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Binary Options Trading in South Africa
This website is the one of the leading resources in the world of binary options trading. We have a very large database of reviews on binary options brokers, binary robots, signals, guides and much more. The guides are specifically designed to assist South African traders in getting any and every information needed on various topics in the field of binary options trading. With our site, we aim to provide reviews on great brokers and binary trading products that will not only be of service to binary traders in South Africa but which actually have a substantial product that traders will be able to use efficiently.
*Amount will be credited to account in case of successful investment
It is a fairly well known fact that the industry of binary options has been extremely well received by traders who cannot afford to invest ridiculously large funds in financial trading. This is especially true for South African Traders as this type of online investment trading has profiled into one of the most popular types of trading.
Binary Options Broker Lists
In order to make things more user-friendly for binary options traders who look to us to find information on various available brokers in the industry, we have compiled several different broker lists. Lists can be an extremely beneficial feature for South African binary options traders as they get all the necessary information in a clean and organized manner.
Each of the list categories is formulated in an easy to understand way without unnecessary complications. This important when considering the way in which most active traders actually enter the binary options trading industry. They are typically in a situation where it is very hard to know whether some broker is a good fit for them or even transparent in their business practices. When South African traders find themselves in this situation they do need a way to decide how to choose a broker that is not involved in scam practices.
The multiple categories available on our website are logically organized and easily searchable. Our primary goal is to bring traders in South Africa closer to relevant and professional binary brokers and other products and services so they do not need to spend time on manual research which is very time-consuming and tiring. Find out what each broker has to offer with just a click of the mouse.
Binary Options Trading In A Nutshell
The most basic way in which binary options trading works is by having two mutually exclusive choices, out of which traders choose only one, and can either get it right or get it wrong. What exactly does this mean? Underlying assets, like indices, currencies, commodities, and stock have their price which fluctuates on the market. When trading binary options, South African traders are actually predicting whether this price will go up or down in a predetermined time frame. If you are successful in your prediction you will profit from the trade, if you get it wrong, you lose the individual investment. The important thing about this type of trading is that potential losses and wins are known in advance, actually, they are known to the trader even before he places the trade.
It is now clear that the main goal for South African traders is to be able to be correct in their assessment on which outcome will a certain trade have. This certainly not easy as it involves a lot of compounding factors which all influence the way in which your decision will go. Market analysis, various strategies, and techniques, education, and experience, all play a very important and significant role in being successful in predicting the asset price movement in a global market.
Binary Options Trading Industry in South Africa
When reviewing the history of binary options trading it is clear that it all began in 2008 but did not just include one country but rather quickly spread across the world. As binary options trading industry started to grow, so did the various online trading platforms which had the capacity to offer many features and tools which would not have been available without them. South African traders were also one of those who got on the binary options bandwagon which is why today, in South Africa, binary options trading is one of the most popular trading types when we’re talking about online investment trading.
In this context, there are a few different types of underlying assets that you can trade with. Those types are as follows: commodities, stocks, indices, and currencies. Of course, these are not the only things you should know. There are multiple trading options available to South African traders with different varieties of expiry times. Obviously, each broker on the list of available brokers for South African traders has their own selection of assets and features that binary options traders can choose from.
When talking about various options in trading, South African traders have an extensive list to choose from: High/Low, 60 Seconds, Ladder, Pairs, One Touch and others. Expiry times vary from short to long term, meaning there are expiry time ranging from 60 seconds to several months, depending on traders preferences.
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Talking about risks in binary options trading should be an essential part of any binary trading guide. It is important for South African traders to know that there are certain risks involved in trading binary options and financial trading in general. Considering that the execution of the trades depends on the fluctuating market trends which are not easy to predict. However, binary options trading has one thing that sets it apart from other forms of financial investment and that is that the risks and potential profit is known in advance. Not only does this allow traders to know exactly how much they can potentially profit or lose, but it gives them peace of mind because they are prepared and nothing will surprise them.
South African traders can trade binary options 100% online with just a couple of requirements. Internet connectivity is a must along with a device that can support a browser with which you can log into your trading platform.
Binary Options Trading Features
Binary options trading is generally well equipped with everything you need to have a great potential in creating a profit boost. However, there are a few necessities that need to be in place in order for that to happen. Trading features and tools are those basic requirements and can prove to be a tipping point for many traders.
