Best Forex Brokers with ZAR Accounts

Trading in ZAR currency is convenient as you don't have to go sourcing for foreign exchange. You also don't have to pay your broker conversion fees for changing your Rand to another trading account currency.

If your trading account currency is not ZAR, then you will have to deal with conversion fees every time you deposit and withdraw in ZAR.

For example, if your trading account's base currency is USD, brokers would charge you as high as 8% round turn, first during conversion of ZAR to USD, when you want to deposit; and second time to convert USD to ZAR, when you want to withdraw your funds.

We looked at forex brokers with ZAR accounts like FxPro who is the best overall as per our findings, then we compared trading conditions of other forex brokers who also offer ZAR accounts.

List of Best Forex Brokers with ZAR Accounts

• FxPro– Best Forex Broker with ZAR Account

• HF Markets– Broker with ZAR Account & No Minimum Deposit

• Exness– Broker with ZAR Account & Nasdaq

• XM– Best Zero Commission Forex Broker with ZAR Account

• Tickmill– Forex Broker with ZAR Account & No Deposit Bonus

• IFX Brokers – Best for Withdrawals in ZAR locally

• Plus500 – CFD Broker that has ZAR Base Currency

• Khwezi Trade – ODP Forex Broker with ZAR Account

Why did these brokers make it to our list? They allow you to choose ZAR as your account base currency. Their activities are monitored by the FSCA. Some have ODP licensing. They accept EFT payment method in Rand. They provide you with a mobile app.

1. FxPro – Best Forex Broker with ZAR Account

FxPro offers ZAR base currency on all their trading accounts & the FxPro minimum deposit in ZAR is about 1,900 ZAR and in USD its $100.

FxPro account types with leverage limited to 1:200:

• Standard Account: No commissions
• Pro Account: No commissions
• Raw+ Account: $3.5 commissions
• Elite $3.5 commissions
• FxPro Demo Account

Everyone pays spread on FxPro but Raw+ & Elite Account holders can see spreads drop to 0.0 when trading major currency pairs.

Beginners using the commission free Pro Account get a better deal on spread as EUR/USD is 1 pip on average; On the Standard Account it is 1.5 pips.

The FxPro Demo Account is for learning purposes only and is not a real account.  To use the FxPro Demo Account, you need to download any of the underlisted FxPro platforms and register for a demo account.

FxPro platforms for demo account trading and real trading are MT4, MT5, cTrader Mobile, FxPro Mobile App for android & iOS.

FxPro range of markets is good but Bonds, Soft Commodities, & ETFs are unavailable. Here is the list of FxPro tradable instruments:

• Forex CFDs
• Index CFDs
• Stocks CFDs
• Metal & Energy CFDs
• Crypto CFDs
• Futures CFDs

FxPro allows deposit and withdrawal methods through local bank transfers in ZAR. You can also deposit and withdraw funds using Skrill, Neteller, Bank wire transfers, Cards, and PayPal.

FxPro deposits take around 10 minutes while FxPro withdrawal time is 24 hours (1 working day). Both FxPro deposits & withdrawals are free of charge.

The lowest deposit required for funding your account is 1,900 ZAR, however, FxPro recommends a minimum deposit of 17,000 ZAR

FxPro Financial Services Ltd. is a forex broker that operates using the trading name FxPro. It is licensed with FSCA & has a verifiable FSP no. 45052.

FxPro strengths

• Good range of trading platforms at FxPro
• Short FxPro withdrawal time of 24 hours
• FSCA regulated
• FxPro has four ZAR accounts
• Demo account
• Local Bank transfers in ZAR accepted
• FxPro provides automated trading tools as well as additional technical indicator plugins for MT4 & MT5
• FxPro MT4 Accounts offer either fixed or variable spread.

FxPro weaknesses

• Inactivity fee
• Limited range of markets you can trade
• No instrument is exempted from overnight fees
• Not a licensed ODP as per FSCA website

To know more about FxPro & their ZAR Account, visit their website.

2. HF Markets – Broker with ZAR Account & No Minimum Deposit

HF Markets, formerly known as HotForex offers two ZAR Accounts for beginners (The Pro & Premium Accounts) and 1 ZAR Account for professionals (The Zero Account). The HF Markets Demo Account is also there for learning & practice.

HF Markets minimum deposit is zero, but this applies to Premium, & Zero Accounts Only. This means you can deposit any amount, but your payment provider may impose their own deposit limits.

The HF Markets Pro Account minimum deposit in ZAR is R1, 800 (equivalent of $100).

HF Markets range of instruments cover CFDs on Forex, Stocks, Bonds, ETFs, Indices, Crypto, & Commodities (soft & hard).

Premium & Pro ZAR Accounts don't charge commissions on Forex. Only the HF Markets Zero Account charges commissions up to $3 per side on all instruments including forex due to the fact it offers lowest spreads from 0.0 pips.

