If you're a South African trader looking to get into the Forex market, it's important to find a broker that offers accounts in our local currency, the South African Rand (ZAR).
Using a forex broker with a Zar account will make it easy for you to deposit and withdraw and you will also avoid currency conversion costs.
We've compiled a list of the top five Forex brokers with Zar accounts to help you find the perfect fit for your trading needs.
Top 3 Brokers With Zar Accounts
HFM (Formerly Hotforex) Best ZAR Account Forex Broker
HFM is by far the best broker with Zar accounts. The broker is highly regulated and is licensed by major global regulatory bodies, including FCA, CySEC, and the local Financial Security Conduct Authority FSCA.
HFM also has favourable trading conditions and instant execution of orders. Plus, a solid list of tools and services allows everyone to choose the best option.
HF Markets – Account Options
| 🔎 Account | 🥉 Premium | 🥈 Zero Spread | 🥉 PRO |
| 🏧 Minimum Deposit | R 0 Rand | R 0 Rand | R 1800 |
| 🏋️♀️ Max Leverage | 1:2000 | 1:2000 | 1:2000 |
| 🏧 Spread Type | Variable | Variable | n/a |
| 🎖 Spreads From | 1 Pip | 0 Pips on Forex | 1 Pip |
| ♻ Max Simultaneous Open Orders | 300 | 60 -500 | 300 |
| 🚀 Open an Account | 👉 Click Here | 👉 Click Here |
HF Markets – Trading Conditions
| 📈Number of FX Pairs | 53 |
| ⏬Hedging Allowed | Yes |
| 📈Scalping | Yes |
| ☪Swap-Free Accounts | Yes |
HotForex offers 53 currency pairs including exotic, minors, and majors. The broker also offers bonuses & demo contests for South African traders.
Its trading instruments also include CFDs on 56 shares, 11 Indices globally, 8 Commodities, 3 top global Bonds, and Energies such as Crude and Brent Oil, US Natural Gas, and Spot Metals – Silver and Gold.
They now also offer crypto CFDs. HF offers trading on the latest MT4 and MT5 platforms for all devices.
HotForex has a local phone number in South Africa (+27-10-443-9924, 0-800-999-265). The Live Chat Support is quick and helpful and available 24X5 on weekdays.
👍🏾HFM Pros
- Regulated by FSCA in South Africa & FCA in the UK
- Spread for Premium and Micro account is quite competitive. With a Zero account, the overall trading fees are low for most CFDs.
- New accounts can avail 100% Deposit Bonus
- Very good Customer Support via Live chat & local phone number.
- ZAR Bank Transfer Deposits and withdrawals are available. No fees for deposits or withdrawals.
- No minimum deposit on a variety of trading accounts offered
👎🏾HFM Cons
- Customer support is not available during weekends.
- High spread for trading some minor currency pairs.
XM ZAR Account Broker with Low Minimum Deposit
XM is a popular Forex broker that offers ZAR accounts for South African traders. XM has a high trust score of 93 out of 99 and is regulated by multiple authorities, including the Financial Sector Conduct Authority in South Africa
XM has 24/5 customer support with a user-friendly copy trading option for beginners.
XM also offers a variety of educational resources and excellent customer support. With competitive spreads and a user-friendly trading platform, XM is a great choice for South African traders looking for a reliable Forex broker.
XM Account options
| Micro account | Standard account | Ultra-Low account | Shares account | |
| 💰 Minimum Deposit | $5 or ZAR 80 | $5 or ZAR 80 | $5 or ZAR 80 | $1000 or ZAR 16 000 |
| 📈 Max Leverage | 1:888 | 1:888 | 1:888 | No Leverages |
| 💹 Spread | As Low as 1 Pip | As Low as 1 Pip | As Low as 0.6 Pips | To be confirmed by the underlying exchange |
| 💳 Commission | No | No | No | Yes |
| 🧾 Hedging | Yes | Yes | Yes | No |
| ✅ Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here | 👉 Click Here |
XM has a wide range of CFD trading instruments available on its platform including 57 currency pairs & 1000+ CFDs on stocks, commodities, metals, shares & indices. But Crypto CFDs are not available currently on their platform.
Customer Support is solid at XM. We tested their live chat support & we found it to be quite responsive & helpful.
XM trading fees with Ultra Low accounts are competitive for most instruments. As an example: the average EURUSD spread is 0.8 pips with Ultra Low Standard account.
Exness: Low Trading Fees With Instant Deposits
Exness is an award-winning and well-regulated forex and CFD broker that was founded in 2008. It is headquartered in Cyprus and has offices in several other countries, including, South Africa, Seychelles, Russia, and China.
Exness is a popular broker, with over 10 million registered accounts worldwide including in South Africa.
Exness Zar Account Options
Exness offers two types of ZAR Standard Accounts.
