Is Binary Options Legal In South Africa?
Binary options legality. There is no law that states that it is illegal in South Africa. In fact, at this moment there is actually no law at all that refers to online investing. This means that traders can do as they please in this regard. It is perfectly legal to trade binary options in South Africa. With that been said countries elsewhere, you should check and see what the law states regarding this.
So registering with a binary options brokers that accept South African traders, deposit real money and withdraw the money they have made. Binary options legality? This is perfectly legal and safe to do. There will be no legal consequences for traders trading with options brokers.
However, when you reeling in those profits, you must remember the profits are taxable.
Financial Services Board
The FSB is the South African Financial Services Board. They regulate the financial service providers in South Africa. In order for a company to offer a financial service such as Loans, Brokerage or insurance services, they are required to get a license from the FSB.
Binary options legality, South Africa’s Financial Services Board (FSB) has not offered licensing for Binary options brokers in South Africa. However, AnyOption South Africa recently became regulated and licensed by the FSB under company “Basfour 3773 PTY Ltd” FSP 42020. First binary broker licensed by our very own South African FSB. PS: (Remember checks and balances, we will soon open an account and do the necessary testing for review).
Investors should strive to find brokers whom have proper licensing from regulatory bodies such as FSB and CySEC (Cyprus Security and Exchange Commission) in Cyprus. The FCA (Financial Conduct Authority) in the UK. More on these bodies here.
Further more Brokers registered and licensed by these agencies have to comply with strict guidelines. So they offer trading services to South African traders and are reliable and trusted.
To Conclude Binary Options Legality
So until South African authorities decide to fully regulate the online financial sector, traders will have to continue seeking trading accounts from offshore brokers or the newly FSB broker.
Regulation from South African FSB offers the utmost security to traders. Foreign regulation and brokers are best for South Africans. However the FSB licensed broker is the exception.