Trading GBP/ZAR
GBP/ZAR is an exotic currency pair that reflects the value of the GBP against the ZAR. The pair contains the official currency of Great Britain, considered one of the world’s top reserve currencies, and the South African rand, a middle-income emerging market. This review breaks down the benefits of trading the GBP/ZAR as well as the risks, along with investing tips, the pair’s history and how to forecast GBP to ZAR in 2025.
Best GBP/ZAR Brokers
Our latest evaluations point to these 6 brokers as standout options for trading GBP/ZAR:
Here is a short summary of why we think each broker belongs in this top list:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- InstaTrade - InstaTrade, based in the British Virgin Islands, is an online broker specializing in fixed income structured products and active trading through CFDs. Its zero-spread accounts, excellent research notably through InstaTrade TV, and access to the popular MT4 alongside its own web-accessible InstaTrade Gear, make it an attractive option for short-term traders at every level.
- Fusion Markets - Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.
- BlackBull - BlackBull is a New Zealand-based CFD broker providing diverse trading opportunities on over 26,000 instruments. After undergoing a rebrand in 2023, it now sports a modern look and feel complete with professional-grade trading tools and ultra-fast execution speeds averaging 20ms.
- CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
- XTB - Founded in 2002 in Poland, XTB now serves more than 1 million clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring day traders.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
| Currency Pairs | USD/CNH, EUR/CNH, AUD/CNH, CNH/JPY, EUR/AUD, EUR/SGD, EUR/TRY, EUR/CAD, EUR/GBP, GBP/AUD, GBP/CAD, GBP/JPY, GBP/ZAR, USD/HKD, USD/SGD, USD/THB |
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
InstaTrade
"Although InstaTrade offers active trading on a comprehensive platform, it stands out with its fairly unique Fixed Income Structured Product (FISP), providing passive investment opportunities with up to 50% returns in 6 months if conditions are met. "
InstaTrade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | FISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures |
| Regulator | BVI FSC |
| Platforms | InstaTrade Gear, MT4 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
| Currency Pairs | AUD/MXN, EUR/AUD, GBP/HUF, GBP/ZAR, USD/INR |
Pros
- InstaTrade delivers an excellent suite of charting tools for day traders with its web trader comprising 250+ indicators, 11 chart types and a user-friendly design.
- VPS hosting caters to algo trading strategies with a dedicated physical server providing rapid execution speeds as low as 9 milliseconds.
- InstaTrade claims to "guarantee" returns through the structured element of its passive trading solution (FISP), with applications approved within 24 hours.
Cons
- Profits are only guaranteed in the FISP if investors do not reach the 50% profit level and attract other users with a total sum of $4 for each dollar in compensation.
- Marketing of the FISP, especially phrasing around the “guarantee of profitability” and the “elimination of risks of trading on financial markets” raises concerns.
- InstaTrade’s growing educational tools provide valuable information for aspiring traders, but still trail category leaders like eToro with no structured course based on experience level.
Fusion Markets
"Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC."
Fusion Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | ASIC, VFSC, FSA |
| Platforms | MT4, MT5, cTrader, TradingView, DupliTrade |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
| Currency Pairs | USD/CNH, EUR/AUD, EUR/JPY, EUR/SGD, EUR/CAD, EUR/GBP, GBP/AUD, GBP/CAD, GBP/HUF, GBP/JPY, GBP/ZAR, NZD/SGD, USD/HKD, USD/INR, USD/SGD, USD/THB |
Pros
- Fusion Markets is set up to support algo traders with a sponsored VPS solution and a 25% discount if you opt for the NYC Servers VPS for MT4 or cTrader.
- Average execution speeds of around 37 milliseconds are noticeably faster than many rivals and can help day traders secure optimal prices in fast-moving markets.
- Fusion Markets continues to impress with its pricing that provides tight spreads with below-average commissions that will appeal to active day traders.
Cons
- While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
- Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.
- Traders outside of Australia must sign up with weakly regulated global entities with limited safeguards and no negative balance protection.
