Type Market Maker

Trading Conditions

Number of FX Pairs 51
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes

All HotForex accounts have variable spreads, and deposits and withdrawals at HotForex are free.

Deposit & Withdrawal Fees

Deposits with HotForex are handled on weekdays and conditions do apply.  HotForex covers the fees for transfers over the minimum amount of 250 USD and a minimum deposit of 50 USD is required.  Withdrawals are processed within 24 hours on weekday, and conditions apply.

Analysis Material

HotForex has an entire section devoted to market analysis and trading tools which include daily market news, trade analysis, and outlooks, with Trading calculators and economic calendars also on offer.

Customer Support is available 24/5 in over 27 languages.

BlackStone Futures Review
 

BlackStone Futures

 
BlackStone Futures was founded and established in 2009 and is a FSCA-regulated broker based in Johannesburg, South Africa. BlackStone Futures offer both ZAR and USD accounts. BlackStone Futures is a perfect start for beginner traders with excellent educational support.

Min. Deposit ZAR 1000
Max. Leverage 400:1
Min. Spread 0.6 pips
Regulators FSCA
Trading Desk Type STP

Trading Conditions

Number of FX Pairs 32
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts No

 
BlackStone Futures operates in South Africa with the trading name of Trade Nation Financial Pty Ltd, which is the South African subsidiary of FINSA Europe, an FCA and ASIC regulated broker based in London, UK. BlackStone Futures is advertised as proudly as an STP only broker, which allows for almost-instant execution on both its ZAR Account and USD Account.

Accounts

  • Demo Accounts are on offer for both account types and both platforms and are not time limited and will disabled after 30 days of inactivity.

 

  • ZAR Account – Holds many benefits to trading including the significantly lower risk per point when compared to the USD Account. ZAR Account holders will also be unaffected by the exchange rate risk associated with USD Accounts, deposits and withdrawals.

 

  • USD Account – Is recommended for the more experienced of traders who are prepared to bear the exchange rate and trading risk associated with this account.

In Conclusion 

BlackStone Futures charges no commission on either account and as previously mentioned, BlackStone Futures offers a range of educational material across their site.  Customer support is available 7am-10pm Monday-Friday and 12pm-10pm on Saturday/Sunday; the trading desk is available 24/5.  BlackStone Futures offers both MT4 and CloudTrade as mobile apps.

Khwezi Trade Review
 

Khwezi Trade

 
Khwezi Trade has category 2 FSCA regulation with headquarters based in Cape Town, South Africa. Khwezi Trade offers trading in Rand (ZAR) and holds client funds in segregated South African accounts in South Africa. Khwezi Trade offers good trading conditions, superior customer support, full MT4 support, coupled with a free deposit and withdrawal system.
 

Min. Deposit ZAR 2000
Max. Leverage 200:1
Min. Spread 0.6 pips
Regulators FSCA
Trading Desk Type STP

Trading Conditions

Number of FX Pairs 32
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts No

 
Khwezi Trade is a well-respected South African broker and its parent company, Khwezi Financial Services, has been regulated by the FSCA (FSP: 44816) since 2013.  Khwezi Trade’s trading conditions will vary depending on the account type and the account type depends on the minimum deposit.

Account Types

Khwezi Trade offers traders a single account which is split into four types depending on minimum deposit and services provided. Free trading signals and technical analysis is available on all accounts and delivered daily. A demo account is also on offer.

Demo Account
 
The Demo Account is a 100,000 ZAR demo account which stays open for 14 days, and traders can renew it should they wish to do so. Once traders have a demo account set up, they will have full access to Khwezi Trade’s customer support.

Real Account

Khwezi Trade offers traders four account types, dependent on a minimum deposit. Higher levels of minimum deposit lead to tighter spreads and more advantages.

  • Minimum Deposit R2,000: This is a Basic Account features an account manager but no personal training and wider spreads.
  • Minimum Deposit R15,000: This is a Standard Account that offers free training sessions, an account manager, and reduced spreads but no access to the Market Analysis Portal.
  • Minimum Deposit R30,000: This is a Premier Account with tight spreads, unlimited training, an access to an account manager at all times.
  • Minimum Deposit R50,000: This is the VIP Account and offers institutional spreads, access to the Market Analysis Portal and advanced personal training.

Khwezi Trade also runs monthly promotions and giveaways.  Spreads are floating on all account types, and at the VIP Account level they can be as tight as 0 pips. There are no deposit or withdrawal fees required and withdrawals are processed daily (weekdays only). No inactivity fees apply.

Khwezi Trade is well suited to beginner traders and Khwezi Trade sends daily analysis to all clients via email.