Here's what you need to know about HF markets Accounts fees

• Pro & Premium Accounts don't charge commission on forex trades, but they charge you commission and spreads on other trades.

• Pro & Premium Accounts are spread-only Accounts but the Pro Account charges lesser spread from 0.6 pips but has a 1,800 ZAR minimum deposit.

• The Zero Account charges commissions on all trades and also charges spreads but the spreads are tighter- from 0.0 pips.

• Overnight swap fees are not charged when you trade Forex & Gold instruments on all HF markets Accounts.

HF Markets platforms are MT4, MT5, & HFM Mobile App. The Autochartist pattern reading plugin tool has been provided by HF Markets for use on all their platforms (demo accounts excluded).

If you are going to deposit in ZAR currency, then local SA bank transfers & Cards are accepted and they impact your MyHF Wallet instantly. HF Markets withdrawal time is 24 hours and is free.

HF Markets SA Pty LTD is an FSCA regulated broker with FSP number 46632

HF Markets Strengths

• HF Markets offers three ZAR accounts
• No minimum deposit on HF Markets Premium & Zero ZAR Accounts
• Regulated by FSCA
• Deposit and withdrawal is possible through local bank transfer in ZAR
• No overnight fees when trading forex & gold
• Broad range of CFD instruments for trading
• Demo account

HF Markets Weaknesses

• Inactivity fee
• Not an ODP licensee

To learn more about ZAR account on HFM South Africa, visit their official website.

3. Exness – Broker with ZAR Account & Nasdaq

Exness ZAR account currency applies to all their accounts except the Cent Account which is restricted to trading in US Cent Currency.

• Standard Account can be opened in ZAR currency
• Professional Accounts (Raw spread, Zero, & Pro Accounts) can also be opened in ZAR currency

Exness minimum deposit for the Standard Accounts is $10 (around 19 ZAR), while the Professional Accounts have a minimum deposit of $500.

Exness Standard Account Spreads start from 0.3 pip and Professional Accounts have spread starting from as low as 0.0 pips.

Commission on the Raw Spread and Zero Accounts can get as high as $3.50 per side, while for the Pro & Standard Account types, Exness does not charge commission.

On Exness you can trade CFDs on the Nasdaq index amongst other Indices, Forex, Crypto, Stocks, Metals & Energies.

Exness will not charge overnight swap fees for Major/some minor Forex pairs, Crypto pairs, & XAU/USD pair.

These are leveraged instruments and Exness leverage reaches 1:2000 and can be unlimited for those with little capital.

Exness lets you trade on their MT4, MT5, Web, and Mobile App.

Exness accepts deposits through EFT or Bank Transfers in ZAR and you avoid currency conversion fees. You can also deposit by Bank Wire, Cards, & Cryptocurrency as a means of funding your account.

For deposits, processing time for local Banks is less than 24 hours, Wallets & Card deposits are instant, and Bank Wire takes longer up to 5 working days.

You can withdraw funds using Bank Transfers (24 hours), e-Wallets, and Wire transfers (5 days max). 

Exness ZA (PTY) is an online Forex broker that goes by the trading name Exness. Exness is regulated by the FSCA and has a verifiable FSP number 51024.

Exness Strengths

• FSCA regulated
• ZAR account base currency
• Accepts ZAR funding from local SA Banks
• Exness minimum deposit of $10
• No inactivity fees
• Demo account
• No overnight swap charges on FX, Crypto, & Gold CFDs
• Exness spreads are lower than what is obtainable in the industry
• Exness platforms are diverse and user-friendly

Exness weaknesses

• Not an ODP licensee

Learn more about Exness ZAR Account on their official website

4. XM Broker – Zero Commission Forex Broker with ZAR Account

XM Global Limited (trading as XMZA) is a Market Maker broker. XM has partnered with Key Way Financial (Pty) Ltd. (licensed with the FSCA under verifiable FSP number 49976.) & offers ZAR base currency accounts.

XM is a market maker so their entity may be the counter party to your trades (possible conflict of interest).

• XM offers either fixed or variable spreads, but you pay an insurance premium in exchange for fixed spreads
• XM is a zero-commission broker

XM has no zero spread accounts. Instead, you can open a Micro or Standard Account where spreads start as low as 1 pip.

The lowest spread you can get on XM comes with the Ultra-Low Account type where the spreads start from 0.6 pip. EUR/USD average spreads can get as low as 0.7 pip for Ultra-low Account users.

• Micro & Standard Accounts Trading Fees: Spreads + Overnight Swaps
• Ultra-Low Account Trading Fees: Spread only

Bank Transfers, E-Wallets, & Cards are the available deposit and withdrawal methods. According to XM, withdrawal requests are processed and completed immediately or the same day you request them. However, cards and bank wire transfers may take up to 2–5 working days.

