Forex trading has become popular in some African countries, including South Africa. There is now a choice of forex brokers in South Africa for those traders who are residents of the country or wish to trade there. Read on to find out how to find the best South African forex brokers and how to ensure that forex brokers in South Africa are fully regulated and reputable.
The South African Forex Markets
There are now several forex brokers based in South Africa and others with an office or presence in the country providing services to South African citizens and residents. Forex trading in South Africa is legal when trading with a regulated and licensed broker. Signing up with such a broker will offer the trader various protections.
Forex Trading in South Africa is regulated by the FSCA (Financial Sector Conduct Authority), the financial and securities governing body for South Africa. It covers various non-banking companies within the financial sector, including forex brokers.
Forex brokers in South Africa generally have access to worldwide markets and offer clients the opportunity to trade in a wide range of currency pairs, often 24 hours a day, five days a week. There are also many general multi-asset brokers who facilitate forex trading and the opportunity to trade instruments in other asset classes.
The national currency in South Africa is the Rand (ZAR), the value of which is impacted by various factors, including political events within the country and the political climate across the African continent and around the world. South African brokers often offer the opportunity to fund your account in other base currencies, such as the USD, GBP or EUR.
Who Regulates Forex Trading in South Africa?
The FSCA (Financial Sector Conduct Authority) is the regulatory and licensing body for all forex brokers based in South Africa. It is strongly recommended that all traders in the country use a provider operating under the authority of the FSCA. This can, of course, be checked on the website of the FSCA or by contacting them directly.
That is not to say South Africans can only trade at FSCA-regulated brokers. They can trade with regulated international brokers who accept South African clients and, if they wish to, unregulated offshore brokerages.
However, if you are a South African trader, we strongly recommend trading with an FSCA-regulated broker or with an international brokerage licensed by the appropriate regulatory entity in its own country. Indeed, several of the largest online brokerages with a global reach are also regulated by the FSCA.
South African brokers regulated by the FSCA are monitored by the governing body, which means that clients have an outside entity to complain to should they run into problems when dealing with a South African forex broker. Controversy-wise, the authority has a much cleaner record than some of its peers, which is a significant plus.
The Best Forex Brokers in South Africa
If you are looking for a South African forex broker, here are some of our recommendations for the best forex brokers in South Africa.
|Broker||Features||Min Deposit||EURUSD Spread|
|74% of clients lose money. Capital at risk. US Clients: Yes Regulated : Yes||
||$100||from 0.1 Pips||
Sign Up 74% of clients lose money. Capital at risk.
|Your capital is at risk US Clients: Yes Regulated : No||
– Trade 15 cryptocurrencies
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