11 Best Forex Brokers with Rand Accounts

Posted on 22 September 202129 January 2023 by adkspro17

11 Best Forex Brokers with Rand Accounts

The South African rand (ZAR) is the official currency in South Africa and retail investor accounts that are denominated in ZAR as the base currency offers South African traders several benefits. When you hold a ZAR account, it means that all your funds with your forex broker are kept in rand.

This implies that the forex broker has a local bank account and offers local payment methods, allowing South African traders access to quick and easy deposits and withdrawals in ZAR, without worrying about currency conversion fees.

However, there are only a few forex brokers, both national and international forex brokers, who offer ZAR as a base currency, and they are listed in the sections below.

Before trading with any forex brokers, South African traders must validate the forex broker’s claim to regulation with top-rated market regulators such as the Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), and others, as this will ensure client fund protection.

We discuss the 11 best forex brokers in South Africa who offer ZAR accounts.

IFX Brokers

Features

Founded in 2018, IFX Brokers may be a new broker, but it has made a decent name for itself in the South African forex trading industry. One of the main benefits that IFX Brokers offers South African traders is ZAR as an account base currency, exempting traders from having to pay hefty currency conversion fees when they trade or make deposits/withdrawals.

In addition to this, IFX Brokers offers access to global financial markets along with competitive trading conditions that suit both beginner and professional traders alike.

Pros and Cons

PROS

Strict regulation

High leverage up to 1:500

Supports MetaTrader 4

Educational resources offered

Markets.com

Features

Markets.com is a trusted international broker and multi-faceted trading platform that caters for South African retail traders by providing ZAR base currency retail investment accounts.

Markets.com offers a competitive spread and tailored trading conditions along with providing the use of the MetaTrader trading platforms through which trades can be executed.

In addition to this, Markets.com has two proprietary forex trading platforms namely Marketsi and MarketsX, with Marketsi that accommodates long-term investment while MarketsX facilitates trading in a wide range of financial instruments such as forex, stocks, cryptocurrency, and several other asset classes.

Markets.com is a reputable forex broker that is regulated by the Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), and several other market regulators.

Pros and Cons

PROS

User-friendly trading platforms

Wide range of trading instruments

Tight spreads

Commission-free forex trading

No deposit fees or withdrawal fees

Advanced trading accounts

Islamic accounts provided

CONS

High minimum deposit requirement

Inactivity fees charged after 3 months of inactivity

Plus500

Features

Plus500 is one of the most popular forex brokers that operate around the world, including several African Markets. Plus500 is known for offering an award-winning proprietary trading platform that connects traders to several markets.

There is also negative balance protection applied to retail investor accounts, and traders have access to demo accounts that can be used before risking real money in a live trading environment. Plus500 supports a wide range of trading strategies, offers ZAR accounts, and caters for professionals as much as beginner traders who still need guidance.

Plus500 also supports a wide range of trusted payment methods that South African traders can use to transfer/withdraw funds including a debit/credit card, bank wire transfers, bank transfers, crypto wallet, and several others.

Pros and Cons

PROS

Commission-free trading offered

Choice in different account types

More than 2,000 trading instruments

24/7 dedicated customer service

Market news and insight into market conditions

CONS

Fixed spreads not offered

Inactivity fees charged

FxPro

Features

FxPro is another popular online broker that accepts traders of all experience levels from South Africa. FxPro is well-known for offering some of the lowest spreads and access to the forex market through a wide range of currencies that can be traded from major currency pairs, minors, and even exotic currency pairs such as ZAR/USD, and several others.

FxPro is known for its low, variable spreads, reasonable maximum leverage ratios, and trusted regulatory framework that makes FxPro a trusted option for any South African Forex Trader.

In addition to offering MetaTrader 4, MetaTrader 5, and cTrader, FxPro also offers a proprietary platform that is an advanced mobile trading platform available on iOS and Android mobile devices.

