Does anybody know which is a good account to open in south africa??
Why, which one are you with now?
lite forex sigTrader and dealbook(gft)
hard to say about SA really.
In South Africa your options are REAL limited. Even although we (Deltastock) have an office in South Africa the funds are still deposited overseas (that is until our FSB registration has been approved). That being said: there’s another broker that advertises on 702 Talk Radio at the moment and although they are registered with the FSB all deposits STILL go overseas so I don’t know what the deal is with that.
Your only options here REALLY are our major banks but the trading fees and capital required is prohibitive in my opinion.
I’ll tell you this though: it’s only a matter of time (in my personal opinion anyway) until the SA Government ‘cracks down’ on this business and brokers that are not registered with the FSB. Just look at what they did with the online casinos!!! ‘Cracking down’ is VERY easy to do really it would appear (although in the case of the online casinos it smacks of ‘protectionism’ in my opinion i.e. why ‘crack down’ on online casinos while at the same time building new ‘bricks and mortar’ casinos everywhere)!!!
Anyway: at the moment (if you take a look at us i.e. Deltastock) you are able to fund your account and withdraw funds via Moneybookers and you are also able to link your Moneybookers account to a local SA bank account and withdraw (cash) that way. Ideally AT THE MOMENT using a credit card or debit card is the easier way to go just as long as the credit card or debit card is from one of the banks here that can accept foreign exchange transfers i.e. there are one or two ‘low cost’ banks that will not accept foreign exchange transfers except via a correspondent bank and I’m told that such transfers can take anywhere between three weeks to one month to clear!!!
Regards,
Dale.