By Jeffrey Cammack Author Information Updated: June 25, 2020

The FSCA is the South African regulator of Forex brokers. While brokers accepting South African clients are not required to have FSCA regulation, it does give an extra layer of comfort and protection to the trader.

FSCA regulated Forex brokers must always act in the client’s best interest, and all marketing and product material must be clear and concise so as not to confuse or mislead.

These are the FCSA regulated brokers with the best trading conditions, educational material, platform offering and account types.

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  • Broker
    AvaTrade

    AvaTrade  - Best FSCA Regulated Broker

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    AvaTrade is one of the largest brokers in the world, with more than 200,000 registered clients globally and it's South African subsidiary, Ava Capital Markets (Pty) Ltd, has been regulated in South Africa by the FSCA (FSP 45984) since 2016. FSCA regulation doesn't just mean peace of mind for South African traders but also, as an FSCA regulated broker, AvaTrade maintains South African client bank accounts which mean that bank transfers are faster and cheaper.

    AvaTrade's trading conditions are good for a market maker, with spreads starting at 0.9 pips on the EUR/USD and 1.1 pips on the USD/JPY. A minimum deposit of 100 USD is required to open the single account, but higher minimum deposits grant access to a personal account manager, a 20% deposit bonus and the DupliTrade copy trading platform.

    AvaTrade has full support for the MT4 and MT5 trading platforms and deposit and withdrawals are fast and free - withdrawal times to e-wallets will take a maximum of 24 hours, though are often much quicker. AvaTrade also offers clients with a balance of more than 500 USD access to AutoChartist, a powerful pattern recognition tool which seeks out trading opportunities based on deep technical analysis of markets.

    Pros

    • Good for beginners
    • Well regulated
    • Low minimum deposit

    Cons

    • Dealing desk
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.2 pipsNoneInstantUSD 100 Account Details
    Professional0.9 pipsNoneInstantUSD 100 Account Details
    Retail0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    FXTM

    FXTM  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    USD 10
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FXTM is regulated by the FCA, CySEC and the FSCA in South Africa and the educational material offered is first-class. By keeping the focus on beginners looking for reasonable trading conditions, the FXTM team of educators and analysts have succeeded in creating a welcoming environment for new traders. Additionally, FXTM are one of the few brokers with 24/7 support, allowing new traders to get set up on weekends or holidays.

    For the absolute beginner, FXTM has a great deal of training material to help new traders get started. Materials include articles, videos, webinars and a searchable glossary of new vocabulary. This is an excellent resource and many hours can be spent covering the basics of Forex Trading. There is an additional set of videos that cover analysis topics, and more detail on chart reading techniques.

    FXTM has an open “Daily Market Analysis” section on their website where research analysts post bulletins that connect daily news items with analysis and actionable trading ideas. This can be combined with other sources to achieve a more comprehensive view of global events and the trading opportunities they represent.

    The Standard Account has a minimum deposit of 100 USD and spreads start at 1.3 pips. FXTM also offers a Cent Account where the minimum deposit if only 10 USD but the spreads will be wider. If you can afford it, I would recommend starting with the Standard Account.

    Pros

    • Good for beginners
    • Excellent education
    • Well regulated
    • Low minimum deposit

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Cent Account1.5 pipsNoneInstantUSD 10 Account Details
    Standard Account1.3 pipsNoneInstantUSD 100 Account Details
    ECN Zero Account1.5 pipsNoneMarketUSD 200 Account Details
    ECN Account0.1 pips$2.00MarketUSD 500 Account Details
    FXTM Pro Account0.0 pipsNoneMarketUSD 25000 Account Details
  • Broker
    Blackstone Futures

    Blackstone Futures  - Best Local SA Broker

    REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    ZAR 1000
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    BlackStone Futures has been operating in South Africa since 2009 and is the trading name of Trade Nation Financial Pty Ltd, which has been regulated by the FSCA since 2019 (FSP 49846), although from 2009-2019 BlackStone Futures was regulated by the FSCA as BlackStone Marketing Pty Ltd. Blackstone Futures is the South African subsidiary of FINSA Europe, an FCA and ASIC regulated broker based in the UK.

