Binary Options South Africa – Recommended Brokers for 2020

Best Binary Options Brokers 2020:

    Best Binary Broker 2020!
    Perfect for Beginners!
    Free Trading Education! Free Demo Acc!
    Get Your Sign-up Bonus Now:


    Trustful broker.

African Traders Guide

Binary options trading in South Africa has become an increasingly popular market in recent years as more and more investors seek to open online trading accounts. As awareness of this particular method experiences growth, so does the number of international brokers offering their services.

Binary trading is unregulated, and as such local South African companies are prohibited from offering their services to SA traders. However, through our extensive knowledge of the binary options industry and the rules and regulations that apply to trading we can still show you, great brokers, to trade with.

Our team of experts have searched the internet for the best brokers, and we bring you only those with international licenses that are legally allowed to offer their services to South Africans. Our knowledge of all the legal requirements means we can ensure that your trading career is a safe and profitable one.

In this article, you will learn:

    The brokers best suited to your needs What local payment methods are accepted Taxes and fees that apply to ZA residents

Traders in South Africa

Like we found in Indonesia about the law on binary options, trading in South Africa is perfectly legal. There is nothing that prohibits an individual from trading online. The industry is however unregulated which means that there is no protection offered to those who choose to trade here. It also prevents good South African companies from brokering. So how do you select a company and what should you be looking for in features?

Licensing And Regulation

As there are no regulated South African brokers, you are going to need to find an offshore broker. CySEC, FCA or MiFID license many European brokers. Australia also has good brokers, look for an ASIC license. There are many to choose from, and it’s just a case of picking the right one for you.

Deals And Incentives

If you are new to trading, then you should probably look for a broker that offers a no deposit bonus. No deposit bonuses allow you to try before you buy. You should also take advantage of matched deposit bonuses, and trading contests so look out for them.

Mobile Trading Tools

Most people prefer to trade on the go therefore it is important to check out what mobile offering the broker has. Do they offer a mobile app that is suitable for the device you are using and is it available for both iOS and Android? If you are keen to trade on the go then this is critical.

Free Demo Account

A demo account is vital for many reasons. Firstly, it allows you to get familiar with the platform that you are going to be using. In addition to this, if you are using a reloadable demo, you can use it to try new assets and trade types.

The only way to legally invest and trade in binary options, in South Africa, is to use an off-shore broker. Finding one that has all the above benefits plus anything else that is important to you as an individual is difficult. That is where we come in. We display to you, only the best, most reputable brokers to ensure that your experience is a good one.

Trader Broker Asset Profit

Broker Fees And Tax

When looking at the tax requirements surrounding binary trading, South Africa is much like any other country. If you are an individual, then you will no doubt be paying Personal Income Tax. You could be paying anything from 18% for income below R160,000 up to 40% for anything over R617,000. Local tax applies to profits made on any income, and this includes binary options trading.

Best Binary Options Brokers 2020:

    Best Binary Broker 2020!
    Perfect for Beginners!
    Free Trading Education! Free Demo Acc!
    Get Your Sign-up Bonus Now:


    Trustful broker.

If trading is a second income, you will need to declare your income and ensure that you pay the correct tax on this amount. Remember to deduct any losses and work out your net profit so that you don’t pay too much tax.

Now while binary options brokers aren’t responsible for informing the South Africa tax department that you have made an income from trading, they will have a record of your transactions within your account. Make sure that you have access to this information as you will need it when calculating your total profit for a certain period. We recommend keeping a monthly record of deposits and withdrawals and recording all profits and loss.

While African taxes are the main cost that you will incur there may also be other fees to consider. These fees include:

    Currency conversion fees for converting to and from the currency you will be trading in Deposit fees usually associated with certain types of transactions. Your account provider can charge these fees Transaction fees from your credit card or e-wallet provider Withdrawal fees from the broker for making each withdrawal

If you are making lots of deposits and withdrawals, the money will soon mount up. Consider making fewer, more substantial deposits and withdrawals to try and cut down on the number of fees charged.