Obviously, different brokers will include different features on their trading platform, but there are some that are fairly common and you will probably find all of them on most trading platforms. Demo account, mobile app, tools that enable a market analysis, trading limits and many more are designed specifically to speed up and simplify the trading process for South African traders regardless of their experience levels. These features are also targeted at allowing for additional time to spend on education and gaining experience as many traders are not investing enough time into those segments of their financial investment journey.
With all of the available trading features, we believe there is one that deserves special mention as it allows traders to gain a much valued experience in a risk free trading environment. Clearly, we are talking about the Demo account which can help South African traders get a lot of experience and most importantly, get them accustomed to the trading platform. This is a great thing as you really don’t want to experiment with your money when you decide to make a deposit and trade for real. Obviously, demo account is completely free and doesn’t require any deposits as it contains virtual money that is at your disposal.
Choosing Binary Options Broker in South Africa
Although, this isn’t something that seems overly complicated, choosing a binary options broker in South Africa can prove to be a daunting task. This is clearly one of the most crucial steps in binary options trading seeing that the wrong choice of broker can have heavy consequences. In most cases, checking if a broker has a demo account is enough to figure out at least if they deserve your attention and consideration.
Naturally, there is so much more to actually making a good decision about which broker to choose for your binary trading journey in South Africa. Another way to get a feeling about how a particular broker might behave once you set up an account with them, is to read the detailed reviews. By going over those, you will be able to find out if there have been any important complaints against a brokerage that you are considering. You want to look for transparent and straightforward brokers who do not complicate things are and focused on their availability to their South African traders.
Many brokers will have different minimum deposit amounts, but the industry standard is still $250 which is also the case for brokers that are available to South African binary options traders. Obviously, we want to encourage you to find out the specifics of each broker as you do your research as it is quite possible that the one you have chosen has an entirely different deposit amount or that they have recently changed their policy on this.
When on the subject of policy changes, make sure to also have a good comb through broker terms and conditions as there you will find all the fine print that isn’t available anywhere else. Pay special attention to details regarding bonuses, deposits and withdrawals, customer support and any other condition that might be of particular interest to you.
The Essential Features of Brokers in South Africa
As we mentioned already, there are several different things to look out for when thinking about making a decision on a binary options broker in South Africa. As we already wrote further up, it is important to know that this is not something to be taken lightly and at the same time is definitely not an easy decision. This is especially true if South African traders do not have enough experience to figure out what exactly constitutes a good broker as there are many different factors that need to be taken into concern. IQoption is one of those brokers, along HighLow and Binary.com, who have made a significant positive impact on their binary options clients and have actually set the established patterns of trading.
In order to make this process a little easier on you, we have decided to list a few basic things traders need to pay attention to and decide if a certain broker is a good fit for them personally. It is also crucial that South African traders remain realistic in their expectations as no respected broker will ever guarantee profit or tell you that you will definitely get rich. This is more indicative of a scam broker and you should definitely stay far away from those.
Broker Licensing and Regulation
As it is usually the case, South African traders can opt to choose a licensed broker or one which is not regulated. This decision is very much dependant on your personal preferences as there is no right or wrong answer in this case. For brokers accepting traders from South Africa, this is not a mandatory element and it is completely legal for brokers to conduct their business without having a regulation license from an financial authority. If they do choose to get regulated it is their individual decision and not a legal requirement.
With this in mind, we do need to highlight that even though a particular broker does not have a regulated status, this does not mean that they will not be a great personal choice for you. Regulation simply dictates a higher legal framework in which the broker is required to work under but does not mean that if a broker does not have it, it is automatically a scam broker. There are many different factors that can indicate if a South African broker is a scam broker, which we will mention later in the guide, but regulation status is not one of them.
Taking all this into concern, we do think that the best course of action for South African traders is to simply go through all the broker reviews they find interesting to be able to weigh the information accordingly. As you will be able to see on your own, we have many detailed broker reviews which are written with the goal of providing a great and useful source of information for all traders in search of help with their decisions.
