The South African Rand is the official currency of South Africa and is widely used by the common monetary area of Swaziland, Lesotho, and Namibia. The South African Rand is the most prominently used currency in Africa and is more widely used for international transactions than any other currency in Africa. The South Africa economy is the largest economy in Africa which helps to support the rand currency and makes it a strong and desirable currency to hold. Many investors and traders prefer to obtain South African Rand for the purposes of trading as it is widely accepted among African trading brokerages. As well, the South African online trading market attracts numerous international investors who trade with the Rand as their primary currency.show more
The South African Rand differs from many of the worlds top currencies for the fact that it does not have a specific sign to represent itself, but rather a single letter being “R”. The “R” is precedes the currency value when written, for example; R10. Another way to represent the South African Rand is to use its abbreviation or code which is (ZAR). This method of representation typically follows the currency and is used to represent the currency for exchange rates and trading pairs on the foreign exchange market. The South African Rand is denominated into 1/100 units of currency, with each unit being called a cent, “c”. There is no other currency with the same symbolization as the South African Rand, so traders should have no problems differentiating the currency from others when depositing funds to an online trading broker.
Some of the online trading brokers will only accept the South African Rand for deposits and withdrawals. If this is the case, you will have to exchange whichever currency you deal with to trade with them. This can be done in a variety of ways, but the two most common are through an online exchange, or directly through the broker themselves. If the online brokerage can exchange the money this will be the easiest option and only charges a small fee for the conversion. If dealing through a third party online exchange, you will need to essentially sell the money to them and buy it back in South African Rands for a small fee. This money can then be transferred to an e-wallet or bank account accepting South African Rand. Either way you choose, it can be done quite easily.
Traders from South Africa benefit from the most available methods of deposit such as direct bank transfers and bank wires, debit/credit cards such as Visa, and even cheques. Traders who are not from South Africa and deal in other currencies can apply for a foreign currency account with many of the South African banks. This will allow them to acquire South African Rand for the purposes of trading. For traders who do not have South African Rand accounts, they must deposit and withdraw funds through e-wallets, digital vouchers, or prepaid credit cards. Either way, there are methods for banking with South African Rand for everyone.