This list of the 10 Best ZAR Account Forex Brokers can be used by South African citizens who do not want to incur additional fees by funding their trading accounts with other major currencies because it can be difficult to find a broker that supports your preferred base currency.
Due to exchange rate fluctuations, currency conversions can significantly reduce the value of your investment, which is possibly why many South Africans decide not to trade at all.
However, several reputable, well-known international Forex brokers offer their clients the option of funding their accounts with ZAR, the South African currency.
Global GT
Five flexible account types that are tailored to the requirements of various traders are offered by Global GT.
With eight supported base currencies and swap-free accounts on each type, these accounts provide narrow spreads and protection from negative balances.
Global GT offers promotions such as a 60% sign-up bonus on the first deposit and a 30% loyalty deposit bonus.
The SFSA and FSCA govern global GT.
Global GT Features:
| Minimum deposit | $5 |
| Maximum leverage | 1:1000 |
| Trading instruments | Forex, Crypto, Energies, Stocks, Metals |
| Regulations | FSCA, SFSA |
| Platforms | MT5 |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
Markets.com
Markets.com has provided international trading options on financial markets since 2008.
Markets.com has created a unique multi-asset platform that supports full account functionality and is compatible with MetaTrader platforms as well.
Markets.com was named Best Forex Trading Platform in the Middle East in 2020 after winning Best FX Platform and Best Forex Provider awards from the UK Forex Awards in 2017.
Markets.com Features:
| Minimum deposit | $100 |
| Maximum leverage | 1:300 |
| Trading instruments | Shares, Bonds, Crypto, Forex, CFDs, Indices, Commodities, Blends |
| Regulations | CySEC, FCA, ASIC, FSCA, BVI FSC |
| Platforms | MT4, MT5, Marketsx, Marketsi |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
easyMarkets
easyMarkets was established in 2001 with the intention of granting everyone access to the online trading markets.
Client funds are held in segregated accounts in reputable banks and financial institutions, and easyMarkets is subject to CySEC, ASIC, and FSA regulation.
easyMarkets caters to both novice and seasoned traders and has a remarkable library of educational materials.
Customers have access to numerous special trading features and tools, including dealCancellation, Freeze Rate, and easyTrade.
easyMarkets offers three different account types: Standard, Premium, and VIP accounts.
Each account provides daily analysis emails, negative balance protection, and a personal account manager.
easyMarkets Features:
| Minimum deposit | $100 |
| Maximum leverage | 1:400 |
| Trading instruments | Forex, Crypto, Metals, Stocks, Commodities, Indices |
| Regulations | ASIC, CySEC |
| Platforms | MT4, easyMarkets platform |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
Exness
Exness was established in 2008 and has more than 100,000 customers worldwide.
Depending on the version of MetaTrader being used, Exness offers a total of 5 account types, each of which has a unique set of features.
A Standard account or a Professional account are available to traders, and Exness offers a variety of statistical data, market analyses, and trading tools.
Exness Features:
| Minimum deposit | $1 |
| Maximum leverage | 1:1000 |
| Trading instruments | Forex, energies, Crypto, Indices, Metals |
| Regulations | CySEC, FCA, SFSA, FSCA |
| Platforms | MT4, MT5 |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
Khwezi Trade
Khwezi Trade is a South African forex broker with FSCA regulation that offers all of the platform’s tools and features and is compatible with MetaTrader 4.
Although educational resources seem limited on the website, Khwezi Trade does provide some instructional and helpful video tutorials and guides to get new traders familiar with the basics.
In 2019, Khewzi Trade was awarded the best Forex broker in South Africa, and partnership options include affiliate programs and lead generators.
Khewzi Trade Features:
| Minimum deposit | 500 ZAR |
| Maximum leverage | 1:200 |
| Trading instruments | Forex, Commodities, Indices |
| Regulations | FSCA |
| Platforms | MT4 |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
Blackbull Markets
Blackbull Markets is an ECN and STP broker with global offices that was established in 2014 and is headquartered in Auckland, New Zealand.
Flexible account options are offered to traders, as well as a unique account for active and high volume traders.