    BlackStone Futures' trading conditions are good for a South African broker, with both ZAR and USD accounts offered on the MT4 and CloudTrade platforms. Minimum spreads are as low as 0.6 pips on the EUR/USD and STP execution ensures no conflict of interest and limited slippage or requotes. Maximum leverage is 400:1 but this is only offered to traders with a proven track record.

    BlackStone Futures has wisely invested in educating new traders and the educational material available here is of a higher quality than we are used to seeing at local brokers. Both webinars and in-person classes are offered, alongside a collection of guides and educational articles. Deposits and withdrawals are fast and free for South African clients, with withdrawals to local bank accounts posting same-day via the OZOW payment platform.

    Pros

    • ZAR accounts
    • Tight spreads
    • Fast and free withdrawals

    Cons

    • Limited platform choice
    • Local regulation only
    AccountSpread FromCommissionExecutionMin. Deposit
    USD Account0.6 pipsNoneMarketUSD 100 Account Details
    ZAR Account0.6 pipsNoneMarketZAR 1000 Account Details
  • Broker
    CM Trading

    CM Trading  - Best Research

    REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    110.500
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Active since 2012, CM Trading is a South African broker with a large client base and competitive spreads; its parent company, Blackstone Marketing SA, has been regulated by the FSCA (License Number 38782) since 2009. As an FSCA-regulated broker, all client funds are kept in local bank accounts and CM Trading is bound by local regulations, including the FSCA complaints procedure. 

    CM Trading offers four account options, each with a different minimum deposit and different trading conditions - but all have a maximum leverage of 200:1. The Bronze Account offers spreads on the EUR/USD of 1.5 pips and can be opened with 250 USD; the other three accounts require higher minimum deposits (Silver Account: 1000 USD, Gold Account: 10,000 USD, Premium Account: 25,000 USD) but spreads are tighter with the EUR/USD spread at 0.9 pips on the Gold Account. The higher tier accounts also come with other perks including risk-free trades and personal account managers

    A market-maker broker, CM Trading supports both MT4 and the Sirix Webtrader and hosts a range of trading tools, including the CopyKat copy-trading system and the Guardian Angel automated feedback tool.  Education and market analysis are basic but available and customer support is available 24/5 via a range of methods. Deposit and withdrawals are fast for South African customers, though fees for both deposits and withdrawals are quite high. We recommend getting in touch with CM Trading customer support for more information on funding fees.

    Pros

    • Good for beginners
    • Great customer support
    • Copy trading accounts

    Cons

    • Expensive withdrawals
    • Local regulation only
    AccountSpread FromCommissionExecutionMin. Deposit
    Bronze1.5 pipsNoneInstantUSD 250 Account Details
    Silver1.2 pipsNoneInstantUSD 1000 Account Details
    Gold0.9 pipsNoneInstantUSD 10000 Account Details
    PremiumNot Published pipsNoneInstantUSD 25000 Account Details
  • Broker
    HotForex

    HotForex  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    DFSA DFSA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    ZAR 70
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2010, HotForex is an STP broker with tight spreads, low minimum deposits, and excellent regulation. Already boasting oversight from CySEC and the FCA, HotForex has also been regulated by the South African FSCA since 2016 (FSP 46632). HotForex has a local office in Sandton and uses local segregated banks accounts for client funds and submits to regular FSCA audits to ensure fund security and a fair trading environment. Furthermore, having a presence in the local banking system also allows HotForex to offer ZAR Accounts for South African traders.

    HotForex offers six different trading accounts and trading conditions at HotForex differ depending on the account type, with minimum deposits starting at 70 ZAR on the Micro Account. The Micro, HF Cory, Auto, Premium and Premium Pro accounts have spreads starting at 1.0 pips and leverage starting at 400:1, though this can be increased to 1000:1. The Zero Spread account requires a minimum deposit of 2800 ZAR (200 USD), has a spread starting at 0.0 pips and a commission of 3 USD per lot.

