Interested in creating a binary options broker account? If you’re located in South Africa, this is much easier than ever before. Binary options trading is now legal, and setting up a trading account is not a complicated task. Your deposit options will vary a bit from broker to broker. Here, we will go over the main choices given by the binary options brokers South Africa that offer trustworthy and legal services to residents here.
Funding Options are Available
There are a few funding options that all regulated South African binary options sites accept. These include Visa and MasterCard credit cards, wire transfers, and a variety of online or e-wallets. It’s also important to remember that the way you fund your account influences how you make a withdrawal. If you fund your account with a card, you will be required to take your withdrawal back onto that same card. If you use an e-wallet, your withdrawal needs to go back to your same account. These policies are in place to protect you and your money. If you have any questions or concerns about this process, be sure to contact the customer service department of the broker that you intend on using before you make your first deposit.
It’s also worth mentioning that all of these brokers listed below have demo accounts available to South African traders. You will need to make a deposit before you gain access to the demo trading features, but these are worth using. It will help you to learn more about the broker’s platform before you start trading with real money.
IQOption Deposit Methods
In addition to those methods listed above, IQ Option has a large focus on the use of e-wallets. They accept Skrill, WebMoney, Qiwi, Neteller South Africa, PoLi, and CashU. These methods put money into your account instantly. If you use a wire transfer, it can take several days, depending on who you do your banking with, before your money will be available for use.
Their minimum deposit amount for most methods is $10. For wire transfers, you will want to deposit much more than this because of the fact that they charge a fee whenever wire transfers are initiated. These are really best for traders depositing $1,000 or more.
To open up a VIP Account and gain access to all of the special perks that come along with this, the minimum deposit amount is $3,000.
24Option is Still a Favorite
Besides the two universal credit cards mentioned before, 24Option also accepts Discover as a form of payment for funding accounts. As far as e-wallets go, 24Option accepts JCB, Switch, OKPay, Perfect Money, and Skrill. Both credit card and online wallet transactions will show up in your account instantly. If you are set up and ready to trade at this point, you can use that cash right away.
They do accept wire transfers, but they charge $30 USD per transaction. If you want to transfer large amounts of money, this is the most effective and safest way to both send and receive money. Wire transfers have higher maximum limits, too, making them a strong choice for larger accounts.
Like most other brokers, 24Option has different tiered accounts depending on the size of your initial deposit. These include Basic, Silver, Gold, Platinum, and Diamond level accounts. The Diamond account has the largest number of perks associated with it and offers rates of return of up to 88 percent. Basic and Silver accounts offer rates as high as 82 percent, Gold accounts offer 84 percent returns, and Platinum accounts offer 86 percent. These different tiers have different percentages of bonuses associated with them, too. If you want to receive bigger cash bonuses, the bigger accounts are the better choice.
Trading binary options in South Africa has a lot of potential to help you grow your cash faster than traditional markets can give you access to. Whether you are looking for something that you can control yourself, you want to help supplement your income through a trading robot, or you just want something that is more predictable than local financial exchanges and markets, trading binary options has a lot of room for you and your money to grow. Look over these deposit options available to binary traders in South Africa so that you can make a well-informed decision before you select a broker and start trading.