South African Licencing

Now while there are no legal issues that restrict South African citizens from trading, there is, unfortunately, a lack of brokers local to the country. It is not a regulated industry; therefore there are no legal or licensed South African binary options brokers.

There are however plenty of good brokers offshore that have the relevant licenses and regulations. The ones to watch out for are those that are licensed by CySEC or other European recognised licenses. Genuine brokers are more likely to be licenced in Europe, so look out for the brokers that display this licencing.

Do not use a broker that doesn’t have a license. There is a reason that they don’t have one, they either can’t get one, or they aren’t a serious broker doing things the right way. Why would you invest money with them if they haven’t gone to the trouble of getting licensed?

Also, make sure that any licenses are genuine. We have gone to the trouble of doing this with all of the companies that we review and recommend so you will be pleased to know that we only recommend genuine, trustworthy brokers that have a good reputation and history.

Our knowledge of all the legal requirements means we can ensure that your trading career is safe.

How we Recommend Brokers

There isn’t a choice of trading with a local broker for South African traders so if you wish to trade it is going to have to be with an offshore broker. Now, this may seem daunting and perhaps a little risky, but there are genuine SA brokers that offer an excellent service with proper incentives. Our job is to make your experience a more beneficial one by reviewing and rating South African brokers across the market.

Like all of our broker ratings and our best binary options reviews, we take into account every aspect of trading and what each broker has to offer. Firstly we look at their licensing and eligibility to trade. We only bring you brokers that have the correct licensing and operate within regulations and legislation. We want your trading experience to be profitable and without issue. We also examine the logistics of each broker.

Some of the critical areas include how easy it is to open an account, how easy it is to navigate the trading platform and whether the mobile website and app are user-friendly. We also examine what benefits each broker has to offer. Do they provide good bonuses, a good payout and what other rewards are available? For VIP / Premium traders we look at the higher end accounts and what they have to offer and how they compare to other offerings available.

We review brokers all over the world, and when it comes down to it, South Africa steps up pretty good. Our reviews focus on the options market are based on our extensive knowledge and experience of it. Our team of experts have many years of trading experience between them and know what matters. Our commitment is to only bring you the best South African binary options brokers on offer.

Frequently Asked Questions

Is binary trading in South Africa legal and safe?

South Africa has tax laws and regulations, and it is crucial to abide by these rules and regulations to avoid hefty fines. Earnings from binary options trading need to be declared.

Do I need to pay fees and taxes on my profits?

South Africa has tax laws and regulations and it is important to abide by these rules and regulations to avoid large fines. Earnings from binary options trading need to be declared.

Can I test brokers before trading with real money?

Brokers will offer lots of incentives to stay competitive. These usually include a demo account to allow new traders to trade on the platform without depositing any of their funds.

Is it easy to make deposits and withdrawals?

Making deposits and withdrawals is easy. Just open an account and make your deposit. Withdrawals can take up to 3-5 days; some brokers offer a much quicker turnaround for those higher stakes traders.

Can I trade using my mobile or tablet device?

Yes, to stay competitive all brokers must have either a responsive, easy to use mobile version of their website or an app available for either Android and iOS.

Robert has consulted for our website for five years and is a well-established member of the team. While he is passionate about the site, most of Robert’s time is focused on his current position as CEO of a professional coaching company.

We have seen many people in South Africa with the desire to participate on the financial market and profit from it, but never knew how.

Now, with the appearance of binary options, financial trading has become easier than ever. With binary options South Africans now have an extremely convenient way of becoming traders through online investments with possible higher payouts than they have ever hoped for.

The best thing with binary options is that you don’t have to be an expert in trading. Binary options provides a straightforward way of making money and capitalizing on your limited insight into commodities, prices, stocks, currencies and everything in-between.

The attractiveness of binary options is composed of something else too. Its nature is very similar to gambling because in a way you bet that a certain prize will come up or down. Because of this, binary options has attracted many traders that love gambling too. It is also the reason why authorities have viewed it with doubt and were reluctant to regulate it.

