The 5 Best Binary Options Brokers in South Africa – Comparison and Reviews

Binary trading South Africa, like other countries around the world, has seen a swift rise in popularity since its introduction to the financial market. Binary trading in the country has attracted lots of attentive people in the past few years as a definite way to earn some extra profits, according to experts. Moreover, aside from the fixed payout, the expiration time makes it appear more natural to trade and thus more appealing than most other financial markets.

Binary options are a form of options trading based on one question – did an asset end up over a certain price or not by a defined time.

List of 5 Best Binary Options Brokers in South Africa

#1 Quotex.io

Established in 2019, Quotex.io is a binary options broker that Awesomo Ltd owns. It is a Seychelles-based company regulated by an independent authority, International Financial Markets Regulatory Centre (IFMRRC).

This trading platform presents advanced technology, an interactive interface, and pioneering digital trading. It uses a simple proprietary based web-platform. 

It has customization options, and the platform is available on desktops, smartphones, and tablets. 

#2 IQ Option 

 IQ Option was founded in 2013 and is a part of IQ Option Ltd. It provides a diverse range of financial instruments to work with. Many awards have been given to the platform for its features and capabilities. Cyprus Securities and Exchange Commission regulates this platform.

They established themselves as the binary options broker, but now they also offer Contract for Differences (CFD) on selected assets, including stocks, Forex, EFTs, commodities, digital and binary options, and crypto. 

This platform is designated as Cypriot Investment Firm (CIF) based in Cyprus. Users of online trading platforms can trade in the European Economic Area. You can access the platform on the desktop version as well as on smartphones. 

With around 50 million users worldwide, it has become a well-liked international binary trading platform. 

#3 Olymp Trade

Olymp Trade was introduced in the year 2014. It is owned by St. Vincent & the Grenadines-based Saledo Global LLC. 

The platform is advanced and popular among binary traders. Every day, more than 25,000 users trade with Olymp Trade. In addition, the platform has ‘A’ category membership of the Financial Commission and offers fixed-time traders and FX.

This platform provides a very efficient trading method that enables the traders to make predictions on the assets available on the platform.

#4 Binomo

Binomo was established in 2014. It is operated by Dolphin Corp., which is registered in St. Vincent and the Grenadines. It is suitable for small investors and is represented in more than 130 countries around the globe.

The International Financial Commission (IFC) regulates this company. “Verify My Trade” awarded it a certificate for fair trade execution. With correct predictions, you can win returns up to 90%. These services are a popular choice among traders who are used to short-term trading. The trading platform offers 40 different financial instruments

#5 Pocket Option

 Recently established Pocket Option is an emerging trading platform that is attracting traders to itself. Owned and operated by Gimbell Ltd, it was introduced into the market in 2017 and is regulated by the International Financial Market Relations Regulation Centre (IFMRRC). 

The platform provides more than 100 financial instruments like commodities, stocks, currencies, indices, forex. The trading type is very straightforward, with ‘high’ and ‘low’ options.

You can set the expiration time from 60 seconds up to 4 hours. Pocket Option’s unique feature is that it has a built live chat option that enables you to chat with other traders globally. 

Binary Options Trading in South Africa

Binary options trading is a huge market, and it is spreading continuously. The trading quickly raised popularity in South Africa. South Africa is one of the leading market economies in Africa and is an evolving destination for binary options. Brokers from different countries permit South African traders to invest on their trading platforms.  

Financial Regulation in South Africa

Financial Services Board (FSB) regulates the financial market in South Africa. Accordingly, the binary options there are considered as Over Counter (OTC) derivative instruments. 

Companies interested in binary options trading in South Africa are obligated to obtain a Financial Service Provider License. Nevertheless, offshore brokers are allowed to market their products if they have a license in their home countries.  

The traders can choose a brokerage that is registered under any European recognized license, ASIC or CySEC.

Features of The Trading Platforms

#1 Quotex.io

The platform is attractive and is suited for both beginners as well as veteran traders. It is web-based and needs no downloading of the application. 

Qutoex.io offers trading options on more than 400 assets. You can choose commodities, indices, currency pairs, or cryptocurrencies to trade in from the option located on the screen. 

