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 2023.

Brokers With South African Rand Accounts

These are the 3 best brokers that offer accounts with ZAR as the base currency:

#1 - IG Group

IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.

"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."

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


  • 24/5 customer support is available
  • IG is an LSE-listed company with a transparent financial history and a great track record
  • Users have access to a comprehensive range of charts, market news, client sentiment data, and analysis tools


  • No copy trading platform
  • Inactivity charge

#2 - Revolut

Revolut is a popular financial app that also offers trading on stocks, metals and digital currencies. The brand has over 25 million users worldwide with a choice of accounts, tools and services to suit different needs and budgets, including online investing and currency exchange.

"Revolut is suitable for casual stock traders looking for an easy-to-use app with transparent fees and a low minimum investment."

- DayTrading Review Team
  • Instruments: Stocks, Cryptos
  • Regulator: FINRA, SEC
  • Platforms: Own
  • Min. Deposit: $0
  • Min. Trade: $1


  • No inactivity charge
  • 24/7 live chat support
  • Beginner-friendly mobile investing application


  • No margin trading
  • No advanced trading platform
  • Relatively narrow product range

#3 - 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.

"Zacks Trade will suit active day traders with experience using powerful platforms. Fees and margin rates are low while the market research is excellent."

- DayTrading Review Team
  • Instruments: Stocks, Crypto, Options
  • Regulator: FINRA
  • Platforms: Own
  • Min. Deposit: $2500
  • Min. Trade: $3


  • Customizable proprietary trading platform and mobile app
  • 20+ account denominations
  • Demo account


  • No MT4 or MT5 platform integration
  • No forex, commodities or futures trading
  • Shortcomings regarding platform loading times and technical glitches

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.


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.