Best 1ForYou Brokers 2025

Understanding 1ForYou

1ForYou is a payment service designed to connect South Africa’s cash-based economy with the world of digital finance. It’s a convenient way for South African traders to add money to their trading accounts.

However, many well-known brokers no longer accept 1ForYou. You might want to explore different payment options for online trading.

What Is 1ForYou?

1ForYou is a service that gives everyone the chance to make online payments, even if they don’t have a traditional bank account.

With a 1ForYou account, you can manage your money, make payments, and add funds to wallets without needing a bank account. You can use 1ForYou for many things like buying bus tickets, accessing Wi-Fi, trading, and more.

All their services are offered in English, and they use the South African Rand (ZAR) as the main currency, making it a favorite among traders in South Africa.

While 1ForYou doesn’t have a physical office, they are believed to operate out of South Africa.

Fees

1ForYou doesn’t charge extra fees for using their vouchers, so you can deposit and withdraw from trading accounts without any additional costs from 1ForYou. Just keep in mind that some brokers might have their own fees.

Always check the broker’s terms to avoid any unexpected charges later on.

While not a fee, it’s important to know that 1ForYou vouchers do expire, typically in about three years. Also, if you lose or damage a voucher, you can’t get a replacement or refund.

The 1ForYou mobile app is free to download on the Apple App Store and Google Play Store.

Transaction Speed

With 1ForYou, transactions are usually instant. Funds appear in your account quickly, letting you take advantage of trading opportunities right away.

However, you need to buy vouchers in physical stores since online purchases aren’t supported yet. This can take longer and might cause traders to miss out on quick trades.

Security

1ForYou doesn’t provide much detail about how they protect funds. Their main security feature is the unique 16-digit code on each voucher.

Transactions and personal data are encrypted, and only authorized employees can access this information.

Unfortunately, there are no certifications from regulatory bodies, which makes it hard to assess how secure the system really is, raising some concerns for potential users.

Depositing with 1ForYou

To deposit funds into your trading account, you’ll need to buy a 1ForYou voucher. You can get these with cash, credit, or debit cards, and you don’t need a bank account.

Vouchers are available at many retailers throughout South Africa, like PEP, Ackermans, Shoprite, and more. Check the 1ForYou website for a full list of partners.

Here’s how to add funds using a 1ForYou voucher at a broker like XM:

1. Log in to your broker account
2. Go to the deposit section
3. Select 1ForYou as your deposit option
4. Enter the 16-digit voucher code

The money should appear in your account almost immediately. Online top-ups aren’t available yet, but hopefully, they will be soon.

Pros & Cons of Using 1ForYou for Trading

Pros

• You can get refunds
• The mobile app is free
• Send money to friends and family
• No transaction or monthly fees
• Available on iOS and Android

Cons

• Can’t top up online
• No overseas payments
• Only available in South Africa
• Unclear security measures
• Can’t directly receive salaries through the app
• Few brokers accept 1ForYou

Is 1ForYou Good for Trading?

For South African traders without a bank account, 1ForYou could be a helpful way to add money to your trading account because there are no setup fees, instant deposits, and a user-friendly mobile app.

The company does a good job of connecting cash-based users to online finance, but there are some downsides. The lack of online top-ups can be frustrating, and not being able to make overseas payments is a limitation.

Compared to services like PayPal or Mastercard, 1ForYou offers fewer features, and since it’s only available in South Africa, it might not be the best choice for every trader.

Overall, 1ForYou works well for a specific group of people, but there may be better payment options out there.

Frequently Asked Questions

What Should I Do If My 1ForYou Voucher Isn’t Working?

If your voucher is invalid or you have questions, contact the customer support team. You can call them or send an email for help. They’re available during regular business hours.

Is It Cheap to Deposit to My Trading Account with 1ForYou?

Yes, 1ForYou generally doesn’t charge any transaction fees, although your broker might have their own charges.