Best ZAR account forex brokers
Trading forex is a good way to invest your money and earn some profits. However, it is important to choose the right forex broker to work with. The right broker will provide you with the best tools and resources to help you succeed in forex trading.
In South Africa, the best brokers are those that offer a ZAR account. A ZAR account is a South African rand-denominated account. With this account, you can deposit and trade in the local currency, which is both convenient and cost-effective.
In this article, we will take a look at some of the best forex brokers with ZAR accounts. We will also discuss the pros and cons of trading with a ZAR account, among other important things.
Let’s delve right in.
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Who can open a ZAR account?
Any trader who wants to save on currency conversion fees and trade with a broker who is regulated by the Financial Sector Conduct Authority.
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How much money do I need to open a ZAR account?
The minimum deposit requirements vary from broker to broker, but they are typically quite low. Some brokers may even allow you to open an account with no minimum deposit.
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Are brokers with ZAR accounts safe?
Yes, brokers with ZAR accounts are typically regulated, so they must meet strict financial and customer service requirements. However, as with any broker, it's important to research them thoroughly before opening an account.
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Will I be charged currency conversion fees if I open a ZAR account?
No. One of the main advantages of brokers with ZAR accounts is that they don't charge currency conversion fees.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
List of Forex Brokers With Zar Account
As more and more forex brokers enter the South African market, it is becoming increasingly difficult to choose the best broker for your needs. With so many brokers now offering ZAR accounts, it can be hard to know which one is the right fit for you.
To help you make your decision, here’s a table showing the seven best forex brokers in South Africa that have a ZAR account.
| Regulation | ZAR account | Minimum Deposit | Max Leverage | |
|---|---|---|---|---|
|
Exness |
Financial Sector Conduct Authority (South Africa), FCA, CySec |
Yes |
$10 or Rand equivalent |
1:2000 |
|
XM |
CySec, FCA |
Yes |
$5 or Rand equivalent |
1:1000 |
|
FxPro |
Financial Sector Conduct Authority (South Africa), CySec, FCA |
$100 or Rand equivalent |
1:200 |
|
|
HotForex |
Financial Sector Conduct Authority (South Africa), FCA UK |
Yes |
$5 or Rand equivalent |
1:100 |
|
Super Forex |
Not FSCA regulated. IFSC |
Yes |
$1 or Rand equivalent |
1:2000 |
|
Plus500 |
Not FSCA regulated. FCA, CySEC, ASIC |
Yes |
$100 or Rand equivalent |
1:30 |
|
JustForex |
Not FSCA regulated. CySec |
Yes |
$1 or Rand equivalent |
1:3000 |
Top 7 Best ZAR Account Brokers Review
Exness Group
Exness Trading Company has been working in the Forex market since 2008. The broker’s activity is managed by Nymstar Limited, a company registered in the Republic of Seychelles. The service is regulated by licenses of CySEC (Cyprus Securities Commission), FCA (Office of Financial Regulation and Supervision of Great Britain) and FSA (Office of Financial Regulation and Supervision of the Republic of Seychelles). The broker holds the leading position in Forex ratings. The company’s monthly trading turnover totals $325.8 billion USD. The broker currently has CFDs available for cryptocurrency, stocks, more than 120 currency pairs, energy and metals. Exness’s service provides favorable working conditions for traders: low commission, instant execution of orders and withdrawal of funds. An infinite leverage makes it possible to earn on small deposits up to $999. There are several options for opening an account depending on the traders’ needs. A demo account is available - a training account that is useful for both beginner level traders and professional traders.
XM Group
XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth. XM is reliable and safe. It has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted more than 5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders.
FxPro
The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC (Cyprus), Bahamas SCB, FCA (UK), and South African FSCA. FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The company has stock indices, metals and energy resources at its disposal. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.
HotForex
HFM is a broker owned by the HF Markets Group, offers a wide variety of account types, and has the widest selection of trading assets and high-quality software. HFM also has favorable trading conditions and instant execution of orders. Plus, a solid list of tools and services allow everyone to choose the best option. The broker's reliability is confirmed by the license of several regulators. The company's work experience in the financial, brokerage and other services market is over 10 years. Within that time, HFM has received 35 prestigious awards. For trading, MetaTrader 4 and MetaTrader 5 trading terminals are used.
