Sanlam iTrade is a Johannesburg-based financial service provider in South Africa. Owned by one of the oldest and most historic financial service providers in South Africa, it offers a comprehensive platform for investors and traders who specialize in trading shares.
For this TRU insight, we’ll take an in-depth look at Sanlam iTrade, how it works, and its key features.
What is Sanlam iTrade?
Sanlam iTrade is an online share trading portal by Sanlam Private Wealth. The platform allows clients to trade shares and Contracts for Difference (CFDs) on the Johannesburg Stock Exchange (JSE) and other global markets.
Sanlam iTrade users have access to an easy-to-use platform with all the necessary information at their fingertips. The portal can be accessed on any desktop or mobile.
The platform allows Direct Market Access (DMA), and traders can execute trades on the JSE, warrants, ETFs, ETNs, and CFDs.
To clarify, Sanlam iTrade is not a broker but a platform used by Sanlam Private Wealth, a financial service provider regulated in South Africa.
Who Owns Sanlam iTrade?
Sanlam iTrade is owned by Sanlam, Africa’s largest non-banking financial services group. These services include insurance, investment management, and trading.
Sanlam has a 105-year history in the financial service industry in South Africa. It is known as the first service provider to introduce disability cover and income protection to South Africans. In 1924, a railway worker who lost his eyesight in an accident was the first time a worker claimed his insurance for a work-related accident.
Sanlam currently operates in 33 African countries, as well as in India and Malaysia.
Where is Sanlam iTrade Regulated?
Sanlam iTrade is the trading portal of Sanlam Private Wealth Ltd, which is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa with Financial Service Provider (FSP) number 37473.
According to the FSCA’s directory, Sanlam iTrade is authorized to provide services such as share trading, CFD trading, portfolio management, and professional financial advice.
Sanlam iTrade Features
The Sanlam iTrade portal boasts a wide range of features to suit a trader’s needs. One favorite feature among users is that Sanlam fees are listed separately from the spread. Therefore, users don’t get any surprise fees on their trades.
Check out other key features of Sanlam iTrade below.
Available Trading Platforms
Sanlam iTrade is the trading platform offered by Sanlam Private Wealth. This self-developed platform is suitable for both beginners and advanced traders.
The platform provides direct market access (DMA) to the Johannesburg Stock Exchange (JSE) and other global markets.
Traders can also access live market information, comprehensive charting tools, and technical analysis tools on the platform.
Unlike its more popular counterparts, such as the MT4, MT5, and cTrader, the Sanlam iTrade was designed specifically for Sanlam Private Wealth clients.
Account Types and Minimum Deposit
Below are the account types available for Sanlam clients.
iView Account or Sanlam iTrade Demo Account
The iView account is the Sanlam iTrade demo account for practicing traders. It offers a virtual trade stimulator where aspiring traders can test out their techniques and strategies and explore the platform
Read more: Tips for Forex Trading Beginners
iTrade Standard Account
The iTrade Standard Account requires a minimum deposit of R5,000 and includes access to the iTrade platform and 150 live monthly prices.
This account type provides Direct Market Access (DMA) to the JSE with live prices and market depth. It displays the best five bids and offers with volumes.
Moreover, it also offers news, daily market commentaries, charting, and fundamental data on every company.
The monthly fee is R50 plus VAT. However, this fee is waived if the client earns R45000 on a single trade or five smaller trades.
iTrade Pro Account
The Pro account requires a higher minimum deposit of R5,000 but has unlimited features.
Traders with this Account can access unlimited live prices, including watchlists and portfolio shares on the JSE.
Like the Standard Account, this account type also offers DMA to the JSE, daily news and market commentary, charting, and data on every listed company.
The monthly fee is R130 plus VAT.
iTrade Global
Traders can access worldwide trading with an upgrade to iTrade Global. On this portal, users can access over 20 global exchanges and trade equities, exchange traded funds (ETFs), and exchange traded commodities (ETCs) on all major markets.
The iTrade Global requires a minimum investment of R100,000, which includes free live prices for most European markets.
iManaged Account
These accounts are for investors who aren’t ready to invest independently. An iManaged account entitles the client to a personal wealth manager who will invest on their behalf and manage their portfolio.
It’s important to note that the portfolio will be registered directly in the client’s name and with ownership and JSE protection under the JSE Fidelity Fund.
The minimum investment is R200,000, and portfolio management fees are 1.5% per year. A custodian fee is charged at R300 per year, and transaction costs are added.
Instruments
Sanlam iTrade was initially designed to trade shares on the Johannesburg Stock Exchange.
With this platform, traders can trade JSE shares, warrants, ETFs, and ETNs with a 98% uptime.
Traders can also trade CFDs on JSE shares on the advanced iTradeGo trading platform. This platform allows users to bid on CFDs with the JSE spot price, ensuring they get the “true” market price.
Withdrawal Options
Sanlam iTrade allows for easy withdrawals, with no added fees for withdrawing funds.
The process is straightforward and is compatible with bank transfers and popular e-wallets.
Customer Support
The broker offers customer support through email and phone.
For technical support, clients can call +27 (0)21 950 2153 or through email at [email protected].
On the other hand, general inquiries can be addressed via email at [email protected] or through phone at +27 (0)21 950 2091
Educational Resources
Sanlam iTrade offers many educational resources, including free webinars, online courses, and a virtual trade simulator through the iView Account.
The platform also provides daily market commentaries and comprehensive research on available stock. The accessibility of these educational materials varies depending on account type.
Sanlam iTrade Reviews Online
There are mixed reviews for Sanlam iTrade online. However, the majority of the complaints have highlighted poor customer service.
For instance, some investors have reported that they had to wait hours on end for customer service to assist them with an issue, while others have had to repeatedly deal with different support agents for weeks before resolving the issue.
Another significant review from dismayed customers is that the withdrawal of their pensions was delayed for over half a year. However, this delay could be attributed to the newly implemented two-pot system, which companies had to comply with at the time.
On a positive note, there are no widespread reports of people having their money stolen from Sanlam iTrade, and the platform is generally considered to be secure.
Explore Broker Reviews That You Can Trust
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Is Sanlam iTrade Safe to Trade With?
Sanlam iTrade is safe to trade with. The broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. Furthermore, the platform offers investors protection programs such as the segregation between client funds and operational funds, which the broker described as an “extra layer of security.”
Overall, Sanlam iTrade is considered a safe and legitimate platform that offers a wide range of features and services that cater to both novice and experienced traders.
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