The South African Rand is the official currency of South Africa which is typically indicated by the “ZAR” symbol. Forex trading accounts are denominated in ZAR, this allows South African traders to deposit, withdraw, and trade using local currency, saving them a lot of money on conversion fees. While there are only a few brokers that offer ZAR denominated accounts, the process involved in selecting the perfect broker can be tedious. For this reason, we have given a breakdown of some of the best ZAR account forex brokers, their key features, pros, and cons.
IFX Brokers
Features
IFX Brokers has been in operation since 2018 and even though this brokerage is still young, it has made a very good name for itself in the South African forex market. One of the many benefits that IFX Brokers offer its clients, is the option to open a trading account in ZAR. IFX Brokers is known to offer a safe and transparent trading environment where client fund safety is guaranteed, and where traders can focus on refining and improving their forex trading by using the variety of trading and educational tools offered.
Pros and Cons
| PROS | CONS |
| Well-regulated in South Africa | Spreads are not the tightest |
| High maximum leverage ratio | Live chat not offered |
| MetaTrader 4 supported | FIX API not supported |
| Educational materials offered |
Plus500
Features
Plus500 is a popular and reputable CFD and forex broker that caters for traders from around the world. South African traders can expect a wide range of tradable instruments, an award-winning proprietary trading platform, negative balance protection which is applied to retail accounts, and the option of registering a ZAR trading account.
Pros and Cons
| PROS | CONS |
| Commission-free trading | Fixed spreads are not offered |
| Over 2,000 financial instruments | Inactivity fee charged on dormant accounts |
| 24/7 customer support |
Khwezi Trade
Features
Khwezi Trade is a forex and CFD broker that is headquartered in South Africa, catering for both beginner and professional traders by offering comprehensive trading solutions and competitive trading conditions. Khwezi Trade offers ZAR accounts and the benefit that South African traders can deposit and withdraw funds through popular methods such as Electronic Funds Transfer (EFT), credit cards, debit cards, and several other methods.
Pros and Cons
| PROS | CONS |
| Well-regulated | High minimum deposit of R2,000 |
| Range of trading tools offered | Individual stock trading is not offered |
| Regulatory protection ensured through FSCA |
FXCM
Features
FXCM is a well-established and reputable STP forex broker that has offices in South Africa, offering retail traders from around the world comprehensive trading solutions. FXCM offers traders a choice in trading accounts, giving South Africans the benefit of opening a ZAR denominated trading account, exempting traders from costly conversion fees.
Pros and Cons
| PROS | CONS |
| Well-regulated and trusted | Spreads are not the tightest |
| ZAR Accounts offered | |
| MetaTrader 4 and Zulutrade supported | |
| Advanced charting options |
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XM
Features
XM is one of the largest, most reputable forex brokers in the industry, offering South African traders a choice in dynamic, flexible accounts denominated in ZAR. XM is also known for its transparent trading fees, loyalty program, and a wide range of financial instruments that can be traded through powerful trading platforms.
Pros and Cons
| PROS | CONS |
| Reputable and regulated | Leverage restrictions according to country |
| Weekly forex webinar offered | |
| Professional trading tools and ideas | |
| Tight, competitive spreads and low commissions |
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