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AuthorBy Jeffrey Cammack
Updated: August 1, 2022

The FSCA is the South African financial regulator. It is responsible for regulating all Forex brokers with an office in the country. 

FSCA-regulated brokers are required to keep client funds segregated from their own operating funds. They are also audited on a regular basis to ensure that client funds are not misused. All FSCA-regulated brokers must also apply for an ODP licence, which further protects African traders.

In this guide, you will learn who the best FSCA-regulated Forex brokers are. We put together a list of all the brokers regulated by the FSCA and then selected those with the best trading conditions, trading platforms and educational material for new traders.

  • AvaTrade - Best FSCA Regulated Forex Broker
  • FXTM - Best FSCA-Regulated Broker for Beginners
  • HFM (HotForex) - Highest Leverage with Market Execution
  • Exness - Best FSCA-Regulated Trading Conditions
  • markets.com - Best Trading Platform with FSCA Regulation
  • FxPro - Best FSCA Regulated No Dealing Desk (NDD) Broker
  • FXCM - FSCA Broker with Best Specialty Trading Platforms
  • IG - Best FSCA Regulated MT4 Broker
  • ThinkMarkets - FSCA Broker with Best Market Execution
  • IronFX - Best Regulated FSCA Broker

Best FSCA Regulated Forex brokers 2022

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Broker
Overall Rating
Official Site
FSCA (SA) Regulated
FSP#
Min. Deposit
Max Leverage (Forex)
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Compare
AvaTrade
4.38 /5
Read Review
Visit Broker >
Your capital is at risk
45984USD 100400:1Excellent0.90 pipsUSD 90.90 pips87255MT4, MT5, Avatrade Social, AvaOptions
FXTM
4.33 /5
Read Review
Visit Broker >
Your capital is at risk
46614USD 102000:1Excellent1.50 pipsUSD 150.00 pips79162MT4, MT5
HFM (Hotforex)
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
46632USD 51000:1Excellent1.00 pipsUSD 100.10 pips116953MT4, MT5
Exness
4.12 /5
Read Review
Visit Broker >
Your capital is at risk
51024USD 32000:1Standard0.70 pipsUSD 70 pips221100MT4, MT5
MarketsX
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
43906USD 100300:1Excellent0.70 pipsUSD 70.60 pips220667MT4, MT5
FxPro
4.29 /5
Read Review
Visit Broker >
Your capital is at risk
45052USD 100200:1Excellent1.40 pipsUSD 140.40 pips218170MT4, MT5, cTrader, FxProEdge
FXCM
4.24 /5
Read Review
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Your capital is at risk
46534USD 50400:1Standard1.30 pipsUSD 130.20 pips30645MT4, NinjaTrader, TradeStation
IG Markets
4.69 /5
Read Review
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Your capital is at risk
41393USD 0200:1Excellent0.60 pipsUSD 60.85 pips1929580MT4, L2 Dealer, ProRealTime
ThinkMarkets
4.18 /5
Read Review
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Your capital is at risk
49835USD 0500:1Excellent1.20 pipsUSD 120.00 pips415046MT4, MT5, ThinkTrader
IronFX
3.74 /5
Read Review
Visit Broker >
Your capital is at risk
45276USD 50500:1Standard2.20 pipsUSD 220.00 pips29083MT4

AvaTrade – Best FSCA Regulated Forex Broker

Founded in 2006 and FSCA-regulated since 2015, AvaTrade (FSP: 45984) offers an excellent trading environment for both beginner and experienced traders. AvaTrade features low spreads on a single account, award-winning customer service, an excellent mobile trading platform, AvaTradeGo, and great trading tools like AvaProtect, allowing traders to purchase loss protection for a time directly from the AvaTradeGo app.  The only possible downside is that the minimum deposit here is 100 USD, which is higher than many other brokers. 

Maximum leverage at AvaTrade is 400:1, and spreads are some of the tightest we have seen for a commission-free account – as low as 0.9 pips on the EUR/USD. AvaTrade has no fees for either deposits or withdrawals and a commitment to processing your funding request as fast as possible. The customer service team is available 24/5 via telephone, live chat, and email.


Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

FXTM – Best FSCA-Regulated Broker for Beginners

FXTM (FSP: 46614) is the best FSCA-regulated broker for beginner traders. FSCA regulation guarantees local protection, and low minimum deposits and tight spreads reduce risk. Weekend customer support allows part-time traders to get set up when they’re not working, and FXTM’s education section is ideal for those who want to get up to speed quickly. 

