FX Paymaster-Some important Details about This Broker

General Information

FX Paymaster is a financial services provider registered in South Africa. And it claims to be authorized provider to conduct the business of a Foreign Exchange Intermediary under the Categories 1.13, 1.17 & 1.18.

Market Instruments

FX Paymaster provides kinds of major instruments of financial markets including spot contracts, forward contracts and market orders. At the same time, the company offers different services for individuals and businesses.

Payment Platform

FX Paymaster offers a online payment platform. The first thing the users need to do is open a free bank account for him/her to settle their deals. Also, FX Paymaster offers a Demo style account which will give users access to its online platform, so the users can “view” and explore the online functionality and compare its live rates with other banks.

Fees & Commission

As a foreign exchange intermediary, FX Paymaster gets paid by the bank which means no cost to the client. Through the partner bank, business clients can exchange currency at a fixed margin of 0.5% from market and only pay R 250 in transfer fees. Likewise, private individuals enjoy a fixed margin of 0.75% and only pay R 250 in transfer fees. There are no hidden fees or commission.

South Africa Exchange Control Regulations

South Africa Exchange Control regulations control the flow of money both in and out of South Africa. They effect every transaction, no matter what amount of Rand gets transferred and who the sender or recipient of the money is. The Reserve Bank of South Africa controls and oversees all capital in – and outflows. The Reserve Bank designates power to authorized dealers (banks) who oversee and regulate the market on their behalf. Currency trading companies, such as FX Paymaster, will trade via these authorized dealers, but due to the effect of bulking transfers, are able to offer better rates and do not have to charge money transfer service fees.

Contact Information

Users can contact FX Paymaster for inquiries through a variety of channels, including Facebook, Instagram and Linkedin. Also, they can contact the trader via info@fxpaymaster.com (General Inquiries) / payments@fxpaymaster.com (Payment Details), as well as the hotline: +27 (0) 11 888 0125.