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
Top 5 Forex Broker ZAR Accounts
The best South African Forex brokers with ZAR accounts and FSCA regulation are:
Our team of industry experts at Compare Forex Brokers below showcase the best forex brokers with Rand accounts and FSCA regulated.
Best Forex Broker With ZAR Account = FxPro
FxPro was awarded the best ZAR account forex broker based on five key components:
Local FSCA regulation and South African rand (ZAR) funding
The choice of the best forex trading platforms (MT4, MT5, cTrader)
Low Spreads and no commissions on forex accounts
Leverage of up to 500:1 for South African forex traders
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
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:
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.
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 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.
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.
The overall rating is based on review by our experts
8 / 10
9 / 10
8 / 10
6 / 10
Range of Markets
6 / 10
8 / 10
Plus500 – Easy-to-Use Trading Platforms
Plus500 is a highly rated CFD provider with headquarters in Israel, but having an international presence in more than 50 countries including South Africa. Plus500 is a highly-regulated forex broker being licensed by major global regulatory bodies, including FCA (Financial Conduct Authority), ASIC, and CySEC. Last but not least, Plus500 is also authorized and regulated by the domestic regulatory agency Financial Sector Conduct Authority (FSCA). The global supervisory bodies, including the Financial Sector Conduct Authority (FSCA), guarantee a safe and secure environment for your funds.
Plus500 only offers a limited number of account types for South African residents, namely the retail trading account. The Plus500 trading account can be funded using a wide range of deposit methods including:
Debit cards and credit cards
Electronic wallets (PayPal and Skrill)
Plus500 offers accounts in the ZAR currency for South African traders. Our team of industry experts selected Plus500 because of two advantages that make this CFD provider stand out from its competitors:
In-house proprietary trading platform
The Rebates program rewards you extra money based on your trading activity.
The demo account offered by Plus500 is the perfect place to start trading forex and CFDs instruments. If you want to benefit from the full range of financial services offered by CFD provider Plus500, make sure you open a demo account by clicking the link below.
The best ZAR account for South African traders was Hotforex based on three factors:
High leverage of 1000:1
The best forex trading platforms (MT4 + MT5)
Low Minimum Deposit of $50 (with ZAR currency)
HotForex Spreads And Commissions
Our review team granted award-winning Forex and CFD broker HotForex the prize of the best forex broker offering ZAR accounts. SA forex traders can open a HotForex account denominated in the domestic currency Rand. The ZAR accounts are available across all 6 different account types offered by HotForex.
HotForex is a highly-regulated forex broker being licensed by major global regulatory bodies, including FCA, CySEC and the local Financial Security Conduct Authority FSCA. The robust regulation guarantees client funds protection and a secure and transparent trading environment for SA traders.
HotForex offers 6 different types of retail investor accounts:
Zero spread account
Premium Pro account
You have the full flexibility to choose between multitudes of account types to suit your needs in terms of the trading strategy used and your minimum deposit. Additionally, HotForex is also tailored for Muslim traders by offering an Islamic trading account.
If you’re looking to open a live trading account HotForex offers 8 funding methods including
Bank wire transfers
Credit cards (Visa, Mastercard, and Maestro)
Online payment options (Neteller, Skrill, and TrustPay)
What is attractive about HotForex deposit methods is that they don’t charge you any deposit fees. The minimum deposit required by HotForex with the majority of funding options is $50 equivalent to South African Rand.
Additionally, HotForex offers convenient and fast withdrawal methods, providing you with first-class trading services. HF doesn’t charge withdrawal fees and any withdrawal request is processed under 24 hours. They have local offices 114 West Street Sandton, Johannesburg.
Final Words – HotForex South African Rand Forex Account
HotForex has award-winning forex trading services due to its quality and client’s funds protection. Extra protective measures include segregated trading accounts, which can give you the peace of mind you need to succeed trading forex. HotForex is also a member of the Investor Compensation Fund and has taken additional measures to protect South African traders with a compensation program that comes in the form of a Civil Liability insurance policy (€5 million), which covers unintentional errors, omissions, negligence, fraud and various other risks that may lead to financial loss.
Khwezi Trade – Top South African Forex Brokers
You can start trading with the South African Broker Khwezi Trade, the only locally-based name that made it through our South Africa Brokers with ZAR accounts list. Our team of industry experts compared multiple local names, but the Khwezi Trade ZAR trading account stood out mainly due to its award-winning customer service and the fact that your funds are held in segregated bank accounts with one of the top 10 African banks with tier a 1 capital.
Trading through a local broker has the advantage of having easy and fast access to your funds, which is an extra advantage besides the security that FSCA regulated brokers give. Additionally, bank wire transfers are much cheaper and faster.
Khwezi Trade minimum deposit ranges from Rand 2,000 up to Rand 50,000 depending on the account type you opt for. Khwezi Trade offers four account types that are outlined below, including their main features:
Basic ZAR account
Premier ZAR account
Standard ZAR account
VIP ZAR account
Hedging and scalping are available through all four ZAR account types. However, the trading conditions differ depending on your ZAR account type. The new deposit bonus from Khwezi Trade is a stimulating opportunity to start forex trading. To be eligible for the deposit bonus program you only need to make a minimum deposit of Rand 1,000. This can be a very practical method to boost your initial deposit if you’re not well-capitalized to tackle the high risk that comes with trading currency pairs and other leveraged CFDs instruments.
Final Words – Khwezi Trade SA-based Forex Broker
FSCA regulated forex brokers have an extra layer of trustworthiness because you can have access to independent dispute resolution systems to solve any conflict between SA traders and the FX broker. The Financial Security Conduct Authority FSCA will also issue risk warnings if South African forex brokers go rogue and don’t comply with the South African laws that govern the financial system.
SuperForex – ECN Forex Trading Platforms
You can trade forex on an Electronic Communication Network (ECN) environment with SuperForex a reputable and well-regulated trading firm. At Compare Forex Brokers we examined the top forex brokers with ZAR accounts and SuperForex is exclusive in offering ECN ZAR account type. SuperForex is regulated and governed by the International Financial Services Commission (IFSC) which ensures the safety of your funds and a secure trading environment.
You have the option to choose from a diversity of account types to match your trading style and forex capital size. In total there are 8 different ZAR trading account types, which are highlighted below:
SuperForex has a competitive advantage in the foreign exchange market, providing beginner forex traders and professional traders with innovative online financial services. The top 3 SuperForex strengths are outlined below:
Many Deposit Methods
The list of available deposit and withdrawal methods includes over 24 payment methods. You can deposit South African Rand using your preferred payment method with zero transaction fees. SuperForex Deposit Protection Program enables SA traders to have insurance cover of their funds if they experience a loss.
Best Forex Bonus Program
SuperForex offers the highest deposit bonuses in the Forex industry, including 6 different types of bonuses that accommodate both beginner traders and professional traders. South African residents can also take advantage of trading Forex with the brokers’ money. SuperForex offers newbie traders $50 from their pocket to try forex trading without risking their hard-earned money.
5 Types of ZAR ECN Accounts
SuperForex stands out with its wide range of flexible ZAR ECN trading accounts. The forex accounts denominated in the local currency Rand can enjoy maximum leverage of 1000:1. The spreads are as low as 0.0 due to many liquidity providers that compete to offer the best bid and ask prices. SuperForex offers access to Tier-1 forex liquidity providers, including BNP Paribas, Natixis, CitiBank, and UBS.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk, and may not be suitable for all types of investors.
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.