Options Trading

[TheRidDlerX]

Anyone have any experience with some local brokers? Looking for one that covers a wide variety of US based options, but the ones I've visited so far as pretty limited in their assets and the international ones u either have to be a US citizen or enter some foreign tax ID which ur normal SaRS one doesn't seem to work.

Thank you

 

[JayM]

I'm with Interactive Brokers but don't trade options. They are happy to open accounts for SA clients.

 

[TheRidDlerX]

Thanks! If u don't mind me asking how do u handle withdrawals from them back to ur SA accounts?

 

[JayM]

Thanks! If u don't mind me asking how do u handle withdrawals from them back to ur SA accounts?

I haven't done any withdrawals to an SA account yet, but they do have have FNB in their SWIFT lookup list, so I imagine it will work fine.

 

[TheRidDlerX]

I haven't done any withdrawals to an SA account yet, but they do have have FNB in their SWIFT lookup list, so I imagine it will work fine.

Oh that's cool. Good to know thanks!

 

[JayM]

Oh that's cool. Good to know thanks!

I just tried to hook up my account, but it's asking for a "correspondent bank" as well. I've asked my personal banker what this should be.

 

[TheRidDlerX]

I just tried to hook up my account, but it's asking for a "correspondent bank" as well. I've asked my personal banker what this should be.

Thanks for the info, if u get it sorted I'd love to chat to u about what needs to be done

 

[RARCA]

FSCA regulated brokers should have local bank accounts which means that your money will never leave South Africa. The vast majority of scams are related to money being sent internationally and not being returned, and scammers play all kinds of games with different bank excuses. The best bet is a reliable FSCA brokers with good reviews. A full list of responsible FSCA brokers is here. https://tradeforexsa.co.za/forex-brokers-south-africa/fsb/

 

[TheRidDlerX]

FSCA regulated brokers should have local bank accounts which means that your money will never leave South Africa. The vast majority of scams are related to money being sent internationally and not being returned, and scammers play all kinds of games with different bank excuses. The best bet is a reliable FSCA brokers with good reviews. A full list of responsible FSCA brokers is here. https://tradeforexsa.co.za/forex-brokers-south-africa/fsb/

Thanks die the info.. Need one with full access to the NYSE tho, and from what I've browsed so far not alot are