The forex market is witnessing a huge influx of traders each day. Subsequently, Forex brokers are fighting tooth and nail to gain as much user base as possible.
In this article, we will discuss the Forex brokers with ZAR accounts.
First, look at some information about ZAR accounts and what advantages you are likely to get.
What is a ZAR account?
A ZAR account is a local South Africa Forex trading account that holds your money in ZAR instead of any foreign currency or USD.
Locally based South African brokers monitored by the FSCA are bound by the laws to offer ZAR accounts to South African citizens.
There are several advantages of opening a ZAR account. First of all, your capital is not going to take a hit. It doesn't matter if the price of ZAR increases or decreases against the USD. Your funds will remain the same. Secondly, your funds are stored locally. Thus, you don't have to worry about an international broker stealing your funds and disappearing into thin air. Another advantage of opening a ZAR account is that you can start with a lesser amount of money than USD accounts.
Best brokers with ZAR accounts
Here is a list of the best brokers in South Africa that offer ZAR accounts.
HotForex is a decent overall performing broker in South Africa. You can use HotForex for all types of trading needs.
HotForex is regulated by the South African authority FSCA. The minimum deposit limit of HotForex is 70R. Bonus offer of HotForex is currently getting a lot of attention. HotForex offers a 100 percent bonus for new traders.
Thus, you will not be missing out on anything if you choose HotForex.
HotForex doesn't charge any deposit or withdrawal fee for South African traders. HotForex has a responsive customer support and live chat system.
Exness is often praised for its lower ceiling for new traders. Exness brings the same convenience for local brokers as well. You can start trading on Exness with as little as R15, equal to 1USD. You will not find a ZAR account broker with lower than R15 deposit limits.
The customer support of Exness is not very responsive.
XM broker is a very robust broker. XM allows users to start trading with lower amounts of R75. ASIC and CySEC regulate it.
XM is one of the top-rated brokers. If you are looking for a broker with tight spreads and ZAR accounts, XM is considerably the best option you can find in South Africa.
Frequently asked questions
Following are some questions that users ask about ZAR trading accounts;
Am I obligated to open a ZAR account in South Africa?
No, the government obliges the traders to open a ZAR account.
Can I open ZAR and USD account with the same broker?
No, you can only make one account with a broker at a time.
Forex trading is getting a lot of popularity in South Africa. ZAR accounts are also becoming popular among new traders. Hence, our article will help our readers to choose a ZAR trading account broker.