Best Binary Options Brokers in South Africa
Best binary options broker in South Africa - Pocket Option
TOP binary options brokers in South Africa:
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Pocket Option - best for maximum payment amount of 92%;
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QUOTEX - best for affordable minimum investment amount – $10;
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IQcent - best for commission-free trading;
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VideForex - best for 24/7 client support;
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Binary.com (Deriv) - best for low minimum amounts for replenishing opening bids ($5 and $1);
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Intrade Bar - best for risk management.
Binary options trading is a relatively common way to earn money within the investment realm. These days, people all over the world are learning more about binary options and ways to make money via such trades. South Africa is certainly no exception; it is a country that actively participates in various trading opportunities, and binary options trading is becoming increasingly popular in the region.
Nevertheless, the increased access to binary options trading also comes at a cost. Many fraudulent actors have emerged in an attempt to scam investors all over the world. Therefore, all traders must do their due diligence before investing their money with any given broker. Luckily, by reading guides such as these, you can quickly learn about the most reputable brokers while also giving you tips and tricks to identify those that are potentially deceptive. That said, the following is a closer look at the best binary options trading platforms in South Africa.
Top 6 binary options apps in South Africa
Are you searching for the top binary options app in South Africa? If so, you have lots to choose from. Nevertheless, not all binary options apps are created equal; some are much more secure and simpler to use than others. We took the time to compare the various South African binary options brokers based on the minimum investment required, the assets offered, and the bonuses being offered.
| Broker | Minimum Investment | Assets | Bonuses | Open an Account |
|---|---|---|---|---|
$50 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to $50 |
||
$10 |
Currency Pairs, Stocks, Crypto, Commodities |
30% deposit bonus |
||
$20 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 50% |
||
$250 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 50% |
||
$10 |
Currencies, indexes, stocks |
|||
$10 |
Currencies, indexes, stocks |
No |
Pocket Option
Pocket Option is a reputable broker offering clients a quick and easy way to begin binary options trading, as well as Forex. The broker enables users to trade with prominent and exotic currency pairs, cryptocurrencies, commodities, as well as American and European companies’ stocks. Moreover, it offers a simple interface that enables users to understand and begin trading without needing to waste time studying the sector in depth before doing so. Also, it offers over 100 trading instruments with a maximum payment amount of 92%; It also offers the option of choosing from 7 real trading accounts to accommodate different levels of experience and financial statuses. Read more in Pocket Option reviews from clients in South Africa
👍 Pros
•FMRRC helps safeguard and protect clients’ funds.
•Maximum payment amount of 92%
•They also have a fund available to cover the losses of traders in the event of bankruptcy.
👎 Cons
•The FMRRC is not required to certify any broker
•There is no negative balance protection
•Clients must submit to a verification process to deposit and withdraw funds
QUOTEX
QUOTEX is a broker specializing in binary options trading. The company was established in 2019. Its clients can trade currencies, metals, oil, cryptocurrencies, stock indices and earn a profit of up to 90% of the value of the option. QUOTEX has developed a proprietary trading platform which is easily customized, supports 29 technical indicators and allows investments from USD 10. The broker’s team provides support 24/7. Personal and payment information of the clients are protected with two-factor authentication.
👍 Pros
•Affordable minimum investment amount – USD 10;
•No trading fees and no deposit, withdrawal and account fees;
•Simple and user-friendly trading platform designed for binary option trading.
👎 Cons
•Leveraged trading is not available;
•There is no quality education and instruments for analysis on the website;
IQcent
IQcent is the premier online trading platform for retail clients looking to make a mark in the investing world. IQcent offers binary options and Contract for Difference (CFD) trading opportunities across several asset classes, such as forex, stocks, commodities, and cryptocurrencies. The minimum trade size is just 0.01 USD/EUR, and traders can leverage up to 1:500 with CFDs.
In addition to various financial instruments, IQcent also provides an extensive suite of payment methods with more than 10 supported options. The minimum deposit amount may vary depending on the type of account but goes from as low as $10 to $250 and $1,000. However, traders can't deposit lower than (USD/EUR) 5,000 for direct bank transfers.
IQcent offers an intuitive and useful proprietary web-based trading platform with several in-built indicators essential for making informed trading decisions, including momentum, relative strength, and average range. Depending on your needs and preferences, IQcent offers three types of binary options: turbo options, intraday options, and long-term options.