Carefully Read Terms & Conditions
Knowing all the necessary, fine-printed information is essential in protecting yourself in the online trading industry. This means that you should carefully read the terms and conditions on the main website of the binary options broker you are considering. This will allow you to feel comfortable knowing that the broker you have chosen has transparent business practices and is not a scam broker.
As we said, being ‘in-the-know’ concerning the conditions your chosen broker has imposed, it is fairly easy to spot a scam broker in that case. However, if you do not take your time to really go over terms and conditions written on the website, you could easily end up registering with a binary options broker that practices fraudulent behavior as a norm.
Terms and conditions are one of those things that exist everywhere where legal consequences are possible, which in and of itself makes it very important. Nonetheless, this is the website section that is most frequently overlooked as traders do not pay attention to what is written and simply press ‘accept’ when asked. This could lead to major issues down the road, so do yourself a favor and never skip this essential part.
In case you have taken our advice and decided to actually read it top to bottom, there is a possibility that, due to a more formal way it is written, there might be certain section that you will not be able to easily understand or they may not even make sense to you. In this case, make sure you contact binary brokers customer support that should be available 24/7 at least via email and ask any and all questions that may be of issue to you. Customer support service should be able to swiftly and eagerly reply to your questions and it should be constructed in a clear and understandable fashion. Some of the binary brokers available to South African traders who do follow these ‘rules’ are IQoption, Binary.com and High Low.
Customer Support and Education Resources
South African traders have another factor to think about when deciding on which binary options broker to choose from the vast number of those on the market nowadays. Customer support is one of those factors and is just as important as anything else mentioned in this guide, and here is why.
Customer support is much more than just a team of people who answer questions. If a broker is respectable and transparent they will have a very well educated customer support team who will be able to provide South African traders, not just with simple explanations, but also with support when you have more complex issues or any doubts regarding your registration or technical issues. They will be able to provide you with a piece of mind that your concerns are being taken seriously and that they will be dealt with at the highest possible level.
A good broker will also be featuring an extensive FAQ section which is meant to answer the most frequent questions that traders have asked so that you can get the information you need in just a few clicks. While FAQ sections are a great starter base for you initial questions, customer support is a better choice when dealing with more complex issues.
As far as when a good customer support section is available and in which manner, it is important to note that South African brokers that have a reputable customer support will be available 24/7. This service is usually via email, web form, fax or various phone numbers. The most preferred choice for traders is certainly Live Chat as it gives binary options traders the opportunity to access customer support almost instantly and can very quickly get the answers they need.
Education resources for traders are usually placed in the website section called the Education Center. This section typically offers many different resources to help traders upgrade their knowledge on binary options trading. It is something every good binary broker will invest in and have available for their clients. Usually, resources include various topics ranging from market analysis to video tutorials. With BDSwiss binary broker for example, you get this and much more.
How To Recognize Scam Brokers
Being able to spot a scam broker is of the utmost importance when participating in an online financial trading industry. Safety and the protection of your funds should be a number one priority to you as an South African trader and also for your binary options broker.
Obviously, considering how many brokers are out there in the industry it can prove to be pretty tricky to figure out who the scam brokers are as they seem to have been getting better in covering their tracks. Of course, there are ways to figure out that the broker might be involved in scamming traders.
Trading Platform Specifics
A great way about online broker reviews is that they are typically fairly detailed and can reveal a lot of things about a broker that a less experienced trader might not even recognize. One of those pretty important details is also the security and transparency of a trading platform used by the broker.
A large portion of South African brokers have high-security measures applied when it comes to the trading platform they are offering their clients. These measures are designed in such a way that your money and trade details are well protected from any threats that might lurk on the internet. The technology that is used to protect the sensitive information on the platform is usually an SSL encryption which is considered to be one of the highest ones.
Binary options traders in South Africa who choose a broker that offer this level of protection can be relaxed knowing that all of their sensitive data and funds are safe against any threat. Beware of any broker who does not invest in adequate trading platform protection as they will certainly not be very helpful if something is to happen to your money.
Know Your Customer policy
This is a policy that allows binary brokers to get to know their client so that they can take necessary precautions to protect their hard earned funds. This is a reflection of a very responsible and straightforward binary options broker in South Africa.
