We cannot deny the fact that some traders – especially those, who are not so familiar with all the specifications as to this financial field – believe that South Africa is yet quite undeveloped and backward, so binary option South Africa market is not a thing to discuss at all. Indeed, when someone hears anything of Africa in general, the first thought and impression is the low level of advancing and experience. However, the binary option South Africa area does not refer to this conclusion at all. On the contrary, there is a quite huge chance for you to discover fantastic brokers for trading with binaries and located in South Africa. They do worth it and it could be a shame for you not to know the main features of this significant part of the overall global financial trading space.
Is There Any Regulation Program To Rely on, When It Comes To Binary Option South Africa Trading?
Only few years are there was no official authority or independent agency that covered the binary option South Africa field. This made many traders to claim and believe that financial services providers in this region are not trustworthy at all. Moreover – a big part from the binary trading community has the opinion that binary option South Africa brokers were illegal. At some point, they were right, because several years ago there was no regulation body in the country at all. However, lots of the local brokers were completely legal – with an official license and with the right to operate on the market. As to the regulation lack, traders preferred to use those binary option South Africa brokers that are offshore, which means they are either owned by companies from other countries, or they simply are foreign trading platforms, which, though, accepted South Africa-based traders. However, things have changed quite fast for binary option South Africa platforms. And currently, they are well regulated and very similar to the rest of the global top rated binary brokers like 24Option for example.
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What Are The Regulation Bodies for Binary Option South Africa Websites?
Today, we can point several controlling and observing agencies that cover both – the financial services providers in the country, as well the binary option South Africa brokers specifically. Check out them and learn the basic information about their job and tasks to perform.
Financial Services Board
The FSB – the Financial Services Board is a typical government agency for official and proper regulator of the entire financial services industry in South Africa and of the binary option brokers. Be aware that this agency does not have any independent functions or priorities the way most of the world`s popular financial regulation bodies have. Moreover – the Financial Services Board is oriented to all kinds of procedures, financial structures and binary option participants (including the South African Brokers) in South Africa with one single exception – the banking organizations and services. The Financial Services Board regulates the binary option market entirely in public interest by keeping an eye on the regulation of the largest stock exchange market in Africa, too.
This market is known as Johannesburg Stock Exchange and many binary traders adjust their strategies due to the processes that happen in its sphere. Financial Services Board have lots of responsibilities and duties and the main ones among them are security of capital markets, Financial Services Provide controlling, insurance, collecting investment schemes and etc. However, the main work, which involves the South African Brokers,that the Financial Services Board does is to secure and arrange the work of one of its agencies. This agency is entirely oriented to control the binary option trading in South Africa.
Financial Advisory and Intermediary Services
The Financial Advisory and Intermediary Services Agency – known with the abbreviation of FAIS Division – has the task to secure the Financial Service Provides as part of the main FSB regulation body. To keep safe its faultless and smooth work, FAIS has acquired several basic departments with particular fields to operate in – Registration (of the South African binary option brokers), Supervision of the entire field for trading with binaries, Compliances by binary option traders, as well as helping the binary option South Africa websites to operate on the market as competent brokers of the global market.
When you look for a decent and cool binary option South Africa broker, it is essential for you to pay attention at the regulation, but never forget to see if the main pros and benefits of a standard platform – regardless its origin – must have. Such features are good customer support services, interesting bonus systems, great choice for account type to open and etc!