    Deposits and withdrawals are free and fast, and new traders will welcome the well-structured educational material and unlimited demo accounts. Both MT4 and MT5 are fully supported with a host of tools available for either platform, including free VPS hosting, free access to Autochartist and a collection of Premium Trader Tools such as live sentiment and correlation tracking, tick charts and an MT5 indicator package.

    Pros

    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts

    Cons

    • Limited base currencies
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneMarketUSD 5 Account Details
    Islamic1.0 pipsNoneMarketUSD 100 Account Details
    Premium1.0 pipsNoneMarketUSD 100 Account Details
    Auto1.0 pipsNoneMarketUSD 200 Account Details
    Zero0.0 pips$3.00MarketUSD 200 Account Details
    HFCopy1.0 pipsNoneMarketUSD 300 Account Details
    Premium Pro1.0 pipsNoneMarketUSD 5000 Account Details
  • Broker
    IG Markets

    IG Markets  - Best Education

    REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    IG Markets is the world's largest CFD broker by revenue and is our highest-rated broker. A market maker with a single account type for trading Forex, IG Markets was one of the first offshore brokers to gain FSCA regulation, way back in 2010 (FSP 41393).

    IG Market's single account has some of the best trading conditions around, with a 250 USD minimum deposit, 200:1 leverage and an average spread on the EUR/USD of 0.7 pips - though this can drop to 0.6 pips. MetaTrader 4 and the IG Markets platform are both supported and IG Markets offers 68 currency pairs to trade alongside a range of indices, commodities, shares and cryptocurrencies. Deposits and withdrawals are fast and free and no commission is charged on Forex trades (though small commissions are charged when trading shares).

    We always recommend IG Markets for beginner traders due to its excellent selection of educational material and market analysis alongside an unlimited demo account. 

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live Account0.6 pipsNoneInstantUSD 250 Account Details
    Spread Betting0.6 pipsNoneInstantUSD 250 Account Details
  • Broker
    FxPro

    FxPro  - Best Trading Platforms

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    A strictly no dealing desk (NDD) broker, FxPro is known for its fast market execution and first-class international regulation, with oversight from the FCA and CySEC. FXPro has also held a licence from the South African FSCA since 2015 (FSP 45052). With a South African base and relationships with South African banks, FxPro also offers ZAR as wallet currency for South African traders.

    FxPro offers three account types, depending on which platforms you wish to use. MT4, MT5 and cTrader are all supported, with the cTrader account having the tightest spreads in return for a commission of 4.5 USD per lot traded, while the MT4 and MT5 accounts incorporate the fees in the spread. Spreads on the cTrader Account can get as low as 0.1 pips on the EUR/USD but often average about 0.4 pips. Spreads on the MT4 and MT5 accounts are decent, averaging about 1.5 pips on the EUR/USD, and fixed spreads are available on the MT4 account - though these are slightly higher at 1.6 pips.

    The minimum deposit for all accounts is 100 USD, though FXPro recommends a balance of 500 USD before you start trading, and deposits and withdrawals are fast and free for all funding methods. While FXPro does allow South African traders to deposit in ZAR, be aware that your trading will still take place in USD - so currency conversion costs will apply.

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11100
    Minimum Deposit
    ZAR 2000
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Khwezi Trade is a well respected South African broker and its parent company, Khwezi Financial Services, has been regulated by the FSCA (FSP: 44816) since 2013. Though Khwezi Trade is not regulated internationally, it keeps all client funds segregated with Standard Bank, and in ZAR, providing an additional level of security for South African traders.

    Khwezi Trade offers four different account types on the MT4 platform with the minimum deposit on the Basic Account set to 2000 ZAR. The Standard Account requires a minimum deposit of 15,000 ZAR, the Premier Account requires 30,000 ZAR and the VIP Account requires 50,000 ZAR. Spreads are variable on all accounts but average 1.8 pips for the EUR/USD on the Basic Account and are tightest on the VIP Account, where they can reach a minimum of 0 pips. No commission is charged on any account for Forex trading, though a 3 ZAR commission is charged per trade on indices and commodities.