Pros and Cons

PROS

Well-established regulatory framework

Premium trader tools and educational material offered

VPS offered through Beeksfx

There is an expert analysis offered by Trading Central

NDD Execution model used

CONS

Managed accounts not offered

Social trading is not supported

HotForex

Features

HotForex is the trading arm of HF Markets, which has regulation and authorisation with several reputable major regulators. HotForex has a global presence, is one of the top international brokers in the world and offers a wide range of financial instruments and competitive conditions, making it a reputable South African forex broker.

Apart from offering the trade of major pairs, HotForex offers financial instruments spread across several other asset classes. HotForex offers low trading costs that consist of a tight spread that starts from 0 pips, user-friendly options for beginner forex traders, sophisticated solutions for the advanced high-volume trader such as advanced risk management tools, and more.

In addition to its advanced offering, HotForex also offers deposit bonuses, the option for an instant deposit, and zero fees for deposits and withdrawals.

Pros and Cons

PROS

Commission-free trading

Educational tools offered

Wide range of tools for experienced traders

AutoChartist offered

Investor compensation fund offered

Educational material offered

Negative balance protection applied on retail accounts

CONS

Fixed spreads not offered

Khwezi Trade

Features

Khwezi Trade is a proudly South African forex broker that is known for its comprehensive trading solutions and favourable trading conditions that consist of some of the lowest spreads in South Africa, negative balance protection on accounts, and competitive minimum deposits.

Khwezi Trade offers ZAR accounts to South African traders along with the benefit that traders can deposit funds through some well-known South African banks via EFT, and other payment options. Khwezi Trade has a competitive spread and offers its solutions to traders despite their trading experience or different trading strategies that they use when trading forex pairs.

In addition to offering a selection of assets, Khwezi Trade also offers customer support in English, Afrikaans, Zulu, Sotho, and Khoza. Khwezi Trade is also well-regulated by the Financial Conduct Sector Authority (FSCA) in South Africa.

Pros and Cons

PROS

ZAR Accounts offered

Headquartered in South Africa with FSCA regulation

Range of trading tools provided

Reasonable trading fees

Offers regulatory protection

A wide range of trading instruments offered

CONS

High minimum deposit requirement

Individual stock trading not supported

SuperForex

Features

SuperForex is one of the best online brokers for an Electronic Communication Network (ECN) environment in which a wide range of forex pairs can be traded.

SuperForex offers ECN ZAR accounts, transparent trading fees, a wide range of trading tools, and a tight spread that starts from 0-pips. South African traders can also expect flexible common methods for deposits and withdrawals, a variety of variable spread accounts, CFD trading solutions, and access to a wide range of financial markets.

Pros and Cons

PROS

A choice between different account types

Low minimum deposit

Tight spreads

Rapid trade execution speeds

Range of educational materials

Multiple trading tools

CONS

MetaTrader 5 not supported

FXCM

Features

FXCM is a well-established and well-regulated STP forex broker that offers comprehensive solutions to traders from around the world, including South Africa.

FXCM offers a wide range of accounts, along with the benefit of ZAR Accounts, and access to a wide range of tradable financial instruments. FXCM has offices in several regions including London, Johannesburg, Hong Kong, Athens, Paris, Sydney, Berlin, and Milan, making it a trusted broker with a global presence.

Pros and Cons

PROS

Member of the FSCS compensation scheme

Well-regulated

ZAR accounts offered

Social trading supported

ZuluTrade and MetaTrader 4 offered

Advanced charting by TradingView

Daily analysis and in-depth analysis of market conditions through Trading Central

CONS

Spreads are not the tightest

XM

Features

XM is one of the best variable spread forex brokers in the world that caters for beginner traders, investors, and advanced forex traders alike. XM offers a choice between tailor-made variable spread accounts, each with its unique and competitive trading conditions.

Through the MetaTrader suites, XM allows the use of a variety of trading strategies including the use of automated forex trading software, allowing traders to add a competitive edge to their trading.

XM offers ZAR accounts to South African traders in addition to offering transparent trading fees, a loyalty program, a deposit bonus, and access to a wide range of currency pairs that can be traded on the foreign exchange market, amongst several other financial markets.

