Best FSCA Regulated Brokers in South Africa 2020

FSCA Regulated Forex Brokers are Forex brokers that are fully regulated by the Financial Sector Conduct Authority (formerly known as FSB) and have a physical presence in South Africa

Who is FSCA?

 

The FSCA or Financial Sector Conduct Authority was formed in 1990 and changed is name in 2018, is the sole regulator for all financial services and related activities in South Africa. One of its main goals is to protect the citizens of South Africa from fraud and financial crimes. You can read more about the FSCA here – https://www.fsca.co.za/

Although it is completely legal for South Africans to trade Forex with brokers that are not regulated by the FSCA, a lot of them prefer to trade with brokers that are regulated by their local regulatory body.

FSCA has an objective of improving the integrity and operations of financial markets, and encourage just client treatment by all types of financial institutions. It also offers financial education and aids in maintaining financial stability. Brokers regulated by FSCA must follow all of the conditions and meet all the requirements, in order to be a highly-regarded brokerage company.

 

One of the most popular regulated brokers in South Africa working under the FSCA is Globex360, an online trading provider in South Africa that was founded in 2017. Other brokers that are working in South Africa include, IQ Option and CMTrading.

Featured Forex Brokers

We decided to do all the hard work for you and guide you through the all the noise of the financial betting market. Our team of expert analysts, has created a unique collection of forex broker reviews, based on various criteria and data points for you to choose from.

FPMarkets

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CMTrading

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Avatrade

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IQ Option

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14 of the Best FSCA Regulated Forex Brokers available include

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CMTrading-logo

CMTrading 

 

CM Trading is a South African broker with a large client base and competitive spreads on offers and its parent company, Blackstone Marketing SA, has been regulated by the FSCA (License Number 38782). CM Trading offers four account options, each with a different minimum deposit and trading conditions.

 

CM Trading is a market-maker broker and supports both MT4 and the Sirix Webtrader plus a range of trading tools, including the CopyKat copy-trading system and the Guardian Angel automated feedback tool.  Education and market analysis is available and customer support is available 24/5 via a range of methods.

Pros

  • Good for beginners
  • Great customer support
  • Copy trading accounts

Cons

  • Expensive withdrawals
  • Local regulation only

 

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XM

XM

 

The XM  provides the entire suite of MetaTrader platforms and over 1300 tradeable instruments, was Founded in 2009, and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it an average-risk for forex and CFDs trading.  XM is regulated by FCA (UK), ASIC (Australia) and CySEC.   XM has also applied for registration with Financial Sector Conduct Authority/FSCASouth Africa’s regulatory authority.

 

XM’s research offering is above the industry standard, and pricing at XM  varies by account type.

FeatureAvailability
Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)57
CFDs – Total Offered1247
Social Trading / Copy-TradingYes
Cryptocurrency traded as actualNo
Cryptocurrency traded as CFDNo

 

XM  is a MetaTrader-only broker and offers the standard experience, including both MT4 and MT5, iOS and Android versions of the MT4 and MT5 mobile apps come standard and are both available for download from the Apple iTunes store and Android Play store, respectively.

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broker-avatrade

Avatrade

 

AvaTrade is an excellent partner for all types of trader, be it beginner or pro – with over 200,000 active traders around the globe, on both the MetaTrader 4 and AvaGo platforms.  AvaTrade offers great trading conditions across Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation.

Avatrade Account TypeMin DepositMax LeverageMin SpreadCommission
Islamic100 USD or 1750 ZAR1:4001.3No
Retail100 USD or 1750 ZAR1:4001.3No
Professional100 USD or 1750 ZAR1:4001.3No

AvaTrade does not charge their clients for making deposits and withdrawals and the only costs are the bank card, e-wallet, or bank transfer fees.  Traders have access to professional customer support, 24 hours a day, five days a week.

 

Kwezi Trade logo

Kwezi Trade

 

Khwezi Trade is a very well-respected South African broker with its parent company, Khwezi Financial Services regulated by the FSCA (FSP: 44816). Khwezi Trade is not regulated internationally, but the positive side is that they keep all their client funds segregated with Standard Bank, and in ZAR, which acts as an additional level of security.

 

Khwezi Trade offers traders four different account types to choose from on the MT4 platform with the minimum deposit on the Basic Account set to 2000 ZAR. Spreads are variable on all accounts and no commission is charged on any account for Forex trading, but a 3 ZAR commission is charged per trade on indices and commoditiesDeposits and withdrawals are fast and free and Khwezi Trade and copy trading is also on offer.