    Deposits and withdrawals are fast and free and Khwezi Trade also offers copy trading functionality for those that prefer it. Educational material is a little thin, but of a high standard and the 100,000 demo account remains open for 14 days, but can be renewed upon request.

     

    Pros

    • ZAR Accounts
    • Fast and free withdrawals

    Cons

    • Local regulation only
    • No swap-free account option
    AccountSpread FromCommissionExecutionMin. Deposit
    BasicNormal pipsNoneSTPZAR 2000 Account Details
    StandardCompetitive pipsNoneSTPZAR 15000 Account Details
    PremierTight pipsNoneSTPZAR 30000 Account Details
    VIPInstitutional pipsNoneSTPZAR 50000 Account Details
  • Broker
    ThinkMarkets

    ThinkMarkets  - Best Education

    REGULATED BY
    FSCA FSCA
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11100
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    An ECN/STP broker founded in 2010 in London, ThinkMarkets has been operating in South Africa since 2017 and is regulated by the FSCA under the name of TF Global Markets (South Africa) Pty Ltd (FSP 49835). ThinkMarkets is also regulated by the FCA in the UK and ASIC in Australia, due to the strict regulatory oversight required by these regulators, all client funds are held in segregated bank accounts. 

    ThinkMarkets offers two general accounts, a Standard Account with the trading costs incorporated in the spread (averaging 1.2 pips on the EUR/USD) and the ThinkZero Account – an ECN account with tight spreads (averaging 0.1 pips on the EUR/USD) and 3.50 USD commission per trade; both accounts are available as demo accounts and Islamic accounts. Three platforms are supported (MT4, MT5 and the proprietary ThinkTrader) and 36 currency pairs and 5 cryptocurrency pairs are available to trade.

    ThinkMarkets allows deposits and withdrawals in ZAR, USD, EUR, CHF, GBP and AUD; but be aware that base account currencies are USD, EUR, GBP, AUD and CHF – ThinkMarkets does not offer ZAR accounts so all ZAR deposits and withdrawals will have to be converted. Deposits and withdrawals are fast and free and customer support is available 24/5 from ThinkMarkets' offices in Johanessburg. 

    Pros

    • Low minimum deposit
    • Well regulated
    • Great platform choice

    Cons

    • Limited market analysis
    • Non-transparent spreads
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard0.4 pipsNoneMarketUSD 5 Account Details
    ThinkZero0.0 pips7 USDMarketUSD 500 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    ZAR 2500
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Marketsx is a premium trading platform operated by Markets.com, a large CySEC regulated market maker, and offers traders fast, low-cost trading on over 2,200 financial instruments. TradeTech Markets (South Africa) PTY Ltd (Markets.com’s South African operator) has been regulated by the FSCA (FSP:43906) since 2012. FSCA regulation means that Markets.com has to abide by South African regulations, such as keeping funds in local banks which makes fund transfers quicker and cheaper.

    Marketsx is a single account platform, with a minimum deposit of 250 USD and spreads are variable but on the EUR/USD average 2 pips. The main draw for Marketsx is the new and improved platform which offers advanced charting, making it easier to spot trends and identify new trading opportunities. Traders can make use of the comprehensive drawing tools to plot trendlines, channels, pitchforks, Fibonacci Retracements, and much more on the charts. The platform also allows you to add up to 5 of each type of indicator to the chart at once, overlay multiple assets onto one chart, or compare up to 8 instruments side-by-side.

    Both deposits and withdrawals are fast and free and the Marketsx platform includes a Knowledge Center which provides beginner traders with educational material and trading opportunities. Market analysis is also available in-platform via the XRay integrated streaming service. All Marketsx clients are assigned a dedicated account manager and customer support is available 24/5 via in-platform Live Chat.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live0.9 pipsNoneInstantUSD 250 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    IronFX, the brand name of Notesco, is a hybrid broker with a range of account types and two trading execution methods. Incomparably well regulated, IronFX has oversight from ASIC, the FCA and CySEC. In 2014 Notesco Pty Ltd received an operating licence from the FSCA (FSP 45276) and offers its full suite of services to South African traders. With local protection, South African traders can be sure that their funds are being kept in local segregated bank accounts and that full audits are regularly checked by the FSCA's fraud prevention team.

