Best Forex Brokers with ZAR accounts

 

The Best Forex Brokers with ZAR Trading Accounts in South Africa revealed.

We tested and verified the best brokers offering trading conditions in the South African Rand(R).

 

This is a complete guide for forex trading brokers with ZAR Trading Accounts.

 

In this in-depth guide you’ll learn:

• How to choose the best ZAR trading broker
• Comparing the best ZAR account broker
• Who are the best forex brokers for South African ZAR / Rand accounts
• FAQs about ZAR trading accounts

 

And Lots more.

 

So if you’re ready to go “all in” with trading in your native RAND account, this guide is for you.

 

Let’s dive right in…

 

 

Our 7 Best Handpicked Forex Brokers with ZAR Accounts:

• ✔️Exness – Low Spread ZAR Regulated Broker
• ✔️Hotforex – Best Forex Broker With ZAR Account
• ✔️Justforex – Best Broker Supporting MetaTrader 4 and 5
• XM – Global Forex Broker offering a ZAR trading account
• EasyMarkets – Offers a Wide Range Of Trading Instruments
• Blackstone Futures – Good conditions and support  ZAR Forex Broker
• FxPro – FSCA Regulated Forex Broker with World Class Client Support

 

Exness

 

 

👉 Exness offers trading accounts with ZAR (Rand) as a base currency option. You can open a trading account with Exness in ZAR as well as US Dollars (USD).

 

👉 Exness is licensed and regulated by multiple authorities, including the Financial Sector Conduct Authority (FSCA) in South Africa. Established in 2008, Exness is regulatory compliant and regarded as an honest, transparent, reliable online broker and safe to use by forex traders in South Africa.

 

👉 The global fintech company is a forex and CFDs brokerage. It offers clients access to a wide range of financial instruments which includes currency pairs, cryptocurrencies, precious metals, energies, indices and stocks. Exness is a Market Maker, ECN and NDD forex broker and supports the world’s most popular trading platforms; MetaTrader 4 and MetaTrader 5.

 

👉 Sign up for the Exness Standard +10% Bonus Programme.

 

👉 The standard Exness bonus program calculates your bonus as a percentage of Net deposits.

 

Hotforex

 

 

👉 HotForex South Africa offers trading accounts with ZAR (Rand) as a base currency option. You can open a trading account with HotForex South Africa in ZAR as well as the other major currencies. The ZAR accounts are available across all six types of accounts that HotForex offers its clients.

 

👉 Established in 2010, HotForex South Africa is a regional hub within the HF Markets Group which serves clients in about 200 countries. HotForex SA is licensed and regulated by the Financial Sector Conduct Authority (FSCA). The online brokerage is regulatory compliant and considered safe to use by forex brokers in South Africa.

 

👉 HotForex is an award-winning forex and CFDs broker. You can trade over 45 currency pairs, cryptocurrencies and CFDs on indices, shares, bonds, precious metals, energies and commodities. HotForex SA supports MetaTrader 4 and MetaTrader 5.

 

Justforex

 

 

👉 JustForex offers trading accounts with ZAR (Rand) as a base currency option. You can deposit and withdraw in ZAR as well as the other major currencies. JustForex offers ZAR trading accounts for Mini, Standard, ECN Zero, and VIP account types.

 

👉 The online brokerage is the brand name of JF Global Limited which is licensed and regulated by the Financial Services Authority (FCA) of St Vincent and the Grenadines government. JustForex is a legitimate online brokerage, regulatory compliant and regarded as safe to use by forex brokers in South Africa.

 

👉 Founded in 2012, JustForex supports MetaTrader 4 and MetaTrader 5 and provides access to a wide range of financial instruments, including currency pairs, cryptocurrencies, and CFDs on precious metals, energies, stock indexes and bond indexes.

 

👉 All Standard and Pro account clients have an opportunity to get the 120% bonus on every deposit of %00 USD and more; and 100% bonus on every deposit from 100 USD and more.

 

XM

 

 

👉 XM offers trading accounts with ZAR (Rand) as a base currency option. You can open a trading account with XM in ZAR as well as other major currencies.

 

👉 XM is owned and operated by Trading Point Holdings. The holding company is licensed and regulated by multiple top-tier authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investment Commission (ASIC) and the Dubai Financial Services Authority (DFSA).

 

👉 Founded in 2009, XM is a global forex and CFDs brokerage that supports MetaTrader 4 and MetaTrader 5. Clients can trade over 55 currency pairs, stock CFDs, commodities, equity indices, precious metals, energies and shares with tight spreads and no re-quotes.

 

EasyMarkets

 

 

👉 easyMarkets offers trading accounts with ZAR (Rand) as a base currency option. You can open a trading account with easyMarkets in ZAR as well as other major currencies.

 

👉 Established in 2001, easyMarkets is regulated by the Australian Securities and Investments Commission (ASIC) and Cyprus Securities & Exchange Commission (CySEC). The global online brokerage is well established and regulatory compliant; and regarded as safe to use by forex brokers in South Africa.

 

👉 easyMarkets support MetaTrader 4 and offers a simple, easy-to-use proprietary platform. Clients have access to a wide range of financial instruments, including forex, cryptocurrencies, shares, precious metals, commodities and indices.

 

Blackstone Futures

 

 

👉 Blackstone Futures offers trading accounts with ZAR (Rand) as a base currency option. You can open a trading account with Blackstone Futures in ZAR and USD.

 

👉 The fintech company is represented by Trade Nation (Pty) Limited and is licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. Blackstone Futures is regulatory compliant and considered safe to use by forex traders in South Africa.

 

👉 Established in 2009, Blackstone Futures is a STP forex and CFDs broker. The South African-based forex broker supports MetaTrader 4 as well as offers its own CloudTrade proprietary trading platform.

