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10 Best Brokers with ZAR Accounts

Last Update: June 26th, 2024

10 Best Brokers with ZAR Accounts


The 10 Best Forex Brokers with ZAR Accounts revealed. Our thorough research and hands-on testing have allowed us to identify the 10 Best Forex Brokers that provide ZAR accounts and fulfill the high criteria expected by South African traders.


In this in-depth guide, you’ll learn:

✅What the Significance of ZAR Accounts are for South African Traders

✅Who the 10 Best Forex Brokers are with ZAR Accounts

✅What Benefits of Trading with A ZAR Account

✅About the Risks and Considerations of Trading with a ZAR Account

✅About the Criteria for Choosing the Best ZAR Account Forex Brokers

✅How to Open A ZAR Account with a Forex Broker

✅Our Conclusion on the 10 Best Forex Brokers with ZAR Accounts

✅Popular FAQs about the 10 Best Forex Brokers with ZAR Accounts

and much, MUCH more!


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10 Best Forex Brokers with ZAR Accounts


10 Best Forex Brokers with ZAR Accounts – a Comparison

🔍 Broker🚀 Open an Account💵 Minimum Deposit🫴🏻 Offers ZAR Account
🥇 Khwezi Trade👉 Click Here500 ZAR✅ Yes
🥈 AvaTrade👉 Click Here1,900 ZAR✅ Yes
🥉 Exness👉 Click HereDepends on Payment Method✅ Yes
🏅 HFM👉 Click Here0 ZAR✅ Yes
🎖️ IFX Brokers👉 Click Here190 ZAR✅ Yes
🏆 FXCM👉 Click Here930 ZAR✅ Yes
🥇 XM👉 Click Here90 ZAR✅ Yes
🥈 Tickmill👉 Click Here1,900 ZAR✅ Yes
🥉 JustMarkets👉 Click Here190 ZAR✅ Yes
🏅 Plus 500👉 Click Here1,900 ZAR✅ Yes


10 Best Forex Brokers with ZAR Accounts (2024)

  1. ☑️Khwezi Trade – Overall, The Best Forex Broker with ZAR Account
  2. ☑️AvaTradeLow Forex Fee CFD Broker
  3. ☑️Exness – Best Multi-Asset Broker
  4. ☑️HFM – Best Trading Accounts Global
  5. ☑️IFX Brokers – Best FSCA Regulated Forex Broker
  6. ☑️FXCM – Best Forex Trading Platforms
  7. ☑️XM – Excellent Customer Support
  8. ☑️Tickmill – Excellent Commissions and Fees
  9. ☑️JustMarkets – Best Trading Conditions Broker
  10. ☑️Plus 500 – Best Broker for CFD Trading


What Is The Significance of ZAR Accounts for South African Traders?


What Is The Significance of ZAR Accounts for South African Traders?

ZAR accounts appeal to South African traders, going beyond convenience and becoming intricately intertwined with the local currency trading dynamics.

When traders use brokers that provide ZAR accounts, they gain advantages such as better management of currency risk and savings on conversion fees that can reduce profits.

This specific strategy helps traders navigate currency fluctuations and gives them a feeling of independence, enabling a more natural interaction with global forex markets.

Moreover, ZAR forex brokers cater to the specific requirements of the South African market by offering platforms and tools that align with local trading strategies and regulations.

Such precision guarantees that traders are not just participants but are strategically placed to capitalize on their local currency’s potential in the expansive forex market.


Khwezi Trade Review


Khwezi Trade

Khwezi Trade is a forex broker with a strong presence in the South African market, specializing in providing services to local traders. Trading with account currencies based on the ZAR offers a convenient way for individuals to trade without dealing with currency conversion.


Khwezi Trade Best Forex Brokers with ZAR Accounts


By strictly following FSCA regulations, the broker maintains a strong sense of trust and security. Demonstrating its dedication to South Africa’s trading landscape.

Khwezi Trade’s commitment to providing ZAR currency pairs showcases a customized strategy. Allowing traders to participate in the market conveniently and effectively.

🔍Featureℹ️ Information
💵Minimum Deposit500 ZAR
🗂️Account TypesZAR One, USD One
💴Account CurrenciesZAR, USD
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here


AvaTrade Review



AvaTrade provides a well-regulated platform for South African traders with various account currencies, including ZAR. The broker’s extensive global reach is complemented by a robust emphasis on local operations, demonstrated by its FSCA regulation.


AvaTrade Best Forex Brokers with ZAR Accounts


AvaTrade offers account types suitable for traders of all levels, with additional options available for Islamic trading. With ZAR currency pairs available and a minimum deposit of $100, AvaTrade is a flexible option for traders looking to access a wide range of forex pairs and trading instruments.

