There are several FX brokers with ZAR accounts with whom trading can be conducted. Such brokers are usually licensed by the Financial Sector Conduct Authority (FSCA), which is the agency that took over from the hotforex broker review FSB in the regulation of the South African forex market. XM offers the latest versions of both MT 4 and MT 5 to its traders.
Exness is a leading Cyprus-based Forex broker highly regulated in several jurisdictions, including the CBCS, CySEC, FCA, FSA, FSC, and FSCA. It is one of Africa’s largest diversified financial services groups, with around 38,000 employees and a presence in 12 African countries. When you trade forex or CFDs you are exposed to a high risk of loss. We promote only companies we personally consider to be very good. From some of these companies, we may at no additional cost to you, receive compensation.
Forex brokers who offer ZAR trading accounts also allow you to open other trading accounts where you can select a different base currency. You can also manage these accounts seamlessly from the trading terminal. In fact, not all forex brokers in South Africa have a ZAR trading account. Only a few SA brokers allow you to open a trading account denominated in Rand.
What Is The Significance of ZAR Accounts for South African Traders?
Exness traders can trade stocks if they open a Standard Pro, Raw Spread, or Zero Trading trading account with this trading program in South Africa. ZAR’s natural volatility and susceptibility to market sentiment demand traders to employ sturdy risk management tactics. While gains can be promising, the prospect of notable losses also exists. Overall, we consider Plus 500 to be a safe broker to trade through due to its regulation by the FSCA and top global financial authorities.
What ZAR Forex trading accounts can offer
Overall, the typical spread for trading the benchmark EURUSD currency pair is 1.7 pips (without any additional commission). Exness does not charge a deposit or withdrawal fee, however, certain payment systems may charge a fee that the user has to bear. HotForex offers a variety of deposit options for South African users to choose from. It offers local Internet banking transfers via EFT as well as wire transfers. HotForex also accepts credit card payments through Visa and Mastercard issued cards. HF Markets, Exness, hycm review Tickmill, FxPro & XM are some of the best brokers to open a ZAR Account with.
What is ZAR or Rand?
Trade Nation is a trustworthy broker regulated and licensed by the FCA, ASIC, FSCA, and SCB (high trust). We give IFX Brokers a 5/5 score because they have domestic FSCA regulations. We give FXCM Brokers a 5/5 score because they have domestic FSCA regulations. Market.com is also regulated by the FCA UK, CySEC Cyprus, ASIC Australia, and the FSC British Virgin Islands.
These latter accounts include the Raw Spread, Zero, and Pro Account. Exness is a popular broker, with over 10 million registered accounts worldwide including in South Africa. If you are a South African Forex Trader who uses a ZAR or Rand account, there is no conversion fee as there will be no currency to convert. An award-winning and leading provider of online foreign exchange(FX) trading, stocks, CFD trading, and related services in South Africa & worldwide. Trade Nation offers a range of educational materials to assist Beginner Forex Traders with their overall trading experience. This broker’s commitment to having ZAR accounts shows how much they care about serving their South African customer base.
Traders in South Africa may take advantage of Exness’ ZAR account that is customised to their leverage preferences, giving them more freedom and efficiency while trading. Traders must be very careful to limit their risks while using leveraged trading in order to avoid losing too much money. If you want to trade with low ammount in South Africa then as per our analysis, it is best to start with the HotForex which offer minimum deposit R70 in Standard account.
If possible, open a trading account in your currency to avoid currency conversion fees. ZAR accounts are also cheaper for traders who use bank transfers or credit cards to fund their accounts. If you ask your bank or credit card company to fund a USD account, you can lose 7-10% of the value of your deposit in conversion charges and added fees. Fund transfers are also much quicker between local banks, so traders can generally make deposits and withdrawals within 24 hours. The base currency of your trading account should be the same as the currency in which you are depositing or withdrawing. South African clients should always choose ZAR-based accounts over USD-based accounts to avoid currency conversion charges.
If you are going to deposit in ZAR currency, you must only use bank transfermethod, so you don’t get charged currency conversion fees. Although it is important to note that if the instruments you will be trading are mostly quoted in USD, then it is better to open a USD account currency to also avoid conversion fees. Your broker does this for you automatically on their platform, but with a currency conversion charge with every trade. If your broker charges a commission on conversions I.e. their exchange rates for conversions are higher than actual rates, then that is more money you are giving away.
- HF Markets is listed as one of the Top 100 Companies by the World Finance Magazine and is recognized for its integrity by its peers and the financial industry.
- FXCM also offers state-of-the-art trading tools, education, and platforms for more experienced traders.
- Among them is the most popular and profitable account type – the Zero Spread account type.
The Zero Spread account charges low spreads of around 0.3 pips for trading the benchmark GBPUSD currency pair. In addition, it also charges a commission of $6 per standard lot (or 100,000 units). The Zero Spread account is better for traders who trade in high volumes since it charges a lower spread. As of today, there are only a few forex brokers that have received the license to offer their services to South African residents. We researched 50+ forex brokers based on their regulations, fees & more factors to list the best forex broker for SA traders.
They all claim to offer the same or comparable trading conditions and features. Therefore, choosing the most reliable ZAR account broker isn’t simple. The ZAR Forex accounts are very beneficial to traders operating in South Africa.
For example, the XM Ultra Low Account has spreads beginning from 0.6 pips. First of all, find the brokers that are regulated by your local financial authority. That is Financial Sector Conduct Authority (FSCA) for South Africans. The very primary reasons for looking for FSCA-approved brokers are the safety of your funds and the privacy of your personal data. However, another reason is simply that non-FSCA regulated brokers are highly unlikely to offer ZAR accounts.
Traders looking for a low-cost entry point into Forex may take advantage of HFM’s specialised 70 Rand micro account. Beginners or those wishing to try out new trading tactics will find this micro account attractive because it allows them to start transactions with less funds. For those new to Forex, HFM offers a 70 Rand micro account that can help you ease into the market. This way, you can practise with a smaller deposit and increase it as your confidence grows. The average spread with the variable spread MT4 and MT5 accounts for EUR/USD is 1.63 pips and 1.60 pips respectively. The average EUR/USD spread with the fixed commission-based cTrader account is 0.33 pips.