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Online Share Trading

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Standardbank Webtrader

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Lee_1
Frequent Contributor
I have dollars offshore and want to start trading outside SA. Option1. Bring it back to SA and use Webtrader. Option 2. Open a bank account overseas and use Saxo. Option 3. Does anyone have a better idea? How do these compare?
7 REPLIES 7
Hawk
Contributor
I've been looking at webtrader as well. However, the cost is really putting me off. For one, I can't figure out what the exact cost will be, and two, it seems to be very expensive.
SimonPB
Valued Contributor
lee, you can transfer off shore cash directly into webtrader, you don't have to bring it home first
Pluto
Contributor
I have a TD Ameritrade account for a year which works very well for me trading in RSA - good web and mobile platforms and $10 per trade irrespective of position size. I would recommend them.
warhippo
Super Contributor
Agree with Pluto. The trading cost is not comparable. Many platforms with $10 and less per trade irrespective of amount you trade.
Lee_1
Frequent Contributor
Sandesh Ganasee my rep at Webtrader says he is not sure if I can transfer direct. Not a useful response. Trying to read the many pages of how costs are worked out also left me confused. Maybe better to steer clear.
Hawk
Contributor
That was my conclusion as well.
Not applicable
Hi Lee You can only do a transfer to Webtrader from an offshore cheque account. We do not recommend a transfer from another account ie. a third party like a company. The reason being that if your Webtrader reference has not been used (highly likely), it becomes very difficult to allocate your funds especially if there is red tape to obtain a 'proof of payment' from the remitter. If you intend doing a transfer from an offshore third party, it would be best to obtain a 'proof of payment' or 'SWIFT' message in the event that your funds are not auto-allocated. Please feel free to contact me on the below avenues. Regards Sandesh Ganasee 0860 121 555