BlackBull
"After improving its trading infrastructure with Equinix servers in New York, London, and Tokyo, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing."
BlackBull Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Stocks, Indices, Commodities, Futures, Crypto |
| Regulator | FMA, FSA |
| Platforms | BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD |
| Currency Pairs | EUR/AUD, EUR/JPY, EUR/SGD, EUR/CAD, EUR/GBP, GBP/AUD, GBP/CAD, GBP/JPY, GBP/ZAR, NZD/SGD, USD/SGD |
Pros
- BlackBulls’s research is superb, especially the daily ‘Trading Opportunities’ articles that break down complex market movements into easy-to-understand insights, making it simpler to capitalize on emerging trends.
- After partnering with ZuluTrade and Myfxbook, alongside improvements to its own CopyTrader, BlackBull offers one of the most comprehensive copy trading experiences we've seen.
- With three ECN-powered accounts (Standard, Prime, and Institutional), BlackBull accommodates beginners, experienced traders, and professionals, offering flexibility based on trading needs and capital.
Cons
- Unlike most top brokers, BlackBull charges an irritating $5 withdrawal fee, which can detract from the overall cost-effectiveness, especially for active traders who frequently move funds.
- BlackBull lacks a proprietary platform, relying on MetaTrader, cTrader and TradingView. While these are excellent, other brokers' exclusive platforms, notably eToro’s, often have unique features for beginner traders.
- Although the Education Hub now features improvements like webinars and tutorials, the courses we’ve explored need more focus on explaining the wider economic factors influencing prices.
CMC Markets
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
CMC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting |
| Regulator | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
| Platforms | Web, MT4, TradingView |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
| Currency Pairs | CNH/JPY, AUD/CNH, EUR/CNH, AUD/MXN, EUR/AUD, EUR/JPY, EUR/SGD, EUR/TRY, EUR/CAD, GBP/HUF, GBP/ZAR, NZD/SGD, USDHKD, USD/SGD |
Pros
- The CMC web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) and TradingView (added in 2025) are also supported.
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- CMC offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha and Price+ schemes also offer perks for active traders with up to 40% discounts on spreads.
Cons
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
- Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
- The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
XTB
"XTB stands out as a top choice for new day traders with the terrific xStation platform, commission-free pricing, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform. "
XTB Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs |
| Regulator | FCA, CySEC, KNF, DFSA, FSC, SCA, Bappebti |
| Platforms | xStation |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (EU) 1:500 (Global) |
| Account Currencies | USD, EUR, GBP, PLN |
| Currency Pairs | EUR/AUD, EUR/JPY, EUR/TRY, EUR/CAD, EUR/GBP, GBP/AUD, GBP/CAD, GBP/JPY, GBP/ZAR, NZD/SGD, USD/INR, USD/SGD, USD/THB |
Pros
- XTB has boosted its interest rate on uninvested balances and added zero-fee ISAs for UK clients with 3,000 stocks and 700 ETFs for diverse opportunities.
- XTB offers fast withdrawals with same-day payments if requested before 1 pm, ensuring day traders have quick access to their funds.
- Opening an XTB account is a hassle-free, entirely online process that takes just a few minutes, making the entry into day trading smooth for new traders.
Cons
- XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
- The research tools at XTB are good but could be great if they went beyond in-house features with access to leading third-party tools such as Autochartist, Trading Central and TipRanks.
- Trading fees are competitive with average spreads of around 1 pip on the EUR/USD but still trail the cheapest brokers like IC Markets, plus there's an inactivity fee after 12 months.
Chart
Pros Of Trading GBP/ZAR
- High-exchange rates – Since 2020, the GBP/ZAR pair has seen serious movement, close to its record high in 2016. Activity has led to high levels of volatility which can be good news for forex traders.
- Diversification – Trading with an exotic FX pair lets users diversify their investment portfolio while utilising distinct strategies to generate profits.
- High-interest rates – Both GBP and ZAR generally have high-interest rates, which can provide profit potential. Whilst GBP was once considered a stable currency, the financial crisis in 2008 and Brexit have contributed to an upward trend in rates.
