7 Best Forex Brokers with ZAR Accounts

Founded in 2014 and headquartered in the UK, Tickmill has emerged as a newcomer in the field of forex trading. With over a decade of development, the Tickmill Group now boasts more than 250 employees and over 327,000 clients. The broker is regulated by multiple financial institutions, including FCA, ASIC, CYSEC, and FSCA, with FSCA license number 49464. Here are key details about this broker:

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FSCA No.	49464
Regulation	FCA, CySEC, FSCA, LFSA
Office in South Africa	The Pavilion CNR Dock & Portswood   Road, V&A Waterfront, Cape Town.
ZAR Account	Available
Market Instruments	Options, Currencies, Stocks, Crypto,   Bonds, Indices, Commodities, Futures
Max. Leverage	1:500
EUR/ USD Spread From	0
Trading Platforms	MT4, MT5
Min. Deposit	$100
Deposits & Withdrawals Options	Bank wire transfer, Crypto payments, Credit/debit   cards (Visa, Mastercard), Skrill, Neteller
Customer Support	24/5 Live Chat, Email, Phone
Demo Account	Available for 30 days
Inactivity Fee	No

Reasons for Recognition: Tickmill stands out for its rich content in investor education resources. It provides dedicated glossaries for beginners, numerous videos, infographics, and several e-books covering topics from fundamental knowledge to more complex issues like trading psychology, helping beginners quickly grasp the forex market. Additionally, the broker recommends over 100 video tutorials and 800 educational webinars, covering a wide range of topics for both beginners and professionals. Traders can also benefit from webinars conducted in multiple languages. Meanwhile, Tickmill excels in trading experience, with its trading execution speed, transaction costs, and third-party plugins laying the foundation for its rapid growth. Tickmill also has local offices in South Africa, providing great convenience for local traders.

Advantages:

High-quality educational resources catering to both beginners and professionals.

Ultra-fast execution speed, with an average order speed of around 20 milliseconds, suitable for high-frequency and precision trading.

Competitive trading costs, especially with its Pro and VIP accounts offering spreads below average and the industry's lowest fixed commissions.

Offers third-party platforms like CQG and AgenaTrader, allowing traders to engage in futures and options trading.

Disadvantages:

Lacks a proprietary trading platform developed in-house.

High entry barrier for VIP accounts, requiring a minimum balance of $50,000.

Founded in 2008 and headquartered in Limassol, Cyprus, Exness has offices in Asia and Europe, boasting over 2,000 employees and more than 400,000 active clients, with a monthly trading volume of $4.5 trillion. The broker is regulated by multiple financial institutions, including FCA, CYSEC, FSCA, and FSA, with an FSCA license number 51024. Here are key details about this broker:

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FSCA No.	51024
Regulation	FCA, CYSEC, FSCA, FSA
Office in South Africa	307&308 North Wing, Third Floor,   Granger Bay Court V & A Waterfront, Capetown
ZAR Account	Available
Market Instruments	Currencies, Stocks, Crypto, Indices,   Commodities
Max. Leverage	1:2000 and unlimited leverage is   available if certain conditions are met
EUR/ USD Spread From	0
Trading Platforms	MetaTrader 4, MetaTrader 5, Proprietary platform
Min. Deposit	$10
Deposits & Withdrawals Options	Wire Transfer, Cryptocurrencies,   Neteller, Webmoney, Skrill, QIWI, Credit Card, PerfectMoney
Customer Support	24/5 Live Chat, Email, Phone
Demo Account	Available for 30 days
Inactivity Fee	No

Reasons for Recognition: Exness provides a default leverage of 1:2000, an exceptionally high level of available leverage. Traders can even access unlimited leverage after meeting certain trading conditions (the net value of the trading account must be less than $1,000, and traders must close at least 10 positions and 5 lots or 500 cents per lot across all real accounts). This high leverage can be a double-edged sword but is favored by certain traders. For standard and standard cent accounts, Exness operates as a market maker broker, setting buy and sell prices internally and automatically accepting the opposite side of client trades, potentially leading to conflicts of interest. Exness also has local offices in South Africa, providing great convenience for local traders.