 

Pros

 

  • ZAR Accounts
  • Fast and free withdrawals

 

Cons

 

  • Local regulation only
  • No swap-free account option

 

marketsx logo

MarketsX

 

Marketsx is a premium trading platform which is operated by Markets.com, a large CySEC regulated market maker.  TradeTech Markets (South Africa) PTY Ltd (Markets.com’s South African operator) has been regulated by the FSCA (FSP:43906) since 2012.  Marketsx offers traders fast, low-cost trading on over 2,200 financial instruments

 

Marketsx is a single account platform, with a minimum deposit of 250 USD. Spreads will vary and Marketsx offers traders a new and improved platform which offers advanced charting, comprehensive drawing tools to plot trendlines, channels, pitchforks, Fibonacci Retracements, and much more. The platform also allows traders to add up to 5 of each type of indicator to the chart at one time and overlay multiple assets onto one chart, or compare up to 8 instruments side-by-side.

 

Both deposits and withdrawals are fast and free and a Knowledge Center with educational material and trading opportunities.

 

Pros

 

  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals

 

Cons

 

  • High minimum deposit

ig-markets-logo

IG

 

IG Markets is one of the world’s largest CFD brokers and one of the first offshore brokers to gain a FSCA regulation (FSP 41393).

 

IG Market’s single account offers traders some of the best trading conditions on offer, with a 250 USD minimum deposit. MetaTrader 4 and the IG Markets platform are both supported and IG Markets offers traders 68 currency pairs to trade plus a range of indices, commodities, shares and cryptocurrencies. Deposits and withdrawals are fast and free and no commission is charged on Forex trades but a small commission is charged when trading shares.

 

IG Markets is perfect for beginner traders thanx to an excellent selection of educational material and market analysis plus an unlimited demo account. 

 

Pros

 

  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis

 

Cons

 

  • High minimum deposit

 

ironfx

IronFX

 

IronFX (brand name – Notesco) is a hybrid broker which offers traders a range of account types and two trading execution methods.  IronFX is well regulated by ASIC, the FCA and CySEC. In 2014 Notesco Pty Ltd received an operating licence from the FSCA (FSP 45276).  Traders funds are kept in local segregated bank accounts and full audits are regularly checked by the FSCA’s fraud prevention team.

 

IronFX offers traders five account types with the Live Fixed Spread Account requiring a minimum deposit of 100 USD. IronFX supports both MT4 and MT5 and educational support and market analysis are excellent and award-winning. Deposits are free but there are charges for withdrawals.

forextime-broker-logo

FXTM

 

FXTM is regulated by the FCA, CySEC and the FSCA in South Africa and is perfect for beginners who are looking for reasonable trading conditions.  FXTM is also one of the few brokers which allows traders 24/7 support – including weekends and holidays.

 

FXTM offers a great deal of training material including articles, videos, webinars and a searchable glossary of new vocabulary. Videos that cover analysis topics, and more detail on chart reading techniques are also additionally available.

 

The Standard Account has a minimum deposit of 100 USD and spreads start at 1.8 pips.

 

Pros

 

  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit

 

Cons

 

  • Expensive withdrawals

 

blackstone futures

BlackStone Futures

 

BlackStone Futures (trading name of Trade Nation Financial Pty Ltd) has been operating in South Africa since 2009 and is regulated by the FSCA since 2019 (FSP 49846), although from 2009-2019 BlackStone Futures was regulated by the FSCA as BlackStone Marketing Pty Ltd. Blackstone Futures is the South African subsidiary of FINSA Europe, an FCA and ASIC regulated broker based in the UK.

 

BlackStone Futures’ offers both ZAR and USD accounts on the MT4 and CloudTrade platforms. BlackStone Futures offers traders an excellent selection of educational material with both webinars and in-person classes on offer. Deposits and withdrawals are fast and free for South African clients, with withdrawals to local bank accounts posting same-day via the OZOW payment platform.

 

Pros

 

  • ZAR accounts
  • Tight spreads
  • Fast and free withdrawals

 

Cons

 

  • Limited platform choice
  • Local regulation only

thinkmarkets

ThinkMarkets

 

ThinkMarkets has been operating in South Africa since 2017 and is regulated by the FSCA under the name of TF Global Markets (South Africa) Pty Ltd (FSP 49835). Other regulations include the FCA in the UK and ASIC in Australia. 