List of Binary Option Brokers accepting traders from South Africa:

However, when all the doubts cleared some years ago, governments all over the world started passing legislations with the purpose of making binary options legal and a valid option for profit. The subsequent result was the emergence of legal binary options brokers that provided traders with safe and legitimate tools for trading.

Frequently Asked Questions

Here we give you a round of questions and answers that will eliminate any doubts about binary options and its legality. The burning question is whether binary options trading is legal in South Africa, which is why it is the first question we answer below.

Can I register with foreign binary options brokers?

How can I find the best brokers?

Are foreign binary options brokers safe?

Which are considered reputable licensing jurisdictions?

What are the best payout rates that brokers offer?

Can I deposit and trade in Rands?

How big are the bonuses?

Is there a way to try the service before making a deposit?

Are You New to Binary Options?

People that are new to binary options often get excited about it because it enables them to achieve high payouts in short period of time. Thanks to the fixed payouts and expiry times, you can choose trade options that can lead you to successful trading. That’s true in theory. It’s true in practice as well, but only if you have proper understanding of the financial market and prepared yourself for long term investments.

Besides gaining understanding of the financial market, you need the proper knowledge of trading instruments. These instruments are essential in maximizing your profit when trading binary options. The best way for beginners to avoid losses with their first trading attempts is to make investments on assets that are not so volatile. You can discover these by training yourself using a demo account.

However, thanks to the quick trade nature of binary options, the volatility factor can be avoided easily or at least reduced. When you trade you have a predetermined time-frame before making the trade, so it’s possible for your trade to be successful before the volatility factor kicks in. This is why binary options are so popular.

The Future of Binary Options in South Africa

At the moment there are very small hints that binary options will become a regulated industry in South Africa or maybe illegal. The second option is very unlikely. However, the positive outcome from the current situation is that South Africans are free to trade binary options without being persecuted. The negative outcome is that there are brokers that operate without a license.

If the government decides to regulate binary options trading, the governing body will be the Financial Services Board (FSB). The Board will be responsible for overseeing operations, regulate the industry and issue licenses as well as checking whether the brokers comply with the laws. Therefore, many positive aspects will arise from the regulation of binary options trading.

However, with the regulation there may be some negative consequences as in the case of the United States. Their laws forbid US citizens to trade at foreign brokers even though those brokers are compliant with the US standards for binary options trading. If such case happens in South Africa, traders will be forced to trade binary options only with South African operators.

Top Binary Options Platforms in Africa in 2020

Due to technology advancements and many other reasons that we’ll look at in this review, more and more traders in Africa are jumping into binary options platforms every day. We’ll get to see just how much their involvement in the trading sector has exceptionally grown.

Trading platforms are making tremendous efforts to reach the African continent. Not only are they working on improving their various platforms with new features and regular updates, they’ve also invested a lot in providing better and efficient services that were otherwise a frivolous thing in the past. Over the years the fruits are visible, and platforms are now receiving more membership sign-ups than ever before.

Table of Contents

Choosing Your Trading Platform

That said, there are a plethora of binary options trading platforms out there and closing in on the best one could be a horrendous decision. The importance of choosing the right platform for your trading urges is fundamentally the footstool of your business in the trading sector. A risky one as such, but if tackled carefully could be the best business you’ve ever undertaken.

Before choosing a trading platform, make sure to take as much time as possible before finally coming up with your decision. You can start by finding reviews online from trusted comparision & review sites and even watch videos or tutorials of various trading platforms. It will help you understand the elements of the different trading platforms and concluding which one of them to pick will be easier for you.

Doing all this background checks not only helps you to avoid losing your investments, but also saves you from an unprecedented fall personally. Fraud cases in the trading sector are widespread and traders, expert and beginners alike, lose thousands if not millions of their money. The fraudsters are sometimes very luring, and many tend to fall into their traps because of lack of understanding of the industry or pure, simple ignorance from them.

