Forex Trading is a decentralized system of trading foreign currencies. It is entirely legal. Forex exchange concludes the rate of all types of currencies. It involves all aspects of retailing, buying, and trading currencies. Over the course of recent years, the Forex market has grown in South Africa. As of now, it is one of the leading markets in the world. However, It must be noted that the Forex market works a little differently there.
Failing to plan is planning to fail. Thus, you need to master your strategies, or else even your best-laid plans will be doomed to failure. A ZAR account is highly beneficial if you want to limit losing money to currency conversion fees. Forex brokers with Zar accounts can save money in their bank account without converting it in USD or GBP priorly.
If you want to trade in Zar or USD, the following forex brokers might be your best option.
Top Forex Brokers with ZAR Accounts
Several factors define the ranking of a platform. So which trading platform is the best for South African planning to trade in ZAR? We examined the dynamics of some of the most popular and accessible trading platforms to ascertain the answer.
These brokers were tested by opening a live account. Features such as trading conditions, speed, regulations, deposit fees, and customer services were observed. Hence, it was verified that ZAR accounts do not have to pay any deposit or conversion fees. Moreover, the currency is deposited in South African banks, making transfers and withdrawals quick and hassle-free.
New HotForex:
HotForex goes with the slogan Honesty, Openness, and Transparency. It allows a minimum deposit of 5 USD. HotForex is regulated by CySEC (The Cyprus Securities and Exchange Commission), FSC (financial services commission) and CFTC (The commodity futures trading commission), FCA (financial conduct authority), and DFSA (Dubai financial services authority). HotForex is available on trading desks such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It does not offer cryptocurrency, but you can trade between a total of 47 pairs of currencies. Moreover, there is also an option to make an Islamic account. You can activate your HotForex account at any time during the day. It has low trading fees.
HotForex was ranked among World Finance Magazine’s Top 100 companies. Moreover, it is also the 6th most favored forex broker trading company. HotForex is recognized for its integrity and its stable and fair trading conditions.
Its trading conditions include:
- Hedging allowed
- Swap-free accounts are allowed
- Scalping is allowed
Blackstone Futures and Benefits
Blackstone Futures is the 4th most valued forex broker company. It allows a minimum deposit of 1000 ZAR. The maximum leverage it allows is 400:1. Blackstone Futures was founded and authorized in 2009 by an FSCA regulated authority. It is based in South Africa, but more precisely in Johannesburg. Blackstone futures is perfect for beginners as it has an excellent educational program. Moreover, it offers both ZAR and USD trading accounts. The minimum spread of Blackstone Futures is 0.6 pips, and it has low trading fees too.
Blackstone futures allows you to create an Islamic account. The option to activate your account is available 24 hours a day. Furthermore, it offers crypto and 32 total currency pairs. The trading desk of Blackstone futures includes Meta Trader 4.
Its trading conditions are:
- No swap-free accounts are allowed
- Hedging is allowed
- Scalping is allowed
FXCM South Africa Lets Explain
FXCM South Africa is the 26 most celebrated forex broker. It is a high-quality CFD sharing trader company. It is regulated by FSCA and operates within the FXCM group. FXCM has a 300 USD minimum deposit; it is only 50 USD in South Africa. The maximum leverage of FXCM South Africa is 400:1.
Meanwhile, its minimum pips vary. FXCM South Africa offers the service of cryptocurrency, and you can even make an Islamic account. It has low trading fees, and you can activate your account anytime during the day. Besides, FXCM offers commission-free trading tools and a unique educational program. Besides this, it is known to have ultra-modern trading tools. It is ideal for both expert and new traders. FXCM has outstanding customer support. Moreover, it does not charge any custom deposit, withdrawal, or conversion fees either.
Its trading conditions include:
- Hedging is allowed
- Swap-free accounts are allowed
- Scalping is allowed
Verdict
All the platforms are broadly regarded for their premium quality service, excellent customer support, and integrity. For example, Blackstone Futures and HotForex have rigorous customer support that is active 24/5. However, there are still some risks involved. For example, the Blackstone Futures USD account does not warrant protection from trading risks due to the exchange rate. Or how FXCM may not be suitable for investors who do not wish to trade in margin products with any risk of loss. Therefore, you must know the pros and cons of each platform before choosing anyone.