    IronFX offers five account types, ranging from the Live Fixed Spread Account, which requires a minimum deposit of 100 USD and has fixed spreads of 2.2 pips on the EUR/USD, to the STP/ECN Zero Spread Account which has spreads down to 0 pips on the major pairs but charges a commission of 7.50 USD round turn per trade. Also of interest is the Zero Fixed Account which offers fixed spreads of 0 pips on the EUR/USD but also charges a small commission per trade. Both the STP/ECN Zero Spread and the Zero Fixed Accounts require a minimum deposit of 500 USD.

    IronFX supports both MT4 and MT5 and educational support and market analysis are excellent and award-winning. Deposits are free but there are charges for withdrawals, 2% for Neteller withdrawals for instance, though this is capped at 30 USD. 

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Live Fixed Spread2.2 pipsNoneInstantUSD 100 Account Details
    Live Floating Spread1.1 pipsNoneInstantUSD 100 Account Details
    Live Zero Spread0.0 pips$18InstantUSD 500 Account Details
    STP/ECN No Commission1.7 pipsNoneECN/STPUSD 500 Account Details
    STP/ECN Zero Spread0.0 pips$7.50ECN/STPUSD 500 Account Details

All Forex Brokers in South Africa

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To pay the bills, and keep the lights on, we need a business model. That business model makes use of affiliate programs whereby we get a commission from partners featured on our website.

Our business model never influences our opinion of any partner, and the partner selection and review processes are separate. The compensation we receive from partners may affect how our lists are arranged, but the reviews are genuine, and the data is accurate. Our opinion can not be bought, and we always put our readers and their financial livelihoods first.

Open

Why trade with an FSCA-regulated Forex broker?

The Financial Sector Conduct Authority or FSCA is the local regulator of all non-banking related activities and has oversight over all regulated brokers in South Africa.

Its primary purpose is to guard South African citizens and the local economy against financial crime and misconduct. Since changing its name from the FSB to the FSCA it has updated its strategy guidelines (pdf), which are worth reading before you sign up with an FSCA regulated Forex broker. 

FSCA Regulated Brokers

South Africans can trade with brokers which are not regulated by the FSCA, but these organisations are not governed by South African institutions, and funds are not handled by local banks. If you know the legal company name of your broker, you can check their status with the FCSA.

The FSCA’s Mandate in Forex Trading

The FSCA’s supervises activity in the Forex currency market to protect Forex traders from irregularities and rogue brokers. If you want local protection when trading Forex, you want your broker to be regulated locally.

Once a Forex broker registers a membership application with the FSCA, they are entered into a database where information about their application status, representatives, and approved products are listed.  Anyone can use this database to find more information on the entities listed on this website.

The FSCA issues public warnings about fraudulent brokers in the regularly-updated Media Releases section of their website.  These warnings include guidance on individuals or companies misrepresenting themselves, or organisations falsely representing their services.

This database will also show if an entity has submitted an application to the FSCA, or if it has been stripped of regulation in the past.

Financial regulation is a crucial metric in our review process, as regulation is the primary way we establish the trust of the brokerage. We believe that there is value in being locally regulated as it gives clients more straightforward access to solve any disputes that could arise.

FSCA Regulated Brokers Advantages

Besides the security that regulation gives, there are additional reasons for choosing a locally regulated brokerage.

FSCA regulated brokers have the right to open a local company with a physical office in South Africa. This local office enables them to create a relationship with local banks that can offer segregated client bank accounts, which are governed by South African laws.  Many brokers offer in-person meetings with clients at their physical offices.

Local bank accounts also mean that bank transfers between South African clients and brokers are faster and cheaper. This also means that if your broker does go bankrupt, you will be able to walk into any branch of your broker’s local bank and remove all your funds from your segregated account. Gaining access to your funds will not be so easy in the event of a foreign broker’s bankruptcy. 

