Best South African Forex Trading Platform

11 Best Forex Brokers in South Africa with Rand Accounts

The South African rand (ZAR) is the official currency in South Africa and retail investor accounts that are denominated in ZAR as the base currency offers South African traders several benefits. When you hold a ZAR account, it means that all your funds with your forex broker are kept in rand.

This implies that the forex broker has a local bank account and offers local payment methods, allowing South African traders access to quick and easy deposits and withdrawals in ZAR, without worrying about currency conversion fees.

However, there are only a few forex brokers, both national and international forex brokers, who offer ZAR as a base currency, and they are listed in the sections below.

Before trading with any forex brokers, South African traders must validate the forex broker’s claim to regulation with top-rated market regulators such as the Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), and others, as this will ensure client fund protection.


We discuss the 11 best forex brokers in South Africa who offer ZAR accounts.

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IFX Brokers

Features

Founded in 2018, IFX Brokers may be a new broker, but it has made a decent name for itself in the South African forex trading industry. One of the main benefits that IFX Brokers offers South African traders is ZAR as an account base currency, exempting traders from having to pay hefty currency conversion fees when they trade or make deposits/withdrawals.

In addition to this, IFX Brokers offers access to global financial markets along with competitive trading conditions that suit both beginner and professional traders alike.

Pros and Cons

PROS

Strict regulation

High leverage up to 1:500

Supports MetaTrader 4

Educational resources offered

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Markets.com

Features

Markets.com is a trusted international broker and multi-faceted trading platform that caters for South African retail traders by providing ZAR base currency retail investment accounts.

Markets.com offers a competitive spread and tailored trading conditions along with providing the use of the MetaTrader trading platforms through which trades can be executed.

In addition to this, Markets.com has two proprietary forex trading platforms namely Marketsi and MarketsX, with Marketsi that accommodates long-term investment while MarketsX facilitates trading in a wide range of financial instruments such as forex, stocks, cryptocurrency, and several other asset classes.

Markets.com is a reputable forex broker that is regulated by the Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), and several other market regulators.

Pros and Cons

PROS

User-friendly trading platforms

Wide range of trading instruments

Tight spreads

Commission-free forex trading

No deposit fees or withdrawal fees

Advanced trading accounts

Islamic accounts provided

CONS

High minimum deposit requirement

Inactivity fees charged after 3 months of inactivity

Plus500

Features

Plus500 is one of the most popular forex brokers that operate around the world, including several African Markets. Plus500 is known for offering an award-winning proprietary trading platform that connects traders to several markets.

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There is also negative balance protection applied to retail investor accounts, and traders have access to demo accounts that can be used before risking real money in a live trading environment. Plus500 supports a wide range of trading strategies, offers ZAR accounts, and caters for professionals as much as beginner traders who still need guidance.

Plus500 also supports a wide range of trusted payment methods that South African traders can use to transfer/withdraw funds including a debit/credit card, bank wire transfers, bank transfers, crypto wallet, and several others.

Pros and Cons

PROS

Commission-free trading offered

Choice in different account types

More than 2,000 trading instruments

24/7 dedicated customer service

Market news and insight into market conditions

CONS

Fixed spreads not offered

Inactivity fees charged

FxPro

Features

FxPro is another popular online broker that accepts traders of all experience levels from South Africa. FxPro is well-known for offering some of the lowest spreads and access to the forex market through a wide range of currencies that can be traded from major currency pairs, minors, and even exotic currency pairs such as ZAR/USD, and several others.

FxPro is known for its low, variable spreads, reasonable maximum leverage ratios, and trusted regulatory framework that makes FxPro a trusted option for any South African Forex Trader.

In addition to offering MetaTrader 4, MetaTrader 5, and cTrader, FxPro also offers a proprietary platform that is an advanced mobile trading platform available on iOS and Android mobile devices.

Pros and Cons

PROS

Well-established regulatory framework

Premium trader tools and educational material offered

VPS offered through Beeksfx

There is an expert analysis offered by Trading Central

NDD Execution model used

CONS

Managed accounts not offered

Social trading is not supported

HotForex

Features

HotForex is the trading arm of HF Markets, which has regulation and authorisation with several reputable major regulators. HotForex has a global presence, is one of the top international brokers in the world and offers a wide range of financial instruments and competitive conditions, making it a reputable South African forex broker.

Apart from offering the trade of major pairs, HotForex offers financial instruments spread across several other asset classes. HotForex offers low trading costs that consist of a tight spread that starts from 0 pips, user-friendly options for beginner forex traders, sophisticated solutions for the advanced high-volume trader such as advanced risk management tools, and more.

In addition to its advanced offering, HotForex also offers deposit bonuses, the option for an instant deposit, and zero fees for deposits and withdrawals.

Pros and Cons

Khwezi Trade

Features

Khwezi Trade is a proudly South African forex broker that is known for its comprehensive trading solutions and favourable trading conditions that consist of some of the lowest spreads in South Africa, negative balance protection on accounts, and competitive minimum deposits.

