Best Binary Options Brokers & Platforms In South Africa
South Africa is one of the popular grounds or centers of binary traders. You will find hundreds of names who have success stories with options trading. Moreover, this popular trading class has gradually taken root in South Africa.
Perhaps, you’ve questions –
- What are the best binary options brokers?
- Is binary trading legal in South Africa?
- Can I trade with offshore brokers?
Like this, many beginners from South Africa have a blurred vision of options trading. This article will help you to learn why this trading form is so popular in SA. In the meantime, we will mention the industry’s leading platforms with mixed features.
Get the ball rolling.
What Is Binary Options Trading In South Africa
Binary options is a popular trading form in South Africa. We have defined binary trading multiple times at Binoption.
Mainly, the focus point is that investors or traders need to predict the asset price within the allocated timeframe. And after that, your risk and reward ratio will depend on that prediction.
If you want to know more, read our article on what options trading is. The article will help you to learn the basics with examples.
Due to its pattern, many people identify binary trading as gambling. But in reality, options trading is not gambling if you use strategies. It can be safe depending on your trading method.
However, for day traders and short-term traders, it is one of the most reliable options to make money profitably.
So, learn first and then trade wisely.
Top 5 Binary Options Brokers In South Africa
South Africa is a fantastic place to discover many leading brokers. Brokers from any country can operate their business without restrictions from the SA government. On the other hand, this country is one of the most important markets for binary traders.
Come on, don’t make this face.
South Africa has a powerful and prosperous economy. Don’t worry; this phase is not about the SA economy. We will mention a few names of regulated and trusted brokers that have been leading the market over the years.
In addition, we have listed best five brokers here for their excellent service after analyzing them and comparing them to other platforms.
Each broker has their unique features, which you will get to learn after reading the whole review. So far, these are legitimate brokers who offer options trading for South African traders.
Also, you can visit our best binary options brokers list to find more alternatives.
Let’s break it down why these mentioned brokers are the best from hundreds.
- Deriv Platform
Deriv is one of the leading options brokers with multi-regulation. With a low minimum deposit of $5, you can start trading. What they offer is lucrative. Moreover, the broker has multiple platforms. So, you can choose one that fits your needs.
You do not need to worry about trading education as a new trader. Their academy section is enriched with all the latest trading trends and basic concepts. With more than 12 years of experience in this industry, the company had no choice but to amaze traders.
Let’s find out their major features:
- Extremely low initial deposit; $5
- Regulated broker
- Multiple platforms
- Different financial products
- The payout ratio is approximately 95%
These are just a few highlights. The entire amusement is here in the respective Deriv review article. You will get to know the platform overview, including what real traders say about this broker.
Though IQcent has been operating its business over the years, a new broker compared to other leading platforms. South Africa can avail of their services. Additionally, the platform is very intuitive, but you need to be more cautious when using it.
The broker does not have a wide range of trading instruments. However, you will get all the popular assets under one roof.
Copy traders, you will get the opportunity to follow experts. Apart from the regulation part, it offers –
- The low initial deposit of $20
- Payout ratio 95%
- Popular trading instruments with high leverage 1:100
- Versatile platform with copy trading tools
Also, we recommend you read the IQcent review. Here, in the review, you will get to know how the broker works.
Binomo is quite familiar to South African traders. It is a regulated broker that offers a low initial deposit that is very convenient for small traders. With just $10, you can open a trade.
It is one of the safest platforms for traders, particularly those who want to start with a small amount. And about regulation, yes, this broker is partially regulated.
Some other significant factors with advantages, you will find everything under this Binomo review.
Here are some notable factors that make this broker different from others.
- Huge asset diversity
- High profit of 90%
- Fast trade execution
- Fast withdrawal system
- Bonus program
South African traders will get an opportunity to trade with this offshore broker. The platform itself is just a magical place to trade. Though renowned firms do not regulate RaceOption, the platform gets a good response from traders.
At the same time, you will get 3 risk-free trades to cover your losses. Meanwhile, Raceoption offers bonuses.
Facts about the Broker:
- Yield between 70% and 90%
- Leverage up to 1:100
- Weekend trading 24/7
- High bonus
- Risk-free trading facility
But before picking this broker, you should go through the review of Raceoption.
- Olymp Trade
Last but not least is the Olymp Trade. Olymp Trade is a licensed broker with something to offer SA traders. They are famous for their seamless platform that will give you an excellent trading environment. Traders from almost 194 countries are successfully traded here, and South Africa is one of them.
You will get three different accounts to trade the market.
If you don’t know how Olymp Trade works, just read the review to fill your knowledge bucket. So far, you will get positive affirmation from traders who already have a good experience with it.
Now, let’s have a look at some significant features with advantages.
- Deposit is low as $10
- Maximum payout 92% (approximately)
- Demo account facility
- Zero spread
- Weekend trading
- High bonus
Binary Trading In South Africa
Trading carries the highest risks. You must know how much money is smart to invest and how to deal the unpredictable situation. Binary options trading is an easy game. But the risk is higher than your imagination.
