Brokers that use Capitec Bank
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 brokers 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 are a couple of popular forex brokers in South Africa that use and accept Capitec Bank.
Exness
Exness is the world's largest retail forex broker by trading volume and is in South Africa regulated by the FSCA where they offer 5 account types. 2 standard accounts with spreads from as low as 0.3 pips and no paid commission and 3 professional accounts where spreads start from 0.0 pips and low commission fee. The company supports having a base account currency in ZAR or USD. According to the company, all withdrawals are processed instantly. Exness offers a wide range of trading instruments from different categories covering the forex, metals, indices and cryptocurrency markets. Traders can choose between using MT4, MT5 or Exness Terminal when charting and executing their trades.
Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
XM.com
XM.com is a popular international broker that operates in South Africa via their FSC license (based in Belize). This broker allows South African traders to choose between having a denominated account currency in ZAR or USD. The company supports multiple trading platforms including MT4 and MT5. XM.com traders can speculate on a range of markets including forex, stocks, indices and cryptocurrencies. There are over 1,000 tradable assets at the broker.Remember that forex and CFDs available at XM.com are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
How does Capitec Bank transfer work?
The Capitec bank transfer works as follows. You log in to your bank account and send money to your forex broker. When the broker receives your funds in a segregated account (from its own finances), they load your trading account so you can 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 will withdraw 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.