Advantages:

Offers generous leverage, allowing traders to use customizable leverage based on their needs.

Free VPS hosting is available upon meeting conditions, suitable for advanced traders and those using automated trading strategies.

Provides five different account types, offering a rich selection for traders. Accounts can be denominated in 45 different base currencies, including ZAR, catering to traders worldwide without the need for currency conversion.

Disadvantages:

Educational content for beginners is not as comprehensive.

Relatively fewer products in the stocks category.

Founded in 1999 in London, FXCM is one of the earliest retail forex brokers and a pioneer in introducing online currency trading to the mainstream. Currently owned by the financial services giant Jefferies Financial Group, with assets exceeding $51 billion, the broker is regulated by multiple financial institutions, including FCA, ASIC, CYSEC, and FSCA, with an FSCA license number 46534. Here are key details about this broker:

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FSCA No.	46534
Regulation	FCA, ASIC, CYSEC, FSCA
Office in South Africa	114 West Street, 6th Floor, Katherine   & West Building, Sandton, 2196, Johannesburg, South Africa.
ZAR Account	Available
Market Instruments	Currency pairs, Precious metals,   Commodities, Global stock indices, Treasury bonds
Max. Leverage	1:400
EUR/ USD Spread From	0
Trading Platforms	MT 4, TradingView, Capitalize.AI, Trading   Station(FXCMs flagship platform)
Min. Deposit	$50
Deposits & Withdrawals Options	Credit Card, Bank Wire, PayPal, Google   Pay, Apple Pay, Open Banking, etc
Customer Support	24/5 phone, email, live chat
Demo Account	Available for unlimited duration   (expires after 30 days of inactivity)
Inactivity Fee	Yes

Reasons for Recognition: FXCM is dedicated to automated trading solutions, specifically tailored for professional traders and institutional clients. FXCM provides four free API solutions, allowing traders to develop automated trading solutions that communicate directly with the FXCM trading server. VPS services ensure the continuous and effective operation of automated trading solutions. In terms of trading costs, the spreads in standard accounts are at industry-average levels, and traders can access more competitive spreads through the Active Trader account type. Additionally, FXCM has local offices in South Africa, providing great convenience for local traders.

Advantages:

Robust algorithmic trading resources.

Advanced trading platforms.

Offers low-cost structures based on commissions and quantity-based rebate programs.

Provides unique trading tools such as trading baskets of forex and stocks.

Disadvantages:

Limited selection of offered contracts for difference (CFDs).

Currency conversion fees are slightly higher, with most traders paying a markup of 150 pips.

Registered in Cyprus in July 2006, FxPro has executed over 600 million orders since its establishment, serving more than 1.8 million clients in 173 countries/regions. The broker is regulated by multiple financial institutions, including FCA, CySEC, FSCA, and SCB, with an FSCA license number 45052. Here are key details about this broker:

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FSCA No.	45052
Regulation	FCA, CySEC, FSCA, SCB
Office in South Africa	No
ZAR Account	Available
Market Instruments	Forex, Stocks, Futures, Indices, Metals,   Energies, Cryptocurrencies
Max. Leverage	1:500
EUR/ USD Spread From	0.2 pips
Trading Platforms	MT4/ MT5/ cTrader/ Proprietary
Min. Deposit	$100
Deposits & Withdrawals Options	Wire Transfer, Local Deposit, Broker to   Broker, Credit Card, Visa, Mastercard, etc
Customer Support	24/5 phone, email, live chat
Demo Account	Available for 180 days
Inactivity Fee	Yes

Reasons for Recognition: FxPro is a true No Dealing Desk (NDD) broker, offering excellent market access opportunities for all types of traders. As all client trades with FxPro are executed without dealer intervention, their order execution speed is exceptionally fast, with most orders executed within 13 milliseconds. In other aspects, FxPro excels as well. They offer over 2,100 trading instruments, including futures and cryptocurrency CFDs, surpassing industry averages by far. The unique FxPro Wallet facilitates quick and easy transfers within accounts. High-quality educational resources and research tools help maintain their leading position in the industry. The only drawback is that FxPro does not have local offices in South Africa.

