Traders can make their choice from the numerous binary option brokers in the South African market according to the features and trading instruments provided by the brokers.
We’ll go through all the essential elements of finding a trusted binary options broker in South Africa in this article.
Traders are given the opportunity to enjoy a clear overview of some of the most important factors for enjoying a successful trade and the best way to know the right broker that will help them enjoy good payouts in their binary options.
- regulation status
- terms and conditions
- education and support
- best way to withdraw and deposit
- trading features
What makes binary option brokers important in South Africa?
Traders in South Africa can now enjoy profitable binary trading with some of the most trusted binary options brokers in South Africa. Through our list of South African binary options brokers, traders would be able to locate brokers who trade with South African traders; there are brokers that are CySec regulated and there are those that are not.
However, you should know that we put a lot of effort into ensuring that Binary Options South Africa only promotes brokers that are trustworthy. Doing this will help our readers avoid scams and other undesirable trading experiences.
As stated earlier, traders in South Africa are allowed to decide whether or not they want to trade with brokers who are regulated or go the other way. Regulation is not compulsory and South African binary options brokers have the power to decide whether or not they want to be regulated. You can read our article here, if you want more information on South African binary options.
Brokers, like IQ Option, are some of the regulated brokers that serve South African traders.
CySec which is an acronym for Cyprus Securities and Exchange Commission has a license that guarantees investors a safe trading environment by providing a set of rules and regulations for their brokers to follow.
CySec monitors and supervises the business conduct of their regulated brokers as well as how they relate with investors.
Traders should take note that, just because some brokers are unregulated does not make them scammers. As stated earlier, whether or not a broker choses to be regulated is up to the broker and whatever goals and vision they set for themselves.
These brokers have been tried and tested and have flourished on the South African market for quite a while without generating any negative report. We therefore recommend that traders be very careful when reading broker reviews to see the type of trading features and tools offered by these brokers, before selecting their preferred trading platform.
Terms & Conditions
Like any other online investment, safety is one of the first things traders are interested in when it comes to binary options trading. This is the reason why it is imperative to choose wisely when picking a broker and to choose one that can ensure that the traders enjoy a positive experience from day one.
Traders often wonder if there’s a way to spot a scam right away. Our advice is for our traders to try and invest more time in checking out their site and reviews in other to get a complete picture of the entire operation. The first place to start is their terms and conditions.
These days, traders just click on the Accept button without even bothering to check out the terms & conditions of the broker and this is actually a huge mistake.
The reason for this is because the terms and conditions are supposed to give traders comprehensive and detailed information on all the instruments and trading features available. By not reading it carefully, traders might miss some essential trading procedure.
If after going through the terms & conditions traders still have questions, it would be advisable for them to get in touch with customer support to get the required explanation.
Education and customer support
Customer support is one of the most essential features to consider when considering South African binary option brokers. An updated customer support gives South Africans all the necessary information they need during the trading process, beginning from depositing and withdrawal of funds to the best tools and features available.
Brokers like IQ Option provide various avenues for traders to contact them – like email, phones, web chat and live chat. Depending on the particular broker, you can also get customer support in another language apart from English.
A reachable customer support is very important in any trading process, especially when working with new traders who are without the requisite experience and have lots of questions to ask.
An education center can be regarded as one of the major elements required for a profitable binary trading. When picking your preferred broker, don’t forget that there are certain education materials that registered traders will find useful.
Through Education Center, lots of South Africans can be taught the latest tricks and tips on binary options, bringing them closer to making profit.
Brokers, like Opteck have an amazing Education Center that traders from all works of life can access and benefit from. These education materials actually cover all the relevant topics and strategies required for both beginner and advanced trading. With this, you’re guaranteed that no level of trading knowledge is left untouched.
Education materials also include features like market news, ebooks, graphs and charts, economic calendar, guide articles, short and long term articles etc.
Withdrawal and deposit
The importance of the deposit and withdrawal procedure cannot be over emphasized when choosing binary option brokers. Avoid brokers with bad reviews as well ambiguous terms and conditions.
A binary broker that is trustworthy will have a list of the available methods of deposit and withdrawal and will also provide enough information on how to deposit and withdraw.
Read our article here for more information about the available payment methods in South Africa.
Traders must register first before they can access trading platforms. Trusted brokers will request for some documents before they confirm the identity of each trader.
Most times, scam brokers fail to pay attention to this procedure which can cause traders to go through certain undesirable business conduct when withdrawing funds in future. The requested documents include: copy of your credit card if you intend to use it for trading, photo ID and proof of address.
The reliable brokers on our broker list employ highly developed security systems like the SSL encryption technology. The brokers who offer traders immediate payouts should be given the benefit of the doubt.
It usually takes a few business days starting from when the broker receives and then confirms the withdrawal process to when the money gets to the trader’s account. With most brokers, it takes about 5 business days.
But at the end of the day, everything depends on the particular broker and the type of account in question, since every account has its own peculiar characteristics.
When trying to select the most suitable broker, South African traders should concentrate on the trading instruments and the features they have. South Africa’s reliable binary option brokers offer a lot of services as well as trading tools that can be used in the course of binary options trading.
These services include a demo account, trade options, different assets, trading accounts, bonuses, mobile applications, etc. All these can be quite useful when trading and if properly utilized can result in high binary option payouts.
Brokers provide South Africans with an array of assets, which includes currencies, stocks indices and commodities. Offering different assets makes it possible for traders to diversify and trade using different assets through different markets in other to boost their chances of winning. A bonus is one of the benefits provided by brokers to South African traders.
Bonuses are a great way of maximizing profit by motivating the traders. It might be in form of a welcome bonus or even a redeposit bonus. It is not compulsory to give bonuses and they usually come with bonus terms that’ll need a bonus turnover. It might require that traders withdraw their funds after 20 or 30x.
In addition, trusted brokers also provide short and long term trade options, like 60 seconds, One Touch, Boundary, Ladder, High/Low, etc. When combined, traders will require expiration times which can either be 60 seconds, hours or as much as 150 days. The broker and trading platform in question is what determines all these.
Mobile apps and demo accounts are some of the most popular binary options trading features.
Trustworthy brokers like IQ Option and lots more, offer these services to the traders registered with them. The mobile app makes it possible for traders to trade and invest from any location without necessarily using a computer by using their smartphones and tablets. The app is available on Google Play or App Store.
Demo account is actually a very important service with lots of benefits. It is used mostly by traders who are just starting out because it gives them the opportunity to try out the platform in other to understand how real trading works. IQ Option offer their traders demo.
There is no risk in using demo accounts since traders with certain amount of virtual money are ensured by brokers. Through this, traders are able to use different strategies and trade with different assets without any risk. The aim is to practice and acquire trading experience for when you’re ready to invest in a real account and start making profits.