Brokers With ZAR Accounts
Brokers with ZAR accounts are a great option for investors from South Africa looking to deposit, trade and withdraw in their local currency. But are they better than USD or EUR accounts? And are they suitable for everyone? We list the best online brokers with South African Rand as the trading account currency in 2025.
Brokers With South African Rand Accounts
These are the 6 best brokers that offer accounts with ZAR as the base currency:
Here is a short overview of each broker's pros and cons
- Crypto.com - Crypto.com is one of the biggest names in cryptocurrency trading, developed with the aim to expedite the world's transition to DeFi technologies. The crypto exchange offers token lending, pre-paid cards, NFTs and more. The firm was established in Germany in 2016 and its quality is proven by its 150 million users.
- Dukascopy - Established in 2004, Dukascopy Bank SA is a Swiss online bank and brokerage providing short-term trading opportunities on 1,200+ instruments, including binaries. A choice of accounts (JForex, MT4/5, Binary Options) and sophisticated platforms (JForex, MT4/MT5) deliver powerful tools and market data for active traders.
- Zacks Trade - Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.
- Exness - Established in 2008, Exness has maintained its position as a highly respected broker, standing out with its industry-leading range of 40+ account currencies, growing selection of CFD instruments, and intuitive web platform complete with useful extras like currency convertors and trading calculators.
- Trade Nation - Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.
- BlackBull - BlackBull is a New Zealand-based CFD broker providing diverse trading opportunities on over 26,000 instruments. After undergoing a rebrand in 2023, it now sports a modern look and feel complete with professional-grade trading tools and ultra-fast execution speeds averaging 20ms.
Brokers With ZAR Accounts Comparison
| Broker | Minimum Deposit | Instruments | Platforms |
|---|---|---|---|
| Crypto.com | $0 | Crypto, Stocks, ETFs | Own |
| Dukascopy | $100 | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, Binary Options | JForex, MT4, MT5 |
| Zacks Trade | $2500 | Stocks, ETFs, Cryptos, Options, Bonds | Own |
| Exness | Varies based on the payment system | CFDs on Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| Trade Nation | $0 | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Spread Betting, Cryptos (Bahamas Entity Only) | MT4 |
| BlackBull | $0 | CFDs, Stocks, Indices, Commodities, Futures, Crypto | BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist |
Crypto.com
"Crypto.com is a snug fit for aspiring crypto traders who want to buy, sell and trade over 400 digital tokens. The interest paid on idle funds and intuitive staking opportunities also provide passive investing opportunities."
Christian Harris, Reviewer
Crypto.com Quick Facts
| Demo Account | No |
|---|---|
| Instruments | Crypto, Stocks, ETFs |
| Regulator | SEC, FCA, MAS, AMF, CySEC, CBI, ASIC, FINTRAC, CIMA, VARA, OAM, HCMC, CFTC, OSC, KoFIU |
| Platforms | Own |
| Minimum Deposit | $0 |
| Minimum Trade | $1 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, PLN, CZK, AED, SAR, HUF, BRL, KES |
Pros
- The platform supports unified portfolio tracking across cryptocurrencies, stocks, ETFs, and more recently prediction markets, all within a single interface, simplifying asset management for multi-asset traders and providing consolidated insights.
- The Crypto.com Exchange platform offers sophisticated bots, including Dollar Cost Averaging (DCA), Time-Weighted Average Price (TWAP), and Grid Trading bots. These tools allow traders to automate strategies, including leveraged perpetual trades, minimizing manual effort and slippage.
- Crypto.com has expanded beyond crypto in some regions, offering over 5000 stocks and ETFs for traders looking to build diverse portfolios and opportunities in different sectors.
Cons
- Customer support primarily relies on chatbots and email, with limited reliable phone support from our testing. This can lead to delays in resolving urgent issues, such as account access or transaction problems, which can be frustrating for crypto day traders who need quick assistance.
- The app's high bid-ask spreads on many coins can be costly for traders placing market orders. Wide spreads mean the price you pay when buying is noticeably higher than the price you receive when selling, cutting into profits, especially on lower-volume trades.
