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.

Best FSCA Regulated Forex brokers 2021

Last updated on 24 Feb 2021
Updated 24 Feb 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
AvaTrade
Min. Deposit
USD 100
4.484.48
FSCA Licence
45984
Fx Pairs
50+
Platforms
Overall Rating
11110.54.48/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
2
HotForex
Min. Deposit
USD 5
4.494.49
FSCA Licence
46632
Fx Pairs
51
Platforms
Overall Rating
11110.54.49/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
3
Exness
Min. Deposit
USD 1
4.124.12
FSCA Licence
51024
Fx Pairs
120
Platforms
Overall Rating
11110.54.12/ 5
AlertAccepts Kenyan 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.
4
Khwezi Trade
Min. Deposit
USD 100
3.473.47
FSCA Licence
44816
Fx Pairs
32
Platforms
Overall Rating
1110.503.47/ 5
AlertDoes not accept Kenyan Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816
5
MarketsX
Min. Deposit
USD 250
4.494.49
FSCA Licence
43906
Fx Pairs
50+
Platforms
Overall Rating
11110.54.49/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
6
FxPro
Min. Deposit
USD 100
4.244.24
FSCA Licence
45052
Fx Pairs
70+
Platforms
Overall Rating
11110.54.24/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
7
FXCM
Min. Deposit
USD 50
4.134.13
FSCA Licence
46534
Fx Pairs
40
Platforms
Overall Rating
11110.54.13/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.3 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.
8
IG Markets
Min. Deposit
USD 250
4.694.69
FSCA Licence
41393
Fx Pairs
93
Platforms
Overall Rating
11110.54.69/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
9
Blackstone Futures
Min. Deposit
ZAR 1000
4.484.48
FSCA Licence
49846
Fx Pairs
32
Platforms
Overall Rating
11110.54.48/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846
10
gt.io
Min. Deposit
USD 5
3.643.64
FSCA Licence
48896
Fx Pairs
48
Platforms
Overall Rating
1110.503.64/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT5 platform supported. GT.io is regulated by the FSCA & FSA Seychelles.
11
ThinkMarkets
Min. Deposit
USD 5
4.184.18
FSCA Licence
49835
Fx Pairs
36
Platforms
Overall Rating
11110.54.18/ 5
AlertAccepts Kenyan 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.
12
FXTM
Min. Deposit
USD 10
4.374.37
FSCA Licence
46614
Fx Pairs
59
Platforms
Overall Rating
11110.54.37/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. 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.
13
IronFX
Min. Deposit
USD 50
4.194.19
FSCA Licence
45276
Fx Pairs
85
Platforms
Overall Rating
11110.54.19/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.2 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA - FSP:45276.
14
FxPrimus
Min. Deposit
USD 100
3.493.49
FSCA Licence
46675
Fx Pairs
43
Platforms
Overall Rating
1110.503.49/ 5
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

  • AvaTrade - Best FSCA Regulated Forex Broker
  • HotForex - Highest Leverage with Market Execution
  • Khwezi Trade - Best Local FSCA Regulated Broker
  • MarketsX - Best Trading Platform with FSCA Regulation
  • FxPro - Best FSCA Regulated No Dealing Desk (NDD) Broker
  • FXCM - Best Specialty Trading Platforms
  • IG Markets - Best FSCA Regulated MT4 Broker
  • Blackstone Futures - SA Broker with the Tightest Spreads
  • ThinkMarkets - Best Market Execution
  • FXTM - Best FSCA-Regulated Broker for Beginners
  • IronFX - Best Regulated FSCA Broker
  • FxPrimus - Most Secure FSCA Regulated Broker

?AvaTrade – Best FSCA Regulated Forex Broker

Winner of the Award for Best Broker of 2020, AvaTrade offers the best overall trading environment of all FSCA regulated brokers with:

  • Low spreads on a single account
  • Award-winning customer service
  • An excellent mobile trading platform, AvaTradeGo
  • Great trading tools like AvaProtect

✔️Tight Spreads, Seven Markets, One Simple Account

AvaTrade has low spreads across Forex, commodities, stocks, indices, crypto, bonds and ETFs. Leverage is set at 1:400 and spreads are some of the tightest we have seen for an account with only 100 USD minimum deposit and no commission – as low as 0.9 pips on the EUR/USD.

