Best South Africa forex brokers – list of brokers regulated by FSCA

Broker	Country	Rating	Min. Deposit	Website
	UK, EU, SA, Dubai	4.3/5	$5	Read the review
	South Africa	3/5	$1	Read the review
	South Africa	3/5	$100	Read the review
	South Africa	3/5	$250	Read the review
	South Africa	3/5	$500	Read the review
	South Africa	3/5	$250	Read the review
	UK, Cyprus, South Africa	3/5	£250	Read the review
	Seychelles	3/5	$25	Read the review
	South Africa	2.5/5	$250	Read the review
	South Africa	2.5/5	$50	Read the review
	South Africa	2/5	$50	Read the review
	South Africa	2/5	0 ZAR	Read the review
	South Africa	2/5	$1	Read the review
	South Africa	2/5	$10 000	Read the review
	South Africa	1.4/5	$1	Read the review
	South Africa	1.2/5	$100	Read the review
	South Africa	1.1/5	$100	Read the review
	South Africa	1/5	$100	Read the review
	South Africa	1/5	$100	Read the review
	South Africa	1/5	$5	Read the review

Being the most economically developed country in Africa and the only one that is part of the G20, South Africa is an attractive destination for forex brokers.

South Africa’s regulator of the financial services sector is the Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB). Actually, the country has adopted the so-called “Twin Peaks” financial regulation model, which divides the regulatory architecture into FSCA and a Prudential Authority, that oversees the banking sector and sees to the overall soundness of financial institutions.

The FSCA, on the other hand, monitors the non-banking financial services sector, which includes securities exchanges, clearinghouses, and forex brokers, among others. The authority aims to enhance investor protection and to ensure that the South African capital markets are fair, efficient, and transparent. It is responsible for the licensing of financial service providers, and for ensuring that regulated entities comply with the relevant legislation. The FSCA inherited all the powers of the former FSB under the existing laws and is also given strengthened enforcement powers to deal with breaches of financial laws.

In order to obtain a license from the FSCA, a broker must have a local office. Just like forex brokers in other jurisdictions, South African brokers have to prove that they are well-capitalized – but the capital requirements are loosely defined. A company has to have enough money to cover all possible expenses and potential debt. Brokers are also evaluated by the FSCA based on their financial stability, reputation, and the qualification of their employees.

It also keeps a public register of Authorised Financial Service Providers, so that investors can look up whether a certain broker is FSCA-licensed. The register also contains other relevant information, such as contact information for the broker, representatives, approved financial products, etc.

That being said, South African clients are free to do business with forex brokers licensed elsewhere, yet many of them find greater comfort in knowing that their brokerage is regulated on a local level. Working with a foreign broker might complicate matters in terms of depositing and withdrawing funds from client accounts – since all transactions have to pass through foreign banks, and are subject to exchange fees.

South African forex brokers news