Top 3 Forex Brokers

Broker

Minimum Deposit

USD 100

REGULATED BY

Trading Desk Type

Market Maker

Tickmill has one of the lowest forex commission among brokers.

Trading Conditions

4.7/5

Trading Conditions

  • MT4
  • MT5

🥇
Rank #1

Broker

Minimum Deposit

USD 1

REGULATED BY

Trading Desk Type

Market Maker

Tight spreads and unlimited leverage on a specialist zero account

Trading Conditions

4.5/5

Trading Conditions

  • MT4
  • MT5

🥈
Rank #2

Broker

fb

Minimum Deposit

USD 1

REGULATED BY

Trading Desk Type

Market Maker

FBS has received more than 40 global awards for various categories

Trading Conditions

4.5/5

Trading Conditions

  • MT4
  • MT5

🥉
Rank #3

1

$30 Welcome Account

4.8/5

User Score

2

A review of Exness

Fastest Growing in Africa

4.7/5

User Score

3

A review about FBS

$100 Sign Up Bonus

4.7/5

User Score

4

50% Deposit Bonus up to $5000

4.8/5

User Score

5

World Class Customer Support

4.7/5

User Score

MarketsX Review
 

MarketsX

MarketsX is a premium trading platform operated by Markets.com. MarketsX offers traders fast, low-cost trading on over 2,200 financial instruments and provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets.
The MarketsX trading platform offers traders a multitude of features and trading tools as well as in-depth charting and asset comparison tools.

Min. Deposit ZAR 2500
Max. Leverage 300:1
Min. Spread 0.9 pips
Regulators CySEC, ASIC, FSCA
Trading Desk Type Market Maker

Trading Conditions

Number of FX Pairs 50+
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes

High security and privacy standards are at the top of Markets.com’s priority list and the platform use encryption, strong firewalls, and Secure Sockets Layer (SSL) software to protect trader information during transmission. MarketsX trading servers are located in SAS 70 certified data centres, and all client funds are held in segregated trading accounts.

Markets.com is part of the Playtech Group, a global technology leader.

Trading Conditions

MarketsX offers traders a choice of over 2,200 instruments on the MarketsX platform.

Account-holders can trade CFDs on:

  • Over 50 global major, minor, and exotic FX pairs including GBP/USD and EUR/USD
  • Leading stocks such as Apple, Amazon, Facebook, and Tesla from US, UK, European, Australian and Asian markets
  • Over 25 major market indices
  • Top commodities, including precious metals like gold, silver and palladium; crude and Brent oil cash and futures, as well as natural gas and heating oil; and softs such as coffee, sugar, and soybeans
  • Six of the world’s biggest cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, and Dash
  • Dozens of regional and sectoral ETFs
  • US, UK and German government bonds

MarketsX offers unique trading Blends and traders can also take a position on four of the world’s biggest cryptocurrencies – Bitcoin, Ethereum, Ripple, and Litecoin – at once with the Crypto Blend.
MarketsX offers both retail and Professional trading accounts in English, Arabic, German, Danish, Spanish, French, Italian, Dutch, and Portuguese.

There are plenty of trading resources packed into the MarketsX platform coupled with a powerful suit of decision-supporting tools.

Oinvest Review
 

Oinvest

 
Oinvest is a South African market maker broker and which was founded in 2012 and is regulated by the FSCA. Oinvest offers tight spreads, high leverage and offers ZAR as a wallet currency.
 

Min. Deposit USD 250
Max. Leverage 500:1
Min. Spread 0.7 pips
Regulators FSCA
Trading Desk Type Market Maker

Trading Conditions

Number of FX Pairs 49
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes

 
Oinvest is the trading name of Basfour3773 (Proprietary) Limited and has been regulated by the FSCA (licence: 42020) since 2012 and is perfect for beginners with a comprehensive education section that includes videos, eBooks, articles and platform tutorials on offer.

Trading Conditions and Accounts

Oinvest only has a single account type on offer (three account tiers – Silver, Gold and Platinum) and the minimum deposit is 250 USD or ZAR equivalent. Trading conditions in each tier will vary depending on the level of activity and size of the investment.

In all three tiers about 50 currency pairs are available to trade, with spreads ranging from 0.7 pips in the Platinum tier for EUR/USD to 3.1 pips in the Silver tier for NZD/USD. Oinvest supports MetaTrader4 (MT4) and the associated web and mobile applications.

Remember – There are Crucial Things to Consider When Choosing a Forex Broker. Take a look before making the final choice!
 
