ZAR, also known as the South African Rand, is listed amongst the top currencies of South Africa. Along with this, ZAR is used for trading by brokers all around the globe. Working with a broker that works with ZAR can be of great convenience for you, especially if you are living in South Africa.
Working with forex brokers with ZAR accounts can be beneficial for a trader. You will not have to pay a conversion fee – which means you can make maximum profit. You can also easily access your funds, deposit them, or withdraw them, as your funds will most likely be in a local bank.
While all forex brokers’ ZAR accounts will be dealing with the same currency, one broker might offer more features than the others. These features include trading tools, educational resources, customer support, etc.
Read this article to find a list of some of the best forex brokers with ZAR accounts.
HotForex is regulated by the Financial Sector Conduct Authority and is one of the top forex brokers with ZAR accounts in South Africa. It is classified as an STP broker. This means orders made through this broker do not need to go through a dealing desk.
Orders can directly be made to banks or institutions. Thus, eliminating any dispute of interest. The fee for HotForex is affordable as compared to other forex brokers. The leverage available on this is flexible and can go up to 1000:1.
While they do not ask for any withdrawal and deposit charges, they do have a minimum deposit of 700 Rands. The number of currency pairs offered by HotForex is 53. These currency pairs include majors, minors, and exotics.
The trading instruments offered by them include CFDs and 56 shares, 8 commodities, 11 indices all around the globe, spot metals, and energies, to name a few. They also provide the best trading platforms – MT4 & MT5.
The execution fee is also efficient. Other than this, they allow users hedging, scalping, Swap-free accounts, and EAS. They also consist of a market analysis website which their experts handle. Along with this, they have dedicated phone numbers available for customer services. They also provide support to their users via live chat.
The second broker on our list is Exness. CySec, FSCA, and FCA regulate Exness. Thus, it is considered to be highly safe. Moreover, it is regarded as one of the biggest forex brokers because of its average daily trading value.
In terms of fees, Exness is better than all the other brokers. The trading fee for this broker is meager as compared to other forex brokers. The minimum deposit for Exness is $10.
The number of currency pairs offered by Exness exceeds 100. They also offer CFDs on more than 100 crypts, indices, stocks, and metals. Furthermore, the greatest leverage that users can take advantage of is 1:2000.
It allows you to use two of the most popular trading platforms, i.e., MetaTrade 4 and MetaTrade 5.
XM is another popular forex broker in South Africa with ZAR accounts. They are CySec and ASIC regulated – which are known as the two of the top regulators. However, it is not regulated by FSCA.
As compared to HotForex and Exness, XM offers a higher spread. They have an extremely competitive price for their ultra-low account, making it even better for traders to get acquainted with XM.
Furthermore, XM contains a variety of CFD trading instruments. These instruments include 57 currency pairs, more than 1000 CFDs on shares and indices, metals, etc.
XM uses MT4 & MT5 – two of the most famous trading platforms. They also provide customers with customer support. Their customer support is presented in terms of live chat and emails. While their email chat is a little slow, their live chat responses are rapid.
The next forex broker on our list is Plus500. It is, like other brokers on our list, extremely popular in the world of trading. CySec, ASIC, and FCA regulate it. Also, evidence of it being secure is that it is listed on the London Stock Exchange.
The minimum deposit for this broker is R1500. In addition to this, they have a competitive spread for their traders, which can be as little as 0.6 pips. They also do not charge any deposit or withdrawal fees from their traders.
Plus500 also does not charge any commission on Forex trading. They only charge the variable spread, which depends on the instruments that you trade. They provide a maximum leverage of 1:3000.
Along with this, traders are given protection from negative balance. Such features are provided to you in your trading account, but there are no charges for them.
They provide over 71 pairs of currency for users to choose from. Along with this, they offer more than 1000 CFDs, among other things.