Can You Trade Forex With Absa

Oftentimes highly developed banks create a trading platform for their users’ personal accounts. Such is the case for Absa bank forex trading which has the

Absa Forex Trading Platform

available for its users.

In this forex trading South Africa Absa review article, we’ll discuss how does Absa allows forex trading, how to trade using an Absa forex trading account, and many more!

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Regulated by
FCA, CySEC, ASIC

Regulated by
FCA, CySEC, ASIC

Regulated by
FCA, CySEC, ASIC

Regulated by
FCA, CySEC, ASIC

Regulated by
FCA, CySEC, ASIC

In This Guide

  • 1
    What is Absa Forex Trading Platform?
  • 2
    Absa Forex Trading Platform South Africa Pros & Cons
  • 3
    What Can You Invest in and Trade on Absa Forex South Africa

    • 3.1
      Invest in Forex
    • 3.2
      Trade Stocks
    • 3.3
      Invest in Indices
    • 3.4
      Trade Commodities CFDs
    • 3.5
      Trade Cryptocurrencies
  • 4
    Absa Forex Trading Platform South Africa Fees & Commissions
  • 5
    Absa Forex Trading Platform South Africa User Experience
  • 6
    Absa Forex Trading Platform South Africa Features, Charting, and Analysis
  • 7
    Absa Forex Trading Platform South Africa Account Types

    • 7.1
      Smart Account
    • 7.2
      Tax-Free Savings Account
    • 7.3
      Exchange Traded Fund Account
    • 7.4
      World Trader Account
    • 7.5
      BARX Africa
    • 7.6
      Absa Forex Trading Platform South Africa Mobile App Review
  • 8
    Absa Forex Trading Platform South Africa Deposit and Withdrawal Methods
  • 9
    Absa Forex Trading Platform South Africa Contact and Customer Service
  • 10
    Is Absa Forex Trading Platform South Africa Safe?
  • 11
    How to Start Trading with Absa Forex Trading Platform South Africa

    • 11.1
      Step 1: Open a Trading Account
    • 11.2
      Step 2: Verify Your Identity
    • 11.3
      Step 3: Deposit Funds
    • 11.4
      Step 4: Start Trading with Absa
  • 12
    Absa Forex Trading Platform South Africa Review – Conclusion
  • 13
    Capital.com – Alternative to Absa Forex Trading Platform
  • 14
    FAQs

    • 14.1
      What is Absa?
    • 14.2
      Can I trade Forex with Absa Trading platform?
    • 14.3
      What is cryptocurrencies trading?
    • 14.4
      Can I trade with leverage in Absa Forex Trading Platform?
    • 14.5
      What is a pip in forex trading?

What is Absa Forex Trading Platform?

absa forex trading

Founded in 1991, Absa Group Limited is a South African-based financial services company that offers personal and company banking, investing, and wealth management. One of their services under their subsidiary, Absa Bank, gives users the option to do Absa online forex trading via an Absa forex trading account. This and Absa Stockbrokers and Portfolio Management Limited will be the topic of this review.

Absa Stockbrokers and Portfolio Management is an authorized financial services provider under the Financial Sector Conduct Authority (FSCA) and is also a registered credit provider.

On the other hand, Absa Group Limited is a publicly-traded company that is listed on the JSE and is one of Africa’s largest diversified financial services groups. The company has a presence in 12 countries across the African continent coupled with offices in the United Kingdom and the United States.

With Absa Bank, account owners can easily set up self-managed investment accounts depending on their financial goals and preferences. This is why our team recommends users who already have Absa Bank accounts try creating an Absa forex trading account to start forex trading at Absa.

Absa Forex Trading Platform South Africa Pros & Cons

Pros

  • Fund your account via Absa or other African bank accounts
  • Organized training sessions, seminars, and special events
  • Provides up-to-date prices, information, and research results
  • Offers Shari’ah-compliant investment opportunities for Muslim traders
  • Weekly and monthly market analysis and research
  • 24/5 customer service
  • Provides latest tools for best investing research
  • Competitive trading fees compared to rivals
  • FSCA regulated trading platform
  • Trade shares online or via phone
  • Mobile app available

Cons

  • Requires bank account to access the mobile app
  • Lacks other financial instruments like crypto trading

What Can You Invest in and Trade on Absa Forex South Africa

does absa allow forex trading

With years of investment banking under its belt, the Absa online forex trading platform allows the trading of different financial instruments. We enumerated and explained the different options available below.