 

FxPro

 

 

👉 FxPro offers trading accounts with ZAR (Rand) as a base currency option. You can open a trading account with FxPro in ZAR and other major currencies.

 

👉 FxPro is regulated by several top-tier regulatory authorities, including the Financial Conduct Authority (FCA) in the UK and Cyprus Securities and Exchange Commission (CySEC).

 

👉 Founded in 2006, FxPro offers CFDs on 6 asset classes, including forex, shares, spot indices, futures, spot metals and spot energies. The retail brokerage supports MetaTrader 4 and MetaTrader 5, provides access to top-tier liquidity and advanced trade execution, and is a true no dealing desk (NDD) forex broker says Independent Broker research platform – Brokersuggest.com

 

FAQs about ZAR accounts

 

What is ZAR?

👉 The South African Rand is the national currency of South Africa. It is represented as ZAR on the forex market. The South African Rand (ZAR) is made up of 100 cents and is presented with the symbol R.

 

👉 The world Rand comes from “Witwatersrand” which was epicenter of the Gold Rush and the economic hub of South Africa in the mid-1880s. The Rand was introduced in South Africa in 1961 when the country became a Republic.

 

👉 The ZAR is an exotic currency and one of the most commonly-traded exotic currencies in the world. It falls withing the same exotic currency grouping as the Mexican Peso (MXN), Chinese Yuan (CNY), Russian Ruble (RUB), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Turkish Lira (TRY), South Korean Won (KRW), Brazilian Real (BRL) and Indian Rupee (INR).

 

👉 Several countries in southern Africa peg their national currencies to the Rand, including the eSwatini (Swaziland) Lilangeni, Botswana Pula and Lesotho Loti.

 

What is a ZAR trading account?

👉 With a ZAR forex trading account, you are allowed to deposit and withdraw funds in South African Rands without paying any forex conversion fees. All your trading funds are kept in Rand and aren’t converted to US Dollars, Pound Sterling or Euro. You also have quick and convenient access to your trading funds by doing bank transfers.

 

Should South African forex traders use ZAR trading accounts

👉 Yes, South African traders should use a forex broker who offers a ZAR account if they can. It saves you time because deposits and withdrawals are faster, and it saves you money because there are no conversion fees.

 

👉 Remember, extreme fluctuations in the USD/ZAR exchange rate will negatively impact how much profit you make. Most forex traders who offer ZAR accounts charge commission at a fixed rate in ZAR (Rand). However, check this out first with the broker before committing to opening a ZAR trading account.

 

👉 In most cases, forex brokers with ZAR accounts allow you to deposit and withdraw funds on a fee-free basis. That means the entire amount you deposit into your ZAR trading account is credited to your account. A non-ZAR forex broker may charge you up to 1 percent to convert ZAR to a major currency to commence trading.

 

👉 Lastly, whatever profits you make on a ZAR trading account can be withdrawn without prohibitive conversion fees. This is a serious consideration based on how much the ZAR fluctuates on the forex market.

 

Do all forex brokers offer ZAR trading accounts?

👉 No, the majority of global forex brokers located outside of South Africa do not offer ZAR accounts. In fact, there are very few forex brokers who offer ZAR trading accounts. The majority of popular online forex brokers accept South African retail traders but charge you a premium when using the local South African currency.

 

👉 With most global brokers, your deposit is converted into US Dollars or other major currencies like the British Pound Sterling and Euro. In most cases, the conversion from ZAR to USD attracts a forex fee that’s fairly substantial at the going exchange rate.

 

4 benefits of ZAR forex trading accounts

 

1️⃣ Avoid conversion fees

When you deposit  South African Rands into your forex trading account, most brokers will convert the Rands to US Dollars, Euro or British Pounds. The conversion fee for deposits is high because it’s usually charged in US Dollars. Likewise, the withdrawal fee to convert USD back to ZAR is also substantial.

You can save up to 10 percent on fees if you have a ZAR trading account because you aren’t subject to the USD/ZAR conversion fee. If you’re using a credit card or doing a bank transfer to deposit money into your trading account, the conversion charge can be anything from 7 to 10 percent.

 

2️⃣ Faster, more convenient deposits and withdrawals

If you are residing in South Africa, deposits and withdrawals are faster with a ZAR trading account. This is because the forex brokers use local banks to provide trading liquidity and allow you to deposit funds and withdraw them in your local currency. Your funds are kept locally and protected by South African banking laws and the Financial Sector Conduct Authority (FSCA).

 

3️⃣ Start trading instantly

You can start trading instantly once you’ve deposited local currency into a ZAR account. You avoid certain restrictions that are applied to opening accounts that use one of the major currencies as the base currency.

 

4️⃣ Lower trading risk

You benefit from the lower risk of holding a ZAR trading account. This is because you are not subject to exchange rate fluctuations if your funds are converted into USD or one of the major currencies. Unless you specifically want to trade with USD, a ZAR account is an excellent way to trade forex and CFDs and still earn the full profits on your local currency without losing money on exchange rate fluctuations and conversion fees.

 

What is the FSCA?

👉 It’s highly recommended that you trade forex with a broker that is licensed and regulated by a top-tier authority. In South Africa, the regulatory authority for the Non-bank financial sector is the Financial Sector Conduct Authority (FSCA).

 

👉 The Financial Sector Conduct Authority (FSCA) is mandated by the government of South Africa to enhance the efficiency and integrity of financial markets; promote fair customer treatment by financial institutions; provide financial education and promote financial literacy; and assist in maintaining financial stability in the country.

 

👉 Most forex brokers that offer ZAR trading accounts are licensed and regulated by the FSCA.

 

FOREX TRADING AFRICA DISCLAIMER

Forex is a complex instrument and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

 

Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the products, fee structure, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.