The only thing that these scams miss out on is their regulation certification, which isn’t hard to miss once you’ve done your research. However, this isn’t to say that all unregulated trading platforms are frauds. Some platforms are better in the sector than even the regulated ones.

This conditions will take time in choosing the right binary options platform is of uttermost importance. Not only does it make you very wise in the industry but also it sets you at a sound footing from the start.

Binary Options in Africa

In recent years, more African countries are adopting binary options platforms as the knowledge of the industry sprouts to the edges of the world. A study conducted in 2020 revealed that four countries in Africa topped the first deposit sources in trading platforms worldwide. These countries were South Africa, Zambia, Ghana, and Kenya each having a higher deposit streak than the other in that order.

The previous year had almost similar statistics with three African countries topping the list. They included Nigeria, Zambia, and South Africa, also in the same order. These statistics have depict great trading potential in Africa. More binary trading platforms are investing more in their services and products to reach the potential prospects.

South Africa is the only country with binary options regulations put in place. Binary options are considered “illegal” in the other countries which are preferably a disclaimer for both the trading platforms and the infinite potential of traders. Trading still goes on in most of the states, and some governments are working on coming up with statutory regulations for binary options.

How to Compare Trading Services and Platforms

Before choosing a binary options platform, always consider the following:

  1. Is there service well attributed to where you are?
  2. Their reputation from your research.
  3. The minimum amount of deposit.
  4. Whether the platform is regulated or not.
  5. If they provide a Demo Account.
  6. Do they provide free video tutorials, strategies, signals, ebooks or any other educational materials?
  7. If there’s a bonus for a new trader account. Remember to check the terms and conditions that apply.
  8. How you can withdraw your money.
  9. If the platform has an app or not (trading online is still okay, but a mobile application provides you with more portability).
  10. The minimum trade amount or size required for you to trade.
  11. Options offered for your trading process. Could include Ladder, Pairs, Touch, Boundary, etc.
  12. Are there additional tools? (e.g., MT4, NANO.MT4, MT5, Early closure)
  13. Percentage cuts on payouts.
  14. Their customer service. Check if they cover your location and how can they be reached.

5 Tips to Choose a Binary Options Broker or Trading Platform

It can be quite a hefty load when it comes to narrowing down the best binary options trading platform. That said, here are five tips to help you make your decision:

Demo Account

Demo accounts are used to lure traders into a platform, but their benefits tend to favor the trader more than the platforms. By trying different demo accounts, you can see which one works for you and which one doesn’t. More so, most of them come with loads of virtual money to start. Use the free deposit to have a better insight of which platform gives the best payout and the ones that are not good at it.


At the initial stages of trading, it is best to start with a small amount of investment then gradually climb up as you trade. Before signing up for a platform, be sure to check the minimum deposit fee needed and match it to your budget. This will help you budget yourself better from the start.

Trade Figures

Trade figures are the amounts that you set to trade on a platform. Each platform has a different number tagged to this amount with most of them ranging from $1 to 25 dollars as the minimal trading figure. For a beginner, it is better to choose a platform that has a low trading plan so that you’d lower your risks.


After you trade, and you win, you’d want to withdraw your earnings, right? Always check for the means of retreat that a platform provides and confirm that they are accessible in your area. Many of the platforms partner with international money transfer companies but being that they are so many, choose a platform that has more partnerships with companies that are close to you.

Bonuses and Allowances

Trading platforms sometimes give their members bonuses as well as allowances as an effort to maintain a constant interaction with them. For that reason only, verifying which companies provide the best gifts and benefits, e.g. withdrawal discounts will be in your favor in the long run.

PS: You can learn about them from demo accounts.

Regulation Matters

As mentioned earlier, the regulation of binary options platforms is one of the prioritized factors to be considered. These regulations are primarily used to protect the trader from any unique problems in the future.