Invest in Forex

Does Absa bank allow forex trading? With the international Barclays PLC owning the majority shares of Absa, they do allow forex trading through BARX Africa. BARX is a cross-asset electronic trading platform for forex. In this platform, the Absa forex trading hours are 24/7 as the forex market does not close as well.

absa forex trading platform

Although currency exchange is possible and a feature with accounts under Absa bank, it seems that BARX Africa is the platform to use for advanced traders or corporations that have sums of different currencies.

Trade Stocks

One of the most commonly traded and fast-moving financial instruments is publicly traded shares or stocks. Unlike forex trading at Absa, stocks are available for trading in two accounts.

Aside from the Absa forex trading account, the Smart Investor and World Trader account allow for trading in the Johannesburg Stock Exchange (JSE) and offshore shares respectively.

Invest in Indices

Indices are a measure of price performance from an aggregate of securities. Through the Absa forex trading platform and bank, users can invest in indices. Not only do users have the ability to buy indices but Absa also offers reports and research on the different industries.

Read:  How to Make Money Forex Trading Online

Depending on the investment account and portfolio preference of an Absa profile, indices may or may not be part of the investment plan. With your Absa account, make sure to check out the indices options if you wish to invest in indices.

Trade Commodities CFDs

A possibly crucial diversification method for many investors, commodities are basic economic goods that are exchangeable. Those looking to invest beyond traditional securities, commodity investing is a good option as they usually trend opposite the stock market.

Much like other financial instruments available on forex trading, commodities are also well researched in Absa. Major commodity prices are available at their site and visible so that investors can make better decisions in conjunction with research.

Trade Cryptocurrencies

Perhaps one of the hottest tradeable assets, cryptocurrencies are digital coins that is used in blockchain systems. Trading crypto is very popular but not available at forex trading Absa.

Absa Forex Trading Platform South Africa Fees & Commissions

In order to profit from trade executions and holdings from Absa forex trading accounts, certain fees and commissions are charged by the broker. One of the advantages of forex trading Absa is that its fees are competitive compared to the alternatives.

The table below shows the different fees associated with the forex trading Absa bank depending on the account.

Smart Account Tax-Free Savings Account Exchange-Traded Fund Account World Trader Account
Brokerage Fee 0.4% with a minimum of R120 0.2% minimum of R15 0.2% minimum of R60 0.25% of Trade Amount
Inactivity Fee R75 (Excl. VAT) per account R35 (charged every 60 day period where no trades

are conducted)

R35 (charged every 60 day period where no trades

are conducted)

None
Other fees R800 administrative fee per annum

Absa Forex Trading Platform South Africa User Experience

Forex trading at Absa is quite straightforward in terms of user experience. However, starting out, users might be a little bit overwhelmed by the information being cataloged all throughout the site. It’s fairly easy to create an Absa forex trading account, especially if you have an Absa personal bank account already.

When it comes to the actual forex trading at Absa, users have a lot of easy-to-use tools at their disposal. Users will be pleased to hear that they can easily be updated on their position thanks to the feature of trading alerts via SMS and email to help manage both losses and gains.

The stop loss can be set up to be valid for 90 days but SMS and email alerts never expire unless triggered.

does absa bank allow forex trading

Another factor when it comes to user experience for forex trading Absa is how to help beginner traders get the ropes. Users of the Absa online forex trading platform are fortunate to have plenty of educational resources provided by the site. Forex trading at Absa features an Education Centre page that has all the information a beginner could need to start their investing journey.

For users who have accounts set up and have been investing for quite some time, a lot of research is also available on the platform. The forex trading Absa bank has updated prices, news, and market analysis at any user’s disposal.

What’s more is that if you’re completely new to investing and don’t want to be managing or handling where your capital will be invested in, Absa offers the professional management of your portfolio. Here, there are 9 types of portfolios to choose from as with investments starting at R250,000 or more. They provide world-class portfolio diversification through international stock and trade markets.

One of the most important features any broker should have is to be relevant to both beginner and experienced traders. Forex trading at Absa does just that with their varying options based on the needs of the customer.

Absa Forex Trading Platform South Africa Features, Charting, and Analysis

In this portion of the Absa forex trading account review, we’ll go through the key features as well as how the charting and share analysis fare on the platform.

Many of the forex trading at Absa features are its research and analyses. One of them is the Smart Company Analysis. What this feature provides is a specialist researchers’ views on which company shares to buy, to hold in your portfolio, or to sell with a view to long-term investing.

