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
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.
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.
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.
Trading Platform
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.
2024-06-04 14:04