You can make the payments with the deposit and withdrawal options present on the screen. Besides that, the trading balance is displayed.

The platform provides 4 different kinds of candlesticks with a timeframe starting from 5 seconds to 1 day. The layouts and charts are customizable. The platform gives you:

  • 9 indicators
  • 15 drawing tools 
  • 17 trend figures
  • 14 timeframes 

These amenities make the platform easy to navigate. The charts are very smooth, and the transaction history is easily accessible. 

With the social trading section, you can trade even without any trading experience as it enables you to replicates the strategies of successful traders. Quotex has established a comfortable environment for all the users

#2 IQ Option

It has a proprietary trading platform and allows you to trade in a variety of financial instruments. A drop-down box displays the assets, including:

  • Stocks
  • forex
  • Digital options
  • Binary options
  • ETFs
  • Cryptocurrencies
  • Commodities

On the main screen, you can find the chart which displays the currency value over time. The balance, the instrument you have traded in, and ‘sell’/’buy’ options are displayed on the screen. 

The trading tools available are as follows:

  • Economic calendars
  • Stock screeners
  • Volatility alerts 
  • Previous Quotes
  • Multi-charts layout
  • Market updates.

With technical indicators, you can understand the system and see which trades are likely to be profitable. In addition, the platform provides a range of charting tools.

For example, there are graphs such as line graphs, hollow candle charts, bars charts, and areas charts available on the User Interface (UI).

#3 Olymp Trade

You can access the platform not only from desktops but also from smartphones. With ‘rise’ and ‘fall’ options, you can make the trade.

The trading platform has several features like technical indicators and analysis. On the bottom of the screen, there is a trading history where you can look at previous market conditions. 

You can use the Take Profit Option, which automatically sells your assets at a certain profit level. On the other hand, you can set a Stop Loss amount which will limit your loss.

It has several educational features and competitive spreads. The interface is simple and alluring, which makes trading easy and comfortable. 

#4 Binomo 

Binomo provides a platform suitable for short-term trades which is streamlined and efficient. Designs are modern and advanced and are regularly updated to catch up with the needs of the traders.

For your aid in chart analysis, Binomo provides 20 different graphical tools. The platform has fast refresh rates and economic calendar integrations. The quality and consistency of the interface make it intriguing.

#5 Pocket Option 

The platform is filled with hi-tech features which ensure smooth and easy-going interaction. The trading balance is displayed on the top screen. You can modify the platform as per your preference. 

The platform comes with an option of copy trading which allows the trader to copy the trades of an expert trader. With this, you can earn a passive income even without knowing much about the trading system.

For efficient trade execution, two highly productive trading servers are present. The interface is attractive and comprehensible. 

Mobile Applications 

#1 Quotex.io 

This trading platform allows you to trade through mobile apps as well. Android and IOS users can download the app from their respective app stores for a comfortable and better experience

#2 IQ Option

IQ Option offers a simple and elegant mobile app for all its users. You can download the mobile application from the respective app stores of Android and iOS devices. 

#3 Olymp Trade

Olymp Trade has introduced a mobile application that is reliable, quick in response, and up-to-date. In this technology era, it offers an application with smooth functions for both iOS and Android devices. 

#4 Binomo

Along with the PC version, Binomo offers an application for smartphones as well. It is available on iOS and Android. In addition, it has a push notifications option that ensures that you remain updated regarding the transactions. 

The app is designed in such a way to match the desktop design so that the trader who prefers to switch between them can experience consistent familiarity

#5Pocket Option

Mobile apps ensure you make on the go trading. You can make the purchase and sale anytime you want. This amenity is offered by Pocket Option. You can now make any transaction using the mobile platform available on android or iOS devices. 

Services for South African Traders

#1 Quotex.io

It offers traders multilingual support. You can select your preferred language that you are comfortable in. This communication ability makes solving problems easy. Quotex is available in more than 15 languages.

You will get a 30% deposit bonus after registering to the account and depositing $100 or more to your real account. 