Next, we have the Weekly ETF Note. This shows up-to-date information on the performance of exchange-traded funds (ETFs). The weekly note maps and identifies the top gainers and losers all in the context of general local and global market developments.

forex trading absa bank

The forex trading Absa bank also offers the Eco Weekly Report. This is a weekly publication showcasing the Absa forex trading account’s key views on current trends and recent developments in the local and foreign economies. The report also includes a preliminary section regarding next week’s coverage.

Read:  What Islam Says on Online Forex Trading

Absa Forex Trading Platform South Africa Account Types

There are five main accounts for the Absa brokerage trading platform. Four of the accounts are products offered by their main site of the forex trading Absa bank. The last account is also offered in a different section of the site which is focused more on trading forex with Absa.

forex trading absa

Do note that a demo trading account is also available for account holders of Absa. Demo accounts are a great way for beginners to practice trading especially with the different types of accounts they want to try. For experienced traders, trading forex with Absa in the demo accounts helps them try out new trading strategies with zero risk.

Smart Account

If you’re looking for a smooth trading experience with access to locally listed shares, warrants, and exchange-traded funds, look no further than the Absa Smart Account. With the Smart Account, you’ll get access to delayed and live prices, interactive charts, alerts, up-to-date market information, and the latest news.

Fees for the Smart Account include a monthly recurring fee of R75 as well as a commission of 0.4% per trade at a minimum of R120. You can choose to trade among JSE shares as well as other exchange-traded funds (ETFs). Smart Accounts have online and telephone access, research, education, and live prices.

Tax-Free Savings Account

For more long-term investing with low costs, the Absa forex trading platform offers clients the opportunity to invest in a tax-free savings account. This account offers low-cost investing as the commission and other fees are kept at a minimum. Brokerage is charged at 0.2% with a minimum of R15 and an inactivity fee of R35 is charged every 60 days.

There is an R36,000 annual contribution limit to the account and an R500,000 lifetime contribution limit as well. For this account, you wouldn’t have securities transfer tax, capital gains tax, dividend withholding tax on dividends earned, and no tax on interest earned.

Exchange Traded Fund Account

Users looking for a more unique and cost-effective solution for investing in ETFs can consider the Exchange Traded Fund Account. As the name suggests, Our users are only allowed to invest in ETFs via debit order or live with very low costs. However, users of this type of account have access to all listed ETFs.

The minimum debit amount for the account is R250. With ETF-only debit orders, the ETFs are purchased at the course of the day and users receive the average price traded at the time of execution. Choose between different debit order dates or lie trading and have as many debit orders as you like. Just ensure that you have sufficient cash available to purchase the ETFs in the account.

World Trader Account

If you’re looking to trade off-shore shares, then the World Trader Account is what Absa has to offer for you. Their offshore offering is designed to offer offshore diversification with great value. Trade equities in the US like the Nasdaq market and others. Furthermore, you have secure and safe access to your account 24/7.

You can even access the World Trader Account on mobile or laptop as the platform is compatible with these devices. You have a choice of three base currencies: USD, EUR, GBP. More than this, you’ll be able to easily manage investments due to the stop-loss orders and stop profits available for this account.

Being an international account, you have access to technical analysis and fundamental analysis tools and resources such as in-depth research reports. You will be able to trade in over 25 different exchanges around the world and there are no additional monthly fees to pay for the account.

BARX Africa

The forex trading at Absa is the BARX Africa trading account. Based on the Barclays review, the BARX platform has a decent customer service as the help desk is available 24 hours a day, 5 days a week. They offer secure online FX trading in over 55 currencies in real-time as the Absa forex trading platform.

Forex trading Absa bank is open 24 hours a day as the FX market is, and trading forex with Absa through the BARX Africa platform is recommended as it has the best tools available for the job.

Absa Forex Trading Platform South Africa Mobile App Review

absa forex trading account

Unlike a lot of modern online brokers, the Absa online forex trading platform doesn’t have a dedicated mobile app. Instead, users can access the banking mobile app to view their investment portfolios. You’ll need an account with Absa to use their mobile app which might be a long process for those who wish to have an Absa forex trading account but don’t have a personal bank account with them yet.

Situationally, users might want to opt for a savings account on their site so that adding funds to the trading platform is smooth and fast. The alternative would be to bank transfer from other South African banks which could take 2-3 business days to add to the equity of the account.