AvaTrade Spreads

✔️Outstanding Customer Service and Fast and Free Funding Options

AvaTrade excels here, with 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 in 14 languages.

AvaTrade W+D

 

✔️Innovative Trading Tools and a Great Trading App

AvaTrade’s reputation as a client-focused broker was enhanced with the launch of the AvaProtect tool, which allows traders to purchase loss-protection for a time. Any losses during that time are fully refunded, but any gains are the traders to keep. In a further benefit, AvaProtect is available on the award-winning AvaTradeGo app.

?Summary: Why Should Traders Use AvaTrade?

AvaTrade offers full support for MT4 and MT5 (including EA’s, indicators, scalping and hedging) and provides free access to the integrated Trading Central dashboard for both platforms.

It is one of the most regulated brokers in the world, with regulation in Europe, Japan, the UAE, South Africa, British Virgin Islands, and Australia. Education for beginners is detailed and helpful and copytrading is available via both ZuluTrade and Duplitrade. With over 200,000 active traders around the globe and awards for its trade execution AvaTrade is a good partner for all types of trader.


Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

?HotForex – Highest Leverage with Market Execution

An STP broker regulated the FCSA here in South Africa, CySEC and the FSA, HotForex has built a reputation for:

  • Tight Spreads with STP Execution
  • High Leverage Micro Accounts
  • Detailed Market Analysis and Great Customer Service

✔️STP Execution and 1000:1 Leverage

HotForex provides No-Dealing Desk (NDD), STP execution for all trades. Client’s trades are posted directly to the market and leverage is flexible – all the way up to 1000:1 on the Micro Account where the minimum deposit is 5 USD. Spreads are tight, starting at 1 pip even on the Micro Account.HotForex Micro Account

✔️Market Analysis and Customer Support

HotForex devotes an entire section of their 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 of a trading platform.

Customer support is available 24/5 in over 27 languages. Toll-free local phone numbers and local email addresses give clients direct free access to quality customer service in their language.

hotforex charts

?Summary: Why Should Traders Use HotForex?

Market execution is a top priority for many traders and HotForex guarantees this on all trades. Spreads remain tight though, with flexible leverage up to 1000:1 on the Micro Account. With accounts that suit both beginners and professionals and detailed market analysis, HotForex is a good choice for new and experienced traders. 


Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Kenyan Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

?KhweziTrade – Best Local FSCA Regulated Broker

Winner of the Award for Best Forex Broker in Africa, Khwezi Trade is a South African FSCA regulated broker headquartered in Cape Town. An STP broker, Khwezi Trade supports MetaTrader 4 and provides fast and reliable market execution. For South African traders looking for a genuinely local broker, Khwezi Trade provides:

  • FSCA Regulation and ZAR Accounts
  • Tight Spreads and STP Execution
  • Excellent Local Customer Support
  • Free Deposits and Withdrawals

✔️Cape Town’s Finest

KhweziTrade are the best African Broker for good reason. FSCA regulation, ZAR Accounts, MT4 support and STP execution are combined with tight spreads and a local focus. Not just local regulation, but local offices, local staff, and local banks. With KhweziTrade, all your funds are kept in segregated accounts at Standard Bank.

KhweziTrade Homepage

 

✔️Personal Customer Support and Free Funding

Khwezi Trade offers four account types depending on minimum deposit, but all accounts come with a personal account manager. Support is offered via live chat, email, and phone from 7 am to 6 pm, but clients can call after-hours for emergency assistance. Help is available in English, Afrikaans, Zulu, Sotho, and Xhosa. In addition, there are no deposit or withdrawal fees, and withdrawals are processed daily. There are also no inactivity fees applied to accounts.

KhweziTrade Testimonials

?Why Should Traders Use KhweziTrade?

KhweziTrade is honest, transparent, and genuinely interested in the welfare of its clients. Trading conditions are competitive with some of the best international brokers and the personalised customer support is the best amongst local brokers. FSCA regulated and locally focused, KhweziTrade is one of the brightest stars in the local Forex industry.