Blackbull Markets is primarily a MetaTrader broker that supports all trading types, including algorithmic trading. Additionally, traders have access to VPS servers through Blackbull Markets.
Additionally, Blackbull Markets provides referral bonuses, and social traders can use Zulutrade and MyFxbook.
Blackbull Markets Features:
| Minimum deposit | $200 |
| Maximum leverage | 1:500 |
| Trading instruments | Forex, Commodities, Cryptocurrencies, Indices, metals, energies |
| Regulations | FSA |
| Platforms | MT4, MT5, Blackbull Trade |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
FXPro
Since its founding in 2006, FxPro has opened nearly 2 million trading accounts, making it one of the top companies in the forex market.
FxPro’s corporate headquarters are in the UK, and it is subject to CySEC, FCA, FCA, and SCB regulation.
FxPro provides a single account that can be used as a swap-free account, a demo account, or a micro account and that supports multiple base currencies.
More than 260 instruments from 6 asset classes can be traded on the FxPro platform, and a live account can be opened for just $100.
FXPro Features:
| Minimum deposit | $100 |
| Maximum leverage | 1:500 |
| Trading instruments | Forex, Futures, Shares, Metals, Indices, Energies |
| Regulations | FSCA, FCA, CySEC, SCB |
| Platforms | MT4, MT5, cTrader |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
Plus500
Australian-based Plus500 is a CFD broker that is subject to CySEC, FSA, FCA, and ASIC regulation.
More than 400,000 active traders rely on Plus500, which provides its customers with more than 2,000 trading options.
Plus500 is a highly regulated, publicly traded forex broker with more than ten years of experience.
Two distinct account types are available from Plus500, one for professional traders and the other for retail traders.
Plus500 Features:
| Minimum deposit | $100 |
| Maximum leverage | 1:30 |
| Trading instruments | Forex, Crypto, Indices, Shares, Commodities, Options, ETFs |
| Regulations | FCA, CySEC, ASIC, MAS |
| Platforms | Plus500 proprietary platform |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
EasyEquities
Purple Group Ltd., which is listed on the JSE and is subject to ASIC and FSCA regulation, is the parent company of EasyEquities.
For new traders to learn how to trade, EasyEquities offers video tutorials, podcasts, and articles. The trading academy can be accessed through the website’s FAQ section.
Three different account types are available through EasyEquities, including a special account that can be opened on behalf of kids and a tax-free savings account.
EasyEquities Features:
| Minimum deposit | $0 |
| Maximum leverage | None |
| Trading instruments | Shares, ETFs, Crypto, ETNs, Property, Unit trusts, |
| Regulations | FSCA, ASIC |
| Platforms | EasyEquities web, desktop and mobile platforms, Capitec App |
| Swap-free accounts | No |
| Demo accounts | Yes |
XM
Incorporated in 2009, XM is a multi-regulated Forex broker that enjoys the confidence of 5 million traders worldwide.
ASIC, IFSC, DFSA, and CySEC all regulate XM, which has also received more than 20 awards for outstanding services and goods over the past ten years.
196 countries can access XM, and the live account can be used to trade more than 1,000 different instruments across 16 different platforms.
The XM customer service team speaks 30 different foreign languages and is available around-the-clock.
XM Features:
| Minimum deposit | $5 |
| Maximum leverage | 1:888 |
| Trading instruments | Commodities, Forex, Stocks, Crypto, Metals |
| Regulations | ESMA, CySEC, ASIC, FCA, IFSC, DFSA |
| Platforms | MT4, MT5 |
| Swap-free accounts | Yes |
| Demo accounts | Yes |
Conclusion
Due to exchange rates and a lack of brokers who accept ZAR for account funding, South African citizens have more difficulty finding a reliable Forex broker.
The incompatibility with South Africa’s national currency could result in higher transaction costs.
A low minimum deposit in dollars will be much higher in ZAR, which might deter South African traders from making any investments at all.
Our 10 Best ZAR Account Forex Brokers make it easy for South African traders to fund their accounts using ZAR.
Good luck with your trading!