Best FSCA Regulated Forex Brokers

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Minimum Deposit
$10
Trading Instruments
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indices
  • Metals
  • Shares
  • Stocks
Type of broker

ECN/STP

Regulated by
CySEC CySEC
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Maestro
  • UnionPay
  • Neteller
  • Skrill
  • Bitcoin
  • Bank Transfer
Trading Conditions
  • Max Leverage: Flexible
  • Min. Spread: 0.1 pips
  • Currency Pairs: 59
Account Spread From Commission Execution Min. Deposit
Cent Account 1.5 pips None Instant $10 Account Details
Standard Account 1.3 pips None Instant $100 Account Details
ECN Zero Account 1.5 pips None Market $200 Account Details
ECN Account 0.1 pips $2.00 Market $500 Account Details
FXTM Pro Account 0.0 pips None Market $25,000 Account Details
Minimum Deposit
$100
Trading Instruments
  • Forex
  • Stocks
  • Indices
  • Cryptocurrencies
  • Commodities
  • ETFs
Type of broker

Market Maker

Regulated by
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Neteller
  • Skrill
  • PayPal
  • Bank Transfer
Trading Conditions
  • Max Leverage: 400:1
  • Min. Spread: 0.7 pips
  • Currency Pairs: 50+
Account Spread From Commission Execution Min. Deposit
Retail 1.3 pips None Instant $100 Account Details
Professional 1.3 pips None Instant $100 Account Details
Minimum Deposit
$50
Trading Instruments
  • Forex
  • Cryptocurrencies
  • Stocks
  • Indices
  • WTI
  • Bonds
  • Precious metals
Type of broker

Market Maker/STP

Regulated by
FCA FCA
ASIC ASIC
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • Trade Station
  • Ninja Trader
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
Trading Conditions
  • Max Leverage: 400:1
  • Min. Spread: 1.3 pips
  • Currency Pairs: 39
Account Spread From Commission Execution Min. Deposit
Standard 1.3 pips None STP $50 Account Details
Active Trader Not Published Yes STP $25,000 Account Details
Minimum Deposit
ZAR 2000
Trading Instruments
  • Forex
  • Commodities
Type of broker

Pure STP

Regulated by
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Bank Transfer
Trading Conditions
  • Max Leverage: 200:1
  • Min. Spread: 0.6 pips
  • Currency Pairs: 32
Account Spread From Commission Execution Min. Deposit
Basic Normal None STP R2,000 Account Details
Standard Competative None STP R15,000 Account Details
Premier Tight None STP R30,000 Account Details
VIP Institutional None STP R50,000 Account Details
Minimum Deposit
$5
Trading Instruments
  • Forex
  • Commodities
  • Metals
  • Energies
  • Crypto
  • Bonds
  • Shares
Type of broker

ECN/STP

Regulated by
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • UnionPay
  • Neteller
  • Skrill
  • Bitcoin
  • Bank Transfer
Trading Conditions
  • Max Leverage: 500:1
  • Min. Spread: 0 pips
  • Currency Pairs: 51
Account Spread From Commission Execution Min. Deposit
Micro 1.0 pips None Market $5 Account Details
Zero 0.0 pips $3.00 Market $200 Account Details
Auto 1.0 pips None Market $200 Account Details
Premium 1.0 pips None Market $100 Account Details
Minimum Deposit
$100
Trading Instruments
  • Forex
  • Futures
  • Indices
  • Metals
  • Shares
  • Energies
Type of broker

NDD Intervention Market Maker

Regulated by
FCA FCA
 CySEC CySEC
 SCB SCB
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • cTrader
  • FxPro Edge
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Maestro
  • UnionPay
  • Neteller
  • Skrill
  • Bank Transfer
Trading Conditions
  • Max Leverage: 500:1
  • Min. Spread: 0.6 pips
  • Currency Pairs: 70+
Account Spread From Commission Execution Min. Deposit
FxPro cTrader 0.45 pips $4.50 Market $100 Account Details
FxPro MT4 1.2 pips None Market $100 Account Details
FxPro MT5 1.52 pips None Market $100 Account Details
Minimum Deposit
$100
Trading Instruments
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indices
  • Shares
Type of broker

Market Maker

Regulated by
CySEC CySEC
FCA FCA
ASIC ASIC
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Maestro
  • UnionPay
  • Neteller
  • Skrill
  • fasapay
  • Bank Transfer
Trading Conditions
  • Max Leverage: 500:1
  • Min. Spread: 1 pips
  • Currency Pairs: 85
Account Spread From Commission Execution Min. Deposit
Live Fixed Spread 2.2 pips None Instant $100 Account Details
Live Floating Spread 1.1 pips None Instant $100 Account Details
Live Zero Spread 0.0 pips $18 Instant $500 Account Details
STP/ECN No Commission 1.7 pips None ECN/STP $500 Account Details
STP/ECN Zero Spread 0.0 pips $7.50 ECN/STP $500 Account Details

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. Its primary purpose is to guard South African citizens and the local economy against financial crime and misconduct and has an updated strategy (pdf) from their time as the FSB.

FSCA Regulated Brokers

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

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.

The FSCA Mandate in Forex Trading

The FSCA’s supervises activity in the Forex currency market to protect Forex traders from any 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 actors in the regularly-updated Media releases section of their website.  These warnings include guidance on individuals or companies misrepresenting themselves, or organizations 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.

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.

Sources:

FSCA Strategy 2018-2022 – fsca.co.za

Bye By FSB, Hello FSCA – polity.org.za

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.