As an incentive to encourage you to deposit funds, XM offers a 50% deposit bonus up to $500 plus a 20% deposit bonus up to $4,500.

XM strengths

• ZAR account base currency
• Accepts ZAR transfers via SA banks
• Deposit bonus
• Micro trading ZAR account for inexperienced traders
• Ultra-low Accounts lower trading costs & they come with zero swap
• Low starting deposits of $5 is uniform across all XM account types
• 24/7 support

XM weaknesses

• Standard and Micro Accounts have high spread
• Not an ODP licensee

Visit the XM's Website for more information on their ZAR Account

5. Tickmill – Forex Broker with ZAR Account & No Deposit Bonus

Tickmill South Africa (Pty) Ltd. operates under the trading name Tickmill. With FSP number 49464, Tickmill is regulated by the FSCA in South Africa.

All 3 Tickmill account types on offer support ZAR as a trading currency. Minimum deposit is at least $100 or 1,900 ZAR and leverage is capped at 1:500.

• The Classic Account has spreads from 1.6 pips, but you don't pay commissions.

• The Pro Account spreads can be as low as zero, but commission is $2 per side per lot

• The VIP Account spreads can also drop to zero & commission is $1 per side per lot but it requires you maintain a 900,000 ZAR minimum balance always.

Swaps are also part of Tickmill trading fees, as you pay or receive them for overnight positions left open.

Tickmill warns that their spreads may widen during market opening/closing or prior to major announcements which could lead to margin calls if you lack sufficient funds in your account.

You can fund your account and withdraw funds in Rand (ZAR) using South African Bank Transfers. Crypto, e-wallets, and Cards funding is also available.

Transactions using bank transfer take about one working day, for cryptocurrencies, e-wallets, and cards, deposit is instant, but withdrawal may take up to one working day. Tickmill offers a welcome bonus of $30.

Tickmill Strengths

• FSCA Regulation
• Accepts ZAR transfers from local banks
• Tickmill no deposit bonus of $30
• ZAR account base currency is available
• Lower commissions than industry averages
• No inactivity fee at Tickmill
• MetaTrader toolkit

Tickmill weaknesses

• No ODP license
• High spreads on entry-level account (Classic Account)

Visit Tickmill website to learn more about their ZAR Account

6. IFX Brokers – Forex Broker with ZAR Account & Fast Withdrawal

IFX Brokers Holdings (Pty) Ltd. (trading as IFX Brokers) is a FSCA licensed forex broker with FSP number 48021 issued to them. IFX Brokers also have an ODP license.

IFX has 5 account types out of which 4 can be opened in ZAR currency, and 1 can only be opened in US Cents.

• Cent Account: US Cent base currency & ideal for beginners.

• Standard Account: offers ZAR as base currency

• Premium Account: offers ZAR as base currency

• VIP Account: offers ZAR as base currency

• Islamic Account: offers ZAR as base currency

When trading, you pay Commissions, Spreads and Swaps. However, only the VIP Account has a commission of $3 per side.

The starting spread varies across IFX accounts. The lowest you can get is spreads from 0.5 pip on the VIP Account, and the Cent Account has the highest spread beginning from 1.6 pips.

IFX Cent Account has a 180 ZAR or $10 minimum deposit, and higher leverage of 1:1000, while the other accounts have a 1:500 leverage.

IFX Brokers accepts 7 payment methods using ZAR currency but local South African bank transfer is not supported.

Cards, OZOW, PAYFAST, & Neteller can be used to instantly deposit in ZAR without any fees.  However, ZAR bank wire transfers attract a 2.5% fee despite the fact that they take up to 2 days to process. Withdrawals in ZAR are processed within 4 hours and this is welcome.

IFX Brokers Strengths

• FSCA regulation
• ODP License
• ZAR base currency accounts
• Account types to suit any class of trader
• Many ways to deposit in ZAR
• Low minimum deposit

IFX Brokers weaknesses

• High spreads
• No live chat service for customer enquiries
• No education for beginners
• No proprietary trading platform.

7. Khwezitrade – ODP Licensed Broker with ZAR Account

Khwezi Financial Services (PTY) Ltd. (FSP No.44816) are an indigenous forex broker authorized by the FSCA to offer Derivatives & give Non-automated advice.

They also hold an Over-the-Counter Derivative Provider (ODP) license to not only offer CFDs, but to also act as a market maker and boost liquidity.

Khwezi Trade offers only one ZAR Account type called 'ZAR One' permitting new traders to start trading with a minimum deposit of 500 ZAR and leverage not exceeding 1:400.

Khwezi Trade is a zero-commission broker so the only trading fees applicable are spreads (from 0.4 pips) and swaps.

