Funding your Trading
How to fund my account?
Upon activation, Standard Bank Webtrader gives you the simplest options to fund your account as outlined below.
Funding using SHYFT
Our partner Shyft gives you the cheapest retail FX rates to convert your ZAR to your preferred base currency namely (USD, GBP and EUR).
To find out more on Shyft click here.
Below is a video on how to add your Webtrader account as a beneficiary on Shyft.
How to Fund using Shyft
Funding using Bank Transfer:
You may also fund your account using the banking details provided in any of the 3 currencies available (USD, GBP & EUR).
To ensure timeous and accurate allocation of your funds, please ensure that you use the reference provided on your activation email.
Funding Instructions |
|
| USD Account | |
| Bank name | Deutsche Bank Trust Company Americas |
| Bank address | 60 Wall Street, New York, NY 10005, USA |
| Swift address | BKTRUS33 |
| Bank Fedwire | 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 | 957344500 |
| 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) |
Multi-currency Trading Account
Standard Bank Webtrader provides you the option to fund your account in three main currencies namely (USD, GBP&EUR) therefore this enables you to operate a multi-currency trading account. It is, however, advisable that upon opening your trading account, you may select one base trading account in the currency you are most likely to trade in.
As your trading strategy evolves, you may add other currencies to accommodate trading products denominated in the currencies different from the currency selected on your base trading account.
Kindly note that additional charges may apply (as explained below) when operating a multi-currency account and should you be interested in operating one, please contact us.
Rollover Charges
Should opposite positions in your multi-currency account be opened on different trading accounts, Standard Bank shall not ordinarily close out or net off such positions. Unless the position is closed manually from the correct trading account, all such positions will be seen as separate and rolled over on a continuous basis and will incur a cost for such a roll over, including financing charges and additional charges for closing out positions on such multiple trading accounts.
Margin Requirements
Collateral deposited on the main base trading account will automatically serve as margin on all the other accounts despite the currency. Notifications on margin calls and stop outs will be sent when the aggregated account goes into default. Standard Bank shall be entitled to transfer margin from one trading account to another, in such circumstances, but it is not obliged to do so. Please note that under the netting agreement between Standard Bank and the client (found in your Webtrader Terms of Business), collateral held on one trading account may be used to cover to deficit balance on any other trading account held by you.
Interest Calculation
Operating a multi-currency account means that interest on your main base currency trading account is calculated on the “Net Free Equity” and the interest on the other accounts are calculated on the “Account Value”. Therefore, should you have negative net free equity on the main base currency trading account and a positive net free equity on the additional trading accounts, interest will be charged on your main base currency trading account despite the other accounts having a positive net free equity. We highly recommend that you read the Webtrader Terms of Business as it explicitly outlines how interest is calculated.
Download this webinar for an interactive explanation of how Multi Currency trading works - Click here