The South African entity of brokerage group Trive has launched trading in CFD products for clients in the country.
In a statement, the company said that this was part of ambitious plans to become the leading derivatives broker in Africa.
Clients can access accounts with up to 1000:1 leverage. The broker is also offering clients a R1,000,000 deposit bonus to celebrate its launch.
The local entity is headed up by Marius Grobler, who was previously at Unum – a South African brokerage and asset management company.
Grobler joined Trive in 2022 and was previously Chief Operating Officer for Trive Africa & Middle East. He was appointed CEO of the South African entity in July of this year.
The new product launch comes hot on the heels of Trive and Finlato announcing their partnership. South African regulation requires brokers to have an ‘ODP’ license to offer CFD trading. Finalto offers brokers a regulatory umbrella under which brokers can offer the product, without having to acquire the license themselves.
Trive South Africa will launch with a MetaTrader 4 and MetaTrader 5 offering. However, the firm said in a statement that it plans to launch a copy trading feature – Trive Social – and its own trading platform in the near future.
“We are committed to establishing ourselves as the premier choice for derivatives trading in Africa,” said Grobler. “Our recent strategic partnerships, including our collaboration with Finalto SA as our ODP and risk partner, position us strongly in the market.”