Just because brokers are legal does not always mean that they will offer the best services to their clients. A South African trader should consider a few factors before choosing their preferred broker:
1. Asset portfolio
2. Payout rates
3. Trading contracts
4. Methods of payment
1. Asset Portfolio
When choosing the right broker, a trader should consider the South African assets a broker offers. A wide portfolio of mainstream assets like indices, currency pairs, commodities and stocks can offer various winning methods for a trade. IQ Option is a broker that offers a comprehensive list of assets to select from.
2. Payout Rate
It is highly likely that a trader will go for a broker who offers a high payout rate. While most offer between 65% and 75%, there are others like IQ Option who offer upwards of 80%.
3. Trading Contracts
Seasoned traders in binary options would consider trading with brokers offering a variety of multiple trading contracts like boundary contracts, 60-secons contracts, and one-touch contracts.
4.Methods of Payment
The payment methods is of paramount importance when trading in binary options. South African traders would always opt for a binary options broker with payment processors. IQ Option is a broker that has gone the extra mile to ensure that its online money platforms are secure.
In South Africa, brokers offer traders bonuses, which they can use to purchase contracts and make profits. The average broker offers about 25% bonus, but some like IQ Option offers higher than that.