Before settling for any forex brokers with zar accounts, it is necessary to check out the below points so that you make a decision which is favorable.
Fees and ease on withdrawals and deposits
To add fund and make withdrawals with the broker needs to be fast and easy. It is something that you are likely going to agree. Majority of the brokers transparency show their withdrawal and funding methods and tie on their websites. You need to ensure that you always have to check that and compare the methods are suitable for you.
You are supposed to be careful to look into the fees of withdrawal, because there are some brokers who offer zero fees on the deposits but are known to charge a high fee during the time of withdrawals. There are some brokers who are known to offer local bank transfer withdrawal and deposit options in South Africa. If you prefer to make local bank deposits, then it is recommended you go for such. But in case you prefer the card as well as other methods of deposits, then try to go for one that will do exactly that.
There are some brokers who are known to be very fast when it comes to their withdrawal and deposit and at the same time charge zero fees to fund and on withdrawal as well. For some brokers, they are known to be quick when it comes to processing the payments but they end up charging a fee or commission with majority of their withdrawal methods which are suitable for the South Africans.
Base currency for the account: USD or ZAR?
The base currency for your account refers to the currency in which your deposits for trading profit will be able to get converted. If you decide for example to choose the ZAR as your currency base, then all the deposits on the account, profits in your account with the broker will end up being held in ZAR – the South African Rand.
The most popular currency preferred to be the base options are normally the EUR or the USD, but the ZAR trading accounts from research carried out, tend to be popular for trading in South Africa. According to the research, there are very few brokers in South Africa that offer ZAR accounts where the ZAR is he base currency option for doing trading.
Brokers tend to generally try displaying their account currency base option direct on their account type page. It is something which is important to consider if you are a South African forex trader looking out to make some local withdrawals and deposits in Rand.
The following are some of the advantages of having forex brokers with zar accounts:
- Save losses on forex exchange rates: During the withdrawals and deposits, it is your broker or your bank that is likely going to charge you with high rates of exchange or fee for transfer for converting to EUR or USD depending which one is your deposit or base currency.
- Fast withdrawal and deposits local: Most brokers who offer ZAR accounts do accept deposits and offer withdrawals through the local bank accounts in South Africa.