While FXTM’s Advantage Plus Account is good with a minimum deposit of 500 USD and spreads starting at 1.5 pips, FXTM also offers a Micro Account with a minimum deposit of only 50 USD but with the same spreads, starting at 1.5 pips. Clients can use FXTM’s best-in-class copy trading system with all account types, meaning that new traders can follow professional strategies and learn from the best traders in the business.


Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

HFM (HotForex) – Best Overall FSCA-Regulated Broker

HFM (previously known as HotForex) is a well-known international broker with a strong presence in Tanzania. HFM offers fast and free deposits and withdrawals from a range of local banks. Regulated by the FSCA (FSP: 46632), the CMA, CySEC, and the FSA (through which Tanzanians are onboarded), HFM has built a reputation for tight spreads with STP execution, low-cost Micro Accounts, detailed market analysis, and 24/5 customer support. With accounts that suit both beginners and professionals and detailed market analysis, HFM is a good choice for new and experienced traders.

HFM devotes an entire section of its website to market analysis and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside a trading platform.


Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Exness – Best FSCA-Regulated Trading Conditions

Exness (FSP: 51024) is an FSCA and internationally regulated CFD broker offering trading in Forex, cryptocurrencies, and metals. Trading conditions at Exness are some of the best in the business. All trades are executed on the market with no intervention, with one exception. With a low-cost cent account for new traders, unlimited leverage on some of the professional accounts, and a wide range of trade assets, Exness has ensured that its product offering will appeal to all types of traders. 

MT4 and MT5 are available across various accounts, and TZS accounts are available for Tanzanian traders. With 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips, the Exness Standard Cent Account is a live account for new Forex traders who want to learn while depositing the absolute minimum. However, there are limitations on this account as traders will only be able to trade currency and metals with this account, and MT5 is not supported.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

Markets.com – Best Trading Platform with FSCA Regulation

Markets.com (FSP: 43906) has been regulated by the FSCA since 2012. The Marketsx platform has built-in advanced charting – trendlines, channels, pitchforks, Fibonacci Retracements, and much more can be drawn on the charts. The trading tools menu features a range of tools that crunch big data from leading analysts, hedge funds, and commentators to give traders better insight into the market. Each tool has integrated buy and sell buttons, so traders can quickly act upon the information presented.

The new Marketsx platform offers traders fast, low-cost trading on over 2,200 financial instruments. These include 50+ currency pairs with spreads starting at 0.9 pips and leverage of 1:300. Other CFDs include leading stocks such as Apple, Amazon, Facebook, and Tesla, six of the world’s biggest cryptocurrencies, over 25 major market indices, commodities including precious metals and energies, dozens of regional and sectoral ETFs and US, UK and German government bonds.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.

FxPro – Best FSCA Regulated No Dealing Desk (NDD) Broker

FSCA-regulated since 2015, FxPro (FSP: 45052) offers an NDD execution model on MT4, MT5, cTrader, and a browser-based platform. A 100 USD opening deposit and notable customer service are combined with competitive spreads – often as low as 0.6 pips. FxPro’s NDD execution model has won awards for its speed and reliability over the years. Most trades are executed in less than 10 milliseconds, and only 9% of orders receive negative slippage. These execution statistics are ideal for scalpers and traders who like to take advantage of volatile markets.

FxPro has three accounts, one for each major platform: MT4, MT5, and cTrader. Both the MT4 and MT5 accounts offer commission-free trading, while the cTrader account has a 4.50 USD commission per trade but raw spreads – down to 0.3 pips on the EUR/USD. In addition, FxPro has its own FxPro (EDGE) web platform for those that want to keep this simpler.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA

FXCM – FSCA Broker with Best Specialty Trading Platforms

FXCM is an FSCA-regulated broker (FSP No 46534) with tight spreads and low minimum deposits. While FXCM caters to new traders, it also offers innovative trading tools and platforms for experienced traders. Traders can expect:

  • Wide Range of Specialty Platforms
  • MT4 Support
  • Innovative trading tools
  • Excellent trader education
  • No deposit or withdrawal fees

FXCM is also unique in the number of algorithmic trading tools available. Major tool sets include apps and API tools to build custom applications for algorithmic trading.

