8 Best Forex Brokers with ZAR Accounts for 2023

As a South African resident, when choosing a broker, one factor that you should not ignore is the base currency of the accounts your broker offers.

You should choose a broker who has ZAR accounts, because if your account base currency is not in 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 in USD (or any other currency), some brokers may charge you as high as 3-6% conversion fee to change from  ZAR to USD, when you want to deposit; and another fees to convert USD to ZAR, when you want to withdraw your funds.

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

List of Best Forex Brokers with ZAR Accounts

• HF Markets – Best Forex Broker with ZAR Account
• FxPro – ZAR Account Forex Broker with Raw Spread
• Exness – Best Forex Broker with ZAR Account & lowest Minimum Deposit
• Tickmill – Best International Broker with ZAR Account
• XM – Best Zero Commission Forex Broker With ZAR Account
• Khwezi Trade – FSCA Licensed Forex & ODP Broker with ZAR Account
• IFX Brokers – FSCA Regulated Forex Broker with ZAR Accounts
• Plus500 – CFD Platform that has ZAR Base Currency

For South African traders, we have put together this unbiased list of best forex brokers with ZAR accounts considering relevant factors like regulation, base  currency, deposit and withdrawal methods, minimum deposit, account types etc.

In the listing below, we will compare each broker one by one based on the factors above.

1. HFM – Best Forex Broker with ZAR Account

HF Markets SA (PTY) Ltd. is a forex and commodity broker that operates under the trading name HFM. They are licensed by the FSCA, operating with verifiable FSP number 46632.

If you choose HFM as your preferred broker, you can choose between four trading accounts: Cent, Zero, Pro, and Premium.

There is no commission on these accounts, except a $3 per side commission on the Zero Accounts only. Spread for the Cent and Premium Accounts starts at 1.2 pips if you are trading on the Pro account, spread starts at 0.5 pip, and 0.0 pip for the zero accounts.

If you intend to trade in ZAR, you do not have to worry about currency conversion, as  HFM offers ZAR as one of their account base currencies.

You can fund your account and withdraw funds in ZAR (South African Rand) and withdraw it using local bank transfers in ZAR, or other methods like cards, Skrill, wire transfers, and Crypto.

Processing time for deposits using local South African Banks, Skrill, and cards take about 10 minutes, while Wire Transfers take 2 to 7 working days.

The lowest deposit if you are choosing South African Bank transfers is 100 ZAR at HFM. Withdrawals via South African banks takes 1-3 working days and you need to withdraw a minimum of 70 ZAR.

HFM Pros & Cons

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

2. FxPro – ZAR Account Forex Broker with Raw Spread

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.

Standard Account, Pro Account, Elite Account, and Raw + Account are the account types that FxPro offers. FxPro offers 8 base currencies (including ZAR) to select from when opening your account.

The standard and Pro Accounts are commission free, while the Raw + and Elite accounts charge a commission of $3.5 per side.

The average spread for major currency pairs like EURUSD on the Raw+ and Elite Accounts is 0.2 pip, for the Pro account, the average spread is 1 pip, and for the Standard account, the average spread is 1.5pips.

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.

A transaction with a bank transfer is completed within the same business day, a wire transfer takes 3 to 5 working days, while other methods take about 10 minutes.

You should also know that the lowest deposit required for funding your account is 1,700 ZAR however, FxPro recommends a minimum deposit of 17,000 ZAR

FxPro Pros & Cons

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

3. Exness – Best Forex Broker with ZAR Account & lowest Minimum Deposit

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

Exness accounts are divided into Standard Accounts and Professional Accounts. The Standard Account comprises the Standard and Standard Cent Accounts, while the professional accounts comprise the Raw Spread, Zero, and Pro Accounts.

The deposit for the standard accounts is from 15 ZAR, while the professional accounts have a minimum deposit of 3,000 ZAR.

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.