Absa Forex Trading Platform South Africa Deposit and Withdrawal Methods

As mentioned earlier, the way to deposit to your Absa forex trading account is either through an Absa personal savings account or other South African bank accounts. The advantage of already having an Absa account is that fund transfer for investing is much faster than from other banks.

Read:  What to Look for in Forex Trading

Absa Forex Trading Platform South Africa Contact and Customer Service

The forex trading Absa bank offers 24/5 customer service, the industry standard. However, you may easily contact them via phone, email, or chat. They have an above-standard customer care service with wealth management consultants ready to speak to users via email or telephone.

Is Absa Forex Trading Platform South Africa Safe?

For the execution of trades in the Absa online forex trading platform, safe custody of holdings and un-invested cash is observed. This along with monthly statements that are emailed or printed means the platform is secure and safe. On top of all of this, the platform and bank is FSCA regulated.

For Muslim users wondering if it’s safe for them to use the platform with Shari’ah beliefs, the Absa trading platform is JSE Shari’ah-compliant. They also have the ETF Shari’ah Top 40 that Muslim users can invest through their TFSA and ETF Only accounts.

How to Start Trading with Absa Forex Trading Platform South Africa

Below is a step-by-step tutorial on how to start trading with an Absa forex trading account.

Step 1: Open a Trading Account

forex trading at absa

To create your account, head to the Absa trading platform site and click on the


open account


button on the Get Started page. Fill in the necessary information such as name, identification number, address, and others.

Step 2: Verify Your Identity

In this second step, you’ll need to upload a valid ID to prove your identity. IF you have a Smart ID card you are required to send a copy of both sides. You’ll also need to send proof of residential address not older than 3 months and proof of income tax number if you’re a South African resident.

Step 3: Deposit Funds

If you already have a bank account under Absa, you can deposit funds directly to your investment portfolio in the trading account. Otherwise, you’ll need to bank transfer coming from another African bank account which would take around 2-3 days.

Step 4: Start Trading with Absa

Once your account has been funded, you can begin trading via the Absa online forex trading platform! Simply go to the site, log in with your credentials and choose what account you’d like to use to start trading. If you need more assistance, you may call customer support.

absa forex trading hours

Absa Forex Trading Platform South Africa Review – Conclusion

For all new and experienced investors, the Absa forex trading platform stays relevant with the different investing accounts to choose from. With the option of self-management or having a professional trader manage your portfolio, there’s simply a lot of points of entry for the South African broker. Those looking at long-term and even shorter time periods of investing should definitely look into trading Forex with Absa.

Looking to trade using the Absa online forex trading platform? Click the link below to start trading Forex, ETFs, shares, and more!

forex trading south africa absa


75.3% of retail accounts lose money when trading CFDs with this provider. Consider whether you can afford to take the high risk of losing your money.

Capital.com – Alternative to Absa Forex Trading Platform

If you’re not content with what the Absa forex trading platform or online platform has to offer, then we would recommend Capital.com as an alternative. It offers a wider array of currency pairs at 140 with a 30:1 margin for CFD forex trading to boot.

Looking to trade with Capital.com? Click on the link below and start your investing journey with the all-in-one platform!

trading forex with absa


75.3% of retail accounts lose money when trading CFDs with this provider. Consider whether you can afford to take the high risk of losing your money.

FAQs

What is Absa?

Founded in 1991, Absa Group Ltd. is a South African based financial services company that offers personal and company banking, investing, and wealth management.

Can I trade Forex with Absa Trading platform?

Yes, you can trade Forex with the Absa Trading platform by creating a BARX Africa trading account.

What is cryptocurrencies trading?

Cryptocurrencies are the digital coins of blockchain systems that allow for the transactions or exchange of value among users.

Can I trade with leverage in Absa Forex Trading Platform?

Leverage is often used in Forex accounts to increase the earnings for FX price movements. BARX offers leveraged price options.

What is a pip in forex trading?

A pip is the exact spread between the bid and ask prices of a currency pair in forex. A larger pip means more price movement is required in order to cover the cost of the bid-ask spread in a trade execution.

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About Jose Rafael Aquino

Jose Rafael Aquino is a Filipino writer and entrepreneur that specializes in finance, technology, cryptocurrency, and sports. Versed in the startup tech space, he has written for websites such as The GUIDON, StockApps, and BuyShares.

Can You Trade Forex With Absa

Source: https://tradingplatforms.com/za/absa-forex-review/

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