Rating Index
Pros
Offers access to a variety of financial instruments, including forex, CFDs, commodities, and indices.
Good execution speed and customer support ratings, indicating a responsive service.
Relatively new broker, which may appeal to traders looking for innovative trading solutions.
Cons
Lacks proper regulation, raising concerns about the safety and security of client funds.
Does not support popular trading platforms like MetaTrader 4 or 5, limiting trading options for users.
Suspicious regulatory licenses and a history of being labeled a "clone firm," which may indicate potential risks for traders.
ABS broker Accounts
ABSA Stockbrokers Account Types
ABSA Stockbrokers offers various account types tailored to meet different investment needs. The primary account types include:
- Smart Account:
- Trade online in local shares, ETFs, and more.
- Monthly fee: R75.00.
- Brokerage: 0.4%.
- Tax-Free Savings Account (TFSA):
- Trade tax-free in select local exchange-traded funds (ETFs).
- Monthly fee: None.
- Brokerage: 0.2%.
- Exchange-Traded Fund (ETF) Only Account:
- Focused on investing in ETFs with low costs.
- Monthly fee: None.
- Brokerage: 0.2% (minimum of R60).
- World Trader Account:
- Allows trading in top global markets.
- Monthly fee: Refer to the offshore fee schedule.
- Brokerage: Refer to the offshore fee schedule.
- Managed Portfolio Account:
- For clients with over R250,000 to invest, offering professional management.
- Management fees vary based on the portfolio.
- Online Application:
- Visit the ABSA Stockbrokers website and select the account type you wish to open.
- Complete the online application form with personal details.
- Documentation:
- Provide necessary documents such as proof of residential address, certified copy of ID, proof of banking details, and proof of SARS (tax) number.
- Account Activation:
- Once your application is submitted, and documents are verified, your account will be activated.
- You can then transfer funds and start trading.
- Accessing Your Account:
- After activation, you will have secure online access to manage your investments, trade, and monitor your portfolio.
- Customer Support:
- If you have any questions or need assistance, ABSAs customer relationship team is available to support you during business hours.
ABSA Stockbrokers Broker Account Opening Process
Opening an account with ABSA Stockbrokers is a straightforward process that involves the following steps:
For further details on fees and specific requirements, please refer to the ABSA Stockbrokers website.
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