The South African Rand (ZAR) is one of the leading currencies in Africa, and it is offered to trade online by a wide range of brokers all over the world. In addition, some brokers allow you to open your trading account in the ZAR currency, giving you the convenience and flexibility, especially if you are based in South Africa. Despite the popularity of the currency, and the wide choice of brokers in the industry, some brokers offer far more ZAR features than others. The brokers reviewed in this post are recognized as the most reputable firms offering ZAR accounts and trading options. They also offer effective trading tools, comprehensive educational resources, intuitive trading platforms and top customer support, enabling people to trade the ZAR together with a wide range of other major currencies like the US dollar, the euro, and many other assets. Let us take a look at the top brokers with ZAR accounts.
EasyMarkets
EasyMarkets is one of the top brokers offering ZAR accounts for its users. This broker has always focused on simplifying the trading process for traders all over the world. Although EasyMarkets is regulated by both the CySEC and ASIC, it is one of the leading brokers that offer forex trading in South Africa.
With this platform, you can trade a wide range of financial assets, including forex, shares, cryptocurrencies, metals, commodities, and indices. You can also trade some of these assets as CFDs or options.
EasyMarkets deploys four powerful trading platforms:
- MetaTrader 4
- MetaTrader 5
- EasyMarkets platform
- Vanilla Options
Each of the trading platforms comes equipped with numerous trading tools and resources like price charts, market analysis, market news, fixed spreads, negative balance protection, and more.
EasyMarkets caters to the trading needs of different traders and it offers 3 trading account types including the Standard, Premium and VIP accounts. The minimum deposit requirement is $100. Each account type has tailored features such as a personal account manager, fixed spreads, deposit and withdrawal options and much more. You can also open your account in a wide range of currencies including the South African rand (ZAR), US dollar, AUD, CAD, NOK, SEK and many more. In addition, traders can trade the leading ZAR currency pairs such as the USD/ZAR, EUR/ZAR, GBP/ZAR, and more. To ensure ease of use, Easy Markets has numerous safe and secure deposit and withdrawal options and also 24/5 customer support.
Read the full Easy Markets Review here
| Pros | Cons |
| Supports both MT4 and MT5 platforms | Customer support is not available 24/7 |
| Allows people to operate forex accounts with ZAR | |
| Supports trading of various assets including crypto, FX, equities, commodities, metals, and indices | |
| Safe and secure banking options | |
| Supports up to 12 base currencies | |
| Offers fixed spreads |
IC Markets
One of the leading global brokers that offer ZAR accounts is IC Markets, which is based in the Seychelles. This broker offers an all-inclusive trading environment and they have been providing exceptional services for years, intending to bridge the gap between retail and institutional investors in the financial markets. This broker is authorized and regulated by the CySEC and the Financial Services Authority of Seychelles.
To make the trading process of the South African trader easier, IC Markets supports a wide range of trading platforms. The trading platforms supported by this broker include MT4 (app, web, and mobile), MT5 (app, web, and mobile), and cTrader (App, web, and mobile). These trading platforms come with effective and advanced trading tools and resources and traders also have access to an education center, market analysis, charting tools, and more. They also have dedicated trading servers to ensure that users do not get affected by poor server connection from the site.
IC Markets offers access to a demo trading account as well as standard and Islamic account types. The standard account offers 1:500 leverage, deep liquidity, no commissions, fast order execution and much more. Traders can also trade a wide range of assets including forex, commodities, indices, cryptocurrencies, bonds, futures and stocks.
Read the full IC Markets review here
| Pros | Cons |
| Supports ZAR accounts | No negative balance protection |
| It is a regulated broker | Not a wide range of account types available |
| IC Markets offers access to various financial markets | |
| They support the MT4, MT5, and cTrader platforms | |
| Free deposits and withdrawals | |
| An IC Markets demo account is available for all traders | |
| Offers safe and secure banking options |
Plus500
As one of the most popular forex brokers in the online trading world, traders can enjoy ZAR accounts when they partner with Plus500. This leading broker has always worked with the ethos of reliability, simplicity, and innovation. The UK-regulated company now has a global outreach, and it is one of the best brokers offering access to a ZAR account. Plus500 is authorised and regulated by the Israel Securities Authority and it is also a UK FTSE 250 company listed on the London Stock Exchange’s Main Market for Listed Companies.
On Plus500, users get access to hundreds of financial instruments under asset classes like forex, crypto, indices, equities, commodities, bonds, options, and ETFs. To trade these assets, Plus500 supports the WebTrader platform. This platform has a wide range of tools and benefits such as an easy-to-use interface, price charts, market news, demo accounts, market analysis, education center, and more. Since it is web-based, the platform does not require download or installation and it operates seamlessly with all mobile and computer devices.
Similar to the other brokers in this review, Plus500 offers ZAR accounts to its traders. Traders in South Africa can operate their Plus500 accounts in their local currency. Thanks to the secure payment options available, users can easily deposit and withdraw their funds in the currency of their choice. Plus500 offers tight spreads, no commissions, leverage of up to 1:100 and fast and reliable order execution.
