Forex Brokers in South Africa and especially the forex trading industry, are growing rapidly. One of the reasons is that the country’s economy is rapidly growing, and thus the demand for financial services increases as well. Another reason is probably the rising regulatory pressure upon forex brokers in Europe, urging them to seek new markets to expand. That is why a number of forex brokers have established operations in South Africa.
The South African market has huge potential for forex brokers in South Africa and related services. It is considered to be the most economically developed country in Africa, and is the only country from the continent that is part of the G20. Its financial, legal, and its communications sectors are well-developed and advanced. What is more, the South African JSE Limited is the largest stock exchange in Africa and among the top 20 in the world.
The Financial Sector Conduct Authority (FSCA) oversees the non-banking financial services industry, which includes collective investment schemes and financial advisors and brokers. It is mostly in charge of the licensing process of financial service providers On of the main responsibilities is to also ensure that the regulated entities comply with the relevant legislation and the capital adequacy requirements in order to protect the investing community. Moreover, the FSCA has enforcement powers to deal with breaches through the enforcement committee, and also runs a customer complaints service, the Office of the Ombud for Financial Services Providers.
Another African country with a booming forex trading industry, that attracts a lot of forex brokers, is Nigeria.
South Africa Forex Brokers List
MAS, JFSA, DIFC