- African Traders Guide
- Traders in South Africa
- 15 Popular Binary Options Brokers of 2020: Which One Is The Best For Trading?
- Licensing And Regulation
- Trusted Binary Options Brokers List
- Deals and Incentives
- NZ FSP Licensed & Regulated Binary Options Brokers
- Mobile Trading Tools
- Free Demo Account
- Best Binary Options Brokers for 2020
- Binary option brooker license
- Broker Fees And Tax
- South African Licencing
- Minimum Deposit Binary Options
- How we Recommend Brokers
- Traders in South Africa
- Frequently Asked Questions
- US Binary Options Brokers
African Traders Guide
Updated Dec, 2019Category - World56 Views Today
South Africa is a growing market as more and more investors open trading accounts.
Because binary options are unregulated here, we can show you, great brokers to trade with without restrictions. These firms cater to most types of investor and offer an array of account types and features to please you all.
Lots of ZA traders use binary options to make extra money, and some of the better traders do it full-time.
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In this article, you will learn:
- The brokers best suited to your needs
- What local payment methods are accepted
- Taxes and fees that apply to ZA residents
Traders in South Africa
Like we found in Indonesia about the law on binary options, trading in South Africa is perfectly legal.
There is nothing that prohibits an individual from trading online.
15 Popular Binary Options Brokers of 2020: Which One Is The Best For Trading?
The industry is however unregulated which means that there is no protection offered to those who choose to trade here. It also prevents good South African companies from brokering. So how do you select a company and what should you be looking for in features?
Licensing And Regulation
As there are no regulated South African brokers, you are going to need to find an offshore broker.
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CySEC, FCA or MiFID license many European brokers. Australia also has good brokers, look for an ASIC license. There are many to choose from, and it's just a case of picking the right one for you.
Deals and Incentives
If you are new to trading, then you should probably look for a broker that offers a no deposit bonus. No deposit bonuses allow you to try before you buy.
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You should also take advantage of matched deposit bonuses, and trading contests so look out for them.
Mobile Trading Tools
Most people prefer to trade on the go therefore it is important to check out what mobile offering the broker has.
Do they offer a mobile app that is suitable for the device you are using and is it available for both iOS and Android? If you are keen to trade on the go then this is critical.
Free Demo Account
A demo account is vital for many reasons.
Firstly, it allows you to get familiar with the platform that you are going to be using. In addition to this, if you are using a reloadable demo, you can use it to try new assets and trade types.
Best Binary Options Brokers for 2020
The only way to legally invest and trade in binary options, in South Africa, is to use an off-shore broker. Finding one that has all the above benefits plus anything else that is important to you as an individual is difficult. That is where we come in. We display to you, only the best, most reputable brokers to ensure that your experience is a good one.
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Todays Top Traders
Broker Fees And Tax
When looking at the tax requirements surrounding binary trading, South Africa is much like any other country.
If you are an individual, then you will no doubt be paying Personal Income Tax. You could be paying anything from 18% for income below R160,000 up to 40% for anything over R617,000.
Local tax applies to profits made on any income, and this includes binary options trading.
If trading is a second income, you will need to declare your income and ensure that you pay the correct tax on this amount.
Remember to deduct any losses and work out your net profit so that you don't pay too much tax.
Now while binary options brokers aren't responsible for informing the South Africa tax department that you have made an income from trading, they will have a record of your transactions within your account.
Make sure that you have access to this information as you will need it when calculating your total profit for a certain period. We recommend keeping a monthly record of deposits and withdrawals and recording all profits and loss.
While African taxes are the main cost that you will incur there may also be other fees to consider. These fees include:
- Currency conversion fees for converting to and from the currency you will be trading in
- Deposit fees usually associated with certain types of transactions.
Your account provider can charge these fees
- Transaction fees from your credit card or e-wallet provider
- Withdrawal fees from the broker for making each withdrawal
If you are making lots of deposits and withdrawals, the money will soon mount up. Consider making fewer, more substantial deposits and withdrawals to try and cut down on the number of fees charged.
South African Licencing
Now while there are no legal issues that restrict South African citizens from trading, there is, unfortunately, a lack of brokers local to the country. It is not a regulated industry; therefore there are no legal or licensed South African binary options brokers.
There are however plenty of good brokers offshore that have the relevant licenses and regulations.
The ones to watch out for are those that are licensed by CySEC or other European recognised licenses. Genuine brokers are more likely to be licenced in Europe, so look out for the brokers that display this licencing.
Do not use a broker that doesn't have a license. There is a reason that they don't have one, they either can't get one, or they aren't a serious broker doing things the right way. Why would you invest money with them if they haven't gone to the trouble of getting licensed?
Also, make sure that any licenses are genuine. We have gone to the trouble of doing this with all of the companies that we review and recommend so you will be pleased to know that we only recommend genuine, trustworthy brokers that have a good reputation and history.
Our knowledge of all the legal requirements means we can ensure that your trading career is safe.
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How we Recommend Brokers
There isn't a choice of trading with a local broker for South African traders so if you wish to trade it is going to have to be with an offshore broker. Now, this may seem daunting and perhaps a little risky, but there are genuine SA brokers that offer an excellent service with proper incentives.
Our job is to make your experience a more beneficial one by reviewing and rating South African brokers across the market.
Like all of our broker ratings and our best binary options reviews, we take into account every aspect of trading and what each broker has to offer.
Firstly we look at their licensing and eligibility to trade.
Traders in South Africa
We only bring you brokers that have the correct licensing and operate within regulations and legislation.
We want your trading experience to be profitable and without issue. We also examine the logistics of each broker.
Some of the critical areas include how easy it is to open an account, how easy it is to navigate the trading platform and whether the mobile website and app are user-friendly. We also examine what benefits each broker has to offer.
Do they provide good bonuses, a good payout and what other rewards are available? For VIP / Premium traders we look at the higher end accounts and what they have to offer and how they compare to other offerings available.
We review brokers all over the world, and when it comes down to it, South Africa steps up pretty good. Our reviews focus on the options market are based on our extensive knowledge and experience of it. Our team of experts have many years of trading experience between them and know what matters.
Our commitment is to only bring you the best South African binary options brokers on offer.
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Meet The Author
Robert has consulted for our website for five years and is a well-established member of the team. While he is passionate about the site, most of Robert’s time is focused on his current position as CEO of a professional coaching company.