Experienced traders, especially API traders, will love FXCM’s range of platforms. For those who prefer their trading to be a less complex affair, FXCM offers full MT4 support. All accounts benefit from tight spreads and low minimum deposits. New traders will find the education and analysis useful, and free withdrawals are always very welcome.


Pros
  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools
Cons
  • Limited demo account
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.20 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. Forex Capital Markets is regulated by FCA, ASIC, and the FSCA.

IG – Best FSCA Regulated MT4 Broker

IG, the world’s largest broker by revenue, has been regulated by the FSCA since 2010. IG offers clients automated trading, micro lots, customisable charts, and reliability. IG’s version of MT4 takes MT4 to another level with its free add-ons and indicators package. Highlights include a Trade Terminal, Stealth Orders, a Correlation Matrix as well as a dozen indicators. All IG clients get access to Autochartist for free. These features are available with tight spreads, with the EUR/USD averaging 0.86 pips but sometimes as low as 0.6 pips, and commission-free trading.

Millions of traders have started their trading careers at IG, and it’s easy to see why from the excellent material available at the IG Academy and the constantly updated News and Trade Ideas page. IG also offers a free Trade Analytics tool that evaluates trading performance over time and offers diagnoses and suggestions to improve your trading.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

ThinkMarkets – FSCA Broker with Best Market Execution

Regulated by the FSCA since 2019, ThinkMarkets is an international broker with support for MT4, MT5, and its own ThinkTrader platform on two account types: One with a very low minimum deposit and the other a commission-based ECN account for more experienced traders. Traders can take advantage of:

  • Split-second Execution and 99.99% uptime
  • Wide choice of platform
  • Low Minimum Deposits
  • ThinkZero Account with Raw Spreads

ThinkMarkets operates twin Equinix trading servers located in Hong Kong and London allowing for trade execution within milliseconds. This state-of-the-art technology allows ThinkMarkets to deliver an uptime of 99.99% and provides traders with the fastest execution speeds available. With the MT4 and MT5 platforms supported, ThinkMarkets is the perfect venue for automated trading and scalping.

 

Pros
  • Low minimum deposit
  • Well regulated
  • Great platform choice
Cons
  • Limited market analysis
  • Non-transparent spreads
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.20 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. ThinkMarkets is regulated by the FSCA, FCA, and ASIC.

IronFX – Best Regulated FSCA Broker

IronFX (FSP: 45276) is regulated better than most brokerages with licences from ASIC, the FCA, CySEC, and the FSCA in South Africa; it has offices in over 50 countries around the world, and its customer service is available in 30 languages.

IronFX offers seven account types with an array of options. Standard Accounts come in four types, the most notable being the Zero Fixed Account which offers 0 pip spreads on the EUR/USD but 18 USD commission per lot. All Standard Accounts have relatively tight spreads and maximum leverage of 1:1000 and require a 100 USD minimum deposit. For traders looking for the best conditions, the ECN/STP accounts require a 500 USD minimum deposit, but spreads can start at 0 pips on the Zero Spread Account with a commission of 7.50 USD.

IronFX offers over 300 instruments from 6 asset classes. Included are 85 Forex pairs to choose from. Other asset classes include precious metals, indices, shares, commodities, and futures. All assets are available on the MT4 platform, and IronFX also offers access to AutoTrade, a comprehensive copy-trading platform that allows clients to follow successful traders without any additional software needed.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA - FSP:45276.

What is the FSCA?

FSCA Building

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.

The FSCA regulates all Forex brokers with an office in South Africa

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

In 2018, the FSB changed their name to the FSCA or the Financial Sector Conduct Authority. It is responsible for the market conduct regulation and supervision of financial service providers like Forex brokers, investment funds, and investment managers.

The Financial Sector Conduct Authority has the following four goals:

  • Protect customers of financial services.
  • Improve efficiency and integrity of financial markets.
  • Promote financial stability.
  • Increase financial inclusion.

To achieve these goals, it also creates regulations in the interest of the public and publishes warnings of illegal schemes.

Internationally, the Financial Sector Conduct Authority is a recognised member of the International Organization of Securities Commissions (IOSCO) and takes a leading role in regulation in the SADC block.

Why should I trade with an FSCA-regulated Forex broker?

Boy thinking

All FSCA regulated brokers must keep client funds segregated from operational funds. This ensures that in the case of broker bankruptcy, all client funds can be returned.