🔍Featureℹ️ Information
⌛RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC
💵Minimum Deposit1,900 ZAR
🗂️Account TypesLive Retail Account
💴Account CurrenciesZAR, USD, GBP, or AUD
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here


Exness Review



Exness offers a wide range of account currencies and types, making it a great choice for traders in South Africa of all levels of experience. ZAR’s inclusivity in its currency options and the low entry point for the Standard Cent account broaden accessibility to forex trading.


Exness Best Brokers with ZAR Accounts


Being regulated by the FSCA and other global bodies boosts its credibility. With the wide variety of ZAR currency pairs accessible, traders can freely experiment with different strategies without worrying about currency exchange issues.

🔍Featureℹ️ Information
💵Minimum DepositDepends on the payment method
🗂️Account TypesStandard, Standard Cent, Raw Spread, Zero, Pro
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here


HFM Review



HFM (previously HotForex) provides a strong platform designed for South African traders, featuring various account types such as Cent, Premium, Zero, Pro, and Pro Plus. Trading in ZAR, USD, EUR, and other currencies, along with the low minimum deposit, offers flexibility and accessibility.


HFM Forex Brokers with ZAR Accounts


The thorough regulatory framework, which involves supervision by the FSCA, highlights a dedication to security and trust. With ZAR currency pairs available, more opportunities for currency trading cater to the local market.

🔍Featureℹ️ Information
💵Minimum Deposit0 ZAR
🗂️Account TypesCent, Premium, Zero, Pro, Pro Plus
💴Account CurrenciesUSD, AED, EUR, GBP, CHF, JPY, NZD, CAD, ZAR, and more.
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here


IFX Brokers Review


IFX Brokers

IFX Brokers caters to South African traders by offering a localized trading experience focusing on ZAR account currencies. The company ensures familiarity and strategic advantages for participants in the forex market within South Africa.


IFX Brokers Forex Brokers with ZAR Accounts


By demonstrating a commitment to the South African regulatory framework and providing access to ZAR currency pairs, IFX Brokers exhibits a deep understanding of the local trading landscape, thereby establishing itself as a reliable platform for traders in the region.

🔍Featureℹ️ Information
💵Minimum Deposit190 ZAR
🗂️Account TypesiFX Cent, iFX Standard, iFX Premium, iFX VIP, iFX Raw, iFX Islamic
💴Account CurrenciesZAR, USD, GBP, EUR
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here


FXCM Review



FXCM offers a range of account currencies and types, catering to a wide range of traders in South Africa. With a minimum deposit of 930 ZAR and being regulated by the FSCA and other international bodies, it is a secure and accessible choice.


FXCM Best Forex Brokers with ZAR Accounts

FXCM’s addition of ZAR currency pairs highlights its dedication to catering to South African traders. By providing a range that caters to various trading preferences and strategies.

The broker’s dedication to creating a supportive trading atmosphere is clear from its wide range of services. Catering to the requirements of traders at all levels of experience.

🔍Featureℹ️ Information
⌛RegulationFCA, ASIC, CySEC, FSCA
💵Minimum Deposit930 ZAR
🗂️Account TypesCFD Trading Account
💴Account CurrenciesDepends on the region and regulatory entity
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here


XM Review



XM offers a versatile trading platform with a low minimum deposit and various account currencies, including ZAR. The broker’s extensive regulatory compliance, including the FSCA, guarantees a safe trading environment.


XM Best Forex Brokers with ZAR Accounts

XM provides ZAR currency pairs to meet local preferences, allowing traders to participate in the forex market more directly and meaningfully. With various account types available, traders of all levels can easily find one that matches their trading preferences and expertise.

🔍Featureℹ️ Information
💵Minimum Deposit90 ZAR
🗂️Account TypesMicro, Standard, XM Ultra-Low, Shares
💴Account CurrenciesUSD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here


Tickmill Review



Tickmill offers unique advantages for South Africans with a range of account options and the ability to use ZAR as a trading currency. With a 1,900 ZAR minimum deposit, you can access a serious trading environment while keeping it accessible.


Tickmill Best Forex Brokers with ZAR Accounts

Regulation by the FSCA, among others, highlights Tickmill’s dedication to compliance and security. Having ZAR currency pairs enhances the trading experience, allowing South African traders to participate in the market using familiar terms.

🔍Featureℹ️ Information
⌛RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA, DFSA
💵Minimum Deposit1,900 ZAR
🗂️Account TypesPro, Classic, VIP
💴Account CurrenciesUSD, EUR, GBP, ZAR, PLN
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here


JustMarkets Review



JustMarkets offers diverse account options for South African traders, including ZAR in its range of account currencies.