The Forex market is very competitive and finding a broker can seem impossible. Choosing which forex broker to trade with can be overwhelming if a trader doesn’t know what they should be looking for to start with.  In this section, traders will find some qualities that they should be looking for when picking a forex broker.

Security

The first characteristic of a good broker is a high level of security. Checking the credibility of a forex broker isn’t hard to do – and crucial. There are regulatory agencies across the globe that separate the trustworthy from the deceitful.  Before a trader even considers putting money in a broker, they must make sure that the broker is a member of regulatory bodies.

Transaction Costs

No matter the currency, traders will always be subject to transaction costs.  Sometimes, traders may need to sacrifice low transaction for a more reliable broker.

Deposit and Withdrawal

Trustworthy FX brokers will allow traders to deposit funds and withdraw their earnings hassle-free.

Trading Platform

When it comes to online forex trading, most trading activity happens through the brokers’ trading platform, which means that the trading platform of a traders chosen broker must be user-friendly and stable.

Customer Service

Traders should pick a broker that they could easily contact when problems arise and when dealing with account or technical support issues is just as important as their performance on executing trades.

Other mention worthy forex brokers with ZAR accounts include:
 

GT247.com Review
 

GT247.com

 
GT247.com has been offering their trading services to South African traders for over 20 years and is often voted as a leading trading platform and discount broker by their account holders.  GT247.com aims to make trading simple, straight-forward, focused, cost-effective and efficient.  GT247.com is a proudly South African business and traders can trade internationals using Rands.

SuperForex Review
 

SuperForex

 
All SuperForex clients can open accounts in ZAR and use this currency for deposits and withdrawals alike, this allows traders to avoid additional conversions.

XM.com Review
 

XM Real

 
Traders who choose to open an XM Real Account can specify either South African Rand (ZAR) or Singapore Dollar (SGD) as their base currency.  By Selecting either ZAR or SGD enables traders to make deposits in that currency, trade in that currency, and make withdrawals in that currency.
 

IQ Option Review
 

IQ Option

 
With IQ Option, traders from South Africa can trade their favourite instruments with accounts denominated in South African rand (ZAR) and accounts denominated in other currencies are also available to South African clients including the U.S. dollar, British pound, euro, and even the Russian ruble.  The minimum deposit for trading accounts denominated in South African rand, is R150.

In Conclusion

Many brokers in South Africa only offer USD or EUR accounts which is mainly due to a lack of ZAR liquidity providers and international-based brokers have their costs priced in USD and do not want to take on the exchange rate risk associated with ZAR accounts. But – Having a Forex broker with a ZAR Account is very important for many South African traders and choosing an account currency which is the same as their home currency has its perks; traders will avoid any broker conversion fees, and they will also avoid the large conversion spreads that banks charge when making a wire deposit or withdrawal. Fund transfers are also much quicker between local banks.

A benefit of having a ZAR account is that traders’ funds will be kept in a South African bank and will be accessible to them in the event of their broker going into liquidation, according to research in South Africa.

Top 3 Forex Brokers

Broker

Minimum Deposit

USD 100

REGULATED BY

Trading Desk Type

Market Maker

Tickmill has one of the lowest forex commission among brokers.

Trading Conditions

4.7/5

Trading Conditions

  • MT4
  • MT5

🥇
Rank #1

Broker

Minimum Deposit

USD 1

REGULATED BY

Trading Desk Type

Market Maker

Tight spreads and unlimited leverage on a specialist zero account

Trading Conditions

4.5/5

Trading Conditions

  • MT4
  • MT5

🥈
Rank #2

Broker

fb

Minimum Deposit

USD 1

REGULATED BY

Trading Desk Type

Market Maker

FBS has received more than 40 global awards for various categories

Trading Conditions

4.5/5

Trading Conditions

  • MT4
  • MT5

🥉
Rank #3

1

$30 Welcome Account

4.8/5

User Score

2

A review of Exness

Fastest Growing in Africa

4.7/5

User Score

3

A review about FBS

$100 Sign Up Bonus

4.7/5

User Score

4

50% Deposit Bonus up to $5000

4.8/5

User Score

5

World Class Customer Support

4.7/5

User Score


Frequently Asked Questions

Who is the best forex traders in South Africa?

See the list of Best forex brokers with ZAR/Rand trading accounts on SAShares website
https://www.sashares.co.za/best-forex-brokers-with-zar-trading-accounts

Can a beginner trader open a forex account in South Africa?

Yes.

How can a beginner start trading forex in South Africa?

1. Choose a trustworthy broker.

2. Open your forex account.

3. Start trading.

Do forex traders pay tax in South Africa?

Yes.

Is forex trading illegal in South Africa?

No.

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