11 Best Forex Brokers in South Africa 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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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.