👍 Pros
•Low minimum deposit requirement of $10
•Commission-free trading
•Wide range of assets, including forex, cryptocurrencies, stocks, and commodities
•Multiple account types to choose from
•User-friendly trading platform with advanced charting tools and technical indicators
•24/7 customer support
👎 Cons
•Limited regulation and oversight compared to more established brokers
•Limited educational resources for beginner traders
•Withdrawal fees for some payment methods, such as bank transfers
Videforex
VideForex was established in 2016 as a leading binary options and CFDs broker. It offers a trading platform suitable for both professional traders and beginners. With VideForex, you can trade different Forex currency pairs – Major, Minor, or Exotic -plus a dozen cryptocurrencies like Bitcoin, commodities like gold, and major indices like the Dow Jones 30 and S&P 500 through CFDs contracts. The maximum leverage allowed is 1:500, so you can take larger positions to increase your profits. With VideForex you have the advantage that your customer's loss is limited to their original investment amount multiplied by the leverage used. The remaining amount of equity will be protected from further risks - making it a very safe and trustable broker.
VideForex offers three types of trading accounts, each with unique benefits. The minimum deposit sits at $250. The platform provides a web platform and a convenient mobile app for users on the go.
👍 Pros
•Wide range of assets, including Forex, cryptocurrencies, stocks, and commodities
•Small minimum trade size starting at $1
•Copy trading
•Cryptocurrency funding method
•User-friendly trading platform with advanced charting tools and technical indicators
•Commission-free trading
•Multiple account types to choose from, including a demo account for practice trading
•24/7 customer support
•Offers social trading features
👎 Cons
•High minimum deposit requirement of $250
•Limited regulation and oversight compared to more established brokers
•Limited educational resources for beginner traders
•$10 Inactivity fee
Binary.com (Deriv)
Binary.com (Deriv) is considered a highly stable company that provides traders with promising conditions for trading options, currency pairs, and futures. Moreover, given that it offers users to create free demo accounts, it is suitable for beginners or anyone who wants a firsthand binary trading experience without risking their own finances. Offering a minimum deposit of just five dollars, this platform is accessible to clients on all finance levels. Another great feature of this platform is that it offers negative balance protection to traders.
Therefore, this broker is not only suitable for experienced traders, but it’s also for newcomers. This is because of its low-entry threshold and various trading terminals.
👍 Pros
•Business History: this broker has been in operation for over 20 years.
•Low minimums: the broker also offers low minimum amounts for replenishing opening bids-- the minimum amounts are $5 and $1.
👎 Cons
•Offers no cent accounts
•The website does not offer online chat support, which makes it difficult to get responses in real-time.
•Certain platforms are prone to unexpected failure.
•Includes no trust management accounts.
•There are occasional delays in the withdrawal of funds.
•Certain clients may experience problems with the registration process.
•Technical support occasionally takes an extended time to respond to queries.
Intrade Bar
Intrade Bar began operations in the CIS countries in 2016. The company is dedicated to providing favorable conditions for binary options trading. The broker works with FXCM, a reliable liquidity provider, to ensure that its clients receive accurate currency quotes. One of the distinguishing features of Intrade Bar is the fixed payment on trades, which ranges from 82 to 85%. Because the company listens to its clients’ needs, it is constantly improving the functionality of the trading platform by adding new indicators and tools.
👍 Pros
•a risk management function, that is, the ability to set acceptable values of loss and profit;
•low minimum deposit;
•two types of strategies: Classic and Sprint trading.
👎 Cons
•no trade copy service or options for passive earnings;
•a limited set of trading instruments — only currency pairs;
•offshore registration and lack of a license;
•an uninformative website without education tools or analytics;
•the support service does not work on weekends or after 17:00 Moscow time.
How do best binary brokers compare?
There are numerous elements of binary trading South Africa that can be used to compare the best South Africa brokers. Here are some of the aspects that you can consider:
Licensing & Authorization
The best and recognized platforms have an authentic license in practice, which is regulated by the reputable international regulators. These elements make them a reliable platform as they offer entirely transparent and beneficial services for their users. When you look out for binary options in South Africa, it can be one of the areas where you need to put the highest focus. The ones controlled by the financial bodies must follow the strict terms and conditions without harming the users’ privacy.