Pros
  • ZAR Accounts
  • Fast and free withdrawals
Cons
  • Local regulation only
  • No swap-free account option
AlertDoes not accept Kenyan Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816

?Marketsx – Best Trading Platform with FSCA Regulation

Marketsx Chart

Marketsx is a premium trading platform operated by Markets.com. Not only is Markets.com regulated by CySEC and ASIC, but it has also been regulated by the FSCA since 2012. The new Marketsx platform offers traders fast, low-cost trading on over 2,200 financial instruments. Launched in 2019, some of the highlights of the platform are:

  • Over 2200 tradeable instruments
  • Tight spreads with no commission
  • 1:300 Leverage
  • Lightning execution
  • In-depth charting, asset comparison and sentiment tools
  • Live-streamed, expert analysis

✔️Trade Every Market with Tight Spreads

Traders have a choice of over 2,200 instruments on the Marketsx platform. These include

Over 50 global FX pairs including GBP/USD and EUR/USD, 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.

Marketsx Crypto Spreads

✔️Trading Tools and Expert Analysis

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.

Marketsx Tools

?Summary – Why Should Traders Use Marketsx?

For traders looking for an FSCA-regulated broker with a modern, top-tier platform – Marketsx is unbeatable. The platform is clean, intuitive, and packed full of features and analytical tools. Spreads are tight on Forex and almost any other asset is available to trade. Couple all this with lightning-fast execution and ZAR Account and traders should be sorely tempted.


Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. 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 offers an NDD execution model on MT4, MT5, cTrader and a browser-based platform. A reasonable 100 USD opening deposit and outstanding customer service are combined with competitive spreads – often as low as 0.6 pips. Features traders will like at FxPro are:

  • Ultrafast NDD Execution
  • Wide Platform Choice
  • Tight Spreads
  • ZAR Accounts
  • Free Funding via the FxPro Wallet

✔️Fast Execution and No Dealing Desk

FxPro’s NDD execution model has won awards over the years for its speed and reliability. Most trades are executed in less than 10 milliseconds and only 9% of orders receive negative slippage. These execution statistics are perfect for scalpers and traders who like to take advantage of volatile markets.

FXPro No Dealing Desk 

✔️Tight Spreads on All Three Major Platforms

FxPro has three accounts, one for each of the major platforms: 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.

FxPro cTrader

 

✔️FxPro Wallet: ZAR Accounts and Free Deposits and Withdrawals

FxPro also offers the FxPro Wallet to all customers. This wallet is kept separate from the trading account, so will not be considered when calculating margin or leverage – as such it is a valuable risk management tool. FxPro also offers ZAR Accounts and ZAR FxPro Wallets, so South African traders can avoid paying any conversion fees. All deposits and withdrawals from the FxPro Wallet are free of charge via all methods.

FxPro Wallet

 

?Why Should Traders Use FxPro?

FxPro offers its clients a choice of platform and then provides the execution and simplicity that many traders crave. Superfast execution, tight spreads, simple funding, and complete transparency. FSCA regulation and ZAR Accounts are a definite bonus for South African traders.


Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA

?FXCM – Best Specialty Trading Platforms

FXCM South Africa is an FSCA-regulated market-maker with tight spreads and low minimum deposits. While FXCM caters for new traders, is 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

✔️Platforms for Specialised Traders

FXCM Platforms

 

FXCM supports a wide range of trading platforms including the industry-standard platform MetaTrader 4, its award-winning proprietary platform Trading Station, Ninja Trader, and other speciality platforms. Many of these platforms are suited to professional traders – highlights include:

  • QuantConnect – An algorithmic trading platform with API integration.
  • SeerTrading – An algorithmic trading platform with strong back-testing capabilities.
  • NeuroShell Trader – A technical trading platform for building custom strategies for manual and automated trading.
  • StrategyQuant – A machine learning automated trading platform.

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.

FXCM Apps

 

✔️Deep and Detailed Education + Free Funding

For less experienced traders, FXCM does spare any cost on its education and analysis. Both the Education Section and the Analysis Section are updated daily and are full of helpful information in both video and text form. FXCM South Africa also hosts webinars for local customers with local professionals providing dedicated expertise. Finally, a great advantage for all types of traders is FXCM’s free deposits and withdrawal policy.

FXCM Deposit

 

?Why Should Traders Use FXCM?