Advantages:

No dealing desk intervention, fast order execution.

Multiple trading platform options, including cTrader, MT4, MT5, and FxPro's proprietary solutions.

FxPro VPS service benefits forex traders managing accounts with automated trading solutions.

Offers up to a 30% discount for active traders.

Disadvantages:

Elite account has a slightly high entry barrier, with a minimum deposit of $30,000.

Inactivity fee: a fee is charged after 6 months of no trading.

Established in 2011, FXTM is a global forex and contract for difference (CFD) broker headquartered in Limassol, Cyprus. The broker is regulated in multiple jurisdictions, with offices in Europe, Africa, Asia, and Latin America, boasting over 800 employees. To date, they have served 4 million clients in 180 countries. FXTM is regulated by several financial institutions, including FCA, CYSEC, FSC, and FSCA, with an FSCA license number 46614. Here are key details about this broker:

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FSCA No.	46614
Regulation	FCA, CYSEC, FSC, FSCA
Office in South Africa	No
ZAR Account	Available
Market Instruments	Forex, Commodities, Indices, Shares,   Cryptocurrencies
Max. Leverage	1:1000
EUR/ USD Spread From	0
Trading Platforms	MetaTrader 4, MetaTrader 5, FXTM Trader
Min. Deposit	Micro: $50	Advantage,   Advantage Plus:$500
Deposits & Withdrawals Options	Credit/Debit Cards, Bank Wire, E-wallets
Customer Support	24/5 Live Chat, Email, Phone
Demo Account	Available
Inactivity Fee	Yes

Reasons for Recognition: FXTM offers traders a variety of account types, including spread-based Micro and Advantage Plus accounts, as well as commission-based Advantage accounts. The latter makes FXTM one of the most cost-effective forex brokers globally. Additionally, the broker has a unique social trading platform called FXTM Invest. On this platform, novice traders can replicate verified strategies of experienced experts, while seasoned traders can share their strategies and earn a share of profits. Unfortunately, FXTM does not have local offices in South Africa.

Advantages:

Cost-effective trading fees for commission-based accounts, ideal for high-frequency traders and scalpers.

User-friendly proprietary mobile application.

Advanced social trading platform, FXTM Invest.

Excellent performance in market analysis, with an in-house team providing insightful daily articles covering fundamental and technical analysis.

Disadvantages:

Limited selection of commodity and index CFDs.

Higher trading costs for spread-based accounts.

Founded in 2005 and headquartered in Australia, FP Markets currently serves clients from over 80 countries with a daily trading volume exceeding $1 billion. The broker is regulated by multiple financial institutions, including ASIC, CySEC, and FSCA, with an FSCA license number 50926. Here are key details about this broker:

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FSCA No.	50926
Regulation	ASIC, CySEC, FSCA
Office in South Africa	No
ZAR Account	Available
Market Instruments	Forex, Indices, Commodities, Metals, Shares,   ETFs, Bonds, Cryptocurrencies
Max. Leverage	1:500
EUR/ USD Spread From	0
Trading Platforms	MetaTrader 4, MetaTrader 5, cTrader, Iress
Min. Deposit	$100
Deposits & Withdrawals Options	Bank Wire Transfer, Credit/Debit Card,   Skrill, Neteller, POLi, FasaPay, China Union Pay, BPay, PayPal
Customer Support	24/7 Live Chat, Email
Demo Account	Available for unlimited duration
Inactivity Fee	No

