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 2024.

Brokers With South African Rand Accounts

These are the 5 best brokers that offer accounts with ZAR as the base currency:

Brokers With ZAR Accounts Comparison

Brokers With ZAR Accounts Comparison
Broker Minimum Deposit Instruments Platforms Visit
Exness logo
$10 CFDs, Forex, Stocks, Indices, Commodities, Crypto Exness Trade App, MT4, MT5, TradingCentral Visit
XM logo
$5 Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures MT4, MT5 Visit
Trade Nation logo
$0 Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) MT4 Visit
IG logo
$0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Visit
BlackBull Markets logo
$0 Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos MT4, MT5, cTrader, TradingView, AutoChartist Visit
FxPro logo
$100 CFDs, Forex, Stocks, Indices, Commodities, Futures FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade Visit
Plus500 logo
$100 CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto WebTrader, App Visit
CMTrading logo
$100 Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos CMTrading Webtrader, MT4 Visit
Markets.com logo
$100 CFDs, Forex, Stocks, Commodities, Indices, Crypto, ETFs, Bonds, Spread Betting (UK Only) Markets.com Web/App Platform, MT4, MT5 Visit
M4Markets logo
$5 Forex, CFDs, Indices, Shares, Commodities, Cryptos MT4, MT5 Visit
FXCM logo
$50 CFDs, Forex, Stocks, Cryptos, Commodities Trading Station, MT4, TradingView, eSignal Visit
Finq.com logo
$100 Shares, forex, commodities, indices, bonds, cryptocurrencies, ETFs MT4, TradingCentral Visit
JustMarkets logo
$1 Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures MT4, MT5 Visit
Revolut logo
$0 Stocks, Cryptos, Commodities Own Visit
FXPrimus logo
$15 CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities, Bonds MT4, MT5, cTrader Visit

#1 - Exness

Why We Chose Exness

Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 260,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.

"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
  • Regulator: FSA, CySEC, FCA, FSCA, FSC, CBCS
  • Platforms: Exness Trade App, MT4, MT5, TradingCentral
  • Minimum Deposit: $10
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:2000

#2 - XM

Why We Chose XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team
  • Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
  • Regulator: ASIC, CySEC, DFSA, FSC, FSCA
  • Platforms: MT4, MT5
  • Minimum Deposit: $5
  • Minimum Trade: 0.01 Lots

#3 - Trade Nation

Why We Chose 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.

"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."

- DayTrading Review Team
  • Instruments: Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, 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)

#4 - IG

Why We Chose IG

Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
  • Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA
  • Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:250 (Pro)

#5 - BlackBull Markets

Why We Chose BlackBull Markets

BlackBull is a New Zealand-based CFD broker with trading opportunities on forex, stocks, indices, commodities and cryptos. The broker supports the MetaTrader 4 and 5 platforms as well as TradingView, cTrader and a proprietary mobile app. Clients can trade with high leverage and tight spreads from 0 pips on the broker's ECN accounts.

"BlackBull Markets will suit traders of all experience levels with a growing suite of thousands of tradable instruments, tight spreads and the familiar MetaTrader platforms."

- DayTrading Review Team
  • Instruments: Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos
  • Regulator: FMA, FSA
  • Platforms: MT4, MT5, cTrader, TradingView, AutoChartist
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:500

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:

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, safe 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.