- Resources – Traders nowadays have access to a host of tools that can help inform GBP to ZAR forecasts for today or for next week. Online candlestick charts, live spot and forward rates, plus historical exchange rate data are all available for free at many of the best forex trading platforms and brokers.
Risks Of Trading GBP/ZAR
- Low liquidity – GBP/ZAR is an exotic pair and as the ZAR component is considered an emerging currency, it carries less liquidity compared to developed market currencies and majors. This means it’s likely to have wider spreads, which will make it more costly to trade.
- Volatility – While volatility can increase rewards, it can also magnify losses. Though GBP to ZAR projections and technical analysis can help inform trends, exact movement is difficult to predict. As a result, it’s key that traders use tools such as stop losses to protect positions.
- Algorithmic bots – Nowadays, traders are faced with automated competition from a market dominated by intelligent algorithms. This can make it difficult for manual traders to buy and sell at the same volume and speed as high-tech bots.
Influences On GBP/ZAR Movement
- Monetary policy – Interest rates affecting the British pound are dictated by the Bank of England. Likewise, the South African Reserve Bank decides whether to raise or lower interest rates in South Africa. Being clued in on economic announcements from both financial institutions can help inform GBP v ZAR trading strategies.
- Economic growth – Understanding economic indicators like employment, inflation and interest rates are useful as the value of a currency depends on the strength of its economy. Follow announcements across both countries for insights into which direction the GBP/ZAR may move.
- Commodity prices – Precious metal exports are integral to South Africa’s economy. It is the largest global producer of gold, platinum, diamonds and iron ore. The volume and value of these commodities will influence the country’s currency and the relative strength of the GBP/ZAR.
- Political stability – South Africa has had a troubled political history. The apartheid, for example, significantly weakened the ZAR. Much of the currency’s volatility stems from its political instability. Likewise, Brexit had a big impact on the value of the pound, which saw its largest drop in value following the announcement of the UK referendum vote. Keep abreast of political events across both countries to stay ahead of GBP/ZAR trends.
Correlations
Most currency pairs are linked, with movement in one pair often reflected in another, either positively or negatively:
- Positive correlation – This is when pairs react in line with each other. The GBP/USD, AUD/USD, and EUR/USD are the three most commonly traded pairs and are all positively correlated. This is because USD is the counter currency and any change in the US dollar impacts all pairs.
- Negative correlation – This occurs when currencies move in the opposite direction. The USD/CHF, USD/JPY, and USD/CAD are popular examples. They are negatively correlated because the USD is the base currency.
Application
A GBP/ZAR trader can use this information to validate trends or to build a strategy around majors, for example, which they may understand better. Keeping an eye on the GBP/USD and USD/ZAR is particularly useful when trading the GBP/ZAR.
Of course, it’s worth highlighting that external factors can lead to discrepancies in the standard movement seen in correlated pairs.
GBP/ZAR Day Trading Strategy
Below are some important considerations when forming your GBP/ZAR trading strategy.
Timing
A successful GBP/ZAR strategy will depend on timing. Ideally, you want to trade when the market offers the greatest volume and volatility so you can generate profits while incurring minimal costs. A live chart or graph will show you that volume and volatility in the GBP/ZAR pair increase between 16:00 GMT to 06:00 GMT the next day.
Brokers
Because GBP/ZAR is an exotic pair, it’s not as widely available as majors, for example. With that in mind, it’s worth checking your forex trading platform offers the pair. It’s also worth keeping in mind some providers offer lower leverage limits and higher fees on exotics. Look for a broker with the best buying and selling rates alongside generous leverage and competitive pip values.
Oanda is one good option that offers the GBP/ZAR and trusted forex platforms like MT4 and MT5. Other useful resources include Yahoo Finance and Xe. These sources offer live exchange rate forecasts, GBP to ZAR conversions, FX news, historical 5, 10 or 20 years of chart data, plus information on futures.
News
Some investors prefer to trade the GBP/ZAR using news announcements. Major events can help you answer questions like ‘is the ZAR getting stronger or will it weaken?’ A couple of top providers for forex news are Bloomberg and broker IG.