- Withdrawal fees apply to crypto transfers and fiat withdrawals, and these can be significant for active traders making smaller transfers. The minimum withdrawal limits are also relatively high, which restricts flexibility for managing smaller portfolios or quick liquidity needs.
Dukascopy
"Dukascopy suits binary traders seeking the peace of mind of using a well-known brokerage whose banking services are regulated by FINMA in Switzerland, with legitimacy and credibility that’s a step up from most offshore firms. Dukascopy is particularly good for experienced binary traders, especially those seeking automation through chained option contracts. "
Dukascopy Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, Binary Options |
| Regulator | FINMA, JFSA, FCMC |
| Platforms | JForex, MT4, MT5 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, PLN, CZK, AED, SAR, HUF, MXN |
Pros
- Dukascopy features some of the best research we’ve seen, even a professional TV studio in Geneva covering financial news, market analysis, and daily insights from professionals.
- Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) as both a broker and a bank, ensuring top-tier financial security and adherence to strict standards.
- Dukascopy offers tight spreads starting from 0.1 pips, leverage up to 1:200 (depending on the jurisdiction), and volume-based commissions that reward high-frequency traders.
Cons
- Dukascopy's withdrawal fees are higher than most competitors we’ve tested, particularly for bank wire transfers, which may deter traders who require frequent access to their funds.
- While Dukascopy provides some educational resources and 24/7 support, the complexity of its platforms and tools required extensive testing and may overwhelm newer traders.
- While JForex is feature-rich, it has a steep learning curve, making it less suitable for beginner traders who might prefer simpler platforms.
Zacks Trade
"Zacks Trade will suit active day traders with experience using powerful platforms. Fees and margin rates are low while the market research is excellent."
Tobias Robinson, Reviewer
Zacks Trade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, ETFs, Cryptos, Options, Bonds |
| Regulator | FINRA |
| Platforms | Own |
| Minimum Deposit | $2500 |
| Minimum Trade | $3 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, HUF |
Pros
- Regulated by FINRA with access to the Securities Investor Protection Corporation
- Demo account
- Comprehensive research and data
Cons
- No forex, commodities or futures trading
- Shortcomings regarding platform loading times and technical glitches
- No MT4 or MT5 platform integration
Exness
"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."
Exness Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs on Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC |
| Platforms | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| Minimum Deposit | Varies based on the payment system |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:Unlimited |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY |
Pros
- Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.
- Excellent range of account types for all experience levels, including Cent, Pro plus the introduction of Raw Spread, ideal for day traders.
- Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips with low commissions from $2 per side.
Cons
- MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
- Retail trading services are unavailable in certain jurisdictions, such as the US, UK and EU, limiting accessibility compared to top-tier brokers like Interactive Brokers.
- Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds
Trade Nation
"Trade Nation is a good choice for newer traders looking for a wide range of financial markets on a user-friendly platform. There is no minimum deposit, free funding options and strong education."
Trade Nation Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Spread Betting, Cryptos (Bahamas Entity Only) |
| Regulator | FCA, ASIC, FSCA, SCB, FSA |
| Platforms | MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.1 Lots |
| Leverage | 1:500 (entity dependent) |
| Account Currencies | USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK |
Pros
- Trade Nation is a multi-regulated and respected broker that previously operated as Core Spreads
- Full range of investments via leveraged CFDs for long and short opportunities
- There is a low minimum deposit for beginners
Cons
- Fewer legal protections with offshore entity
BlackBull
"After improving its trading infrastructure with Equinix servers in New York, London, and Tokyo, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing."
BlackBull Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Stocks, Indices, Commodities, Futures, Crypto |
| Regulator | FMA, FSA |
| Platforms | BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD |
Pros
- After partnering with ZuluTrade and Myfxbook, alongside improvements to its own CopyTrader, and finally enabling cTrader Copy, BlackBull offers one of the most comprehensive copy trading experiences we've seen.
- With three ECN-powered accounts (Standard, Prime, and Institutional), BlackBull accommodates beginners, experienced traders, and professionals, offering flexibility based on trading needs and capital.
- BlackBull offers every ingredient for day traders; fast execution speeds of <100ms, leverage up to 1:500, and tight spreads from 0.0 pips.