The platform offers a free practicing account with $10,000 as virtual money. If you are a beginner, this demo account will help you learn the basics of trading, and if you are a pro trader, you can use this to check whether the interface and platform are as per your taste.

The support staff is friendly and professional. They are available 24/7 for your help. 

#2 IQ Option

The demo account is available with $10,000 as the virtual amount. Other than the practicing account, the platform offers two types of accounts for its users:

     • Standard Account

A minimum deposit of $10 is to be made for a standard account. This account will give you access to 350+ assets and the weekly held tournaments. 

  • VIP Account

With a deposit of $1,900 within 2 days, you can open a VIP account. Benefits of 3% in additional returns with a personal account manager and monthly reports are offered in this account. Only traders outside EEA can get access to the VIP account. 

#3 Olymp Trade 

Olymp Trade provides efficient services to its traders. For their convenience, it offers many features like:

  • Olymp Trade Academy 

If you are a beginner and want to learn with expert traders, you can join the Olymp Trade Academy. It is a training institution where newcomers can hone their skills at a reasonable fee.

  • Education section 

The platform provides an education section that has webinars, free eBooks, and trading tutorials, making it easy to learn. According to your need, you can check these features. 

#4 Binomo 

Binomo offers three accounts, these are:

  • Standard Account

With $10 minimum funds, you can have access to all features along with tournaments.

  • Gold Account 

The minimum amount requirement is $500. This account supports personal managers and strategies for trading.

  • VIP Account

This provides maximum benefits and fully customizable services. The minimum fund required is $1000. 

Also, the platform regularly provides exciting deals and promotions to its traders. As a beginner, on depositing $500, you can unlock additional features like one-on-one training through a personal manager.

Other popular deals include stocking their traders’ accounts with additional funds and some tremendous sign-in promotions. 

#5 Pocket Option 

The platform operates on a highly advanced proprietary platform expressly designed to be encrypted, securing all the customers. In addition, your payment methods used for depositing and withdrawal are also protected.

Pocket Option offers a free demo account to its users with virtual $10,000. For the customers, over 130 assets are available.

One unique service this platform provides to its users is the facility of social trading. 

Deposits 

#1 Quotex.io

 The minimum deposit amount is $10, and this platform allows you to start your trade with $1. You can make deposits through e-payments or cryptocurrencies. 

#1. Deposit by e-payment

  • On the execution platform, click on the green ‘deposit’ button. 
  • Choose a method of depositing from the available options like ADV cash and perfect money.
  • Select the currency and insert the amount. 
  • Fill out the payment details and verify the credentials. 
  • Select ‘Make Payment’ 

#2. Deposit by cryptocurrency

  • Click on the ‘deposit’ from your execution window.
  • Choose the cryptocurrency.
  • Designate the currency in which the account will be deposited.
  • Enter the amount.
  • Send the desired cryptocurrency to the address mentioned on the screen.
  • After sending it successfully, you will receive a confirmation message “payment complete.” 

#2 IQ Option

The minimum deposit required in IQ Option is $10, and the minimum bet starts from $1. You can choose between different payment methods to deposit and withdraw your funds securely like:

  • Skrill
  • Perfect Money
  • Visa 
  • MasterCard 
  • Neteller
  • ADVcash
  • Globe Pay

You can deposit your funds from the main website page. 

  • Select the ‘deposit’ option.
  • Enter the deposit amount, or you can select from the list provided on the side screen.
  • Select the desired payment method and fill in the details accordingly.
  • Make payment. 

 #3 Olymp Trade 

Olymp Trade offers quick and simple deposits using popular payment systems like Bank Cards, e-Wallets, Bank transfers, Union Pay and Skrill. 

In order to make a deposit on Olymp trade, follow these steps:

  • Click on the make deposit option available on your execution window.
  • Please select the deposit method from the drop-down menu when the redirection screen appears. 
  • Once the method is chosen, enter the amount and press the deposit button.
  • Enter all the data required. 
  • Make the payment. 

#4 Binomo

The minimum deposit is $10. The choice of adding funds to your trading account includes Visa, MasterCard, JCB, American Express with some other international payment methods. 

