In South African traders, ZarForex Trading Accounts are highly useful. It saves you from fee losses during currency conversion on withdrawals and deposits. If someone has a Zar account, all his funds with a broker will be in Rand. The broker has an account in a South African local bank. This way, one can go for convenient and instant deposits and withdrawals through bank transfer. However, In South Africa, all the Forex brokers do not have Zar accounts.
Most of them claim that they will provide more and better than the Zar account. Everyone wants to work in the best Forex Trading environment. Therefore, picking the best Zar broker can be a challenging task. Here, we have come up with some top-rated forex brokers with Zar accounts. They are listed best in terms of services and features. Learn more about them in the below lines.
1. HotForex
HotForex provides access to Direct Market by being an STP broker. It means clients can go for straight processing without dealing with any desk. With their liquidity providers, orders are placed directly, so there is no interesting issue.
Fee
With the Zero Account, HotForex has the lowest fee. However, they charge a round-turn commission for a major lot and a standard lot of $6/lot (R80). For other currency pairs, the commission is $8/Standard lot (R110). There is no fee for withdrawals and deposits.
Pros
· Regulated by FCA in UK and FSCA in South Africa
· For most CFDs, the overall fee is low with zero accounts. Spread for Micro and a Premium account is competitive.
· Get a 100% deposit Bonus on new accounts
· Professional customer support through local phone number and live chat
· No fee deposit for withdrawals.
Cons
· Some minor currency pairs contain a high spread for trading
· No customer support is available on weekends
2. Exness
Regarding average daily trading volume, Exness is one of the largest Forex brokers. Three top Tier regulations such as CySEC, FCA, and FSCA have issued a license to them. Therefore, you will find them a safe CFD broker.
Fee
At Exness, the trading fee is highly low. You can compare it with the other brokers. With the standard account, 1 pip is the average spread for the major currency. With the Pro account, the spread is lower at 0.6 pips. Their commission is $7/lot with a raw spread account for the round turn.
Customer support
Exness offers customer support through phone numbers, live chat, and email. In South Africa, they have no local phone number.
Pros
· With multiple trading platforms, more than 130 currency pairs
· Tight spreads
· Dealing desk broker
· Funds of the clients are kept in segregated accounts
· Curacao, BVI, Mauritius, South Africa, Seychelles, Cyprus, and United Kingdom regulates it
Cons
· No multi-currency account is available
· Not a good customer support
3. XM
The reputed Forex broker comes with low withdrawal fees and stock CFD. With the fast and quick account opening procedure, they offer hassle-free service. Users can access them with several tools, such as demo accounts and webinars. On the other hand, XM comes with a limited product portfolio. It offers forex and CFDs. The stock and forex index CFD are average, and there is no investor protection for onboarded clients outside the country.
Pros
· Quick and simple account opening procedure
· Low fee for stock and CFD
· Efficient tools
Cons
· Limited portfolio
· No investor protection
4. Plus500
The famous forex broker is easy to access because it has an easy and simple-to-use site with a user-friendly mobile platform. Opening the account is simple, and their customer support is excellent. They offer competitive spreads to traders, low for the standard USD/EUR, as low as 0.6 pips. The forex broker does not charge any fee for deposits and withdrawals. It is available in South Africa with the local phone number. They provide professional and quick live chat support 24/5. The customer support team responds instantly during working hours.
Pros
· Offers easy access to 15 Crypto CFDs
· Competitive spread for Crypto CFDs and Forex majors
· Regulated with 2 Tier 1 regulators ASIC and FCA
· Efficient app and mobile platform
· No charges for deposits and withdrawals
Cons
· Hard to find educational tools
· Average CFD fee
5. FX Pro
Several authorities, including FCA, regulate FX Pro. Opening an account is quick and easy here. They complete the entire procedure online. You can avail many free withdrawal and deposit options. The Forex broker comes with excellent customer service and supports various languages. They have a low fee for withdrawals and deposits. FXPro charges a stock CFD fee and an inactive fee. It is a reliable platform for forex traders.
Pros
· Offers ease to open the account quickly
· Several free deposits and withdrawals
· Efficient customer support
· Supports several languages
Cons
· Charges inactivity fees
· High stock CFD fee
6. MarketsX
Several top-tier authorities regulate MarketsX. They are famous for offering their professional services. For the clients, they are easy to access online and live chat. You can easily open your account on this platform. They offer a low CFD fee and no deposit and withdrawal fee. This is one of the most reliable platforms with cloud technology. In this way, they provide complete privacy.
Pros
· Great tools for research and learning
· Fast and easy account opening
· Fast and free withdrawal and deposits
Cons
· High forex fee
· Limited product portfolio
7. BlackStone Future
This is an extraordinarily successful and trusted forex broker with a customer-first and transparent approach. They are famous for offering a unique loyalty scheme. The account holders can earn points for all their trades. The modern applicant gets 1,000 points when opening a new live trading account. It increases ease and convenience for the clients. With the simple and quick account opening procedure, they offer hassle-free services.
Pros
· No minimum deposit prescribed
· Low index CFD and stock fees
· Good customer support
· Free withdrawal and deposit
· Excellent education and research tools
· Cashback rewards available
Cons
· No account tiers
· High forex fee
Conclusion
With the help of the list of the top-rated brokers with zar accounts, it is easy to choose the best one. All of them are highly reliable and offer the best services. However, HotForex is the name of excellence with more plus points and minimum downsides. They deal in Cryptocurrency as well, so that it is easy for the majority of the users to access their service.
