HERE IS WHAT TO DO IF YOU LIVE IN SA AND WANT TO HAVE AN FX 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
Regulation: FSCA, CySEC, FCA, ASIC
Spreads: as low as 0,6 pips (Dynamic)
Max. leverage: 1:300, Forex pairs: 71
Min. deposit: 1 500 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 with up to 1:300 leverage. Plus500 charges competitive spreads and allows speculation on EUR/ZAR, USD/ZAR, GBP/ZAR and as well as on some South African stocks.
CFD Service. Your capital is at risk.
Regulation: FSCA, IFSC, FCA, CySEC
Spreads: as low as 0,3 pips
Max. leverage: 1:2000, Forex pairs: 107
Min. deposit: 15 ZAR/1$
Exness offers a real trading account from as low as 15 ZAR. The company features the two most popular trading platforms in the forex industry – MT4 and MT5. Traders from SA can trade at Exness with extremely high leverage ranging up to 1:2000. The company operates in South Africa via an entity that is regulated by the local financial regulator FSCA.
Regulation: IFSC, FCA, CySEC, ASIC
Spreads: as low as 1,0 pip
Max. leverage: 1:888, Forex pairs: 55
Min. deposit: 70 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 IFSC in Belize. The broker offers high leverage of up to 1:888 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.
Benefits of Using Forex Brokers with ZAR Accounts
What are the benefits of using forex brokers with 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.
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.
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 have to be 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.