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.
- Coinexx - Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.
- 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.
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
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- 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.
- 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.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- 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
- Despite an average investment offering of around 300 assets, InstaTrade offers a particularly strong suite of currency pairs, catering to advanced traders seeking opportunities in volatile exotics.
- 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.
Cons
- 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.
- 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.
- InstaTrade sports one of the most cluttered websites and client cabinets in the industry, potentially overwhelming new traders, especially compared to XTB’s intuitive trading journey and resources.
Coinexx
"Coinexx best serves short-term traders willing to foregoes regulatory protections in return for highly-leveraged CFDs and trading accounts, deposits and withdrawals processed in cryptos like BTC. "
Tobias Robinson, Reviewer
Coinexx Quick Facts
| Bonus Offer | 100% Deposit Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Commodities, Indices, Cryptocurrencies |
| Platforms | MT4, MT5 |
| Minimum Deposit | 0.001 BTC |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD |
| Currency Pairs | GBP/HUF, GBP/ZAR, NZD/USD |
Pros
- Coinexx uses an ECN model that facilitates ultra-tight spreads from 0 pips, which alongside high leverage up to 1:500, may serve fast-paced, high-volume trading strategies.
- The virtual private server (VPS), hosted near the firm’s data center in Amsterdam, offers 24/7 connectivity, low latency and 99.99% uptime, catering to algo traders.
- Coinexx is one of a limited pool of brokers to support the ActTrader platform, which is highly customizable with detachable widgets, as well as 48 indicators, 11 timeframes, and price quotes up to 8 decimal places.
Cons
- Aside from 7 calculators (forex, margin, pip, currency, commission, swap, PnL), Coinexx offers very little in terms of additional tools, with no education or research features to support traders.
- Despite operating for over 7 years, Coinexx still hasn’t secured any regulatory approvals, respected industry awards or the full confidence of our experts.
- Although it supports near-instant account funding in 25+ cryptos, the absence of fiat deposit options at Coinexx will be severely limiting for many traders.
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 offers best-in-class support with very fast, friendly and helpful responses during tests and no frustrating automated chatbot to navigate.
- The range of charting platforms and social trading features is excellent, with MT4, MT5, cTrader and more recently TradingView, catering to a wide range of trader preferences.
- The market analysis features, Market Buzz and Analyst Views, are great tools for discovering opportunities and conveniently integrated into the client dashboard.
Cons
- There is no proprietary trading platform or app built with beginners in mind, a notable drawback compared to AvaTrade.
- The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
- Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.
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
- 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.
- BlackBull offers every ingredient for day traders; fast execution speeds of <100ms, leverage up to 1:500, and tight spreads from 0.0 pips.
- 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 |
| 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
- 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.
- The brokerage continues to stand out with its wide range of value-add resources, including pattern recognition scanners, webinars, tutorials, news feeds, and research from respected sources like Morningstar.
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
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.
- Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
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.