AfriMarkets Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-12-20 14:02

Abstract：Based in South Africa, AfriMarkets is a forex broker that was established in 2023. AfriMarkets provides various financial products to trade via the Simplex (SimpleFX) and AfriMarkets X platform, including forex, indices, commodities and stocks. Demo accounts are available and the minimum deposit requirement to open a live account is as high as $250.

AfriMarketsReview Summary
Founded	2023
Registered Country/Region	South Africa
Regulation	FSCA (Suspcious Clone)
Market Instruments	Forex, indices, commodities and stocks
Demo Account	✅
Leverage	Up to 1:200
Spread	From 0.8 pips
Trading Platform	Simplex (SimpleFX), AfriMarkets X
Min Deposit	$250
Customer Support	24/7 multilingual support
	Live chat
	Tel: +27215183959
	Email: cs@afrimarkets.co.za, analyst@afrimarkets.co.za
	Address: 6TH FLOOR ATLANTIC CENTRE CHRISTIAAN BARNARD STREET FORESHORE CAPE TOWN, 8001

　　Based in South Africa, AfriMarkets is a forex broker that was established in 2023. AfriMarkets provides various financial products to trade via the Simplex (SimpleFX) and AfriMarkets X platform, including forex, indices, commodities and stocks. Demo accounts are available and the minimum deposit requirement to open a live account is as high as $250.

Pros and Cons

Pros	Cons
Various trading options	Suspcious clone FSCA license
Demo accounts	No MT4/5
Multiple account types	High minimum deposit
Commission-free
Popular payment options
24/7 live chat support

Is AfriMarkets Legit?

　　AfriMarkets is flagged as a “Suspicious Clone” by the South Africa Financial Sector Conduct Authority (FSCA). This means the broker's claim of FSCA regulation is false.

What Can I Trade on AfriMarkets?

　　AfriMarkets offers 4 assets to trade including forex, stocks, commodities and indices. Moreover, AfriMarkets provides a product that benefits from a robust 7.8% interest rate on all deposits.

　　Forex: 80+ currency pairs including major, minor, and exotic.

　　Stocks: global stocks, covering markets in the US, Europe, and Asia, including well-established corporations, emerging small-cap entities, high-growth stocks, ETFs, and so on.

　　Commodities: 25+ commodities including precious metals, energy, and agricultural products, such as gold, silver, crude oil, natural gas, wheat, among others.

　　Indices: including the S&P 500, NASDAQ, Dow Jones, and FTSE 100.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Stocks	✔
Cryptocurrencies	❌
Bonds	❌
Options	❌
ETFs	❌

Account Type

　　AfriMarkets offers six accounts to choose from, including Standard, Islamic, Silver, GOLD, Platinum and VTFX VIP accounts. The six types of accounts are divided into Individual Account, Joint Account and Corporate Account. Besides, it also sets up demo accounts for traders to practice trading with virtual credit.

Account Type	Min Deposit	Min Lot Size	Min Step Size
FOUNDATION	$300	0.01	0.05
ESSENTIAL	$1000	0.05
ENHANCED	$2,500
DELUXE	$5,000
PRO	$10,000
ELITE	$25,000	0.5	0.5
ULTIMATE	$100,000	0.5	0.5
SUPREME	$250,000	1	1

Leverage

　　AfriMarkets provides leverage up to 1:200 for all account types. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spread and Commission

　　AfriMarkets offers different spreads for different accounts. The broker is commission-free on all trades.

Account Type	Spread	Commission
ENHANCED	From 1.6 pips	❌
DELUXE	From 1.6 pips
PRO	From 1.2 pips
ELITE	From 1.2 pips
ULTIMATE	From 1 pips
SUPREME	From 0.8 pips

Trading Platform

Trading Platform	Supported	Available Devices	Suitable for
Simplex(SimpleFX)	✔	PC, Mac, mobile and tablet	/
AfriMarkets X	✔	PC, Mac, mobile and tablet	/
MT5	❌	/	Experienced traders
MT4	❌	/	Beginners

Deposit and Withdrawal

　　Deposit

　　AfriMarkets accepts deposits via Debit/Credit Card like VISA and MasterCard, Bank Wire Transfer and AstroPay. The minimum deposit requirement is $250.

　　Withdrawal

　　AfriMarkets accepts withdrawals via the original deposit method, up to the amount funded. Remaining amount via Bank Transfer (WIRE/EFT). Insufficient margin may lead to withdrawal requests being rejected. AfriMarkets offers commission-free withdrawals across all transactions. All withdrawal requests are completed within 5 business days. Moreover, for South African clients, all withdrawals must be made from ZAR trading account.