Capitec Bank is one of the biggest South African retail banks that allows you to send and receive money. Unfortunately, Capitec does not support international transfers, so if you want to deposit to your forex account when using this method, you have to select a Forex provider that has a bank account located in South Africa. Luckily, a couple of the major forex and CFD broker in South Africa can work with Capitec Bank. That means you can use your Capitec Bank funds to deposit and withdraw money from your favourite broker. Here is a couple of popular forex brokers in South Africa that use and accept Capitec Bank.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. ¹ Variable spreads vary according to the current market conditions, recorded for EUR/USD on 24.05.2021 at 10:00 GMT+1.
How does Capitec Bank transfer work?
The Capitec bank transfer work as follows. You log in to your bank account and send money to your forex broker. When the broker receives your funds to a segregated account (from its own finances), they load your trading account so you could use your money to trade. Once you decide to withdraw your profits you log in to your forex broker account, click on the withdrawal button and fill in your Capitec bank account details. Since you used Capitec bank also when you deposited your money, withdrawing should be pretty easy and without any hustle (since the forex broker already knows that the person who deposited the money is also the same who withdraws it).
Why Use Capitec Bank as Your Deposit/Withdrawal Method?
While using Capitec Bank to deposit or withdraw money from your forex broker is not as fast as when using e-wallets or credit/debit cards, this payment method has still some undeniable benefits. Among the most important ones is security. When you have a credit card, someone can physically steal it, but they can not physically steal your bank account and the chance of hacking your account is very low.
Thank you for this! I already thought Capitec does not work with forex brokers at all (because I found so from one of their tweets)
You are welcome. Yes, I found probably the same tweet as you did. Luckily, there are still some very good companies that have local bank accounts in SA.
Does Capitec work with libertex
I don’t know, I don’t personally use Libertex.