Exness accepts deposits from South African Local 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 South African 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 South African Bank Transfers (24 hours), e-Wallets, and Wire transfers (5 days max).  

Exness Pros & Cons

Learn more about Exness's ZAR Account on their official website.

4. Tickmill – Best International Broker with ZAR Account

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

The account types Tickmill offers include the Pro Account, the Classic Account, and the VIP Account. The lowest minimum deposit is on the Pro and Classic Accounts at 1,800 ZAR or $100.

The classic account is spread free, while for the Pro Account, there is a commission of 2 per side, and 1 per side for the VIP account on every standard lot traded.

The spread if you are trading under the VIP and Pro accounts starts from 0 pips, but with the Classic account, the lowest spreads are from 1.6 pips. This account type does not have any commissions.

The account base currencies that Tickmill offers across all accounts include USD, EUR, GBP, and ZAR.

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 Pros & Cons

Visit Tickmill website to learn more about their ZAR Account

5. XM – Best Zero Commission Forex Broker with ZAR Account

XM Global Limited (trading as XM) is an online broker & Market Maker that operates in Belize and is regulated by the Financial Service Commission (Belize), but does not have a license to operate in South Africa.

However, XM partners with Key Way Financial (Pty) Ltd. to accept clients in South Africa. Key Way Financial (Pty) Ltd. is licensed with the FSCA under verifiable FSP number 49976.

Micro Account, Standard Account, Ultralow Account, And Shares Account are the available account types to choose.

You can set your account base currency as ZAR except for the Shares Account, which accepts only USD as the account base currency. The minimum deposit at XM is $5 or around 90 ZAR on all their accounts except the Share trading account.

XM does not charge a commission except you are trading shares; however, spreads for the Micro, Standard, And Ultralow Accounts start at 1 pip, 1 pip, and 0.6 pip, respectively.

South African 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 Pros & Cons

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

6. Khwezi Trade – FSCA Licensed Forex & ODP Broker with ZAR Account

Khwezi Financial Services (PTY) Ltd. better known by their trading name "Khwezitrade" is FSCA licensed broker with FSP number 44816, and they are also a licensed Over the Counter Derivative Provider (ODP).

Available are 2 account types called ZAR One (a ZAR base currency account) and USD One. All accounts are commission free and the spread starts at 0.4 pip. Khwezitrade spreads are high when you look at the average and this contributes to high trading costs.

The lowest deposit on the ZAR One account is 500 ZAR, and for the USD One account, it's $50.

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 ETF you have to login to your Khwezi Trade Portal and select the desired deposit mode. All deposits & withdrawals are free of charge.

Khwezitrade Pros & Cons

Learn more about Khwezi trade's ZAR Account by visiting their website.

7. IFX Brokers – FSCA Regulated Forex Broker with ZAR Accounts

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

IFX brokers offer 5 account types – IFX standard, IFX premium, IFX VIP, IFX Cent, and IFX Islamic accounts.

The lowest deposit on the IFX standard, cent, and Islamic accounts is $10 or around 180 ZAR.

IFX broker does not charge commissions, except for the VIP Account, which charges a commission of $6. Spread on the Standard, Premium, VIP, Islamic, and Cent Accounts starts at 1.3 pip, 1.0 pip, 0.5 pip, 1.3 pip, and 1.6 pip, respectively.

IFX Brokers accepts 7 payment methods using ZAR currency but local South African bank transfer are 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 Pros & Cons

Learn more about IFX brokers by visiting their website.

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. Yu 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.

How to Choose ZAR Account Forex Brokers?

1. FSCA Regulation

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 www.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.

Comparison of Forex Brokers with ZAR Account

Frequently Asked Questions – Best Forex Brokers with ZAR Account

What is the best Forex broker for ZAR Account?

HF Markets 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 15 ZAR.

But note that you should not trade with very low capital as you will likely use excessive leverage & amplify your risk. It is adviced 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's 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.