Cons
- Unlike most top brokers, BlackBull charges an irritating $5 withdrawal fee, which can detract from the overall cost-effectiveness, especially for active traders who frequently move funds.
- BlackBull lacks a proprietary platform, relying on MetaTrader, cTrader and TradingView. While these are excellent, other brokers' exclusive platforms, notably eToro’s, often have unique features for beginner traders.
- Although the Education Hub now features improvements like webinars and tutorials, the courses we’ve explored need more focus on explaining the wider economic factors influencing prices.
ZAR Accounts Explained
All brokers with ZAR accounts essentially offer a live trading account where South African Rand is the base currency.
The Rand consists of 100 cents and is known by the symbol ‘R’. It is one of the leading currencies in Africa and is popular with traders all over the world. But whilst a regular feature in forex pairs, ZAR accounts have piqued interest owing to their competitive rates, low payment thresholds and ease of use when making deposits and withdrawals.
Of course, not all forex and stock brokers that accept South African Rand as the base currency offer the same perks and trading conditions. As a result, it’s important to compare options before you start trading.
Benefits Of Brokers With ZAR Accounts
There are several reasons to start trading with a ZAR account:
- Account holders don’t have to pay currency conversion fees if they wish to trade in Rand
- ZAR accounts tend to come with lower deposit requirements making them a good option for beginners
- For traders from South Africa, funding accounts in Rand tends to be quicker, safer and more convenient because funds are kept in local banks
- Brokers with ZAR accounts typically require the support of large South African banks so platforms that do offer them are often regulated by the FSCA
- ZAR accounts generally offer lower risk per pip. This is because account holders are less affected by the exchange rate risk associated with other major currencies
- Clients can still access major financial markets in a range of countries, from the NASDAQ (NAS100) in the US to the FTSE (FTSE100) in the UK
Should You Open A ZAR Account?
South African Traders
If you’re a South African citizen, a ZAR-based account has a lot to offer. Users can make quick, secure and convenient deposits and withdrawals while avoiding currency conversion fees that typically range from 7% to 10%. Brokers with ZAR accounts also usually rely on large banking institutions to facilitate payments, meaning that capital is in relatively secure hands.
International Traders
If you’re not a South African citizen, a USD, EUR or GBP account may be a better option. With that said, if you regularly use the Rand, including trading it on the forex market, then you may still get value from opening a ZAR account. It can help cut costs and facilitate hassle-free forex trading.
Unfortunately, not every international broker offers ZAR accounts. This scarcity is largely due to reduced liquidity vs more established currencies. Still, check out our list of brokers with ZAR accounts for the best options.
Final Word On Brokers With ZAR Accounts
If you’re an active trader based in South Africa, it probably makes sense to open a ZAR account. It will make funding trading positions straightforward and often fee-free. For international traders, online brokers with a ZAR account could still be a good option if you regularly trade the currency. Check out our list of the best Brokers with ZAR accounts to get started.
FAQ
What Is A ZAR Account?
A ZAR account is a trading account that operates with Rand as its base currency. The Rand (ZAR) is the currency of South Africa and regularly features in popular forex pairs.
Can I Open A ZAR Account If I Am Not A South African Citizen?
You do not need to be a South African citizen to open a ZAR account. With that said, accounts are few and far between versus accounts in USD or EUR. Whilst several international brokers do offer ZAR accounts, most are local brokers aimed at traders from South Africa.
What Are The Benefits Of Brokers With ZAR Accounts?
The primary benefit of opening an account with Rand as the base currency is that they facilitate fast and cost-effective payments to and from trading accounts. Local traders won’t need to pay currency conversion fees and brokers that offer ZAR accounts tend to accept lower minimum deposits.
How Can I Open A ZAR Account?
The first step is to find a broker that offers a ZAR trading account. Once you’ve checked they offer the tools and market access you need to make your strategy a success, follow the sign-up process on their website. Most trading platforms will require basic contact details and proof of ID before you can open positions.
Which South African Brokers Offer ZAR Accounts?
Whilst there are a number of local brokers that offer ZAR accounts, Khwezi Trade stands out for its strong reputation and product offering. Clients can access a wide range of assets, tools and resources. Check out our Khwezi review for more details.