What exactly does this policy mean? It literally means that traders will need to prove their identity in several ways in order to get to withdraw their profit. This is not the most favourite thing for traders to do, but we assure you, it is very much necessary if you wish to be certain that no one else is not going to be able impersonate as you.
With this process there really is not any way that it possible for someone else to withdraw your hard earned money. This procedure is a sign of a very good broker who acts responsibly to the funds they are entrusted to keep. Although the process is fairly similar among all the brokers, it is possible that it will differ from one to another. In any case, there are certain documents that are typically asked to be provided:
- Bank statement or other proof of residence
- Driver’s license
- ID card and/or passport
- A fairly new utility bill
Hard to Understand Terms & Conditions
We have mentioned before how reading terms and conditions is a very important part of being a responsible binary options trader and we will highlight that once again. However, we do understand that there are sometimes situations where the broker has supplied their traders with terms and conditions that are very hard to understand.
By this we don’t mean that they are simply written a bit more complicated, as this is still a legally binding document and can get fairly technical. By this we actually mean that if you notice that terms and conditions are intentionally made extremely complicated and/or if they simply do not make any sense at all. In this situation you might want to consider if your broker is actually a scam broker.
South African scam broker sometime even go that far that they actively try to ‘hide’ their terms and conditions on their website so that they are hard to actually to find, and since they know most traders do not even bother with reading them, this is a perfect scam disguise.
If you are not sure whether the content you are reading is complicated by nature or is this cone on purpose to throw South African traders off track, you should always contact customer support and directly ask anything you are not comfortable with. If you are not happy with the response they give you, think about finding a new binary options broker. One of the perfect examples of a great customer support is that of IQoption binary options broker.
Promises of Profit
One of the ways broker are encouraging traders to use their platform is by developing interesting bonuses and promotions on their websites. Clearly, it is important to understand what you have to do on your part in order to withdraw you possible profits. However, there are those brokers who are simply so obvious in being scam that it is not even worth your time.
This is especially true for brokers who have no issues with promising very high-profit amounts and ridiculous winning rates. Most South African traders know this, but it doesn’t hurt to stipulate it once again – binary options trading by definition involves risks. These risks are inherent and there is never a possibility to completely bypass it. So when a binary broker is openly promising and guaranteeing profit, you can be absolutely certain that they are scam brokers.
Always stay far away from brokers who promise you profit and you should never consider registering with them. There are plenty of reputable brokers in South Africa, there is no need to waste your time and money on these.
Funds Cannot Be Withdrawn
This particular issue is probably the most indicative of a scam broker in addition to guaranteeing profit. Clearly, sometimes it can happen that funds cannot be withdrawn due to some type of technical difficulty or you haven’t provided sufficient documents to prove your identity. In these cases, the delay is only temporary and it usually is corrected very soon. Also, the broker with which this is happening will be contacting you to explain what the problem is in detail and how to remedy it, or how long you have to wait for them to fix a technical glitch they might be experiencing.
On the other hand, there are those situations where brokers are simply refusing to start your withdrawal process or if it is already begun, you never actually receive your money. If this is something you run into, it is a fairly good sign that you have run into a scam binary option broker.
Scam brokers are plentiful and coming up with more and more elaborate ways to trick their clients. One of those is simply by not giving the clients their hard earned money. We encourage you to carefully read the broker reviews we have on our website to see if a particular broker has ever had any complaints made against them for this or similar issue. If this is the case, we urge you to change the broker you are currently dealing with and find a reputable, transparent broker who puts the needs of their clients before their own.
Binary Options Robots
Binary options trading certainly takes up a lot of time and knowledge and not everyone is able to free up a few hours a day from their schedule to dedicate to binary options trading. With that in minds, more and more South African traders are opting to use a binary options robot to do their trading for them.
South African traders have plenty of choices when they decide to use a binary robot as their trading platform. These robots are a great way to optimize your profit potential regardless of your broker of choice as they typically have a lot of trading options and tools that traders can use to make the trading process much easier for themselves.
Binary options trading robots which are available for the South African binary market are genuinely exquisite pieces of software that are designed to take the hard work away from you and let you focus on other things in life. They usually also feature a very important option that is celebrated for being very useful to traders of all backgrounds and expertise levels. This options is the auto-trading options which lets you manually decide to place your found trades.