FSCA-regulated brokers must also have a physical office in South Africa and submit regular audits to the FSCA. This ensures that any disputes are governed by South African laws and that client funds are not being misused.

FSCA regulated brokers must keep client funds in segregated accounts

Having a physical office in South Africa allows brokers to partner with local banks, which are governed by South African laws. Local bank accounts also mean that bank transfers between South African clients and brokers are faster and cheaper.

Deposits and withdrawals are faster at brokers which use South African banks

If your FSCA regulated broker does go bankrupt, you will also 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. 

Over-the-counter Derivative Provider (ODP) licence

Since 2019, the FSCA has required all Forex brokers in South Africa to apply for an Over-the-counter Derivative Provider (ODP) licence. This has created a new set of requirements for South African Forex brokers to follow:

Due Diligence: Brokers now need to conduct due diligence on new traders before they can be allowed to trade. Clients will need to prove their capital adequacy before starting to trade. New traders must also show that they understand the risks involved.

Reporting: Every broker that has been authorised must also report the details of every transaction to an authorised trade repository. These transaction details include the names of the parties, the valuation of the transaction, the underlying asset of the trade, details of the instrument traded, and the margin that has been maintained.

FSCA JP Markets Liquidation

Forex brokers who do not hold an ODP licence are in contravention of the regulations and can be liquidated at the request of the FSCA, as happened to JP Markets in September 2020 (see image above).

All FSCA regulated brokers must apply for an ODP licence

These new requirements have put the FSCA firmly in charge of the Forex industry in South Africa and will provide a much safer and more secure environment for traders.

How to check if your Forex broker is regulated by the FSCA

All Forex brokers that are regulated by the FSCA are required to publish their Financial Service Provider (FSP) number on their website. KhweziTrade is a popular South African Forex broker, and we can see from the bottom of their website that their FSP number is 44816:

KhweziTrade FSP

Once you have the FSP number of a broker you can go use the FSCA’s search page to enter the FSP and verify that the broker is indeed licenced. You can see below that we have entered KhweziTrade’s FSP as listed on their website.

Once we submit the FSP number via the FSCA’s search page, we can see that there is a company called Khwezi Financial Services (Pty) Ltd with that FSP number.

A broker having a legal name different to their trading name is quite common, so it is sometimes difficult to search for a broker by trading name alone using this service. When you can, use the FSP number, or legal name if you know it.

If we click on the Details button, we then have a full overview of Khwezi Financial Services regulatory status:

Khwezi Financial Services Details

The important part of this section for our purposes is the Products Approved section. Let us have a look at it in closer detail:

Khwezi Financial Services Products

Here we can see that Khwezi Financial Services, as a large financial services company, holds a wide range of licences. We have highlighted the two product licences that matter for our purposes. We can see that they hold a Category I and a Category II licence for Derivative instruments.

All Forex trading is over-the-counter derivative trading

All Forex trading is derivative trading, as traders never actually hold any currency – they are just speculating on a price derived from a real-world asset (such as the USD). So Khwezi Financial Services’ two Derivative instruments licences allow them to provide derivatives (such as Forex derivatives) to traders.

If you are ever unsure whether a broker is FSCA regulated, the FSCA search page is the best place to find out. Be aware that some bad brokers will use names similar to licenced financial services companies so as to confuse people.

Other FSCA Protections for Forex Traders

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.

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 register of FSPs 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.

Regulation is the primary way to establish trust in a Forex broker

FSCA Strategy 2018-2022

Central to the mission of the FSCA are four core statements, which together, form the reason why residents want to trade with an FSCA regulated Forex broker.

The FSCA 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, the FSCA ensures 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, the FSCA assist in maintaining financial stability in South Africa by supervising the registered entities.

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

History of the FSCA

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.

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.

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.

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.

FAQs

Should I trade with an FSCA Regulated Broker?

FSCA regulation ensures segregation of client and broker funds. 

But there are many well-regulated international brokers who can offer better trading conditions, platform options and market analysis than most FSCA-regulated brokers.

If local protection is important to you, then you should trade with an FSCA regulated broker.

How do I know if a Forex broker is regulated by the FSCA?

Every broker regulated by the FSCA is required to post their FSP licence number on their website. If you know the broker’s FSP number or legal name, you can also use the FSCA’s search facility to check on their regulatory status.

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

Featured Brokers

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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