| Broker | Country | Rating | Min. Deposit | Website |
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South Africa | /5 | $1 | Read the review |
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South Africa | /5 | $100 | Read the review |
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South Africa | /5 | $250 | Read the review |
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South Africa | /5 | $500 | Read the review |
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South Africa | /5 | $250 | Read the review |
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South Africa | /5 | $50 | Read the review |
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South Africa | /5 | $1 | Read the review |
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South Africa | /5 | $100 | Read the review |
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South Africa | /5 | $100 | Read the review |
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South Africa | /5 | $100 | Read the review |
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South Africa | /5 | $100 | 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 and binary options brokers. All the more so, considering the recent ban on binary options and restrictive measures for CFD trading introduced in Europe.
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, clearing houses 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.
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 Africans 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.
Above is a list of some of the best forex brokers legally operating out of South Africa.
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