JustMarkets Best Forex Brokers with ZAR Accounts

This broker focuses on low-entry requirements, allowing traders to participate in forex markets without currency conversion complexity. They emphasizes CFD trading in forex, commodities, and indices, with support from MetaTrader platforms.

🔍Featureℹ️ Information
⌛RegulationFSA, CySEC, FSCA, FSC
💵Minimum Deposit190 ZAR
🗂️Account TypesMT4 Standard Cent, MT4 Standard, MT4 Pro, MT4 Raw Spread, MT5 Standard, MT5 Pro, MT5 Raw Spread
💴Account CurrenciesUSD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, ZAR
🫴🏻ZAR Currency Pairs Offered?✅ Yes
🚀 Open an Account👉 Click Here





Plus500 provides a simplified trading experience with one account type suitable for traders at any skill level and also offers a professional account for eligible individuals.

South African traders find it convenient to have ZAR as one of the account currencies, making trading more relatable and efficient for them. With strict regulations and oversight by the FSCA, Plus500 guarantees a safe trading platform.


Plus500 Best Forex Brokers with ZAR Accounts

With expertise in CFD trading across various markets such as forex, commodities, and indices, Plus500 is known for its strong platform.

The trading platform is designed to provide a user-friendly and integrated trading experience. Still, it does not support the widely used MT4 or MT5 platforms, which could impact traders using those environments.

🔍Featureℹ️ Information
⌛RegulationASIC, FSCA, FCA, CySEC, FSA Seychelles, MAS
💵Minimum Deposit1,900 ZAR
🗂️Account TypesCFD Trading Account
💴Account CurrenciesUSD, GBP, ZAR, EUR
🫴🏻ZAR Currency Pairs Offered?✅Yes
🚀 Open an Account👉 Click Here


What Are The Benefits of Trading with A ZAR Account?


What Are The Benefits of Trading with A ZAR Account?

Simplified Currency Management

Using a ZAR account simplifies currency management for South African traders as they can deposit, withdraw, and trade in their local currency, the South African Rand (ZAR).

This removes the necessity for currency conversion, which can sometimes add unnecessary complications and unpredictability to a trader’s financial management plan. With ZAR, traders can better predict their profits, losses, and trading costs, improving their financial planning and strategy.


Reduced Conversion Costs

Trading with a ZAR account offers a major advantage in lowering currency conversion fees. Traders often incur conversion charges when funding their accounts or withdrawing earnings in foreign currencies imposed by their banks or payment service providers.

By trading directly in ZAR, traders can avoid these costs, which helps them increase their earnings and reduce unnecessary expenses, ultimately making each transaction more cost-efficient.


Enhanced Risk Management

When trading in a well-known currency, traders can better grasp the value involved in each trade. South African traders can benefit from using ZAR accounts to avoid being surprised by fluctuating exchange rates that may impact the actual value of their deposits and withdrawals.

A better understanding of risk can lead to more informed trading decisions and potentially better trading outcomes.


Market Relevance

Trading forex pairs involving the ZAR can offer exciting opportunities, especially for those familiar with South African economic indicators.

Using a ZAR account allows traders to exploit their knowledge of local economic conditions and understand how they impact currency values. A profound comprehension of the regional market gives an advantage in forex trading since spotting trends is crucial.


The Risks and Considerations of Trading with a ZAR Account


The Risks and Considerations of Trading with a ZAR Account

Exposure to Local Economic Fluctuations

Trading with a ZAR account has various benefits, but it also means that the success of traders is more dependent on South Africa’s economy. The value of ZAR can fluctuate significantly due to local political events, economic policies, and global market trends.

Therefore, traders must remain alert to these factors. They have the potential to greatly impact their trading capital’s value and profitability in trades.


Limited Broker Availability

Some forex brokers do not provide ZAR accounts, potentially restricting the choices for South African traders. As more brokers acknowledge the importance of offering localized currency options, traders might feel limited in their platform selection.

This restriction may impact the ability to access specific markets, trading instruments, or favorable trading conditions provided by brokers that do not offer ZAR accounts.


Market Perception and Liquidity

Although major currency pairs have high liquidity and tighter spreads, ZAR pairs may not always have the same level of market activity.

Engaging in transactions in less liquid markets can increase transaction costs and make it difficult to execute large-volume trades at desired prices. Traders should consider these factors and incorporate them into their trading strategies.


Regulatory Considerations

The regulatory environment in South Africa, overseen by the Financial Sector Conduct Authority (FSCA), establishes the framework for ZAR trading accounts to operate. Traders must ensure their selected broker follows FSCA regulations or similar international standards to protect their investments.