What does this mean exactly? Well, the robot that you have chosen or will be choosing to automate your trading process is able to scan the financial market and pull information from it in order to find you the trades with the most profit potential. Once the software has recognized this trade, he will either place it automatically, according to set criteria which is completely customizable by the trader, or the trade will be delivered to you to place it manually or decline it. This way your trading process is completely in your hand, you do not need to hand over control.
Binary Options Signals
Binary options signals help traders to find the trades with the most perspective on the fluid, competitive financial market. Signals are actually based on algorithms that are able to scan the market data and pull it back to bring the trader the most relevant info about the trades they will be able to trade.
Traders in South Africa are choosing to use binary options signals more and more often simply because the time saved it worth it. The amount of data crunching necessary for the trader to get a decent prediction on a possible trade can be overwhelming and not a lot of people have the luxury to devote so much time to binary options trading or any other type of trading available. The manual process also requires expensive knowledge and education and it is simply not plausible that all traders are going to be able to do it correctly.
Binary options signals have another thing going for them and that is the time factor. Not just the data analyzing time but also the consideration about the expiry times. Binary options are being traded in a relatively short time frames and if you are not fast enough, the trade can already be done in the time you get all the necessary info you need to decide which way to place the trade. With binary options signals, you get all the trade details in the form of a pop-up along with the benefit of having that information in time to set up your trade preferences.
Is Binary Options Trading Legal In South Africa?
Binary options trading in South Africa is completely legal. Any South African trader, whether prospective or current can rest assured that there are no legal sanctions for binary options trading in this part of the world.
As we already mentioned, but it doesn’t hurt to mention it once again – Regulation in South Africa is not legally required, therefore it is an individual choice of each and every broker to either get a license or to be without one. Some brokers do not feel like their traders would benefit from them becoming regulated nor is it a guarantee of any quality.
Regardless of how well you think you are educated in binary options trading, make sure that you do not feel rushed to place trades or to deposit with any broker. Any broker that is pressuring their clients to deposit money to their account or to place trades, especially if they are simultaneously promising unrealistic goals and are generally being very aggressive in their approach and marketing should be avoided. This does not pertain to legality or regulation as even the most regulated brokers can be scam brokers. What traders need to know is that when they are looking for a reputable broker in South Africa they need to follow their instinct as there are many good brokers out there, one must simply identify them.
Binaryoption.co.za is a website dedicated to binary options trading and everything pertaining to it. We aim to provide South African traders with very detailed guides and reviews on brokers, binary options signals and robots and much more.
When it comes to any type of financial trading, South African traders are urged to learn how to set aside their own emotions if they wish to have a chance at boosting their profit potential with binary options trading. Being emotional in this type of business is not an advantage and can actually cost you dearly. Make sure to remain calm and collected and carefully consider you traders and investment plans in general.
Traders need to keep in mind that no one should be allowed to trade in their place. Choose reputable brokers and keep in mind that you need to invest your time in educating yourself about all things binary if you wish to potentially reduce your risks.
Forex Trading in South Africa
As the second largest economy in Africa, the emerging market of South Africa is the only African nation in the G20. The local South African economy depends in large part on mining, agriculture, and manufacturing, and machinery and transportation equipment makes up one-third of the value of the nation’s exports.
The vibrant and active forex trading community currently in South Africa resulted in part from the nation’s support of foreign investment, which has, in turn, attracted the many forex brokers that now have a significant presence in the country.
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|Broker||Best For||Commissions||Account Minimum||Choose your platform|
||Spreads start as low as $1 But vary based on trading volume||$250||
1 Minute Review
FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.
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||$0.005 per share minimum $1 and maximum 0.5% of trade value; volume discount available||$0||
1 Minute Review
Interactive Brokers (IBKR) is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. With access to over 125 global markets, you can buy assets from all around the world from the comfort of your home or office. Options, futures, forex and fund trading are also available — and most traders won’t pay a commission on any purchase or sale. IBKR is geared primarily toward experienced investors. The platform offers limited assistance and can be a challenge for new users to become acclimated to. The broker’s tiered pricing strategy can also be frustrating for traders who focus on hourly or daily price movements.
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||$10 value per pip||$0||
1 Minute Review
IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.