SuperForex
“SuperForex” is the licensed Forex-broker, founded in the year 2013. “SuperForex” broker remains professional in its brokerage servicing and believes that reliability and transparency are its main features. This company tends to provide Forex market participants with the most beneficial trading conditions.
Plus500
Plus500 broker is owned by Plus500UK Ltd, a UK registered company with headquarters in London. The company is regulated by the FCA (UK Financial Conduct Authority). Plus500.com has been an active trading platform since 2008, where traders can trade more than two thousand financial assets. The broker provides its services in Asia and Europe, being also one of the fastest-growing companies that make it possible to trade CFD (contract for differences) contracts.
JustForex
JustForex is a brand owned by IPCTrade providing services of online Forex trading and access to various classic financial instruments. The broker’s operation is regulated by the International Financial Services Commission (IFSC) of Belize.
The brokerage company focuses on classic assets, therefore offering its clients access to trading currency pairs, cryptocurrency, futures and indices. A distinguishing feature of JustForex is a mixed business model that allows the company to conduct both brokerage and dealing activities.
JustForex tries to follow the latest software development standards, focuses on high order execution speed and continuous improvement of the services it provides.
Why Exness Is the Best ZAR Account Broker
You can experience success with any of the ZAR account brokers on this list. However, we believe that Exness is the best ZAR account broker for a number of reasons. Firstly, the broker is regulated by both the FSCA and CySEC, which is one of the most respected financial regulators in the world. For this reason, you can be sure that your money is safe and secure with Exness.
Secondly, Exness has a local office in South Africa: Central Office Park Unit No.4 257 Jean Avenue, Centurion Gauteng, Johannesburg. This means that you can get support in your own language. This is not something that all brokers can offer.
Exness is also one of the cheapest brokers on this list, with low spreads and commissions. This makes it an ideal choice for traders who are looking to save money on their trading costs.
Another benefit traders enjoy with Exness is the speed of execution. With this platform, you get instant execution of orders. And if you need to make withdrawals, they are processed quickly and with no fuss.
There's also the fact that traders have a variety of options from which to choose when they open an account with Exness. This includes a wide range of account types, as well as a selection of trading platforms. You also get a demo account to practice with, so you can try out the platform before committing to real trading.
ZAR Account Brokers Pros and Cons
Any decision you make as a forex trader should be based on a detailed analysis of the pros and cons involved. So, what are the main advantages and disadvantages of choosing a broker with a ZAR account?
Pros
One of the main advantages of opting for brokers with a ZAR account is that it can save you money on conversion fees. When you deposit or withdraw funds in South African Rands, you pay zero currency conversion fees. This can add up to significant savings over time, particularly if you're a high-volume trader.
All brokers with ZAR account also offer leverage. Leverage is essentially a loan that brokers offer to traders, which can be used to trade larger positions than would otherwise be possible. This can lead to increased profits, but it also carries the risk of amplified losses.
Another advantage of ZAR account brokers is that they tend to offer lower spreads than brokers who don't offer this account type. This is because brokers with ZAR account don't have to convert your funds into another currency when you trade, which saves them money. They then pass these savings on to you in the form of lower spreads.
Cons
One of the main disadvantages of brokers with ZAR accounts is that not all brokers offer this account type. This means that you may have to open an account with a broker who is located outside of South Africa if you want to trade with a ZAR account.
Another disadvantage is that some brokers with ZAR accounts may not be regulated by the FSCA. Given that this regulatory body is one of the most respected in the world, this could pose a risk to your capital. If the broker you're considering isn't FSCA-regulated, ensure that they are regulated by another respected regulatory body, such as CySec.
Is Forex Legit in ZAR?
Yes. Forex trading is legal and regulated in South Africa by the Financial Sector Conduct Authority (FSCA). The FSCA is the regulatory body responsible for overseeing all financial services providers in the country, including brokers offering ZAR accounts.
In order to obtain a license from the FSCA, brokers must meet strict requirements regarding their financial stability, customer service, and dispute resolution procedures. These requirements are designed to protect traders and ensure that they have a positive experience when trading forex.
Are All ZAR Account Brokers Regulated?
No. It's not a rule that all brokers offering ZAR accounts must be regulated in ZAR. However, if you're considering opening an account with a broker who isn't FSCA-regulated, make sure to research them thoroughly to ensure that they are a reputable and reliable broker.
Forex License Types - Best Forex Trading RegulatorsMethodology for compiling our ratings of Forex brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.