Read the full Plus500 review here
| Pros | Cons |
| Supports ZAR accounts | Customer service availability is not 24/7 |
| Offers tight spreads on assets | Limited trading and education resources |
| Zero commissions on trades | No corporate accounts available |
| Offers CFDs for various assets like FX, crypto, equities, and more | |
| Supports multiple base currencies | |
| Has a secure and safe payment system | |
| Fast order execution |
AvaTrade
AvaTrade is a leading broker offering its services to traders worldwide. This regulated broker has been around since 2006, and it was created with the goal of perfecting the online experience for individual traders around the world.
On AvaTrade, traders have access to thousands of financial instruments, including forex, cryptocurrencies, ETF, commodities, shares, and bonds. To support its wide range of assets and trading products, AvaTrade has numerous trading platforms, including the MT4, MT5, AvaOptions, WebTrader, Mac Trading, AvaTradeGO, and mobile trading. These trading platforms all come with various features to support the trading of financial assets. With AvaTrade, Muslim traders are not left out as they also offer Islamic accounts which are based on Sharia laws.
South African traders can trade their local currency against a basket of leading currencies with AvaTrade. They can also trade other major FX pairs like the EUR/USD, USD/JPY, GBP/USD, EUR/JP, and more. To make it easier for them to trade profitably, AvaTrade allows South African traders to deposit and withdraw their funds in their local currency. The payment system on the network is safe and secure and they offer professional customer support.
Read the full AvaTrade review here
| Pros | Cons |
| Has a dedicated domain for ZAR accounts | Limited educational materials |
| Supports a wide range of platforms like the MT4 and MT5 | Not available in some countries |
| Demo accounts are available | |
| Multilingual customer support | |
| Islamic account is available |
The Pros of Having a ZAR account
When it comes to online assets trading, making sure you have access to effective tools and features is vital. Partnering with brokers that offer the services you need to match your trading needs will make it easier to become a profitable trader. As such, trading with brokers with ZAR accounts offer various benefits to traders as follows:
- Easier Deposits and Withdrawals: When you open a ZAR account as a trader residing in South Africa, it becomes easier for you to deposit and withdraw your funds. This is because the brokers with ZAR accounts allow you to deposit funds and withdraw them in your local currency. You do not have to go through the stress and cost of converting your money to other major currencies like the EUR and USD. As a result, you avoid the conversion fees charged by banks and other financial institutions. The brokers link your brokerage account to your bank account, which means you get to deposit and withdraw funds in rands, with little stress. Using a ZAR account makes it easier for you to transact and it saves you the extra charges for converting currencies compared to when you use brokers that do not offer ZAR accounts.
- Start Trading Instantly: The brokers with ZAR accounts make it easier to open a trading account with them. They allow South African traders to open an account in their local currency instantly, with zero hassles since they are using their local currencies for operations. When opening accounts that use foreign currencies as the denomination, traders might encounter certain restrictions, which are sometimes put in place by authorities in some countries. As such, to enjoy prompt and easy trading, it is best to open a ZAR account and trade global financial assets without any hassle.
- Lower Risk: Traders that hold ZAR accounts enjoy the benefit of lower risk compared to those who other currency accounts. This is because, as a ZAR account holder, a trader will not be affected by the exchange rate risk associated with other currencies for both deposits and withdrawals of funds. A ZAR account is an excellent way to trade financial assets and to earn the full profits in your local currency without exchange rates reducing or affecting your trading capital and profit.
Should You Open a ZAR Account?
Opening a ZAR trading account is helpful to South African traders in many ways. To start with, using their local currency to deposit and withdraw funds makes it easier and much cheaper. In addition, they are not affected by the conversion charges they would encounter when they deposit or withdraw in other currencies. They also will not be affected by the constantly changing exchange rate between ZAR and other leading currencies. Secondly, when it comes to converting South African rands t other foreign currencies, traders will need to abide by the laws of the country as well as any tax laws. This could delay the opening of the account as well as limit the amount of trading capital the trader will be able to use. When it comes down to withdrawing one’s profits, questions might be asked by the South African authorities regarding the incoming funds. In addition, if you are interested in trading ZAR, most brokers will offer many ZAR currency pairs as well as many other major FX pairs like the USD/JPY, EUR/USD, and more. The low fees, convenience and flexibility are some of the many top reasons why you should open a ZAR account with the leading brokers in the industry.
Summary
Regarding forex trading in South Africa and around the world, opening a ZAR account is one of the best things to do. The benefits, as highlighted above, will allow people to trade with ease and comfort. Amongst the forex brokers offering this service to traders in South Africa and worldwide, the above-reviewed brokers offer some of the best ZAR accounts to traders. They also offer intuitive trading platforms that are easy to use, provide users’ access to hundreds of financial assets, offer a wide range of trading tools and educational resources, support multiple deposit and withdrawal options and also offer professional customer service.
