Forex trading is quite flourishing in South Africa. South African traders might benefit from ZAR Forex Trading Accounts. This will assist you avoid losing money on currency conversion fees when making deposits or withdrawals.
All of your funds with the broker will be held in Rand if you have a ZAR Account. In most situations, this means the broker has a local bank account through which you may make quick and easy withdrawals and deposits by bank transfer.
However, there are now only a handful Forex Brokers with Zar accounts in South Africa. The majority of them claim to offer a trading environment and features that are similar in some way. Choosing the finest ZAR account broker is therefore difficult.
BEST FOREX TRADERS WITH ZAR ACCOUNTS:
HotForex has been named one of World Finance Magazine’s Top 100 Companies, and their honesty has been recognised by their industry colleagues and the financial industry as a whole.
HotForex has a reputation for providing a reliable, fair, secure, and transparent trading environment as a STP broker authorised by many major international organisations.
Deposits with HotForex are only accepted on weekdays, and there are some restrictions.
HotForex covers the fees for transactions of at least $250 USD and requires a minimum deposit of $50 USD. On a weekday, withdrawals are handled within 24 hours, however there are some restrictions.
- Blackstone Futures:
Trade Nation Financial Pty Ltd, a South African subsidiary of FINSA Europe, an FCA and ASIC authorised broker situated in London, UK, is the trade name of Blackstone Futures in South Africa. Blackstone Futures prides itself on being a STP-only broker, allowing for near-instant execution on both its ZAR and USD accounts.
Blackstone Futures does not charge a commission on any account, and as previously stated, the company offers a variety of instructional resources on its website.
Customer service is available Monday through Friday from 7 a.m. to 10 p.m., and Saturday and Sunday from 12 p.m. to 10 p.m.; the trading desk is open 24 hours a day, seven days a week. Blackstone Futures provides both MT4 and CloudTrade as trading platforms.
- Khwezi Trade
Khwezi Trade provides traders with a single account that is divided into four varieties based on the minimum deposit and services offered. On all accounts, free trading signals and technical analysis are available and supplied daily. A free trial account is also available.
The Demo Account is a 100,000 ZAR demo account that lasts 14 days and can be renewed by traders if they choose. Traders who create a demo account will have full access to Khwezi Trade’s customer service.
Khwezi Trade offers four account options, each with a different minimum deposit requirement. Higher minimum deposit amounts result in tighter spreads and more benefits.
Monthly promotions and prizes are also held by Khwezi Trade. Spreads are floating on all account types, and they can be as tight as 0 pips on VIP accounts.
There are no fees for deposits or withdrawals, and withdrawals are processed on a daily basis (weekdays only). There are no fines for inactivity. Beginner traders will benefit from Khwezi Trade, which provides daily analysis to all clients via email.
It is crucial for many South Africans to have a Forex broker with a ZAR account and choosing an account currency that is the same as their home currency has its advantages: traders avoid broker conversion fees, as well as the large conversion spreads that banks charge when making a wire deposit or withdrawal. Fund transactions between local banks are also a lot faster.