 

ThinkMarkets offers two general accounts, a Standard Account with the trading costs incorporated in the spread and the ThinkZero Account – an ECN account with tight spreads; both accounts are available as demo accounts and Islamic accounts. Three platforms are supported – MT4, MT5 and ThinkTrader with 36 currency pairs and 5 cryptocurrency pairs available to trade.

 

ThinkMarkets allows deposits and withdrawals in ZAR, USD, EUR, CHF, GBP and AUD.  Deposits and withdrawals are fast and free and customer support is available 24/5. 

 

Pros

 

  • Low minimum deposit
  • Well regulated
  • Great platform choice

 

Cons

 

  • Limited market analysis
  • Non-transparent spreads

 FXPro

FXPro

 

FxPro is a strictly no dealing desk (NDD) broker which offers fast market execution and first-class international regulation from both the FCA, CySEC and the FSCA (FSP 45052). FxPro offers ZAR as wallet currency for South African traders alongside three account types, depending on which platforms the trader wishes to use. MT4, MT5 and cTrader are all supported.

 

The minimum deposit for all accounts is 100 USD, though FXPro recommends a balance of 500 USD before you start trading, and deposits and withdrawals are fast and free for all funding methods. While FXPro does allow South African traders to deposit in ZAR, be aware that your trading will still take place in USD – so currency conversion costs will apply.

 

Pros

 

  • Well regulated
  • Great platform choice
  • Tight spreads

 

Cons

 

  • Limited education

broker-globex

GlobeX360

 

Globex360 is an online trading provider with a primary focus on the continent of Africa.  Globex360 is regulated by the Financial Sector Conduct Authority in South Africa, also known as (FSCA).   Globex360 has a global presence with financial partners situated in South Africa, Kenya, Botswana, Nigeria, Chile, and Australia.

 

Pros

 

  • Variety of trading instruments
  • Different types of trading accounts, according to traders’ experience
  • Regulated by the Financial Sector Conduct Authority in South Africa, also known as (FSCA)
  • In accordance to the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA 2002), the Prevention of Corruption Act 2002 (POCA 2002) and the Prevention of Terrorism Act 2002 (POTA 2002)

 

Cons

 

  • Only provides MT4 trading platform
  • Does not accept US and Canada client
  • Withdrawal process is slow
  • Does not provide negative balance protection

 veracity markets

Veracity Markets

 

Veracity Markets is the brand name of Veracity Markets (Pty) Ltd which is incorporated incorporated in South Africa with registration number 2018/515174/07 and is a duly appointed juristic representative of Nirvesh Financial Services (Pty) Ltd with registration number 2014/214417/07.

Veracity Markets is an authorised and regulated Financial Services Provider under the Financial Advisory and Intermediary Services Act No 37 of 2002 – FSP4701.

Veracity Markets ia a newly founded broker that officially launched operations at the start of 2020. The broker is focusing on empowering the people its clients to trade the markets with confidence.

Although they are based in South Africa they offer support in more than 20 languages and offer more than 250 financial instruments and CFDs to choose from.

 

Veracity Markets offers a range of 3 accounts to choose from

 Account TypeMin DepositMax LeverageMin SpreadCommission
Standard Account10 USD1:500 Floating from 1.6 pipsNo
Fixed Acount250 USD1:500Floating from 2 pipsNo
ECN Account250 USD1:500Floating from 0.00 pips$7 Lot Only on FX & Metals

 

 

Pros

 

  • Well regulated
  • More than 250 Instruments to trade
  • Support of Mobile Trading on MT4

 

Cons

 

  • Farily new to the market
  • Floating Spreads

 JP Markets

JP Markets

 

JP Markets begun operations back in 2016 buy its founder Justin Paulsen. Justin’s passion for the industry and business developement ability to engage successfully with clients and partners has helped him establish JP Markets as a global forex powerhouse.

 

As stated many times, the company has a vision to play an instrumental role in the creation of at least 30 African owned forex brokerages across Africa by 2020, and assist in the creation of 500 forex millionaires within the next 10 years.

 

JP Markets is fully regulated and licensed by the FSCA , as a financial service provider, financial advisory and intermediary service provider, with license number 46855.

 

Pros

 

  • Regulated by the FSCA
  • ECN or STP Accounts
  • Massive Choice of Instruments including Stocks and Crypto Currency

 

Cons

 

  • Wide Spreads
  • Limited Choice of platforms
  • Does not allow the use of EAs or Autotrading signals