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Webtrader: How to fund your trading account

webtraderpic.PNG 

 

 

Our Webtrader platform offers traders interested in offshore trading or investing the opportunity to invest in a wide range of financial instruments including Shares, CFDs and Exchange Traded Funds.As a client you have the option of doing so across various international stock exchanges.

 

Standard Bank offers you the option of funding your trading in 3 different currencies, USD, GBP and or EUR. However, you will be required to select a base currency, which will be your main trading account.

Once your trading account has been activated, please deposit funds into the bank account as specified on your confirmation email. Please note that the minimum trade size in respect of some of the products on the Trading Platform may require an amount in excess of the USD 1 000 (one thousand US Dollars) or its GBP or EUR equivalent to be available in your trading account.

It is important to include your Webtrader account number as a reference to ensure your funds are correctly and timeously allocated to your trading account.

For ease of reference the Bank Account details per currency are available below.

 

 

 

Funding Instructions

USD Account

Bank name

Deutsche Bank Trust Company Americas

Bank address

60 Wall Street, NEW YORK, 
NY 10005, USA

Bank BIC / Swift address

BKTRUS33

Bank FEDWIRE/ IBAN number

021001033

ABA routing number

21001033

Account name

Standard Bank of South Africa Ltd

Account number

04452100

Reference Number

As supplied in the welcome mail (eg XXXXXXXUSD)

 

GBP Account

Bank name

Deutsche Bank AG

Bank address

Taunusanlage 12, 60325 Frankfurt AM Main, Frankfurt, Germany

Bank BIC / Swift address

DEUTDEFF

Bank FEDWIRE/ IBAN number

IBAN - DE75500700100957344500

ABA routing number

none

Account name

Standard Bank of South Africa Ltd

Account number

95734400

Reference Number

As supplied in the welcome mail (eg XXXXXXXGBP)

 

EUR Account

 

Bank name

Deutsche Bank AG

Bank address

Taunusanlage 12, 60325 Frankfurt AM Main, Frankfurt,Germany

Bank BIC / Swift address

DEUTDEFF

Bank FEDWIRE/ IBAN number

IBAN - DE37500700100957344505

ABA routing number

none

Account name

Standard Bank of South Africa Ltd

Account number

957344505

Reference Number

As supplied in the welcome mail (eg XXXXXXXEUR)

 

Withdrawing funds or Closing your trading account

Should you wish to withdraw funds or close your trading account, contact our call centre and we will arrange for your request to be actioned. 

Note:

  • To avoid being closed out, all margined positions should be closed prior to withdrawing.
  • Withdrawal requests can only be actioned if the balance in your trading account is more than the amount you wish to withdraw. For example, if you request a withdrawal of USD 1 000 you need to have at least that amount available in your trading account, after taking into consideration any open orders or transactions that still need to be processed on your account and any outstanding fees and/or charges.
  • Standard Bank’s cut off time for payment requests is 15:00 (South African time). Any requests received after this time will only be processed the next Business Day (which excludes Saturdays, Sundays and public holidays in the Republic of South Africa).
  • The funds will be paid into the bank account nominated on your application form.
  • Due to various factors, it may take up to 5 (five) Business Days for the monies to be refunded to you, calculated from the date that Standard Bank has approved the withdrawal request.
  • As the platform is USD based, all refunds and payments to you from your trading account will also be in USD and will need to be converted into the base currency of your bank account.
  • Please note that additional charges and the rate of exchange in respect of the currency conversion will be determined by your transactional bank.

For more info, visit our FAQ page

 

Contributors
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Last update:
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Comments
Super Contributor

Food for thought

 

Can we fund Webtrader Account using the Shyft Product/or by creating a USD Virtual Shyft Card? If so, what reference should we use and can this be done internally so that mistakes can be avoided.

 

Can transfer/profit  from Webtrader be made to the Shyft Virtual Shyft Cards?

Dineo_T
Occasional Contributor

Hi Preston,

 

Yes you can transfer funds into, and out of, your Shyft Account from your Webtrader account in the same way you'd transfer funds to an external account.

 

For the reference, use the ABA routing number (make sure you put "0" (zero) before the ABA number for USD transactions. For example,the ABA number above will be 021001033. For GBP and EUR transfers, use your account number as a reference.

 

Hope that helps.

 

Ndlovu_M
New Contributor

Hi Dineo..

 

Question regarding your last three points: 

  • Yesterday the USD/ZAR pair was trading at around 13.25.
  • Today it closed around 12.70

Scenario:

  • If I had shorted the pair on Webtrader yesterday, and closed my position today - "let's just say", I would have made about 55c profit on each unit.  

Question: (Assuming that my Webtrader account is based in USD) 

  • If I requested a withdrawal today, right after the trade, and asked you to deposit my profits into my SA Savings account.... which exchange rate would you use for the USD to ZAR conversion?

Would you:

  1. use the market 'rate' at the time of the request (i.e. today @12.75), or 
  2. use whatever 'rate' the market will be sitting at, at the time of the deposit...(i.e. five 05 days from now)? 

If your answer is not Option 1, then my follow up question is:

  • What happens to my deposit request if the USD/ZAR rate suddenly shoots up to 14.00 on Day 2 or 3 or 4 or 5?
  • Considering that I would have sent my request when the rate was still sitting at 12.75? 
Dineo_T
Occasional Contributor

hi @Ndlovu_M

 

The account is USD based so we withdraw according to those figures. The rate you receive your funds at is determined by the receiving bank - that is the bank that receives the dollar amount.

 

What happens to the value of your USD funds in ZAR depends on the exchange rate when it's handed over to the receiving bank for SARB/ BOP clearance. You can contact them directly to negotiate an exchange rate.

 

Hope that helps.

 

Regards,

Dineo :) 

Ndlovu_M
New Contributor

@Dineo_T

 

Dineo, in essence you're saying:

  • a client can request to withdraw their profits today... but,
  • by the time the '5 day withdrawal process' is finished, the client could very easily find themselves sitting with a huge loss instead!!

Personally, I find it unethical for a person to advise on a process, but intentionally forget to explain the Main Risks involved within that very process. 

 

Next time, please don't forget to add the following Disclaimer to your comments whe advising clients/potential cleints. After all its a clause that exists in your Terms of Service right?

 

"21.1 Standard Bank, its affiliates or other persons or companies connected with Standard Bank may have an interest, relationship or arrangement that is material in relation to any transaction or Contract effected, or advice provided by Standard Bank, under the Terms, which may be in conflict or in competition with Client’s interest"

Dineo_T
Occasional Contributor

Hi @Ndlovu_M

 

I was clarifying at which point the USD/ZAR conversion happens during withdrawal - a matter of fact regarding the process which you inquired about, quoted below:

  • If I requested a withdrawal today, right after the trade, and asked you to deposit my profits into my SA Savings account.... which exchange rate would you use for the USD to ZAR conversion?

To clarify - the exchange rate given is determined by your transactional bank and NOT the Webtrader team. 

 

I did not speak to your particular trading strategy and the risks therein because this is not a forum for personalised financial or trading advice - such would require a consultation with a financial adviser or financial planner. 

 

If you need further assistance, please let me know. Alternatively you can contact the Webtrader team on 0860 121 555.

 

Kind regards,

Dineo