Khwezi Trade offers ZAR accounts to South African traders along with the benefit that traders can deposit funds through some well-known South African banks via EFT, and other payment options. Khwezi Trade has a competitive spread and offers its solutions to traders despite their trading experience or different trading strategies that they use when trading forex pairs.

In addition to offering a selection of assets, Khwezi Trade also offers customer support in English, Afrikaans, Zulu, Sotho, and Khoza. Khwezi Trade is also well-regulated by the Financial Conduct Sector Authority (FSCA) in South Africa.

Pros and Cons

PROS

ZAR Accounts offered

Headquartered in South Africa with FSCA regulation

Range of trading tools provided

Reasonable trading fees

Offers regulatory protection

A wide range of trading instruments offered

CONS

High minimum deposit requirement

Individual stock trading not supported

SuperForex

Features

SuperForex is one of the best online brokers for an Electronic Communication Network (ECN) environment in which a wide range of forex pairs can be traded.

SuperForex offers ECN ZAR accounts, transparent trading fees, a wide range of trading tools, and a tight spread that starts from 0-pips. South African traders can also expect flexible common methods for deposits and withdrawals, a variety of variable spread accounts, CFD trading solutions, and access to a wide range of financial markets.

Pros and Cons

PROS

A choice between different account types

Low minimum deposit

Tight spreads

Rapid trade execution speeds

Range of educational materials

Multiple trading tools

CONS

MetaTrader 5 not supported

FXCM

Features

FXCM is a well-established and well-regulated STP forex broker that offers comprehensive solutions to traders from around the world, including South Africa.

FXCM offers a wide range of accounts, along with the benefit of ZAR Accounts, and access to a wide range of tradable financial instruments. FXCM has offices in several regions including London, Johannesburg, Hong Kong, Athens, Paris, Sydney, Berlin, and Milan, making it a trusted broker with a global presence.

Pros and Cons

PROS

Member of the FSCS compensation scheme

Well-regulated

ZAR accounts offered

Social trading supported

ZuluTrade and MetaTrader 4 offered

Advanced charting by TradingView

Daily analysis and in-depth analysis of market conditions through Trading Central

CONS

Spreads are not the tightest

XM

Features

XM is one of the best variable spread forex brokers in the world that caters for beginner traders, investors, and advanced forex traders alike. XM offers a choice between tailor-made variable spread accounts, each with its unique and competitive trading conditions.

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Through the MetaTrader suites, XM allows the use of a variety of trading strategies including the use of automated forex trading software, allowing traders to add a competitive edge to their trading.

XM offers ZAR accounts to South African traders in addition to offering transparent trading fees, a loyalty program, a deposit bonus, and access to a wide range of currency pairs that can be traded on the foreign exchange market, amongst several other financial markets.

Pros and Cons

PROS

MetaTrader supported

A choice between spread accounts or commission accounts

ZAR accounts offered

Weekly forex webinar offered

Professional tools and trading ideas

Negative balance protection

Tight spreads

CONS

Limitations on leverage depending on the region

Blackstone Futures

Features

Blackstone Futures is a forex broker based in South Africa, with strict regulation through the FSCA in offering the trade of a wide range of financial instruments to South African traders.

Blackstone Futures is affiliated with Trade Nation which is a multinational broker with regulations in several regions. Blackstone Futures offers competitive trading fees and commissions along with ZAR accounts to both beginners, experienced, and professional traders.

Pros and Cons

PROS

Wide range of tradable instruments

Intuitive trading platforms

A choice in trading tools

Collection of educational tools and material

Dedicated customer support

CONS

Limited account types

Limited payment options

Cryptocurrency trading is not supported

Not the lowest spreads

Exness

Features

Exness is a unique forex broker that offers ZAR accounts specifically tailored towards professional and institutional traders. However, despite this, anyone can register a live trading account with Exness.

Exness has competitive trading fees and offers a tight spread that starts from 1 pip on some financial instruments. Exness is not as transparent with its fees, especially where swap fees or rollover rates are concerned.

Pros and Cons

PROS

Forex spread from 1 pip

Flexible leverage

Supports MetaTrader suite

Provides VPS

Dedicated customer support

CONS

Swap and overnight fees are not transparent

Spreads are not the lowest in the industry

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FREQUENTLY ASKED QUESTIONS

Yes, South African traders should use a ZAR trading account if they can, to avoid conversion fees, deposit fees, and withdrawal fees that relate to currency conversions. It also means that deposits and withdrawals will be faster.

By visiting the official website of the FSCA to view the page where all the Financial Service Providers are listed. It will provide a comprehensive list of national and international forex brokers that have FSCA regulation and those who are in the progress of obtaining regulation.


Best South African Forex Trading Platform

Source: https://ifxbrokers.com/forex-brokers-in-south-africa-with-zar-accounts/

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