Forex Brokers in South Africa
Is Forex trading legal in everything in the country? This is the most obvious question that must be answered here and, in fact, the answer is: yes. While at first glance, this means that South Africans can finance their Forex accounts at will, whenever they want and with all the money they want, things are a little more complicated than that.
In addition, every time we consider foreign exchange operations in a given country, we must take a look through the lens of regulation, which means that the local regulatory authority also enters the picture.
However, this does not mean that South Africans can only trade in the corridors regulated by the FSB (Financial Services Council). In fact, they can exchange a lot with any regulated broker they want, and possibly also with unregulated brokers (and, therefore, illegally, that operate), if they are determined to do so. Obviously, for South Africans, we highly recommend brokers regulated by the FSB or, in the worst case, international brokers with a strong reputation, regulated by some type of other prestigious regulatory entity.
– 40% New Member Bonus
– MIFID, ASIC, FSA & FSCA regulated
– Free Online Trading Coach
– Regulated by FCA, CySEC, FSCA, IFSC and FSC
– Over 1M Registered Accounts
– More than 250 Trading Instruments
– MT4, MT5 and Web Trader Platforms
– Full ECN Trading Model
– Crypto-trading only avail. for clients of FT Global Limited.
ECN 0.1, Standard 1.6
– Minimum Deposit $5
– Up to 1:500 leverage with micro-lots (0.01 size) available for everyone
– Scalping, hedging, trading on the news, and EAs are permitted at OctaFX.
– First Time Deposit Match: 50% Up To Any Max Deposit.
– АSIC Regulated
– True ECN Execution with spreads from 0.0 pips
– Powerful 500:1 leverage and 0.01 micro lot trading
– Scalping, hedging and EAs are allowed
– MAM / PAMM accounts
– Established in 2005
– 10,000+ products to trade
From 0.0 pips
– $10 usd minimum deposit
– State of the art platform
– 24/7 support in more than 17 languages
– Free demo account
– CySEC regulated.
– Good for beginners with excellent trading academy.
– Beginner Friendly
From 0.8 pips
– CySEC, FCA, ASIC Regulated
– MT4, MT5, WebTrader platform
– $50% and 20% deposit bonus up to $5,000(t&c apply)
– ASIC Regulated
– Well Established
– No Fees
– 24 hour support
From 0.1 pips
US Clients: No
Your capital is at risk
– FREE Live trading signals delivered 3 times daily 5 days a week.
– Complete Education pack for novices and advanced traders alike. Designed to support long term – reliable trading.
– Alvexo’s New Webtrader – user friendly, tailored reports and built in trading signals.
From 0.6 pips
– Min Deposit $100
– Leverage Up to 1:500
– Accounts may be individual, joint, or corporate, with options for traditional or ECN type pricing
– FSCA Regulated
– MetaTrader 4 & Sirix platforms
– Education Tools
– Copy Trading is Available
from 0.5 pips
– Minimum Deposit $250
– Leverage 1:200
– Dedicated Account Manager
Fixed & Floating
– Flexible leverage up to 500:1
– Multi award-winning New Zealand broker
– Institutional-grade spreads from 0.1 pips
– FCA, NFA, CFTC, IIRO, FSA, CIMA, MAS, SFC Regulated.
– Award winning platform.
– Beginner Friendly.
– Well established, safe and trusted.
– Low min. deposit
– Easy deposit and withdrawals
– A lot of pairs offered
– Trusted Global Market Leader
– Online FX & CFD Trading
– 180+ Global Markets, 84 FX pairs, 65 shares, 17 popular indices and more
– Forex, Indices, Commodities, Equities & Bitcoin
– Available to US traders
– CySEC, FSCA, FSA, DFSA, FCA Regulated
– MetaTrader4 & 5 platform
– Proprietary debit card for quick withdrawal applications!
From .2 pips
US Clients: No
Your capital is at risk
– CySEC, DFSA, FCA, FSCA, SIA Regulated
– MetaTrader4 , MetaTrader5, cTrader, FxPro SuperTrader
– 10+ Years in business
– 50+ International Awards
From 1:1 to 1:500
For Forex traders in South Africa, financing a brokerage is a bit more difficult than for those who reside in other countries. The root of this problem is in the country’s exchange control regulations. South Africans can not simply move arbitrary amounts of money in and out of the country. There are strict limitations in this regard and everything is automatically reported to SARS (South African Revenue Service).
While in the past, these limits were quite paralyzing, these days, they are generous enough to give operators a wide margin for maneuver. Investors can move around $ 500k per year, so retailers should not feel limited at all. Institutional investors have the means to increase these limits.
As stated, the FSB is the South African regulatory authority for the non-bank financial industry. The organization, which currently employs almost 500 people, was created in 1991.
In addition to promoting a “sound financial environment in South Africa”, the FSB’s responsibilities are mainly focused on consumer protection. To this end, the authority must ensure that regulated brokerages comply with laws designed to regulate their activity in the country and that they also comply with the capital adequacy requirements established in said laws. By keeping these brokers on solid financial conditions, the FSB effectively protects traders from sudden landslides caused by unexpected market events.
In addition to capital markets, financial service providers and collective investment schemes, the FSB also regulates retirement funds, friendly companies, insurers and various credit agents. Certain aspects of market behavior in the banking industry are also under the authority of the FSB.
The bottom line
The obvious conclusion here is that the FSB is an integral part of the online Forex scene in South Africa. Operating with a broker regulated by the FSB carries a lot of advantages for operators, whether brokers based in South Africa or not. In fact, several of the largest online brokers with a global reach are also regulated by the FSB. As for the controversy, the authority has a much cleaner record than some of its colleagues, so it is also an important advantage.
If a brokerage house regulated by the FSB does something suspicious with the merchant’s funds / the execution of the trade, etc., the FSB may be requested to investigate the problem. Obviously, the same can not be said for an unregulated broker.
In regards to popularity, South Africa can not be counted among the global Forex powers online, although its market is certainly vibrant and expanding. Although deposits based on credit cards are still a bit problematic for South African currency traders, in general, the situation is definitely not as serious as some believe.