The Standard and Standard Cent account is used with MetaTrader 4, and only the Standard can be used with MetaTrader 5. Exness also offers three Pro accounts. These latter accounts include the Raw Spread, Zero, and Pro Account.
| 💹Standard Account | 💹 Raw Spread Account | 0️⃣ Zero Account | 📊 Pro Account | |
| Minimum Deposit | $10 ( ZAR R160 ) | $500 ( ZAR R8000 ) | $500 ( ZAR R8000 ) | $500 ( ZAR R8000 ) |
| Deposit activation duration | Up to 72 hours | Up to 72 hours | Up to 72 hours | Up to 72 hours |
| Leverages | 1:2000 | 1:2000 | 1:2000 | 1:2000 |
| Spreads | 0.3 | 0.0 | 0.0 | 0.0 |
| Commissions | No | Up to 3.5 USD | Up to 3.5 USD | No trading commission |
| Order Executions | Market | Market | Market | Market |
| Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here | 👉 Click Here |
Superforex : Regulated broker with Zar Account
SuperForex was founded in 2013 and is regulated by the International Financial Services Commission (IFSC). They operate globally and offer services in more than 150 countries.
Superforex Account Options
| 🔎 Account | 📈 Standard | 📉 Swap Free | 📊 No Spread | 📈 Micro Cent | ✅ ProfiT STP | ➰ Crypto |
| Account currency | USD, ZAR, | USD, ZAR, | USD, EUR, GBP | USD, EUR | USD, ZAR, | USD |
| Spreads | Fixed | Fixed | 0 | Fixed | 0 | Fixed |
| Minimum deposit | 1 USD / 1 EUR | 1 USD / 1 EUR | 100 USD / 100 EUR | 1 USD / 1 EUR | 500 | 100 USD |
| Open Account | 👉 Click Here | 👉Click Here | 👉Click Here | 👉Click Here | 👉Click Here | 👉Click Here |
Just Markets Versatile Broker With Zar Account
Overall, JustMarkets, previously known as JustForex can be summarised as a trustworthy broker that offers 0% deposit and withdrawal fees, low spreads, and a sign-up bonus of $30 / ZAR R460 offered to first-time traders.
A Zar trading account with JustMarkets can be opened with a minimum deposit amount of $1 USD / R16 ZAR. JustMarkets has a trust score of 95 out of 99.
JustMarkets Accounts
| 🔎 Account | 🎖 Standard | 🥈 Pro | 🥉 Raw Spread | ✅ Standard Cent |
| 💰 Min. Deposit | $1 USD / R16 ZAR | $100 USD / R1600 ZAR | $100 USD / R1600 ZAR | $1 USD / R16 ZAR |
| 📈 Leverage | 1:3000 | 1:3000 | 1:3000 | 1:1000 |
| 📉 Spread from | 0.3 | 0.1 | 0 | 0.3 |
| 💳 Commission | No | No | ✔ Yes | No |
| 🚀 Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here | 👉 Click Here |
Advantages of choosing a ZAR Trading Account
- avoid currency conversion fees
When you deposit or withdraw money in ZAR using a USD trading account, your broker or bank will add currency conversion costs in addition to possible commission. The USD/Zar rate they use will usually be inferior to the prevailing market rate.
If you are a high-volume trader, these losses may accumulate over time but with a Zar trading account you will bypass these costs.
- enjoy faster deposits and withdrawals
Your transactions will be processed faster as there are no currency conversions involved as is the case with a Zar trading account.
- enjoy legal protection
In the event that your broker files for bankruptcy, your funds will be safeguarded under South African law if they are held in a bank located in that country.
If you have a USD account with an international broker, this will not be the case.
- enjoy low minimum deposits
Zar trading accounts offer relatively low minimum deposits, so it’s an efficient option for all the new traders
Frequently Asked Questions on The Best Forex Brokers With Zar Accounts
A Zar account is a Forex trading account denominated in South African Rand (ZAR). It allows traders to deposit and withdraw funds in ZAR, rather than in a foreign currency.
HFM (formerly Hotforex) is the best Zar account broker by far.
You will avoid currency conversion fees and your transactions will be processed faster. You will also have low minimum deposit requirements.
The best and regulated forex that offers Zar accounts are
– HFM
– XM
– Exness
– Superforex
– Just Markets
You can choose one broker from the following brokers with Zar accounts:
– HFM
– XM
– Exness
– Superforex
– Just Markets
Yes, you can trade Forex with a Zar account. However, it is important to note that not all Forex brokers offer ZAR as a trading currency.
It is vital to choose a reputable Forex broker with a Zar account to ensure the safety of your funds. Look for brokers that are regulated by respected financial authorities and have a good track record in the industry.
Other Posts You May Be Interested In
7 Great Reasons Why Deriv Is The Best Forex Broker For South Africa 2024🚀
There are a lot of forex brokers out there but Deriv has risen to [...]
Read MoreLearn The Effective 123 Pattern Reversal Trading Strategy
The 123 pattern reversal trading strategy begins by identifying three main points. For example, in [...]
Read MoreTop 5 Best Forex Trading Apps in South Africa: (Updated 2024) 📱
With the advent of technology, forex trading apps in South Africa have made it easier [...]
Read MoreBrokers With The Best No Deposit Bonus In South Africa (2024) ☑️
What Is A No Deposit Bonus In Forex? The forex no deposit bonus is a [...]
Read MoreTop 5 Best Forex Brokers With Zar Accounts (2024) ✅
HFM (Formerly Hotforex) Best ZAR Account Forex Broker HFM is by far the best broker [...]
Read MoreFBS Pro Account Review
In this in-depth FBS Pro account review, we will explore the account's features, fees, advantages, [...]
Read More