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||$5 per 100,000 base currency traded||$0||
1 Minute Review
OANDA offers commercial and standard access to the forex market, with over 70 currency pairs to trade. OANDA’s platform is comprehensive, offering a wide range of indicators and charting tools for experts as well as a simple and intuitive layout that’s perfect for beginners.
You won’t find retirement savings or stock trading on OANDA — the platform doesn’t offer any type of trading beyond the forex market. However, the broker does forex trading especially well — though it could stand to offer more in the way of customer service and lower fees.
Currently no promotion
||$0 $6.95 for OTC Stocks||$0||
1 Minute Review
This publicly listed discount broker, which is in existence for over four decades, is service-intensive, offering intuitive and powerful investment tools. Especially, with equity investing, a flat fee is charged, with the firm claiming that it charges no trade minimum, no data fees, and no platform fees. Though it is pricier than many other discount brokers, what tilts the scales in its favor is its well-rounded service offerings and the quality and value it offers its clients.
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Overview: Trading Forex in South Africa
The South African Rand, symbol R (ZAR) is the nation’s currency and ranks 20 th by the Bank of International Settlements with respect to daily volume and turnover among currencies traded in the forex market.
South Africa’s growing economy and population of 50 million make forex trading in the country attractive to foreign-based brokers and South Africans alike. Keep in mind, however, that trading forex and having knowledge of the currency market does not involve the geographic location of the trader. Traders based in South Africa should remain aware of several elements about trading forex in South Africa are unique to the country.
The first involves taxation. The South African Revenue Services (SARS) taxes trading profits for individual traders who operate within the country just like regular income. Tax rates range from 18% to 42% depending on the amount of profits generated and other factors relating to each individual’s tax status.
The second involves regulation. The forex market and the financial sector, in general, are regulated by the South African Financial Sector Conduct Authority (FSCA), which took over from the previous agency, the Financial Services Board, in April of 2020. Forex brokers licensed by the FSCA are required to maintain client funds in segregated accounts, and they are also prohibited from disclosing your information to third parties.
Many foreign-based brokers that accept South African clients and are regulated by other major regulating agencies also get an FSCA license. Brokers that operate without oversight from any agency should be avoided at all costs since your entire deposit could be at risk.
How to Start Trading Forex in South Africa
Before you dive into forex trading, you first and foremost need to understand the forex market. The forex market is like no other market in the world. It trades continuously throughout the trading week from 5 p.m. EST on Sunday until 5 p.m. EST on Friday.
The forex market also dwarfs all other capital markets combined, with an average daily turnover of more than $5 billion. The market has its own dynamics, which depend on the relative economic circumstances particular to the countries that issue their currencies.
Even if you have experience in other markets, such as the commodities or stock market , a background in the forex market is invaluable before you begin to trade. Below, you will find some preliminary steps to take before you begin trading from South Africa.
Step 1: Consider Your Forex Broker Needs
The first consideration to take into account is the need for a trustworthy broker. Next, your level of knowledge and trading experience also impact what you will need in a forex broker.
If you already have considerable trading experience, you can focus on choosing a broker with adequate trading tools and a sufficiently advanced trading platform. If you have a limited amount of experience, then a broker with an excellent customer service department and educational resources would be your best bet.
Whether you’re experienced or a novice, open a free demo account with any forex broker. Less-experienced traders often find that trading in a demo account gives them insight into how the forex market trades and whether they like the trading environment. If you already have experience trading, then demo trading gives you an idea of how the broker’s trading platform works, as well as an understanding of the broker’s dealing spreads and order slippage, which can occur during fast markets.
Remember, forex trading carries considerable risk, especially when you choose to use a high leverage ratio since leverage lets you control a significantly larger position with your money. This magnifies profits and losses as well. Furthermore, if you leverage a position too much, an adverse move could even wipe out your entire account.
Again, experience will determine your leverage needs. If you have experience, then you could probably leverage sizable positions. If you have limited experience, then you would probably be better off with a lower leverage multiple to avoid excessive losses. Also, your trading should begin with small lots, such as micro lots, since you can start trading smaller amounts and can better fine tune position sizes when you ramp up your dealing size.
