Best Forex Brokers with ZAR Accounts

Trading in ZAR currency is convenient as you don’t have to go sourcing for foreign exchange. You also don’t have to pay your broker conversion fees for changing your Rand to your trading account currency.

If your trading account currency is not ZAR, then you will have to deal with conversion fees every time you deposit and withdraw in ZAR.

For example, if your trading account’s base currency is USD, brokers would charge you as high as 8% roundturn, first during conversion of ZAR to USD, when you want to deposit; and second time to convert USD to ZAR, when you want to withdraw your funds.

We looked at forex brokers with ZAR accounts like Exness who is the best overall as per our findings, then we compare trading conditions of other forex brokers who also offer ZAR accounts.

List of Best Forex Brokers with ZAR Accounts

• Exness – Best Forex Broker with ZAR Account
• Tickmill – Best International Broker with ZAR Account
• HF Markets – Best App with ZAR Account
• FxPro – ZAR Account Forex Broker with Raw Spread
• XM – Best Zero Commission Forex Broker With ZAR Account
• IFX Brokers – Best for Withdrawals in ZAR locally
• Plus500 – CFD Broker that has ZAR Base Currency
• Khwezi Trade – ODP Forex Broker with ZAR Account

Why these brokers made it to our list? They allow you choose ZAR as your account base currency. Their activities are monitored by the FSCA. Some have ODP licensing. They accept EFT payment method in Rand. They provide you a mobile app.

1. Exness – Best Forex Broker with ZAR Account

Exness ZAR account currency applies to all their accounts except the Cent Account which is restricted to trading in US Cent Currency.

• Standard Account can be opened in ZAR currency
• Professional Accounts (Raw spread, Zero, & Pro Accounts) can also be opened in ZAR currency

The deposit for the Standard Accounts is from 18 ZAR or $1, while the Professional Accounts have a minimum deposit of 3,600 ZAR.

Exness Standard Account Spreads start from 0.3 pip and Professional Accounts have spread starting from as low as 0.0 pips.

Commission on the Raw Spread and Zero Accounts can get as high as $3.50 per side, while for the Pro & Standard Account types, Exness does not charge commission.

Exness accepts deposits through EFT or Bank Transfers in ZAR and you avoid currency conversion fees. You can also deposit by Bank Wire, Cards, & Cryptocurrency as a means of funding your account.

For deposits, processing time for local Banks is less than 24 hours, Wallets & Card deposits are instant, and Bank Wire takes longer up to 5 working days.

You can withdraw funds using Bank Transfers (24 hours), e-Wallets, and Wire transfers (5 days max). 

Exness ZA (PTY) is an online Forex broker that goes by the trading name Exness. Exness is regulated by the FSCA and has a verifiable FSP number 51024.

Exness Strengths

• FSCA regulated
• ZAR account base currency
• Accepts ZAR funding from local SA Banks
• Low minimum deposit
• Low trading costs
• 5 digit pricing

Exness weaknesses

• Card withdrawal not supported
• High minimum deposit on the Professional Accounts
• Not an ODP licensee
• Inactivity fee

Learn more about Exness ZAR Account on their official website

2. Tickmill – International Forex Broker with ZAR Account

Tickmill South Africa (Pty) Ltd. operates under the trading name Tickmill. With FSP number 49464, Tickmill is regulated by the FSCA in South Africa.

All 3 Tickmill account types on offer support ZAR as a trading currency. Minimum deposit is at least 1,800 ZAR and leverage is capped at 1:500.

• The Classic Account has spreads from 1.6 pips but you don’t pay commissions.
• The Pro Account spreads can be as low as zero but commission is $2 per side per lot
• The VIP Account spreads can also drop to zero & commission is $1 per side per lot but it requires you maintain a 900,000 ZAR minimum balance always.

Swaps are also part of Tickmill trading fees, as you pay or receive them for overnight positions left open.

Tickmill warns that their spreads may widen during market opening/closing or prior to major announcements which could lead to margin calls if you lack sufficient funds in your account.

You can fund your account and withdraw funds in Rand (ZAR) using South African Bank Transfers. Crypto, e-wallets, and Cards funding is also available.

Transactions using bank transfer take about one working day, for cryptocurrencies, e-wallets, and cards, deposit is instant, but withdrawal may take up to one working day. Tickmill offers a welcome bonus of $30.