FSCA Strategy 2018-2022

Central to the mission of the FSCA are four core statements, which together, form the reason why local residents could choose to trade with a regulated Forex broker.

The organisation improves the efficiency and integrity of the South African financial markets. By monitoring the whole financial market and not just any particular entity, it ensures the safety of the entire market, and in doing so, can protect all market participants including retail Forex traders.

In addition, they assure that regulated brokers treat all clients fairly. A client of a regulated brokerage who feels they have been cheated has a legally defined process to resolve their issue.  All regulated brokers must have this process available to potential clients.

FSCA-regulated brokers must present written material in a way that does not confuse or mislead the reader. They are required to provide financial education and promote the financial literacy of potential clients. As financial products can be complicated, it is the obligation of all regulated members to explain all products and their associated risks.

Finally, they assist in maintaining financial stability in South Africa by supervising the registered entities.

A client trading with a regulated broker should expect to be treated fairly, expect to be educated on financial products whenever needed, and rest assured that the government is monitoring their activities to ensure they are safe and secure.

History

Previously known as the Financial Services Board (FSB), the FSCA opened in 1991 following the recommendations of Van der Horst led committee. The committee had recommended the creation of an independent body to oversee or supervise and regulate the non-banking financial services sector in South Africa.

After the Van der Horst committee, various acts have increased and expanded the mandate of the Financial Services Board. In 2001, the Financial Intelligence Centre Act and the subsequent amendments that followed later increased the FSB mandate to include issues of combating money laundering.

Later in 2004, the Financial Advisory and Intermediary Services, also known as FAIS, expanded the role of FSB to include, among other things, the conduct of market in the banking sector.

Being an independent body, the Financial Sector Conduct Authority creates regulations in the interest of the public; to caution them publicly against any illegal scheme and in line with its mission of providing and maintaining a sound and conducive environment for investment.

Internationally, the Financial Sector Conduct Authority is a recognised member of the International Organization of Securities Commissions (IOSCO) and is active in all activities of Africa’s regulatory bodies, and takes a leading role in regulation in the SADC block.

As of April 1st, 2018, the FSB changed their name to the FSCA or the Financial Sector Conduct Authority which is responsible for market conduct regulation and supervision, including financial service providers – like Forex brokers, investment funds, and investment managers.

The FSCA Structure

A board oversees the Financial Sector Conduct Authority which executes its mandate through divisions. The FSCA has the sole mandate to select its own Commissioner, making the organisation less of a target of the financial politics and pressures. Apart from overseeing the day-to-day running of the institution, the Commissioner acts as the Registrar of the Non-banking Financial Institutions in South Africa.

FSCA South Africa Structure

The authority of the Commission is distributed to Deputy Commissioners appointed by the Minister of Finance, and are supported by the Chief Risk Officer, General Counsel, Media Liaison Officer.

Key Financial Sector Conduct Authority Responsibilities

As part of its mission of ensuring that the investment environment in South Africa is sound and conducive, the Financial Sector Conduct Authority has built a strong reputation for its regulatory framework in the following sectors:

  • Capital Markets
  • Insurers
  • Financial Services Providers
  • Collective Financial Schemes
  • Nominee Companies
  • Friendly Societies
  • Retirement Funds

The FSCA ensures the cooperation of regulated entities and has the power to impose compensation orders, unlimited penalties and cost orders for those who do not comply.  These orders are adhered to as though they are a judgment from South Africa’s Supreme Court, and are a matter of public record.

A customer complaints service is effective in fielding complaints, plus a separate self-policing appeals board which any aggrieved entity can approach should they feel like they might have been aggrieved by either the regulator or any of its executive officers.

Summary

The FSCA is credited for bringing stability and transparency to South Africa’s investment industries.  Forex traders who want to have protection can find brokers that are locally-regulated, and who comply with South African law.  In some cases, South African clients can keep their funds locally, further increasing trust with the brokerages.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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