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HERE IS WHAT TO DO TO HAVE YOUR FOREX ACCOUNT IN ZAR

Best Forex Brokers With ZAR Accounts

Trading forex with forex brokers that offer ZAR accounts is a new and refreshing way of trading forex. It offers an alternative currency for those wishing to trade forex but who for some reason or another, have problems or difficulty accessing foreign exchange.

What is a ZAR account?

A ZAR account refers to a forex and CFD trading account that is funded and traded with the South African Rand. The Rand is the national currency of South Africa and it goes by the international standards designation of “ZAR”.


The South African Rand is used as legal tender in South Africa (parent country), Namibia, Lesotho, and Eswatini (formerly Swaziland). The last three countries have national currencies, but the Rand is also accepted as a means of exchange in those countries where it operates as a second currency. This allows traders in those countries to open and operate ZAR accounts with forex brokers in South Africa.


Forex brokers with ZAR accounts are brokers that offer traders the opportunity to open and operate forex accounts with the South African Rand. South Africa is the most advanced forex market in Africa, with a well-regulated market structure. This has allowed the proliferation of forex brokerage firms that allow for the operation of forex and CFD accounts that permit the use of the local currency; the so-called ZAR accounts.

Forex brokers & CFD platforms with ZAR accounts

Exness

Regulation: FSCA, FSC, FCA, CMA

Spreads: as low as 0.3 pips

Max. leverage: 1:Unlimited, Forex pairs: 107

Min. deposit: 190 ZAR/10$


Exness offers a real trading account from as low as 170 ZAR. The company features the two most popular trading platforms in the forex industry - MT4 and MT5. On the Exness standard accounts the spreads are very competitive starting from 0.3 and on proffesional accounts from 200 $ the spreads are starting from 0.0 pips. The company operates in South Africa via an entity that is regulated by the local financial regulator FSCA.

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CFD Service. Your capital is at risk.

Plus500

Regulation: FSCA, ASIC, FMA

Spreads: as low as 0.6 pips (Dynamic)

Max. leverage: 1:30, Forex pairs: 71

Min. deposit: 1 900 ZAR/100$

Plus500 features ZAR accounts, the minimum deposit here is 1500 South African Rand. The company is licensed in SA by the FSCA and supports trading (through CFDs) over 2 000 trading instruments, some of which SA traders can trade with up to 1:30 leverage. Plus500 charges competitive spreads that start from 0.6 pips and allows speculation on a couple of forex pairs with ZAR as well as on some SA stocks.

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CFD Service. Your capital is at risk.

XM.com

Regulation: FSC, ASIC

Spreads: as low as 0.6 pips

Max. leverage: 1:1000, Forex pairs: 55

Min. deposit: 94 ZAR/5$

XM.com features a ZAR trading account that starts from 70 South African Rand. XM.com is an internationally recognised brand that operates in SA via its entity that is licensed by FSC in Belize. The broker offers high leverage of up to 1:1000 and access to the world's most popular trading platforms - MT4 and MT5. XM also gives to South African traders a no-deposit bonus that is equivalent of 30 USD (T&Cs apply).

START TRADING

CFD Service. Your capital is at risk.

Benefits of Using Forex Brokers with ZAR Accounts

What are the benefits of using forex brokers with ZAR accounts?

You can directly trade ZAR against major currencies

FX brokers with ZAR accounts provide an interface for trading with a local currency that has international recognition and listing in the forex market. So rather than seek for expensive and hard-to-obtain foreign currencies to serve as the base currency for a forex account, the trader using a forex broker with a ZAR account uses the local currency which is already available to do this.


The South African Rand is paired with the US Dollar, Euro and British Pound on many forex platforms, thus providing local traders with exposure to some of the most liquid currencies on the market.

You save on transfer fees

By using a forex broker with a ZAR account, the trader saves on transfer fees, and other charges that would otherwise have been paid using foreign currency-based wire transfers. All that is needed to fund a ZAR-denominated forex account is a local deposit, using a local bank deposit or a card-based transaction.

You get access to World-Class regulation without the leverage restrictions

Nearly all brokers that feature ZAR trading accounts are regulated in SA by the FSCA that oversees the financial market. Which means that traders using forex brokers with ZAR accounts get access to the same calibre of market regulation that can be found in Europe and the UK, without the restrictive caps on leverage. This allows traders to trade forex and CFDs on regulated platforms, using lower margin requirements.


For instance, it is not uncommon to see forex brokers that offer ZAR accounts that provide access to up to 1:500, 1:1000 or 1: Unlimited leverage. This not only rivals the leverage seen on platforms in weakly regulated jurisdictions but also provides the added advantage of more robust regulation and trader protection (thanks to the FCA regulation).

FAQ - Forex brokers with ZAR accounts

Minimum Deposits on ZAR Accounts

Most of the forex brokers that offer ZAR accounts peg the minimum deposit for trading at 2,500 rands. There are minor differences in the amounts from broker to broker, but the sum of 2,500 rands is a general average. This account size offers the equivalent of a micro account, which is suitable for traders who are making the transition from a demo account to a live trading account.


Who Can Trade With ZAR Accounts?

Anyone with access to the South African Rand as a currency or medium of exchange can have access to these accounts. The ZAR is used in several countries in Southern Africa. Also, if a foreigner has access to a bank account that is denominated in South African Rands, then such a person can access a forex brokerage account with the ZAR as the currency of trade. Also, anyone who has an account in South Africa with access to a bank-linked debit card (not virtual) can trade on FX brokers that provide ZAR accounts. With all of this being said, there can be some FX brokers that limit using ZAR accounts only to South African traders.

Conclusion

The use of a ZAR account allows for access to those in Africa and those who live outside but have access to South African payment channels, to trade forex. There are several FX brokers with ZAR accounts with whom trading can be conducted. Such brokers are usually licensed by the Financial Sector Conduct Authority (FSCA), which is the agency that took over from the FSB in the regulation of the South African forex market.