Pros and Cons

PROS

MetaTrader supported

A choice between spread accounts or commission accounts

ZAR accounts offered

Weekly forex webinar offered

Professional tools and trading ideas

Negative balance protection

Tight spreads

CONS

Limitations on leverage depending on the region

Blackstone Futures

Features

Blackstone Futures is a forex broker based in South Africa, with strict regulation through the FSCA in offering the trade of a wide range of financial instruments to South African traders.

Blackstone Futures is affiliated with Trade Nation which is a multinational broker with regulations in several regions. Blackstone Futures offers competitive trading fees and commissions along with ZAR accounts to both beginners, experienced, and professional traders.

Pros and Cons

PROS

Wide range of tradable instruments

Intuitive trading platforms

A choice in trading tools

Collection of educational tools and material

Dedicated customer support

CONS

Limited account types

Limited payment options

Cryptocurrency trading is not supported

Not the lowest spreads

Exness

Features

Exness is a unique forex broker that offers ZAR accounts specifically tailored towards professional and institutional traders. However, despite this, anyone can register a live trading account with Exness.

Exness has competitive trading fees and offers a tight spread that starts from 1 pip on some financial instruments. Exness is not as transparent with its fees, especially where swap fees or rollover rates are concerned.

Pros and Cons

PROS

Forex spread from 1 pip

Flexible leverage

Supports MetaTrader suite

Provides VPS

Dedicated customer support

CONS

Swap and overnight fees are not transparent

Spreads are not the lowest in the industry

FREQUENTLY ASKED QUESTIONS

Should South African Traders use a ZAR Trading Account?

Yes, South African traders should use a ZAR trading account if they can, to avoid conversion fees, deposit fees, and withdrawal fees that relate to currency conversions. It also means that deposits and withdrawals will be faster.

Is it a good idea to use unregulated forex brokers in South Africa?

No, you should not conduct any trading with unregulated forex brokers.

Is forex trading legal in South Africa?

Yes, forex trading is legal in South Africa and well-regulated.

Can I start trading forex with a demo account?

Yes, most of the best brokers with ZAR accounts in South Africa also offer demo accounts.

How do I verify if a forex broker is regulated in South Africa?

By visiting the official website of the FSCA to view the page where all the Financial Service Providers are listed. It will provide a comprehensive list of national and international forex brokers that have FSCA regulation and those who are in the progress of obtaining regulation.

Other Guides for South African Traders:

The Best Forex Brokers in South Africa

FSCA Regulated Forex Brokers in South Africa

South African Forex Brokers with Islamic Accounts

South African Forex Brokers with High Leverage

South African Brokers with $100 Minimum Deposit

South African Brokers with Low Minimum Deposits

11 Best FSCA Regulated Forex Brokers in South Africa

Posted on 22 September 202115 March 2022 by adkspro17

11 Best FSCA Regulated Forex Brokers in South Africa

When forex traders evaluate brokers, regulation is one of the first and most important considerations that traders must evaluate and validate. The Financial Sector Conduct Authority (FSCA) is the market regulator and regulatory body for foreign exchange trading in South Africa, providing South African traders with regulatory protection.

Many international brokers can claim to have FSCA regulation and authorization, but very few truly have the necessary regulation and licensing to provide forex and CFD trading services in South Africa.

To see whether an online broker has the necessary regulation with FSCA, South African traders can visit the official FSCA website to consult the list of regulated brokerage firms and those who are in the process of obtaining their regulation.

By choosing a regulated broker, client funds can be protected more effectively because the financial regulator requires that the fund of South African retail traders be kept in segregated bank accounts, kept with top-tier financial institutions in the country, something that unregulated brokers cannot do.

To save South African traders some time on this tedious process, we have listed 11 of the best FSCA-regulated forex brokers in South Africa.

IFX Brokers

Features

IFX Brokers is a South African forex and CFD broker that caters for traders from around the world, including South African traders, regardless of whether they are beginners or professionals.

Beginner traders can expect some of the best educational materials and resources while professionals are granted useful and advanced trading tools, helping them add a competitive edge to their trading.

