Just like in the rest of the world, Binary trading South Africa has been gaining rapid popularity since its entry into the financial market. In the past few years, binary trading in the country has been attracting millions of interested people as a sure way of earning some extra income. Its fixed payout, as well as expiry time, makes it seem more natural to trade and hence more attractive than most of the other financial markets.
The fact that Binary Trading is not an illegal practice in South Africa is one of the main reasons why its popularity has been soaring lately. It is for this very reason that the demand for Binary options brokers has been on the rise.
Nevertheless, the South African Financial Services Board (FSB) is yet to begin regulating the brokers who deal in binary options. This scenario hinders local companies from offering binary options trading. However, this does not mean that South African citizens are not eligible to engage in this particular trade.
The current situation, nevertheless, puts traders in a tricky position when it comes to choosing the best binary brokers in South Africa. If you do things as per regulations, you should opt for a brokerage website that is duly registered by ASIC, CySEC, or any other European accredited licenses.
When choosing Binary options South Africa, you should base your selection on a few fundamental factors. These include a user-friendly platform, enhanced safety, different account types, as well as associated features. Below is a carefully compiled list of the top 10 Binary Brokers in South Africa.
1. Daweda Exchange Broker
This renowned binary options broker first emerged in 2016 and quickly won the hearts of many South African binary traders. One of the main reasons why this particular broker gained popularity so fast might be due to its $100 minimum amount, which happens to be way below the usual minimum amount in binary trading. Similarly, the obligatory investment is just $10.
2. IQ Option Trading Platform
Launched in 2013, this broker has managed to maintain its reputation as an excellent option when it comes to choosing a reliable binary trading platform. For South African traders, the broker provides an exclusive platform, which is personalized. At just $10, IQ Option's minimum deposit is definitely one of the lowest in the market, while its payouts can go as high as 91%.
FX-Advisor constitutes an exceptional service, which aids traders to find a trustworthy platform that is appropriate for their needs. In most cases, online traders get overwhelmed with too much information, complex terms, and conditions, as well as offers. This makes it critical to be careful when choosing a Binary Option broker. You have to select the one whom you can trust to avoid online frauds and scams. FX-Advisor instantly recognizes the best-suited broker for your home country, hence saving you a lot of research time.
Having emerged online in 2010, this broker has gradually built an enviable reputation as one of the Best brokers in South Africa. They have a vast collection of underlying assets, trading tools, trade options, and features for its registered traders. Being a regulated binary broker further strengthens 24option's quality. It also has a state-of-the-art proprietary platform, which makes use of Meta Trade 4, hence enabling traders to monitor the market closely.
Read also: How to buy bitcoin in South Africa in 2019
Owned by Binary Investments Ltd, Binary.com initially emerged in the online trading market in 1999. Since then, it has built a reputation as a reliable binary broker in the global market. Since they have their software, it means they can offer traders personalized software with many features at their disposal.
This company boasts of being "your local international broker," which is true, especially for South African traders who make use of local customer support. It offers an impressive collection of trading assets, an assortment of withdrawal and deposit methods, and a stimulating trading platform. FSCA also regulates the forex and CFD broker.
7. ETX Capital Broker
ETX Capital Broker entered the binary market in 2014. Over the years, it has managed to position itself as an excellent and modern trading platform where traders are assured of a satisfactory trading experience. You only require a deposit of $100 in order to begin trading, and this is a very attractive amount for beginners.
Owned and operated by Advanced Binary Technologies Ltd, there is no doubt that Ayrex is among the top Trading binary options brokers globally. They boast of having more than 230,000 traders who make use of their platform. A good number of these traders are from South Africa. They are known to offer an impressive collection of assets, effective trading signals, expiry times, and excellent customer support.
9. OX Markets Broker
In order to appeal to more traders, OX Markets broker comes with a modern interface that is user-friendly. It also has an assortment of trade options, both short-term and long-term. The minimum deposit required for one to start trading is $250, and South African traders stand a chance of earning up to 88% return on investment.
10. Opteck South Africa
This company has been online since 2011, and CySEC regulates it. This ensures that it offers South African binary traders a secure platform, which comes with several tools and trading options. This particular broker offers traders six available accounts for trading, not only in South Africa but globally as well.
Do you aspire to learn how to trade binary options? Well, that is a great ambition that may just turn you into one of the latest binary options millionaires in South Africa. Note, however, that the only way you can legitimately invest in Binary trading South Africa is by making use of an offshore broker. You not only need one who can advise you on how to trade in binary options but one who will also offer you the best customer services.