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.
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.
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.
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