European countries take this matter very seriously as many issues arise with some of these platforms. Therefore, the regulations impacted there are stringent and measured if met. African nations also have their own arrangements for regulators positioned to license and regulate the binary options platforms.

Below is a list of some of the regulators commonly known worldwide and work in Africa:

  • FCA – Financial Conduct Authority (based in the UK)
  • CySec – The Cyprus Securities and Exchange Commission (Cyprus and the EU)
  • ASIC – Australia Securities and Investment Commission (Australia)
  • CFTC – Commodity Futures Trading Commission (US)
  • IFSC – International Financial Services Commission (Belize)
  • FSB – Financial Services Board (South Africa)

Always check if the binary options platform you chose is regulated by either one of these regulators or any that is relevant and reputable to most countries. If not, remember the risk of using a scam platform is much higher than you think.

Top 6 Trading Platforms in Africa

IQ Option

IQ Option was founded in 2020 and has made tremendous progress in the past seven years. Regulated by CySec, it prides itself of about ten languages for its service including English, German, Arabic, and Italian among others.

The platform offers digital options, forex trading, CFDs and even cryptocurrency as trading options. Each service is available on their website, mobile application and their downloadable software for both MAC and PC.

Tools provided include the stop losses or take profit levels, which are tools that are not commonly found in standard trading platforms. IQ Option offers free educational materials to answer any questions you might have and also 24/7 customer support

There’s currently no MT4 integration, but the Revolutionary Proprietary Platform used by IQ Option is refreshing. You can change the view to either line, area, candlestick or bar and analyze your trading with many features including 18 different intervals, multiple graphs and multiple indicators that are all frequently updated.

The minimum deposit is $20 for Forex and $10 for options while the minimum trade starts at only $1. Withdrawal fees depend on the type account with a minimum being $10 up to a maximum of $10,000. Whether you’re trading from Kenya, South Africa or Nigeria, your money will be saved in USD.

Payment methods include Neteller, Skrill, WebMoney, Visa, Mastercard, PoliPayments and Wire Transfer.

Join IQ Option today and enjoy one of the most user friendly trading platforms!


Finmax FX is undisputed leader in currency trading.

The financial company appeared on the market a few years ago, but managed to become one of the leaders in binary options trading & Forex.

It Pioneered in 1999 as “” but rebranded as in 2020. The platform is under regulation by five regulators including the Gambling Commission in Malta. That alone oozes trust.

It has an incredible reputation in the trading sector even though it doesn’t accept clients from Japan, USA, Costa Rica, and Hong Kong. However, its trading services are available in Africa. On the platform, it is possible to trade in all currencies, markets, stocks, and indices globally.

The trading platform is their own Proprietary Platform which is quite reputable compared to other trading platforms out there. The platform is available online on their website and can also be downloaded as an app for Android or iOS and is available 24/7, even on weekends. doesn’t charge on deposits or withdrawals and allows a bare minimum of $1 up to a maximum of $50,000 for a single payout. The minimum deposit is $5, and the minimum trade starts from $1. Currencies available are USD, GBP, AUD, and EUR. A free demo account is also open with an initial $10,000 for your consideration.

Payment methods include Western Union, Bitcoin, Neteller, InternetBanking, Skrill, Visa, Eco, Fasapay, UnionPay, Mastercard and WebMoney that are all accessible in Nigeria, South Africa, Kenya, Zambia, and other African countries. is probably the best regulated binary options broker. Five regulators? This is the place to be if you are doubting binary options trading platforms in Africa.

Olymp Trade

With over $180 million in trading turnovers monthly, Olymp Trade is one of the biggest names in this sector. It was kick-started in 2020 and had since then received praises and many awards for its top notch service. Although it is under regulations by FinaCOM, it is recognized in Africa and internationally.

The trading platform includes MT4 and various other trading platforms integrated into a very well designed interface that is easy to understand and use for beginners or experts alike. The options on the platform include an Up/Down option button that can be an advantage depending on your trading skills.

