South Africa is the world’s fastest-growing nation when it comes to Forex trading. There are several reputable and trustworthy brokers in the South African Forex trading market. A broker is a person or a company that lets you trade on the market, and it provides you leverage and profits on your trades.
This article will serve as a concise review of one popular broker, i.e., Markets.com South Africa. The broker is considered to be one of the best options in the market. Let’s see if it is worth trading with.
Markets.com South Africa – History
Markets.com South Africa has been working as a broker since 2010. It is one of the old brokers in the market. It was previously named GFC markets. In 2015, Playtech, a gaming company, took ownership of the firm. Thus, the company went through a significant restructuring in 2016. Currently, Playtech PLC’s division TradeTech Alpha LTD owns Markets.com.
The first question that comes to mind whenever you talk about a broker is whether it is regulated. To answer the question, yes, Markets.com South Africa is a regulated broker.
FCA (Financial Conduct Authority) is the primary regulator of the company. However, Markets.com is also regulated across five other jurisdictions.
Markets.com is regulated by;
- CySEC in Europe
- ASIC in Australia
- FSCA in South Africa
- FSC in England
Clients’ funds are secure under the jurisdiction of all regulators. UK-based traders have security for up to 85,000 pounds by FSCS (Financial Services Compensation Scheme).
European traders are, however, exposed to the Financial Instrument Directive and Anti-money laundering directive laws of the EU.
Negative balance protection is provided to clients across all jurisdictions. Your funds are secure and kept segregated. Clients also get the security of funds in case the company runs a scam or goes bankrupt.
Markets.com offers leverage rates of 1:30. These rates are not the best in the market. The leverage rates are lower than the market average. However, these are not the same all across the world, and they are somewhat region-dependent.
- FCA and CySEC regulated authorities allow maximum leverage of 1:30
- FSC, ASIC, and FSCA allow maximum leverage of 1:300
Different leverage rates affect profit rates directly. Hence, it would help if you considered the leverage rates you’ll get before trading with this broker.
Higher leverage rates offer higher profitability. It is also riskier to trade at higher leverage rates, especially for people with significant investment funds.
The broker offers three major accounts;
- Classic CFD account
- Premium Account
- Demo Account
Islamic account is also available with zero interest rates.
A demo account is an excellent option for people who want to test the waters before investing money.
Deposits and Withdrawals
Markets.com offers deposits via almost all famous platforms. You can deposit money via bank transfer, but it may take a little while.
Clients can deposit money via credit/debit cards. Skrill and PayPal are also an option for users who value anonymous transfers.
Withdrawals are seamless and do not take long to show up in your account.
Markets.com South Africa is a reputable trader. Different authorities regulate it, so your money is safe with them. We would suggest trading with this broker if you get reasonable leverage rates in your region.