Forex trading with the ZAR account is becoming popular. In South Africa, many young traders are investing in Forex. People realize the advantages of using a USD account. Yes, using a foreign broker with USD trading is beneficial. However, many new and retail traders don’t need fancy features. ZAR trading accounts would suffice for the needs of start-up traders.
Thus, in light of all the situations, we have seen ZAR brokers becoming popular. In our article, we will list and review Forex brokers with ZAR accounts in South Africa.
Forex brokers with ZAR accounts – Our picks
In our list, we have picked the best Forex brokers with ZAR accounts. Currently, there are a lot of brokers in the South African market. Thus, picking a few best ones is a challenging task. We have made our list based on our experiences with these brokers. All of the brokers in our list offer ZAR trading accounts.
Our list
Our list for top Forex brokers with ZAR accounts include;
- HotForex
- Blackstone Futures
- FXCM
- XM
- IQ Option
- markets
- Invest
You might not notice many top brokers on this list. This is because international/foreign brokers don’t offer ZAR trading accounts. Only South African brokers offer ZAR trading accounts.
You get a few considerable benefits like no transaction fees and local account management with ZAR trading accounts.
1. Hot Forex
Starting off our list is HotForex. HotForex is a local broker with robust features. HotForex aims to smooth down your Forex trading experience.
Minimum Deposit
The minimum deposit amount with HotForex is set at 5 USD. South African traders who open ZAR account would have to pay R75 as a minimum limit.
Regulation
HotForex is regulated by CySEC, FSC, FSCA, and CFTC. Thus, we can say that you will be safe trading with HotForex.
Trading Platform
The best thing about HotForex is that despite the low entry-level requirements, you are not missing any major features. HotForex offers an MT4 platform. MT4 is a premium trading platform used by most premium brokers.
Leverage
Leverage rates at HotForex are set at 1:500. These rates are average according to market standards.
2. Blackstone Futures
Blackstone Futures is one of the most famous local brokers. In every review rating, Blackstone Futures can top the charts.
Minimum Deposit
The minimum deposit with Blackstone Futures is R1000. The deposit limit is on the higher side of the spectrum.
Regulation
FSCA, DFSA, and FSC regulate Blackstone Futures.
Trading platform
Blackstone Futures operates on MT4. The platform is scheduled to update to MT5 soon.
Leverage
Blackstone Futures offer 1:400 leverage rates.
3. FXCM Brokers
FXCM is a professional-grade Forex broker aimed at institutional traders.
Minimum Deposit
The minimum deposit at FXCM is 50 USD for standard accounts. The pro accounts require deposits of at least 300 USD.
Regulation
The South African authority, FSCA, regulates FXCM.
Trading Platform
FXCM functions on Market makers. Market Makers does a decent job, but it is not as good as MT4.
Leverage
FXCM’s leverage rates are 1:400.