Reasons for Recognition: FP Markets provides 24/7 customer support for traders. Through our testing, we found that the broker's customer service response is exceptionally fast, and the provided answers are of high quality. They also offer multilingual support in 12 different languages, including Dutch. In addition to excellent customer support, FP Markets excels in trading, offering competitive commission-based cost structures, premium trading tools, deep liquidity, and fast order execution. Operating on a No Dealing Desk (NDD) basis, the broker ensures optimal order execution with the best quotes, suitable for executing large volumes and high-frequency trading strategies. Although FP Markets lacks a proprietary platform, it supports widely popular MetaTrader 4 & 5 and cTrader. Algorithmic traders can utilize FP Markets' VPS hosting for smooth and uninterrupted operation of their systems. Unfortunately, FP Markets does not have local offices in South Africa.

Advantages:

Outstanding customer support with fast 24/7 response and support in 12 languages.

Competitive commission-based cost structures.

Fast order execution.

FP Markets offers value-added services, including VPS hosting for automated trading solutions, MT4 Myfxbook service for copying trades, and MT4 MAM/PAMM modules for retail account management.

FP Markets Trader's Hub provides daily research and trading ideas in high-quality formats.

Disadvantages:

Different trading instruments are allowed on various trading platforms, with a limited number of stocks tradable for most traders. MT4/MT5 traders can choose from 250 trading instruments, including a small number of stock CFDs; the Iress platform offers over 10,000 stock CFDs and some futures contracts, but it is subject to geographical restrictions and involves non-trading-related fees.

Founded in 1974 in London, IG is one of the oldest brokers with a rich history. Currently, IG has over 300,000 clients and offices across five continents. Its owner, IG Group Holdings PLC, is listed on the London Stock Exchange with a market capitalization exceeding £2.5 billion. The broker is regulated by multiple financial institutions, including ASIC, FSA, DFSA, FCA, NFA, FMA, and MAS, with an FSCA license number 41393. Here are key details about this broker:

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FSCA No.	41393
Regulation	ASIC, FSA, DFSA, FCA, NFA, FMA, MAS
Office in South Africa	The Place 1 Sandton Drive Sandton
ZAR Account	Available
Market Instruments	Currency pairs, Commodities, Indices,   Stocks, Financial spread betting
Max. Leverage	1:200
EUR/ USD Spread From	0
Trading Platforms	IGs custom-built web platform and   mobile app, MT4, ProRealTime, L2 Dealer,
Min. Deposit	£250
Deposits & Withdrawals Options	Bank wire, Debit card, Wise, PayPal
Customer Support	24/7 phone, email, live chat
Demo Account	Available for unlimited duration
Inactivity Fee	Yes

Reasons for Recognition: IG stands out as the most comprehensive forex broker in terms of trading instruments, platform options, trading costs, and educational resources. The broker provides an excellent range of tradable instruments, surpassing industry averages. IG's overall trading costs are better than the industry average. IG's 24/7 customer service is highly efficient, allowing clients to contact support through live chat, phone, or email from 8 am on Saturday to 10 pm on Friday, UK time. Additionally, IG has local offices in South Africa, providing great convenience for local traders.

Advantages:

Offers over 18,000 assets, covering stocks, forex, commodities, baskets, futures, options, and more.

Orders are executed through Straight Through Processing (STP), providing better execution.

Rebate promotions for active traders with CFD accounts; DMA accounts offer more favorable trading costs.

IG's educational tools surpass those of any other online broker, catering to traders at all levels: Beginner, Intermediate, and Advanced.

Disadvantages:

Higher trading costs for infrequent traders.

IG does not offer social (copy) trading through its web-based interface. Backtesting and automated trading features are only available through third-party applications.

Dormant accounts inactive for 24 consecutive months incur a monthly £12 inactivity fee.