You can add funds into your Khwezi trading account in ZAR by transferring from your local South African banking app or bank account, to the Khwezi Trade Bank account (which is given to you after you signup).

However, you must scan the evidence of payment to Khwezi Trade email before the transfer is completed. Withdrawals are also through the Khwezi portal.

If you intend to deposit by Cards or EFT, you have to login to your Khwezi Trade Portal and select the desired deposit mode. All deposits & withdrawals are free of charge.

Khwezitrade Strengths

• EFT payment is available

• FSCA regulated and is an ODP provider holding categories 1& 2 licenses.

• ZAR account base currency

• Accepts ZAR transfers from South African Banks

• Zero commission

• Offices in Johannesburg & Cape Town

• Emphasis on education

• High trading costs. Spreads can be high with EUR/USD averaging at 10 pips

• No Inactivity fee

Khwezitrade weaknesses

• Excessive spreads

• Only one ZAR account type

• Limited tradable instruments- only Forex, Commodity, & Index CFDs available

• Only MT5 platform available

How to check if A Forex Broker has ZAR Account

Many brokers state if ZAR base currencies are available under account types but some brokers don't. Should you need help finding out if a forex broker offers ZAR currency accounts there ways to find out

1. Visit Help Centre:The help center features blogs and publications on issues regarding trading conditions. You can find answers there.

For example, Exness help center discusses account base currencies in detail as seen below

2. Chat with a Live Agent:The live chat is available to answer your questions as you chat with a human. You can find information on ZAR base currency by querying the live chat.

What is a ZAR Account?

A ZAR Account implies that for the trading account you have created under a broker, you have instructed the broker to hold your funds in Rand.

Under this agreement, the forex broker is required to make all your profits/loss, accounting, trading activity available in ZAR.

For example, if you check your statement downloaded from your broker's dashboard, you will see all your transactions shown to you in Rand. When you make any withdrawals, it will also be in Rand, without any charges for exchanging it.

How do you choose ZAR Account Forex Brokers?

1. FSCA Regulation (with relevant License)

Forex trading in South Africa is supervised by the Financial Sector Conduct Authority (FSCA), and as such, you should not trade with any broker who does not have an FSCA license.

If you go ahead and trade with a non-licensed broker, you will be doing so at your own risk.  Follow these steps to verify if a forex broker is FSCA certified:

• Visit the FSCA website fsca.co.za

• Click on regulated entities.

• Click on 'list of regulated entities and persons".

• Select FAIS

• Click on Financial Service Provider.

• Enter the name of the broker

• Click on search.

• Available search results will be displayed on your screen

Here is a search result for Exness.

Some brokers, like Khwezitrade are an ODP provider and their license verification process is slightly different see below:

• Visit the official FSCA website
• Click on regulated entities.
• Select a list of regulated entities and persons
• Select OTC derivatives Providers
• Enter the broker's name in the search bar
• Click on search.
• Peruse through the list to find the broker you have in mind

Here is a result for Khwezi Financial Services

2. ZAR Base Currency 

Trading in Rand (ZAR) currency saves you time, cost in terms of conversion fees, and complications. We know this, so we chose brokers who offer ZAR alongside other base currencies.

3. Local Funding Methods

We chose brokers that support local as well as international funding methods. When you transact with local banks in South Africa, complaints and fail payments can be resolved quickly.

For example, Khwezitrade is an indigenous SA broker that focuses on local payments making it easy for account funding.

4. Trading Cost on Currencies & CFDs

We looked at the overall cost of doing business with these forex brokers. We focused on brokers that have accounts with emphasis on beginners.

For example, HF Markets has a Cent Account with the spotlight on newbies so they can trade in US Cents as this lowers both cost and risk.

Professionals were not left out as these brokers also have accounts for experienced traders.

Frequently Asked Questions – Best Forex Brokers with ZAR Account

What is the best Forex broker for ZAR Account?

Exness South Africa has the best ZAR account, seeing that they have competitive fees and accounts that are compatible for beginners and pro traders.They have multiple account types, Premium account has lower fees compared to their Standard account.

Which forex broker has the lowest minimum deposit in ZAR?

The Exness Standard Cent Account lets you start with a min deposit of 18 ZAR. But note that you should not trade with very low capital as you will likely use excessive leverage & amplify your risk.

It is advised that your account should be funded with amount equivalent to the lot size you want to trade with leverage less than 1:10.

Which ZAR Account Broker has the lowest fees?

Exness fees are the lowest as spreads are low and min deposit is low. For example, the average spreads for GBP/USD is around 0.6 pips with Pro Account, and there is no commission with this account.

Which ZAR Account Broker has Zero Commission?

XM and Khwezitrade do not charge commissions rather they are compensated from the Bid/Ask spread. They are market makers meaning they can trade against you and they mirror the liquidity providers and set/determine the spread.