If you are a South African trader, you must be looking around for brokers that offer ZAR accounts. Why are ZAR accounts even important? If your broker has ZAR accounts, your account balance will be in rand and all income will be converted to ZAR (Rand) by default upon closure. Conversion transactions are unnecessary if you are trading primarily with your ZAR quota. You can also save on commissions if the broker charges a commission to convert your transaction to another currency such as US dollars or Euros. This article lists out a few reputed forex brokers with ZAR accounts.
FxPro
FxPro is a renowned broker regulated by the FSCA. It is also considered safe because it is licensed by two regulatory bodies, the FCA and another complex CySEC. Although the cost is not the lowest, they are still competitive with the spreads they offer. FxPro offers many account options depending on the trading platform. Traders can trade 70 currency pairs and over 300 CFDs on indices, metals, energy, stocks and futures. There are several helpful helpers on the website that can help you solve your basic queries.
SuperForex
You can trade Forex with SuperForex in an Electronic Communication Network (ECN) environment. SuperForex is a well-acknowledged and reputable trading company. SuperForex is the only provider of ECNZAR accounts. SuperForex is regulated by the International Financial Services Commission (IFSC) to make sure that a safe and authentic trading environment is offered to its clients. You can choose from a variety of account types depending on your trading style and money capital. The list of deposit and withdrawal methods includes more than 24 payment methods. You can deposit South African rand using your preferred payment method without any transaction fees.
XM
XM is one of the most popular foreign exchange brokers in South Africa. They are operated by two main regulatory bodies, ASIC and CySEC. For most devices, the ultra-low conversion rate is very competitive. The XM platform offers a wide range of CFD trading instruments including 57 currency pairs and over 1000 CFDs on stocks, commodities, metals, stocks and indices. Traders can choose from the well-known MT4 and MT5 trading platforms which will make their trading process very reliable.
Exness
Exness is one of the forex brokers with the highest average daily trading volume. Compared to other foreign exchange brokers, the high transaction fees are very low. Exness offers CFDs on over 100 currency pairs. It offers a maximum leverage of 1:2000. Exness provides MT4 and MT5 trading platforms. There is no withdrawal or transaction fees through South Africa’s online banking. Deposits are instant, but withdrawals can take up to 3 business days.
HotForex
HotForex is one of the best ZAR account forex brokers for traders in South Africa. They are regulated with the South Africa Financial Security Conduct Authority – FSCA. HotForex offers 53 currency pairs including exotic currencies, minor and major currencies. HotForex provides the latest MT4 and MT5 system transactions for all devices. It has a maximum leverage of 1:1000.
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