In addition to this, South African traders can rest assured that IFX Brokers offers a safe, transparent trading environment with strict regulation that protects all traders.

Pros and Cons

PROS

Strict regulation

High leverage up to 1:500

Supports MetaTrader 4

Educational resources offered

IG

Features

IG is one of the most reputable and popular FSCA-regulated brokers in South Africa. IG Markets South Africa Limited is the trading arm for IG in South Africa, offering South African retail traders unlimited access to several financial markets by providing more than 17,000 financial instruments that can be traded.

Apart from regulation with FSCA, IG is also well regulated by the Financial Conduct Authority (FCA), CFTC, NFA, BaFin, and several others. South African traders can expect tailor-made trading solutions despite the level of their trading experience, their unique trading styles, trading strategies, or unique objectives.

IG is known for its tight spread, low and transparent trading costs, and choice in retail investor accounts that suit a wide range of different South African forex traders, whether they are high volume traders, casual, or active traders.

Pros and Cons

PROS

IG Markets is regulated by multiple reputable entities including the Financial Sector Conduct Authority

More than 17,000 financial instruments

Variety of retail investor accounts offered

Client funds kept in segregated accounts with top financial institutions

Competitive trading conditions

Tight spread and competitive commissions

Longstanding history and good reputation

CONS

High minimum deposit requirement

HF Markets (HotForex)

Features

HotForex is a multi-regulated international broker and the trading arm of HF Markets, with the necessary regulation and authorisation through FCA & CySEC, DFSA, and FSCA in providing South African traders with some of the best trading conditions in the industry.

When trading with HotForex, South African traders can be assured of client fund safety, transparent trading costs, and negative balance protection that is automatically applied to their retail investor accounts.

Pros and Cons

PROS

Multi-regulated

Strong global presence

Competitive trading conditions

Numerous account types to choose from

Islamic account option and demo account provided

CONS

Fixed spreads not offered

JP Markets

Features

JP Markets is one of the best South African Forex Brokers that uses ECN and STP execution to ensure that South African traders get the best possible spreads and pricing in the industry.

JP Markets offers traders in South Africa access to a wide range of financial markets and a range of tradable financial instruments. These can be traded at competitive spreads through powerful trading platforms. Traders are given peace of mind that their funds are kept safe, and that JP Markets offers a fair, safe trading environment.

Pros and Cons

PROS

Well-regulated

No deposit fees or withdrawal fees

No inactivity fee

Negative balance protection offered

MetaTrader 4 supported

CONS

Lack of additional trading tools

Spreads and commission charges are high

CM Trading

Features

CM Trading is one of the most trusted forex brokers in the trading industry that not only accommodates traders from South Africa but has respective regulations and authorisation with the FSCA to provide trading solutions in South Africa.

CM Trading facilitates forex and CFD trading across a wide range of financial markets including forex, indices, shares, metals, and more. CM Trading is award-winning and apart from its tight spread, also offers commission-free trading on currency pairs and other instruments.

With CM Trading, traders from South Africa can expect access to an advanced forex trading platform, mobile trading apps, and a choice between trading account types.

Pros and Cons

PROS

Well-regulated

Commission-free trading offered

Daily Market analysis provided

Variety of educational sources

Hedging and scalping allowed

CONS

Fixed spread accounts not offered

Khwezi Trade

Features

Khwezi Trade is a proudly South African forex broker that facilitated the trade of a wide range of financial instruments across several asset classes including CFDs on Indices, currency trading, and several other complex instruments.

Khwezi Trade works according to a straight-through-processing (STP) execution model, ensuring that traders in South Africa can expect the best possible pricing.

In addition to this, Khwezi Trade has competitive spreads and offers a safe trading environment that is well-regulated and overseen by FSCA.

Pros and Cons

PROS

Well-regulated

MetaTrader 4 offered

Trading tutorials provided

Market analysis offered

CONS

Individual stock trading not offered

Limited funding/withdrawal options

Limited Forex pairs

AvaTrade

Features

AvaTrade is one of the best Market Maker and STP forex brokers in the world, with strict regulation with the Bank of Ireland, FSCA, ASIC, and several others. AvaTrade offers more than 1,250 financial instruments that can be traded.