ZAR is the currency code for the South African Rand. The South African Rand is the official currency of South Africa and is issued by the South African Reserve Bank.

A South African Rand (ZAR) trading account refers to a forex trading account denominated in the South African currency, the Rand (ZAR). This type of account allows traders to engage in trading, deposits, and withdrawals in the forex market with ZAR as the base currency. The typical features of a South African Rand trading account are similar to other currency trading accounts, involving the trading of various forex currency pairs, commodities, and indices. Traders can use leverage to participate in market fluctuations and seek profits by buying and selling currency pairs. For South African traders, utilizing such an account helps reduce the complexity and costs associated with currency exchange. Additionally, there are various benefits associated with using this type of account, which will be detailed further below.

The availability of a ZAR account with a forex broker is crucial for South African traders, and here are the benefits associated with using a ZAR account:

Simplified Trading Process, Avoidance of Exchange Rate Risks: Utilizing a ZAR account eliminates the need to convert funds into other currencies during trading, reducing the complexities associated with cross-currency transactions. Furthermore, avoiding currency exchange also mitigates the impact of exchange rate fluctuations on the investment portfolio, providing an advantage for South African traders seeking to minimize currency risk.

Reduced Trading Costs: Some brokers may charge fees when converting currencies. Using a ZAR account, and thus trading directly with the South African Rand as the base currency, eliminates additional currency conversion costs, thereby lowering overall trading expenses.

Improved Financial Transparency: Holding a ZAR account enhances financial record-keeping clarity, as all transactions and fund flows are denominated in South African Rand. This aids in better tracking and management of the investment portfolio.

Easier Local Deposits and Withdrawals: With a ZAR account, South African traders can conveniently make local deposits and withdrawals without navigating complex international transfer processes, enhancing flexibility and convenience.

Enhanced Tax Management: For South African residents, using a ZAR account may facilitate easier tax management since fund flows and transactions are based on the local currency, aligning with local tax regulations.

Adaptation to Local Market: If South African traders primarily focus on the local market or have connections with local businesses, using a ZAR account may be advantageous for adapting to the characteristics and opportunities of the local market.

In order to operate legally in South Africa, brokers must obtain authorization from the Financial Sector Conduct Authority (FSCA), the national regulatory body. Being authorized by the FSCA is considered a positive attribute for brokers and provides legitimacy for forex traders. However, some brokers regulated outside South Africa still offer forex trading services to local residents. Traders should carefully examine the regulatory status of forex brokers.

To verify whether a forex broker is regulated in South Africa, visit the FSCA website and click on “Regulated Entities,” then select “Search for Financial Service Providers.” Enter the broker's name or FSP number in the search bar. If the broker is regulated, its name and license number will appear in the search results, and you can click on the name to view detailed regulatory information.

WikiFX focuses on researching the regulatory status of brokers. Through on-site inspections, expert interviews, and other methods, we verify the regulatory status of each broker, selecting those under high-quality regulation to create a secure trading environment for investors. For more details, please visit wikifx.com or download the WikiFX app.

Brokers regulated by the Financial Sector Conduct Authority (FSCA) must adhere to strict regulatory requirements aimed at protecting the interests of traders. Brokers regulated by the FSCA are obligated to comply with rules and regulations governing their operational practices and handling of client funds. These rules are designed to ensure that broker behavior aligns with the best interests of clients and safeguards traders' funds in the event of broker insolvency. In contrast, brokers regulated offshore may not be subject to regulatory oversight at the same level as those regulated by the FSCA.

Yes, you can trade with brokers not regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. However, it is important to note that trading with unregulated or offshore brokers comes with additional risks. These brokers may not be subject to the same level of regulation as FSCA-regulated brokers and may not provide the same level of protection for traders.

Yes, any profits from forex trading are subject to capital gains tax. It is important to note that forex trading can be a complex and risky investment. Understanding the tax implications of forex trading and consulting with a tax advisor is crucial.