The South African binary options market is extremely volatile. So, generally, the market is suitable for risk-takers. On the other hand, the binary market is only for you if you wish to predict the future by doing an analysis. Online binary trading in South Africa requires a trustworthy partner. Though, we have already mentioned above.
You will find multiple payment solutions for SA traders. However, according to our research, traders prefer e-wallets over other payment methods. Other payment methods are also available, including local withdrawal options.
Moreover, other factors are largely determined by the brokers. Let’s look at whether binary trading is legal in South Africa or not.
Is Binary Options Legal In South Africa?
South African traders have the most incredible opportunity to trade the binary market. As we mentioned earlier, binary options trading is gradually gaining popularity because of its simple method.
You are not an expert trader, no problem. The process doesn’t require a PhD in trading. Moreover, about legitimacy, yes, binary options is legal in South Africa.
And brokers from different countries allow SA traders to trade on their platforms. However, the details will describe later. But note that there are limited local trading platforms that offer options trading.
Binary Options Regulation In South Africa
It’s now time to ask for your attention. We just informed you that binary trading is completely legal in South Africa. Now, it’s time to find out which regulatory body regulates the financial market in SA.
In the past, no regulatory agencies oversee the binary options industry. So, the market was covered with scams. To secure the market, the FSB took on the task of indirectly overseeing the binary options industry.
So, South Africa’s financial market is regulated by the Financial Services Board (FSB). Most interestingly, the trading class, binary options, is considered the OTC market (Over The Counter).
Moreover, this regulatory body is responsible for identifying fraud and fake brokerage companies. So that they can save traders from any wrong calls.
If you want to open a brokerage firm, you need to get permission from this regulatory body. That means the company is required to obtain a Financial Service Provider License. On the other hand, traders can trade via offshore brokers registered under any European-recognized license, ASIC or CySEC.
On the other hand, the Financial Advisory and Intermediary Services Agency regulates the binary options industry directly in South Africa. They are here in the market to control various changeable factors, including
- Build trust among binary traders
- Review the brokerage firm’s registration in SA
- Make sure local brokers are legit
- Keep South African binary options websites up to date
Note that you can trade options until the industry is fully regulated or abides by the law.
How To Find Best Binary Options Brokers In South Africa?
Finding the best broker can be a painful chapter. But it is required to save your money as well as to remove the extra headache. But how to find the best in the crowd?
One should follow a few steps to find a reliable broker. And regulation is a major component, as we mentioned earlier.
Besides the regulations, you should also note down a few necessary points like –
- Real traders review
- Withdrawal timeframe
- Whether the broker manipulates the market or not
All excellent brokers offer features that are realistic. Moreover, we have a few names that we will disclose in the next phase.
Deposit & Withdrawal
Binary options trading got an exclusive exploration among the SA traders. You will find a good number of brokers under different specific jurisdictions. And offshore brokers are welcome in South Africa as long as they meet the requirements.
Besides the basic withdrawal and deposit methods, other points vary based on the broker. But there are some key issues that you should follow to continue a smooth deposit and withdrawal process.
- Open an account with valid information
- Verify your account
- Read the terms and conditions patiently
- Do not try to scam the broker
- Avoid creating multiple accounts
On the other hand, you may have doubts about whether you can trade with Rands. Noteworthy concern. Yes, legal brokers allow local currencies most of the time. Check their pages or to contact the support team before joining.
And about payment and withdrawal methods, you will get multiple options. Choose the same method for both deposit and withdrawal. The methods are
- Debit/Credit card
- Bank wire transfer
On the flip side, most brokers charge fees based on the method. However, you don’t need to pay fees while funding your account.
Make Money With Binary Options In South Africa
Is it possible to earn money with binary options?
According to our years of experience, yes, it is possible to make money with binary options. This trading form will give you a different experience. It could be good or bad, but a wise mind will also help you to earn.
Binary options trading allows you to trade in multiple asset classes. So it is easy to diversify your portfolio. On the other hand, the payout ratio also depends on the trading instruments. As a result, you can trade on a particular asset that gives you the highest payout and is popular on the market.
Moreover, in binary trading, you will get to know the possible outcome before opening a position. But to secure your steps, it is also necessary to mention that some trading assets also make you shuttered if you fail to analyze the market properly. If you choose the right time, based on market conditions, binary options are one of the most lucrative ways to earn money in South Africa.
Let’s have a look at some facts that need to remember:
- Analyze the market properly
- Follow the economic calendar
- Set a proper plan
- Create or build a strong strategy
- Test your strategy on a demo
So, you are clear that you won’t face any barriers to trading options. It’s legal and open to all investors. However, selecting the best binary options brokers that do not make unrealistic claims is essential because not all brokers are authentic and protect your money like angels.
You should know the factors that help you identify the most reliable broker.
On the other hand, never forget to use a demo account to practice before dealing with real money.