Note, we’d recommend validating outlooks based on news events using technical analysis too.
History Of GBP
The pound sterling is one of the oldest currencies, dating back to 775 AD when silver pennies dominated the Anglo-Saxon period. Shortly after the establishment of the Bank of England, pound notes started to circulate in 1694. Before the decimal system was introduced in 1971, the pound existed with a pennies and shillings system.
In the same year, the British pound floated freely, which allowed market factors to dictate the value of the currency rather than artificial pegs to other currencies.
Once a stable currency, the British pound has declined since the financial crisis in 2008. The UK’s referendum vote to leave the EU in 2016 also caused the pound to fall 10% overnight and the impact of the vote is still being felt today.
History Of ZAR
The South African rand was introduced in 1961 when the country became a republic. At that time, the ZAR was valued at 2 rand to 1 pound. Prior to that, the national currency was the South African pound owing to the country being a British colony.
Until 1968, the South African rand exchanged at 2 rand to 1 pound and fluctuated steadily around 1.4 to 1.7 until 1982. Political pressure against the South Africa apartheid then weakened the value of the currency. During that period, the FX rate reached more than 2.5 rand to 1 pound which led to forex activities being suspended to prevent further devaluation.
When the continuation of the apartheid was announced in 1985, the rand continued to weaken. In fact, by the end of the year, it reached over 4 rand to 1 pound and depreciated to over 8 by 1998. And whilst the ZAR has steadily risen since 2006, high rates of poverty, crime, political unrest and unemployment still plague the value of the currency.
Role Of GBP
The British Pound sterling is the official currency of the United Kingdom and also the Isle of Man, the South Sandwich Islands, Gibraltar, South Georgia, and the British Antarctic Territory. It is the fourth most traded currency on the forex market.
The UK’s diverse economy consists of technology and service-oriented companies, manufacturing and agricultural sectors. The country’s financial services industry is one of the largest contributors to GDP.
The British pound is a leading reserve currency and one of the few currencies worth more than the US dollar. With that said, major political events such as Brexit, have negatively impacted the value of the currency in recent years. Of course, political instability can also lead to opportunities for GBP/ZAR day traders.
Role Of ZAR
The ZAR is the national currency of the Republic of South Africa and is also recognised as legal tender in the Common Monetary Area of Lesotho, Namibia and Eswatini.
The ZAR is considered a commodity currency due to the country being a major exporter of platinum, gold, diamonds and iron ore. With that said, the country has pivoted to a more services-based economy which in recent years has accounted for 67.5% of the country’s GDP. Following data across South Africa’s precious metals exports and services industries will help inform GBP/ZAR trading decisions.
Final Word On Trading GBP/ZAR
As GBP/ZAR is an exotic pair, it offers forex traders a means of diversifying their investment portfolio. The pair’s volatility and high-interest rates provide opportunities to earn healthy profits. The right strategy will vary between traders but will likely call on GBP/ZAR technical analysis, news events and historical data.
FAQ
How much is 1 ZAR against GBP?
The value of 1 ZAR per GBP is constantly shifting. See a live chart or visit an exchange rate website for the latest buying and selling rates.
Will the ZAR strengthen?
Historically, the value of the ZAR has declined. Nonetheless, it’s worth keeping up with the latest market news for future predictions.
How can I start trading GBP/ZAR?
Firstly, you need a broker that offers the GBP/ZAR. As an exotic, it’s not as widely available as major pairs. Make sure to also compare spreads, leverage rates and trading tools. You can then test GBP/ZAR strategies in a free demo account before you start live trading.
Is it a good time to buy and sell GBP versus ZAR?
The GBP has increased in value relative to the ZAR. There is still ample volatility to trade the currency pair as the rand depreciates while the pound stabilises. Of course, we recommend conducting your own research before taking a position.
Where can I buy ZAR?
There are many services that let you buy the South African currency if you’re looking for tourist rates. For example, you can buy it from any Post Office branch. However, make sure to check exchange rates on the service provider’s website to get the best value for money.