Score
South Africa
|
2-5 years
| https://afrimarkets.co.za/
Website
Rating Index
Influence
C
Influence index NO.1
South Africa 3.11
LicensesLicensed Entity：AFRIMARKETS CAPITAL (PTY) LTD
License No. 52813
South Africa
afrimarkets.co.za United States| 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 | 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 |
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.
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 | ❌ |
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 | ||
| SUPREME | $250,000 | 1 | 1 |
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.
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 | 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
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.
In this article, we’ll examine AfriMarkets' key features in-depth. WikiFX aims to provide you with the information you need to make an informed decision about using this platform.
AfriMarkets offers spreads starting from 1.6 pips on the Enhanced and Deluxe accounts, and the spreads decrease to 0.8 pips on the Supreme account. I find this appealing because tighter spreads, like the ones offered on the Supreme account, are beneficial for traders like me who execute many trades and want to minimize costs.
The potential advantage of AfriMarkets claiming FSCA regulation would be added security and protection for traders in South Africa. However, since their FSCA license is unverified, I’d take this claim with a grain of salt. Regulation typically helps to ensure that brokers comply with strict financial and operational standards, providing greater safety for my funds.
AfriMarkets offers two platforms: Simplex (SimpleFX) and AfriMarkets X, which are both accessible on PC, Mac, mobile, and tablet. As a trader, I like that these platforms are available on multiple devices, offering me flexibility to trade from anywhere. However, they don’t support MT4/MT5, which could be a downside for me if I prefer those more familiar platforms.
AfriMarkets supports several payment methods, including Debit/Credit Cards (Visa and MasterCard), Bank Wire Transfer, and AstroPay. For me, this provides flexibility because I can choose the method that’s most convenient. I also appreciate the fact that they offer commission-free withdrawals, which is a big plus.
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