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
| Broker | Minimum Deposit | Instruments | Platforms | Visit |
|---|---|---|---|---|
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$5 | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures | MT4, MT5 | Visit |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, MT4, MT5, TradingCentral | Visit |
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$0 | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) | MT4 | Visit |
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$0 | Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos | MT4, MT5, cTrader, TradingView, AutoChartist | Visit |
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$100 | CFDs, Forex, Stocks, Indices, Commodities, Futures | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade | Visit |
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$100 | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto | WebTrader, App | Visit |
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$100 | Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos | CMTrading Webtrader, MT4 | Visit |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | Visit |
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$100 | CFDs, Forex, Stocks, Commodities, Indices, Crypto, ETFs, Bonds, Spread Betting (UK Only) | Markets.com Web/App Platform, MT4, MT5 | Visit |
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$5 | Forex, CFDs, Indices, Shares, Commodities, Cryptos | MT4, MT5 | Visit |
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$1 | CFDs, Forex, Stocks, Cryptos, Commodities | MT4 | Visit |
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$50 | CFDs, Forex, Stocks, Cryptos, Commodities | Trading Station, MT4, TradingView, eSignal | Visit |
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$100 | Shares, forex, commodities, indices, bonds, cryptocurrencies, ETFs | MT4, TradingCentral | Visit |
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$1 | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures | MT4, MT5 | Visit |
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$0 | Stocks, Cryptos, Commodities | Own | Visit |
#1 - 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
Pros
- Accessible trading accounts with a $5 minimum deposit and fast account opening
- 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
- The broker offers premium research including market sentiment, fundamental insights and strategy builders
Cons
- PayPal deposits are not supported
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- There is weak regulatory oversight through the global entity
#2 - 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
Pros
- Exness is the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes
- Unlike many other brands, Exness doesn't charge any account maintenance or inactivity fees
- Experienced strategy providers can open social trading accounts, with monthly commissions up to 50%
Cons
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- Unlike most competitors, Exness doesn't provide its own education section
- There are no promotional deals or loyalty schemes for high-volume day traders
#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)
Pros
- Full range of investments via leveraged CFDs for long and short opportunities
- The trading firm offers tight spreads and a transparent pricing schedule
- Trade Nation is a multi-regulated and respected broker that previously operated as Core Spreads
Cons
- Fewer legal protections with offshore entity
#4 - 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 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
Pros
- Excellent educational content for beginners
- CopyTrader, ZuluTrade, HokoCloud and Myfxbook copy trading
- Autochartist plugin
Cons
- US traders not accepted
- Withdrawal fees with some methods
#5 - FxPro
Why We Chose FxPro
Founded in 2006, FxPro is an established forex, CFD and spread betting broker offering 2100+ assets to over 2 million clients worldwide. The broker is regulated in 4 jurisdictions and offers reliable 24/5 customer support, earning it a high trust and safety score. FxPro has also picked up more than 100 industry accolades for its competitive trading conditions, including fast execution and deep liquidity.
"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Futures
- Regulator: FCA, CySEC, FSCA, SCB, FSC
- Platforms: FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
Pros
- There are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
- Comprehensive analysis and trading tools are available for seasoned traders, including signals powered by Trading Central and VPS hosting
- Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals
Cons
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
- FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
- There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
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 usually well-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, 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.