AvaTrade offers the use of third-party trading software as well as a proprietary platform that can be used. AvaTrade offers comprehensive online trading solutions, and it is one of the most trusted broker firms that offer forex trading to retail and professional traders from South Africa, despite their trading needs, trading strategies, or their objectives.

Several broker reviews praise AvaTrade as one of the most trusted market makers that ensures transparent trading costs, spreads, and the benefit of commission-free trading.

Pros and Cons

PROS

Well-regulated

One of the most trusted market makers in the industry

A wide range of markets offered

Multiple awards obtained

Fixed and tight spreads

Zero-commission trading

Variety of trading platforms offered

CONS

Lack of account type options

Variable spreads are not offered

Plus500

Features

Plus500 is another popular forex broker that accommodates retail and professional traders from South Africa, with respective regulations with FSCA and several other entities such as FCA, CySEC, MAS, FMA, and ASIC.

Plus500 is well-known as one of the best FSCA-regulated brokers for trading forex in South Africa because of its competitive trading conditions, critically acclaimed proprietary trading platform, mobile app, and wide range of risk management options for trading complex instruments in an online trading environment with changing market conditions and volatile price movements.

Plus500 supports the use of a variety of comfortable deposit methods that can be used including credit/debit card, wire transfer, and several others. Plus500 offers some of the lowest spreads and caters for all types of traders, from beginner forex traders to professional and even institutional investors and traders.

Pros and Cons

PROS

Multi-regulated

A wide range of markets offered

Competitive trading conditions with some of the lowest spreads

Adequate leverage offered

Negative balance protection offered

Average minimum deposit requirements

24/7 award-winning customer service provided

CONS

MetaTrader 4 and/or MetaTrader 5 not offered

Only one account option offered

FXCM

Features

Established in 1999, FXCM is one of the most trusted international forex brokers that accommodates forex traders from South Africa, with the necessary regulation to offer its trading solutions in the country.

FXCM is well-known for its tight variable spreads, flexible trading platforms, and competitive trading conditions. FXCM has a wide range of deposit and withdrawal options including bank wire transfers, bank transfers, credit/debit cards, and several others.

FXCM is also known for its transparent trade execution policy, negative balance protection, and a wide range of tradable instruments including currency pairs, CFDs on commodities, indices, and several others.

Pros and Cons

PROS

Well-regulated by reputable regulatory entities

Client funds kept in segregated accounts

Commission-free trading offered to traders in South Africa

Competitive variable spreads

MetaTrader 4 NextGen offered

Access to AutoChartist and PsyQuation premium

CONS

Fixed spread accounts not offered

FXPRIMUS

Features

Established in 2009, FXPRIMUS is a reputable STP and ECN broker with offices in Cyprus, South Africa, and Vanuatu, with the necessary broker license, regulation, and authorisation to provide a wide range of markets to forex traders in these regions.

FXPRIMUS offers access to the foreign exchange market by offering a wide range of major pairs, minor pairs, and exotic pairs, in addition to offering access to several other markets. FXPRIMUS offers educational materials, trading tools, and in-depth analysis of market conditions to help traders direct their trading decisions and help them navigate complex instruments.

Pros and Cons

PROS

Well-regulated

Negative balance protection offered

Commission-free trading on some accounts

ECN Accounts offered with tight raw spreads

VPS Service offered

CONS

VIP Account necessary to gain access to the best trading conditions

Fixed spread accounts not offered

FXTM

Features

FXTM is a reputable and popular STP and ECN broker that has offices in the United Kingdom, South Africa, Cyprus, and Mauritius. FXTM caters to a wide range of traders from around the world, offering competitive tight and raw spreads, safe trading environments protected by top-tier regulators.

With FXTM, traders are given access to a wide range of complex instruments such as forex, commodities, cryptocurrencies, and more.