Follow these steps to add funds via bank card:

  • From the top right corner, click on deposit.
  • Select your region.
  • Choose the card you want to make payment from.
  • Enter the sum of the deposit.
  • Fill in the card details and wait for the confirmation notification and enter it to complete the payment process. 

#5 Pocket Option

The minimum deposit of funds is $10. To make a deposit, follow the steps:

  • Go to the Finance section and select deposit.
  • Choose the payment method. 
  • Follow the commands given to complete the payment.

Withdrawals 

#1 Quotex.io 

The withdrawals are fast, with a minimum amount of $10. 

It is uncommon, but Quotex might ask for additional documents and information during the withdrawal process if they believe that the particular action is illegal. This is done to prevent any illegal trading and financial fraud. 

The withdrawal process is extremely simple.

  • From the execution window, go to the withdrawal.
  • Choose the payment method and enter the pin-code sent to your email. 
  • After clicking confirm, your request will proceed. 

#2 8IQ Option 

The withdrawals are quicks and are made to the same depositing source. 

Following these steps will allow you to withdraw your funds:

  • From the home page, go to ‘withdraw funds’
  • choose the method of withdrawal and the amount.
  • Click on the withdraw funds. 

Withdrawal requests are administered within 3 business days.

#3 Olymp Trade 

You can withdraw the funds or profits at any moment of time. The steps to withdraw your funds are as follows:

  • From the menu, go to the withdraw button.
  • Select the amount you want to withdraw from the trading account balance.
  • Send the request.

The minimum amount for withdrawal is $10, and there is no upper limit on the maximum fund withdrawal.  

#4 Binomo

To withdraw funds, follow the steps:

  • Go to the profile section and select ‘cashier.’
  • Enter the amount after selecting ‘withdrawal funds.’
  • The last step is to click the ‘request withdrawal’ button.

The minimum withdrawal amount is $10, and the request might take up to 3 business days to process.

#5 Pocket Option

The minimum withdrawal amount is $10 in Pocket Option.

  • Select the Finance section and go to the ‘withdrawal’ menu.
  • Enter the amount the choose the available payment method.
  • Specify the required account details 
  • Place your withdrawal request.

By following these instructions, you can withdraw the funds. 

Note: for security reasons, you can withdraw funds only from the source you used for depositing

Customer Support 

#1 Quotex.io

Quotex.io offers 24/7 assistance through emails and live chats. For any query, you can contact their customer care through their website.

#2 IQ Option

IQ Option offers customer support through emails, online chat, and phone. In addition, some countries like South Africa, Brazil, Singapore, and Mexico provide toll-free phone numbers. 

#3 Olymp Trade

Their customer care assistance is exceptional. The platform provides services like: 

  • Hotline 
  • Emails
  • Live chat support 
  • Online contact form
  • Social media platforms

They operate 24/7 and can be reached easily.

#4 Binomo

Through a range of different mediums, Binomo assists its traders. To reach them, you can use their email address or live support. They are accessible on various social media platforms as well. 

#5 Pocket Option 

Pocket Option is quite serious regarding their customers, and therefore to assist them in the time of need, they have offered various means. You can reach them 24/7 via emails, live support systems, and phone numbers. 

Parameters and the Legality

In South Africa, no law makes binary trading illegal, but they are not regulated either, although the Financial Services Board (FSB) might make a move to provide the license to the local traders.

As per the current situation, offshore brokers are allowed to offer their services in South Africa as long as they are certified and licensed in their respective home countries. 

Conclusion

Binary trading options are an emerging source of passive income in many countries. Although trading tools are very simple, it is, however, a complex process. Therefore, specific knowledge and on-point analysis are required.  

A novice will minimal, or no knowledge may start with the demo accounts offered by the best binary options trading platform. 

You must choose the right place to invest your money. One wrong move could prove fatal for you. So select those Binary trading options which are promising and are regulated by a recognized authority. 

It is all about strategies and how you judge the situation. Your forecast will determine the future of your fortune. Deliberately decide on the platform and the asset to avoid any monetary loss.  

About the author

I am an experienced Binary Options trader for more than 10 years. Mainly, I trade 60 second-trades at a very high hit rate.

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