Binary options are not prohibited in South Africa. They are treated as OTC derivatives, which means the counterparty needs an ODP licence — and no binary options provider currently holds one.
Archive notice: this page was written in 2012, before binary options were banned for retail clients across the EEA, the UK and Australia. It is kept for reference. For the current position, see Legal status by country.
24Option Overview
Option Trading at 24Option
It doesn't matter if you prefer currencies, stocks or indices or even commodities, 24Option is a very solid broker. You have several different trading strategies to choose from. Besides the standard “High/Low” options, you can also trade with “Range”- and “One Touch” Options. That means you have a wide variety of options that can be adapted to your risk- and money management. As a standard trader you will benefit from a payout of 85% and in case your option is out of the money you will still get up to 15% back. But that’s not all: Thanks to the 24Option VIP program (that is similar to OptionsClick), you can increase your payout by 4% to 89%. More details are provided below. If you trade professionally you will find a safe place with 24Option. You can make transactions up to $15.000. This should be enough even for traders with a large amount of trading capital.24Option Software
To start trading you don’t have to download complicated software. The 24Option platform is a web-based platform that enables even inexperienced traders to start easily. As already mentioned, the design is very attractive and makes trading comfortable. All important functions are well sorted and it doesn’t take long to get used to the platform. Something that we really liked when we were making our review was the fact that 24Option is available for many different mobile devices. It doesn't matter if you have an iPhone, Android, Blackberry or others – at 24Option you can control all your trades remotely. Similar to OptionsClick, there’s an “Early Closure” feature that enables you to buy the option back when the option is currently in the money but the trend is changing against your favor. This is possible until 5 minutes before the expiration date.Deposit and Withdrawal
24Option offers several different options to add funds to your trading account or make a cash-out. Besides standard wire transfer and credit cards you can use eWallets like Skrill or even Liberty Reserve.You can deposit at 24Option using this link >>
24Option Bonus and VIP Program
Please be aware that the CySec prohibits brokers to offer deposit bonuses starting from 2021. Thus 24Option will not longer be able to offer any bonuses.Service and Customer Support
In our review the 24Option live chat worked very smooth and fast. There's a 24/5 support on the line and you can use live chat, email or phone.Experiences with 24Option
24Option is a great broker. After opening the trading platform for the first time, you will see why. Novice traders can open a demo account and start trading without any risk. Professionals with large trading funds will like the 24Option VIP program and their unique trading features.Pros
- VIP program
- Bonus offering
- Demo account
- High Payout
- "Early Closure" feature
- Own mobile trading applications
- Available in different languages
Cons
- None
Funding and withdrawals in South Africa
Local rails here are instant EFT, card, and local bank transfer through Ozow or PayFast. Deposit method decides whether money can come back out: card payments carry a chargeback route with a time limit, transfers to an offshore entity generally do not. Confirm the withdrawal method, minimum, fee and stated processing time in writing before funding an account. Profits are generally taxable, with SARS the relevant authority.
Brokers accepting South African clients
Ranked by our published methodology, which weights licensing at 35% — on an unsupervised counterparty every other quality is contingent. Ratings are derived from the sub-scores, not assigned.
| # | Broker | Rating | Entity holding your funds | Min. deposit | Payout | |
|---|---|---|---|---|---|---|
| 1 | Deriv | 7.9 | Deriv (BVI) Ltd / Deriv (V) Ltd | $5 | up to ~95% on synthetics | Visit |
| 2 | IQ Option | 5.1 | IQ Option Ltd (international) — unregulated | $10 | up to ~95% | Visit |
| 3 | Pocket Option | 4.7 | Gembell Limited (Comoros) | $5 | up to ~92% | Visit |
| 4 | Quotex | 4.6 | Awesomo Ltd — unregulated | $10 | up to ~98% | Visit |
| Regulated alternative — does not offer binary options | ||||||
| — | Exness | 8.8 | FSCA (South Africa) — ODP · FSP 51024 | $10 | n/a — CFDs and FX only | Visit |
Advertiser disclosure: buttons marked ad are affiliate links and earn us a commission if you open an account. The others do not. The ranking is derived from the published sub-scores either way, which is why the highest-rated provider here is not the one that pays us.
Risk warning: binary options are high-risk speculative instruments and most retail accounts lose money. Nothing on this page is investment advice or a recommendation to trade.