Minimal Amount Deposit
The minimal amount you can deposit to the binary options is also one of the comparable aspects. Some top platforms offer the minimum account of $5-10. In simple words, being a beginner, you can start up with something small to learn before you sum up the money. Besides, you also upgrade your account on the binary platform when you understand its terms and how it works.
Reputation & Authentication
It is one of the best ways to compare binary options brokers in South Africa. The top platforms have millions and thousands of active users who are registered members. It simply means that many people trust, time, and money. So, it is one of the best ways to compare its authenticity.
Is binary trading legit in South Africa?
Yes, binary trading is legal in South Africa. However, there are no specific regulations governing this sector in the region. Therefore, you should make sure that you are working with a broker that a reputable agency is overseeing. You should also make sure that the broker you choose is following all local laws as far as trading and investing are concerned.
Is binary trading risky?
Binary options are considered high-risk investments. Unlike regular stock or Forex trading, the payoff structure of binaries is such that you can earn a high return very quickly, but can also lose your entire investment just as fast. Payouts are usually around 70-85% for winning trades. So you have to win over 55% of your trades just to break even. Even experienced traders struggle to win 60% of the time consistently.
It's easy to overtrade or become emotionally involved with binary options, leading to depleted accounts and significant losses. Discipline is critical.
Proceed with extreme caution if you do decide to trade binaries. Always start small and manage your risk carefully.
Can I get rich in binary trading?
When it comes to investments, many people have a goal of becoming rich in the process. As far as binary trading is concerned, yes, getting rich is possible. This is because traders can earn up to 70-80% per trade, but they should also be aware of the risks of such investments. There are never any guarantees in trading, and you can lose as easily as you can win. Therefore, make sure that you are not risking more money than you’re willing to lose.
How to choose a binary broker in South Africa
Are you a resident or long-term visitor of South Africa searching for ways to find the best binary options traders in the area? Here is a list of tips to help you choose a reputable binary broker in South Africa:
Make sure they accept South African clients: One of the top ways to choose a binary broker in South Africa is by making sure they accept clients in the area. Some do not. So, before signing up for a broker, make sure they accept clients in your area. Otherwise, you may be wasting your time signing up for a broker that won’t accept your business.
Make sure it’s regulated: Another great way to choose a binary broker is by making sure they are regulated. There are plenty of binary brokers on the market. However, some of them are actually fraudulent platforms. Therefore, before choosing a platform, you should take the time to ensure that it’s reputable and regulated by trustworthy organizations.
Check for bonuses: When it comes to binary trading, some brokers offer much better perks than others. You will want to choose a broker that offers the best bonuses you can find. This is the best way to maximize your earnings.
Check deposit requirements: You will also want to research how much you are required to deposit in order to open your account. Some have much higher minimum deposit requirements than others. If you fail to research this, you may sign up for a broker that has higher deposit requirements than you’re willing to pay.
Check for demo accounts: Lastly, you need to find out whether they offer demo accounts. Dem accounts can allow users a way to learn how to use the trading platform without risking their own money. These are great for beginners or anyone who is looking to learn more about a broker, try out new tactics, etc.
Summary
Overall, if you’re considering engaging in binary trading in South Africa, you’re in great company. Many residents of South Africa have begun binary options trading in recent years. This is primarily because binary options trading is a traditional investment option that is relatively simple to learn. With a high level of predictability, once traders are comfortable with binary options trading, it becomes far easier to learn how to use various methods and tools to turn a profit. However, this is only true providing that traders can choose reputable platforms that offer users the ability to trade via a secure network. Therefore, taking advantage of guides and reviews is one of the best ways to begin your binary options trading journey in South Africa.
FAQ
Which is the best binary broker?
IQ Option is considered one of the best binary brokers in South Africa overall. This is because it is a universal platform that is well-regulated and easy to use.
Is binary option trading legal in South Africa?
Yes, binary trading is legal in South Africa. However, users must be mindful of potential fraud and do their research before working with any broker.
What is the minimum deposit for binary brokers?
The minimum deposit for binary brokers in South Africa varies. However, some brokers allow you to trade for a minimum deposit of $5 or more.
Can I become a millionaire by binary trading?
If you are wondering if you can become a millionaire, the answer is yes; this is always possible. However, you must learn and study binary trading and either invest large sums of money or perfect your method and repeatedly invest and earn over time; results are never guaranteed.
Methodology for compiling our ratings of binary options brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).