HERE IS A LIST OF FOREX BROKERS THAT PROVIDE ZAR ACCOUNTS WITH NO MINIMUM DEPOSIT
Brokers With ZAR Accounts and No Minimum Deposit
South Africa is currently one of the most vibrant forex-trading countries in Africa. The population of people trading financial markets online is gradually growing with new traders entering the market each month. However, finding the right broker can make a significant difference in someone’s trading experience and success. For South African traders, having a broker that offers a ZAR account and no minimum deposit requirement can provide a substantial advantage. In this article, we are going to explore the best forex brokers with ZAR accounts and no minimum deposit. Let’s dive in.
Why Choose a ZAR Account?
ZAR accounts offer several advantages to South African traders. These include:
- Convenience - With a ZAR account, South African traders can avoid currency conversion fees and simplify their accounting by trading in their local currency.
- Easier Calculations - It is easier to track profits and losses accurately without exchange rate fluctuations affecting calculations.
- Accessibility - ZAR accounts cater specifically to South African traders, potentially offering localised support and resources. This goes a long way in improving market accessibility to South African traders.
Advantages of No Minimum Deposit
- Accessibility for All Traders - Brokers with no minimum deposit requirement open the doors to trading for individuals with varying financial capabilities. This inclusivity allows beginners to enter the market without the pressure of a significant initial investment.
- Risk Management - For novice traders, starting with a small amount of money reduces the risk of significant losses while they learn the ropes. It allows them to gain experience and confidence before committing more substantial funds.
- Flexibility - Experienced traders can benefit from no minimum deposit brokers by testing new strategies or markets with minimal financial risk. This flexibility can lead to more innovative and diversified trading approaches.
Evidently, there are significant advantages that may make a trader consider a no-minimum deposit broker. South African traders can gain a solid account to start their trading journey by combining the advantages of these two features. But what brokers in South Africa come with a ZAR account and no minimum deposit? Let’s take a look.
Brokers With ZAR Account and No Minimum Deposit
HFM
HFM is one of the most prominent forex and CFD brokers in the world today. This broker is well-established in South Africa and supports the ZAR as a base-account currency. Additionally, it does not have a minimum deposit requirement. As such, traders can start investing with whatever amount they want.
Notably, this broker allows its traders to access over 1,000 different market instruments across a variety of asset classes. Specifically, investors can trade CFDs on forex, bonds, commodities, indices, energies, metals, cryptocurrencies, stocks, and ETFs. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and the HFM Platform.
Further, this broker offers its traders various trading accounts to choose from. These include the Premium, the Cent, the Pro, the Pro-Plus, the Zero, and the Top-up Bonus accounts. The Premium and the Cent accounts offer traders a spread that starts from as low as 1.2 pips with no commission required. In contrast, the Top-up Bonus account comes with spreads starting from 1.4 pips with no commission also. The Pro account has spread from 0.5 pips while the Pro-plus account has spreads from 0.2 pips* both without commissions. Finally, the zero account has spreads that start from 0.0 pips but with a commission of $3 per side per lot.
Finally, this broker is under the regulation of a variety of organisations. It is under the supervision of the local regulator FSCA in South Africa, alongside the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus, among others.
Trade Nation
Trading Forex and CFDs entail risk.
Your capital is at risk.
Trade Nation is another broker that has no minimum deposit and supports the South African Rand (ZAR) as a base account currency. This broker allows its traders to access a wide variety of market products, including CFDs on forex, indices, commodities, stocks, and cryptocurrencies. To place orders in these markets, the broker provides MetaTrader 4 and its own TN Trader platforms. Additionally, it offers the TradeCopier platform that allows investors to replicate the moves of other traders in the market.
Interestingly, the spreads that traders enjoy in the market depend on the platform that they use. When using MT4, the spreads start from as low as 1.1 pips for major currency pairs with no commission required. On the other hand, TN Trader users have access to a spread as low as 0.3 pips for major currency pairs also without a commission.
On regulations, this broker holds licenses from a variety of financial regulators. These include the FSCA in South Africa, the FCA in the UK, the ASIC in Australia, and the FSA in Seychelles, among others.
Is That It?
Unfortunately, we did not find any other brokers that offer a ZAR account and no minimum deposit. While there may be some that exist, we cannot verify that they are credible enough to invest with. Luckily, there are also other reputable brokers with ZAR accounts and low minimum deposit requirements. Here are two honourable mentions for this list.
Exness
Exness is a widely popular forex and CFDs broker with a strong presence in South Africa. This broker is under the regulation of the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus, among others. This strong regulatory oversight is one of the reasons why this broker is so popular around the world.
Moreover, Exness supports the ZAR as a base account currency and accepts a minimum deposit of $10, approximately R200 at the time of writing this. After making a deposit, traders can invest in a variety of market products. Some of the global markets available to invest in include forex, indices, crypto, commodities, and stocks. The trading platforms available to use on this broker site include MetaTrader 4, MetaTrader 5, Exness Terminal, and Exness Trade App.
The spreads that apply when trading with Exness depend on the account that a trader is on. The standard and the standard cent accounts feature spread from as low as 0.2 pips and 0.3 pips respectively with no commission required. The professional account includes the raw spread, zero, and pro accounts.
Spreads on the zero and raw account start from as low as 0 pips for major currency pairs with commissions. The commissions include $0.05 for each side per lot on the zero accounts and $3.50 for each side per lot on the raw spread accounts. The pro account features spreads from 0.1 pips for major currency pairs with no commission.
XM.com
XM has a considerably low minimum deposit of $5 which is approximately 100 ZAR at the time of writing this. Better yet, this broker supports the South African Rand (ZAR) as a base account currency. Once a trader makes a deposit, they gain access to over 1,000 market products. These include CFDs on forex, stocks, indices, energies, precious metals, and cryptocurrencies.
Further, the trading costs on this broker site are within market standards. Spreads start from as low as 1.0 pip on their standard and mini accounts for major currencies with no commission. But if you're looking for even tighter spreads, the XM Ultra Low account offers them from just 0.6 pips, with no commission fees. The trading platforms available to use include the MetaTrader 4, MetaTrader 5, and The XM Trading Point App.
On another positive note, this broker is well-regulated around the world. Its operations are under the supervision of the FSC in Belize, the ASIC in Australia, and the CySEC.
Choosing a broker with ZAR accounts and no minimum deposit offers numerous advantages for South African traders. It provides currency convenience, cost-effective trading, and accessibility for traders of all experience levels. However, remember that these are not the only things to look at.
When selecting a broker, consider factors such as regulation, trading platforms, fees, assets available, and even customer support. The brokers we listed here have strong regulations and offer their traders quality services. Nonetheless, it is upon each trader to continually research to find the broker that best suits their needs.