Tickmill Strengths

• FSCA Regulation
• Accepts ZAR transfers from local banks
• Welcome bonus of $30
• ZAR account base currency is available
• Lower commissions than industry averages
• 5 digit pricing

Tickmill weaknesses

• High minimum deposit
• Tickmill account types not suitable for beginners who want to trade small capital in US cents.
• No ODP license
• High spreads on entry-level account (Classic Account)

Visit Tickmill website to learn more about their ZAR Account

3. HF Markets – Best App with ZAR Account

Trading in ZAR saves on currency conversion fees and the HFM mobile app makes it more convenient as accounts can be opened & managed from inside the app.

The mobile app also makes for secure payments by employing QR scan technology. Touch ID & Fingerprint scanner is also integrted into the app to prevent breaches.

Cost of trading with HFM is basically a $3 per side per standard lot commission, plus spreads and overnight swap fees.

However not every HFM account charges commissions as some take only spreads but the spreads are higher. Leverage reaches 1:2000 but you risk heavy losses.

• EUR/USD average spread on HFM Zero-Commission Accouts is 1.6 pips
• EUR/USD average spread on HFM Commision-Based Accounts can start as low as 0.1 pip

HF Markets SA (PTY) Ltd. is a forex and commodity broker that operates under the trading name HFM. They are licensed by the FSCA, operating with verifiable FSP number 46632.

Processing time for deposits using Banks, Skrill, and Cards take about 10 minutes, while Wire Transfers take 2 to 7 working days.

The lowest deposit if you are choosing South African Bank transfers is 100 ZAR at HFM. Withdrawals via South African banks takes 1-3 working days and you need to withdraw a minimum of 70 ZAR.

HFM Strengths

• ZAR account base currency
• Regulated by FSCA
• No commission on 3 out of 4 trading accounts
• Deposit and withdrawal is possible through local bank transfer in ZAR which is cheap, & easy
• 5 digit pricing

HFM Weaknesses

• Cent account has high spread that starts from 1.2 pip
• Mobile app only permits Premium Account holders to trade on it but you can still view and manage other account types from app.
• Not an ODP licensee

To learn more about ZAR account on HFM South Africa, visit their official website.

4. FxPro – ZAR Account Forex Broker with Raw Spread

FxPro lets you select ZAR as your account currency on all their account types. You need at least 1800 ZAR or $100 to open an account.

FxPro Account offerings with leverage limited to 1:200:

• Standard Account : No commissions
• Pro Account: No commissions
• Raw+ Account: $3.5 commissions
• Elite $3.5 commissions

Basic trading fees on FxPro are $3.5 commission + Spreads + Swap Fees

Everyone pays spread on FxPro but Raw+ & Elite Account holders can see spreads drop to 0.0 when trading major currency pairs.

Beginners using the commission free Pro Account get a better deal on spread as EUR/USD is 1 pip on average; On the Standard Account it is 1.5 pips.

FxPro allows deposit and withdrawal methods through local bank transfers in ZAR. You can also deposit and withdraw funds using Skrill, Neteller, Bank wire transfers, Cards, and PayPal.

A transaction with a bank transfer is completed within the same business day, a wire transfer takes 3 to 5 working days, while other methods take about 10 minutes.

You should also know that the lowest deposit required for funding your account is 1,800 ZAR however, FxPro recommends a minimum deposit of 17,000 ZAR

FxPro Financial Services Ltd. is a forex broker that operates using the trading name FxPro. It is licensed with FSCA & has a verifiable FSP no. 45052.

FxPro strengths

• FSCA regulated
• ZAR account base currency is available
• Local Bank transfers in ZAR accepted
• Low spreads
• Fixed spreads on some instruments
• FxPro 1:200 leverage encourages better risk management but you should opt for lower

FxPro weaknesses

• High minimum deposit
• High commission
• Not a licensed ODP as per FSCA website
• No 5 digit pricing

To know more about FxPro & their ZAR Account, visit their website.

5. XM – Zero Commission Forex Broker with ZAR Account

XM Global Limited (trading as XMZA) is a Market Maker broker. XM has partnered with Key Way Financial (Pty) Ltd. (licensed with the FSCA under verifiable FSP number 49976.) & offers ZAR base currency accounts.

XM is a market maker so their entity may be the counter party to your trades (possible conflict of interest).

• XM offers either fixed or variable spreads but you pay an insurance premium in exchange for fixed spreads
• XM is a zero commission broker

XM has no zero spread accounts. Instead you can open a Micro or Standard Account where spreads start as low as 1 pip.

The lowest spread you can get on XM comes with the Ultra-Low Account type where the spreads start from 0.6 pip. EUR/USD average spreads can get…