Unlimited access to tutorials and educational materials are available in case you need to learn how to use the platform. You can also learn tips and tricks how to invest profitably.

A $10,000 free demo account is also available if you are ready to give Olymp Trade a try.

The minimum amount of deposit is $10 from which you get a 100% bonus while the minimum investment is $1 with returns of up to 92%.

There are various payment methods available for withdrawal. Its bank cards are Visa and MasterCard. Electronic payments are payments, Qiwi wallet, Yandex, Webmoney, Neteller, Skrill and Fasapay.

Join the biggest trading platform in Africa, Olymp Trade!


Created in 2020, 24Option is under regulation by Cysec and is quite popular in many European countries. Although it’s faced many controversies, the platform has still maintained its standing in the trading sector.

Services include stocks, indices, forex, cryptocurrencies, and commodities and can all be accessible once you create an account on the platform.

24Option has very many platforms on in its interface, including MT4, and brilliant design to go along with it. The most compelling buttons would be the Buy and Sell buttons which are quite hard to miss. Additionally, the features are top-notch along with fantastic follow-up charts.

A demo account is also available with a whopping €100,000 serviced amount provided as initial virtual funds.

Deposit packages are available for your choosing. Allowances and bonuses, which fluctuate according to your place of origin, are also available. In regulated countries bonuses are usually not allowed.

Withdrawals is available during the business hours of Cyprus, and no fees for the first withdrawal. Nevertheless, Platinum and Gold members get discounts on their withdrawal transactions.

Payment methods include Skrill, wire transfer, OKPAY, Neteller and other alternative card payment methods that are accessible in your respective African country.

We can guarantee a worthwhile trading experience on the platform when you join.


ExpertOption began in 2020 and prides some assets that include binary options, cryptocurrencies, stocks, commodities, and indices, to mention a few.

The company is under regulation by the Vanuatu Financial Service Commission and licensed by the Financial Market Relations Regulation Center.

However, their services are not allowed in Sudan, Australia, USA, Japan, Canada, Switzerland, Puerto Rico, Israel, and New Zealand, but you are still able to cut across all the markets in these countries.

ExpertOption has its customer support available 24/7 with different translators in their center that are eloquent in English, Hindi, and Thai.

The demo account is quite efficient, and one can trade anonymously before you finally try and give it a chance which will then require your verification. The amount given is $10,000.

The binary options broker provides a range of account types that aren’t quite like any other platform out there. Each level depends on the amount of deposit you are willing to invest.

The minimum deposit is set to $50 while the maximum is at $3000. The amount is due to transactional processes that come with the account. Withdrawals are also quite easy to do with the minimum amount being $10.

Payment methods include Neteller, Qiwi Wallet, Skrill, Payweb, WebMoney, Visa, UnionPay, Mastercard, and Yandex Money.

The platform lives up to its expectations for all its traders. Signing up for ExpertOption can be your life changer.

Should You Use Multiple Platforms?

Using multiple broker or platforms can be advantageous while choosing the best binary options broker. With demo accounts, you can familiarize yourself with different platforms giving you an opportunity to make your decision process easier.

Also, signing up in different brokers that have bonus inclusions means you get to receive many offers that come in with your trades or upon sign up. Just remember to read the terms and conditions carefully for all the platforms before signing up for any of them.

The most prestigious advantage would be that you can reduce your risk at very high rates because having different accounts means you can trade in all of them which concurrently, if lucky, increases your financial growth while also saving you from issues that may affect any of the platforms.

Last but not least, access to several different brokers broadens your trading options and diversifies risks. You’re therefore able to choose the best platform to place a particular trade, CFDs, forex or binary options, quickly from the various ones you’ve signed up. Different platforms are better at one or more services than another.

Best Binary Options Brokers 2020:

    Best Binary Broker 2020!
    Perfect for Beginners!
    Free Trading Education! Free Demo Acc!
    Get Your Sign-up Bonus Now:


    Trustful broker.

Binary Options Trading School
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!:

Rank Broker Offer Trade Now / Review