Any good forex brokers with ZAR Account?
Exness, Tickmill, FXTM, Scope Markets are international forex brokers that offer ZAR account to traders in South Africa.
Then there are local South African brokers IFX Brokers & JP Markets that have ZAR accounts.
All these brokers that I've mentioned above are FSCA regulated with approved ODP license. Don't trade with any unregulated broker even if they offer Rand base currency accounts.
Verify the ODP status from here: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP
Then there are brokers HFM, XM, Plus500, Vault Markets etc. All of them have ZAR base currency accounts, and valid FSP, but they are not approved ODPs.
You should do your due diligence & check which broker is suited for your trading. For example, you may be seeking lowest fees on index CFDs like on DAX or US30, in which case some brokers would be automatically ruled out.
Consider the conversion charges:
Also, when you have account in ZAR, brokers normally charge currency conversion fees on each trade, which brokers sometime call back to base charge. See attached image.
Essentially it means if you are trading a currency pair or instrument in a currency other than your base currency, the broker will charge you a fees every time.
So, consider this fees when you are opening your trading account in Rand. Because if you trade EUR/USD for example, which is calculated in USD, when converting your P&L to ZAR, your broker could charge you extra fees.
Exness, Tickmill, FXTM, Scope Markets are international forex brokers that offer ZAR account to traders in South Africa.
Then there are local South African brokers IFX Brokers & JP Markets that have ZAR accounts.
All these brokers that I've mentioned above are FSCA regulated with approved ODP license. Don't trade with any unregulated broker even if they offer Rand base currency accounts.
Verify the ODP status from here: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP
Then there are brokers HFM, XM, Plus500, Vault Markets etc. All of them have ZAR base currency accounts, and valid FSP, but they are not approved ODPs.
You should do your due diligence & check which broker is suited for your trading. For example, you may be seeking lowest fees on index CFDs like on DAX or US30, in which case some brokers would be automatically ruled out.
Consider the conversion charges:
Also, when you have account in ZAR, brokers normally charge currency conversion fees on each trade, which brokers sometime call back to base charge. See attached image.
Essentially it means if you are trading a currency pair or instrument in a currency other than your base currency, the broker will charge you a fees every time.
So, consider this fees when you are opening your trading account in Rand. Because if you trade EUR/USD for example, which is calculated in USD, when converting your P&L to ZAR, your broker could charge you extra fees.
Almost all FSCA regulated forex brokers allow you to open ZAR Accounts. But if you are looking for the best of the best then in my opinion names like Tickmill, AvaTrade, IG & Easy Markets are worth mentioning.
Almost all FSCA regulated forex brokers allow you to open ZAR Accounts. But if you are looking for the best of the best then in my opinion names like Tickmill, AvaTrade, IG & Easy Markets are worth mentioning.
AvaTrade & Easymarkets have ZAR accounts but they don't have ODP license, they are not approved as ODP by FSCA.
I just checked this to confirm, and both these brokers are not in their list: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP
Yes, they have valid FSCA FSP no. but they are not ODP approved. So, they cannot act as the counter party to your trades. They must be acting as intermediary only in that case.
Exness, Tickmill, FXTM, Scope Markets are international forex brokers that offer ZAR account to traders in South Africa.
Then there are local South African brokers IFX Brokers & JP Markets that have ZAR accounts.
All these brokers that I've mentioned above are FSCA regulated with approved ODP license. Don't trade with any unregulated broker even if they offer Rand base currency accounts.
Verify the ODP status from here: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP
Then there are brokers HFM, XM, Plus500, Vault Markets etc. All of them have ZAR base currency accounts, and valid FSP, but they are not approved ODPs.
You should do your due diligence & check which broker is suited for your trading. For example, you may be seeking lowest fees on index CFDs like on DAX or US30, in which case some brokers would be automatically ruled out.
Consider the conversion charges:
Also, when you have account in ZAR, brokers normally charge currency conversion fees on each trade, which brokers sometime call back to base charge. See attached image.
Essentially it means if you are trading a currency pair or instrument in a currency other than your base currency, the broker will charge you a fees every time.
So, consider this fees when you are opening your trading account in Rand. Because if you trade EUR/USD for example, which is calculated in USD, when converting your P&L to ZAR, your broker could charge you extra fees.
I'll add that although Exness & many other CFD brokers I mentioned offer ZAR accounts, but don't trade NASDAQ or any other index CFDs with these brokers.
If you primarily want to trade index CFDs, don't on European or US indices, don't open a ZAR account, because your broker will likely charge you fees on conversion to base. Open a USD base currency account.
Also, the spreads on index CFDs by some of the ZAR brokers (especially Exness) are really bad. For example, Exness charges 6-7 points spreads on DAX, this is really high.
There are regulated CFD brokers that charge less than 1 point spreads on DAX, NASDAQ & US30 etc.