When it comes to secure and efficient online trading in South Africa the FSCA Financial Sector Conduct Authority (former FSB) ensures a top-notch security and compliance. Whether you’re a beginner or a seasoned trader, this expert guide will help you to find the perfect broker with options for ZAR accounts, advanced trading platforms and competitive trading conditions.
List of the Top 10 FSCA-Regulated Brokers
- HF Markets
- CM Trading
AvaTrade is a multi awarded CFD broker that operates in South Africa with license nbr. 45984 under Ava Capital Markets Pty entity.
With fixed spreads, multiple forex trading platforms (MT4, MT5, AvaGo, Ava Options) AvaTrade is recommended to all beginners in online trading.
- Welcome Bonuses up to 40%
- Low First Minimum Deposit $100
- Local deposit methods
- Fixed spreads starting from 1 Pip
- High Quality trading platforms
- Average forex spread is higher than Pepperstone
What does FSCA stand for?
FSCA Financial Sector Conduct Authority is the official South African government owned financial watchdog in SA since 2018.
As more and more retail investors speculate in this online venture, no wonder that local forex market regulators need to keep an eye on this fast growing retail forex industry to prevent scam from happening.
How to check if the broker is regulated by the FSCA
Please visit the search tool on this link and write a broker’s name into the field “Search for FSP Name“.
Then click “Submit“.
Next you will see the list of Finance Service Provider with license numbers and other details.
If there is no result, mostly it means either the FSP (broker) has no FSCA authorisation or you typed in wrong name.
How are South African retail forex traders protected ?
South African forex trading market situation has become more stabilized and the market is overall more mature than in other large african countries and mainly thanks to the strict anti-fraud rules implemented by the local regulator the amount of forex fraud has been diminishing over the past two years.
The local police has accused several infamous South African forex millionaires and the law enforcement is trying hard to crack down on scam schemes across the country. Indeed a good news also for other countries in this region.