Yet, maneuvering through these regulations and grasping their implications can introduce extra complexity to trading with a ZAR account.


Criteria for Choosing the Best ZAR Account Forex Brokers


Criteria for Choosing the Best ZAR Account Forex Brokers

When choosing the top ZAR account forex brokers, it is crucial to assess various key factors to guarantee a safe, effective, and easy-to-use trading platform. These standards protect your investments and improve your trading performance with user-friendly tools and assistance.


Regulation and Safety of Funds

Adhering to strict regulatory standards is essential for a reliable forex broker. South African traders should prioritize selecting brokers regulated by the Financial Sector Conduct Authority (FSCA) as their initial step.

For a comprehensive approach, global traders should seek oversight from reputable bodies. Such as the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and others.

These rules guarantee that brokers adhere to equitable trading practices and provide protective measures for your funds. Such as separating client funds from the company’s operational capital and joining compensation programs.


Account Types and Currency Options

Having a range of account types available ensures that traders’ diverse needs and experience levels are accommodated.

A brokerage firm that provides various account options tailored for novices, seasoned investors, and experts demonstrates its dedication to serving many clients.

Furthermore, providing ZAR as a key account currency is essential for South African traders to minimize currency conversion costs and effectively handle their capital.


Fees, Spreads, and Commissions

It is crucial to comprehend and evaluate the fee setup of various brokers. Seek out competitive spreads, low commission rates, and minimal hidden fees to safeguard your profits from being diminished by trading costs.

Certain brokers provide commission-free trading but might offset it with larger spreads. So, assess your trading frequency and strategy to determine which fee structure best fits your trading approach.


Trading Platforms and Tools

Accessing advanced trading platforms like MetaTrader 4/5, cTrader, or a broker’s platform can greatly improve your trading experience.

These platforms should have easy-to-use interfaces and tools for analyzing charts with various technical indicators. They should also allow for automated trading.

In addition, educational resources such as market analysis and trade signals can help you make better decisions and become more skilled at trading.


Customer Service and Support

Ensuring responsive and readily available customer service is essential, especially in a continuously operating market.

Offering multilingual assistance via live chat, email, and phone, along with extensive educational materials, demonstrates a profound commitment to meeting the client’s needs and providing robust support.

Assessing the quality of a broker’s customer service can be accomplished by reviewing user feedback or evaluating the responsiveness of their support team before making any final decisions on which broker to choose.


How to Open A ZAR Account with a Forex Broker


How to Open A ZAR Account with a Forex Broker

Setting up a ZAR account with a forex broker requires following a series of simple steps, usually beginning with selecting a broker that supports ZAR as an account currency. After finding a suitable broker, the next steps typically involve:


✅Sign up by completing the online application form provided by the broker. Enter your personal information, including your name, email address, and phone number.

✅Please provide the necessary documents for identity and residence verification. These documents may include a passport, national ID, utility bills, or bank statements.

✅Select the account type you want to open, and choose ZAR as the currency.

✅Deposit into your account using one of the broker’s approved payment methods. Make sure to deposit in ZAR to avoid conversion fees.

✅Access the trading platform by downloading or logging in, learn about its functions, and begin trading.


10 Best Forex Brokers with ZAR Accounts


In Conclusion

Overall, we can conclude that the top forex brokers offering ZAR accounts offer a great opportunity for South African traders, requiring thorough research and flexible strategies to enhance their trading experience.

Addendum/Disclosure: No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live.

Investor Warning: Foreign currency trading on margin is associated with an elevated risk and may not be appropriate for all South African investors.

Before engaging in foreign currency or Contract for Difference (CFD) trading, you must evaluate your investing goals, expertise, appetite for risk, and willingness to be exposed to risk. In addition, you should not start investing capital you cannot afford to lose because you could lose part of your original investment.


Give preference to brokers regulated by the FSCA for enhanced security. Consider aspects such as minimum deposits, trading platforms, fees (spreads, commissions, inactivity), and the variety of currency pairs (particularly those involving ZAR).

Yes, having ZAR accounts can help reduce currency conversion expenses, streamline accounting processes, and potentially offer improved spreads and conditions for ZAR-based currency pairs.

No, not all brokers support ZAR deposits. It is important to confirm with the broker whether they offer support for ZAR trading accounts or if you will have to deposit funds in a different currency and then convert them.

Similar to a forex trading account, market volatility poses risks. Selecting a trustworthy and regulated broker can help reduce risks associated with the broker.

There is no definitive top currency because the choice varies based on your trading strategies and risk tolerance. Considering ZAR accounts could be advantageous if you mainly trade ZAR pairs or aim to minimize currency conversion expenses.

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