Forex Brokers With Zar Accounts

Most locally South African forex broker regulated by the FSCA or global CFD providers (regulated by ASIC or FCA) doesn’t offer ZAR trading accounts which help lower forex trading costs. The fx brokers below do offer ZAR forex accounts and should be considered by forex traders in South Africa.

View the top forex brokers in South Africa that offer ZAR trading accounts below.

By Justin Grossbard / Updated: Sunday, January 05th, 2020

South Africa Forex Brokers

Top 5 Forex Broker ZAR Accounts

Rand Forex Trading Accounts

The best South African Forex brokers with ZAR accounts and FSCA regulation are:

  • FxPro – Best ZAR Account Forex Broker
  • Plus500 – Easy To Use Forex Trading Platform
  • Hotforex – Best ZAR Account for SA Forex Trading
  • Khwezi Trade – Best Local SA Forex Broker
  • Super Forex – Best ECN Forex Platform

Our team of industry experts at Compare Forex Brokers below showcase the best forex brokers with Rand accounts and FSCA regulated.

FxPro ZAR LogoBest Forex Broker With ZAR Account = FxPro

FxPro was awarded the best ZAR account forex broker based on five key components:

  1. Local FSCA regulation and South African rand (ZAR) funding
  2. The choice of the best forex trading platforms (MT4, MT5, cTrader)
  3. Low Spreads and no commissions on forex accounts
  4. Leverage of up to 500:1 for South African forex traders
  5. Six markets to trade from forex, futures to metals

FSCA regulation + ZAR Funding

FxPro is regulated in South Africa by the local regulators (FSCA) Financial Sector Conduct Authority with authorisation number 45052. They also have regulation with the FCA (UK), MENA (Dubai) and CSEC (Cyprus). The company overall has a strong reputation founded in 2006

AFSP FxPro South Africa Regulation

 

Award-winning FX broker FxPro has a leading presence in the FX industry and its financial services are accessible to South African residents. SA traders can open a retail forex account in the local currency Rand. A forex broker ZAR account’s deposits and withdrawals are made through their innovative money and risk management tool FxPro Wallet. Clients of FxPro can open a Forex trading account in a wide range of foreign currencies including:

  • Multi-currency Forex accountEUR
  • USD
  • GBP
  • AUD
  • CHF
  • JPY
  • and ZAR

The multi-currency deposit solution makes it easy for you to manage your money across different currencies and meet your personal trading needs. The required minimum deposit for the FxPro ZAR forex account is Rand 7,000.

South African Rand Fx minimum deposit

Forex Trading Platforms Offered By FxPro

FxPro offers the best trading platforms:

  • MetaTrader 4 (the most popular forex trading platform)
  • MetaTrader 5 (the most popular CFDs trading platform)
  • cTrader (the best-automated trading platform)

As the table below highlights, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) both have no commissions. cTrader does have a commission on forex and metals but also has lower spreads. MT4 also has the option of fixed spreads which is ideal for beginner forex traders who want to keep an understanding of their brokerage costs.

FxPro Forex Trading Platforms And Spreads

FxPro LeverageFxPro Offers High Leverage For South African Traders

Leverage is critical when forex trading or other CFD trading such as commodities to cryptocurrencies. As shown on the right, currency trading leverage is up to 500:1 which internationally is at the higher range. This opens opportunities for traders, especially who use automation but also makes it a high risk leveraged product.

A positive of FxPro as outlined in their disclosure policy they offer negative balance protection. This means that losses won’t exceed the account balance. With the minimum deposit of 7,000 ZAR, traders should only have a balance active with FxPro that they are willing to lose.

Finally, when trading with higher leverage, other features such as stop/loss orders are recommended. This sets a limit on the amount a trader is willing to gain or lose on an individual trade. This isn’t though guaranteed as high turbulent markets can lead to slippage leading to additional format.

FxPro Offers More Than Just Forex Trading

On top of forex trading, FxPro offers CFD trading across over 25o instruments from futures, shares, indices, energies to metals. The newer cryptocurrency offering is one of the most advanced with a <11.06 ms execution time and up to 7,000 executed orders each second.

FxPro CFD Trading

Summary of Why FxPro Has The Best Forex Brokers ZAR Account

FxPro was awarded the best forex broker based on its regulation (both in South Africa and other respective regulatory authorities), their choice between the three best forex trading platforms, the low spreads and commissions, choice of 250 instruments to trade and high leverage of up to 500:1.

Open a demo account >>Visit FxPro >>


Our Rating

The overall rating is based on review by our experts

7.50
Spreads
8 / 10
Leverage
9 / 10
Trading Platform
8 / 10
Risk Management
6 / 10
Range of Markets
6 / 10
Customer Service
8 / 10

Forex Brokers With ZAR AccountsAbout The South Africa Rand (ZAR)

South African Rand is the official domestic currency of Africa’s second-largest economy since 1961 when it replaced the South African Pound. The currency ISO code for SA Rand is ZAR and is issued by the South African Reserve Bank.

Rand is also recognized by law as a legal tender in the following countries Namibia, Swaziland, and Zimbabwe.

ZAR is one of the top emerging market currencies being part of the BRICS bloc and actively traded on the Forex market. According to a survey by the Bank for International Settlements (BIS), South African Rand is the 18th most traded currency in the foreign exchange market making up 1.1% or $60 billion of the average daily turnover.

South African residents looking to boost their forex trading profits should open a ZAR trading account. The benefit of having a ZAR forex account eliminates unnecessary foreign exchange conversions between your local bank and your FX broker. Additionally, the wire bank transfers between South African residents and Forex brokers are fast and cheaper if they come from local bank accounts. You can also get rid of the foreign exchange fees when you trade through forex brokers with zar accounts. If this isn’t a critical factor then you can view our South Africa best forex broker comparison page.

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