Step 2: Pick a Forex Broker
Make sure to carefully consider your needs before opening an account because not all forex brokerages are created equal. Once you have acquired knowledge of the forex market and determined your needs for trading, you can then proceed to pick a broker.
Features to look for to find the best forex broker for your needs include:
The broker you choose should be duly regulated by the South African FSCA or another major regulator such as the U.K. Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) or the U.S. National Futures Association (NFA) or Commodities Futures Trading Commission (CFTC).
Brokers make their money with the bid/offer spread or dealing spread. When the broker acts as a market maker, it takes the other side of your trade, but if the broker uses an electronic communications network (ECN), then several market makers’ exchange rates are used to create a quote with the best rates you can trade on. ECN firms also sometimes charge a commission on top of the dealer spread. The narrower the dealing spreads, the lower your overall transaction costs, which makes more of a difference the more often you trade.
Leverage or margin
The leverage ratio consists of the position size you can hold with one unit deposited in your account. For example, the 50:1 leverage ratio commonly used by U.S. based forex brokers means that you control a position worth $50 with just $1. Leverage ratios for some brokers can be as much as 3,000:1 depending on their location and regulatory agency.
Margin is the amount of money you put up to hold the trade. For example, the margin on a $100,000 position at 100:1 leverage would be $1,000.
Many forex brokers let clients use their own proprietary trading platform, though in many cases, they also offer customers NinjaTrader and/or the MetaTrader 4 and 5 trading software from MetaQuotes. If you have experience, then you would probably opt for the software package that conforms best to your needs. If you have limited experience, learning how the popular MetaTrader platforms work gives you excellent technical analysis resources and a news feed.
The platforms are also very customizable and programmable if you are interested in automated trading and developing custom indicators.
Customer service/educational resources
This feature would be an important one for inexperienced traders. Many forex brokers offer educational resources such as audio, video and articles on forex technical and fundamental analysis. The more prepared you are before trading, the more confidence you’ll have after you’ve begun.
Regardless of your choice of broker, it usually makes sense to trade in a free demo account first before committing any funds to a live account.
Step 3: Open a Forex Account
Several forex brokerages base their operations in South Africa. Also, you can open an account with an internationally based forex broker that accepts South African clients and is regulated by the FCSA.
If you are based in South Africa and want to consider a local broker, take some time to see if the broker has a good reputation with other traders on forex forums and websites. A brief selection of forex brokers based locally and abroad who accept clients from South Africa is shown below:
Fintech Limited is a new binary options software claiming to make traders $875 per hour. Like most systems of this nature, they advertise their product as a free tool that takes no trading knowledge or experience. We’ve seen hundreds of systems like these in the past and they never end up working out.
Today I’ll be providing a review and letting all the binary today readers understand my thoughts and feelings about this binary options system.
Fintech Limited Review
The Fintech Limited webpage consists of a YouTube video, a testimonials area and a brief description of how it works. To start, the how it works section really doesn’t tell us anything at all. This section should actually be referred to as promises because there are just a bunch of statements here telling us how simple and profitable that this is. It doesn’t actually tell us how it works just that “you won’t have to do any research, read any charts or do any complicated calculations.” As told to us by Daniel Roberts. Daniel is the developer of the system but he has absolutely no reputation in the binary options market and I can’t find anything about him online.
Another section on the Fintech Limited website is labeled social. Here we can see a screenshot and a handful of testimonials. The testimonials are very poorly written, they are full of grammar mistakes and one of the traders even gets the name of the company incorrect. Yet, this isn’t even my biggest objection. Not only are the testimonials poorly put together but the Facebook page that we see can see an image of, doesn’t even exist. If you go onto Facebook and type in the keywords for this product you won’t be able to find this Facebook page. Which means the developer had to Photoshop the entire thing, which really makes no sense to me whatsoever in just comes across as deceitful.
I really don’t see anything different about Fintech limited from any of the other binary options systems that I’ve reviewed. There are way too many missing holes in their stories and they never actually talk about binary options. The developers of these systems make a whole bunch of promises and they never come through. Please let me know you think about the system by leaving a comment under this review now. The readers here at binary today appreciate your comments and I hope that you come back again soon. If you ever need any personal help feel free to click ask John at the top of the page and send me a personal email. I look forward to hearing from you.
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