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 Kenyan Clients. Average spread EUR/USD 1.3 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 Markets – Best FSCA Regulated MT4 Broker

IG Markets, the world’s largest broker by revenue, has been regulated by the FSCA since 2010 and has 240,000 clients worldwide. As one of our highest rated brokers, there is little that IG Markets does wrong. Traders frequently cite the following features:

  • Tight Spreads and Full MT4 Support
  • Excellent education and market analysis
  • Responsive and knowledgeable customer support

✔️IG Market’s MT4

MT4 is the world’s most popular trading platform. Automated trading, micro lots, customisable charts, and reliability has kept the platform in the lead for over 14 years. IG Market’s version of MT4 takes MT4 to another level with its package of free add-ons and indicators. Highlights include a Trade Terminal, Stealth Orders, a Correlation Matrix as well as a dozen indicators. In addition, all IG clients get access to Autochartist for free. This powerful automated technical analysis tool scans the markets for opportunities that you may have missed. All 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.

IG Markets MT4

✔️Top Tier Education and Analysis

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

IG Trade Analysis

 

✔️Truly Supportive Customer Service

IG Markets also provides expert customer support by phone, email, twitter and live chat, 24hrs a day from 8am Saturday to 10pm Friday. In addition, the IG Community forum is a great space for traders to communicate issues to IG staff and other traders. This is an ideal additional resource for traders who have questions about the platform, analysis or just want to share trading ideas.

IG Markets Customer Support

?Why Should Traders Use IG Markets?

Regulated by the FSCA as well as ASIC and the FCA, tight spreads, no commission and excellent education and analysis. In addition, a great MT4 package and round-the-clock customer support for every issue or question a trader might have. The real question is why wouldn’t a trader use IG Markets?


Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

?BlackStone Futures – SA Broker with the Tightest Spreads

Founded in 2009, BlackStone Futures is an established FSCA-regulated broker based in Johannesburg. One of South Africa’s favourite brokers, it offers:

  • ZAR Accounts with SA’s tightest spreads
  • Responsible Client Care
  • Fast withdrawals

✔️Tight Spreads on a Local Account

Blackstone Futures are proudly South African and offer ZAR accounts on both the MT4 and CloudTrade platforms. Traders will struggle to find a South African broker with tighter spreads, with the EUR/USD down to 0.6 pips at times – exceptional for a no-commission broker.

✔️Responsible and Client Focused

At BlackStone Futures all clients are offered negative balance protection and, as an STP broker, the broker will never be counterparty to your trades – removing any conflict of interest. Blackstone Futures also has a responsible approach to leverage: On the MT4 platform, leverage is also initially limited to 100:1 but can be increased to 400:1 once you have a track record of responsible trading. Blackstone Futures also processes all withdrawals on the same day, with no charges attached, and aims to have client funds back in their accounts within 24 hours.

Blackstone Futures Trading Conditions

?Why Should Traders Use BlackStone Futures?

BlackStone Futures is an FSCA-regulated broker with a track record of responsibly assisting traders to launch successful Forex trading careers. With tight spreads on its ZAR Account and a clear focus on customer support, BlackStone Futures is a great choice in a broker for South African traders.


Pros
  • South African broker; FSCA regulated (FSP 49846) since 2009
  • Fast STP trade execution and negative balance protection for all traders
  • Tight spreads starting at 0.6 pips and no commission
  • ZAR accounts available; trade in Rand with fast deposits and withdrawals
Cons
  • Limited trading platform choice: MT4 and CloudTrade only.
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846

?ThinkMarkets – 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

✔️UltraFast Execution and Full MT4/MT5 Support

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 uptime of 99.99% and provides traders with the fastest execution speeds available. With both the MT4 and MT5 platforms supported, ThinkMarkets is the perfect venue for automated trading and scalping.

ThinkMarkets Equinix

 

✔️Low Minimum Deposit or ECN

ThinkMarkets offers two general accounts, a Standard Account with a tiny minimum deposit of 5 USD and wider spreads and the ThinkZero Account – a raw account with tight spreads and a 7 USD commission per trade. The ThinkZero requires a 500 USD minimum deposit but spreads are down to 0 pips on the EUR/USD, while spreads on the Standard Account average about 1.2 pips on the EUR/USD.

ThinkMarkets Spreads

?Why Should Traders Use ThinkMarkets?

For South African traders who prefer automated trading and scalping, then ThinkMarkets should definitely be on their list. MT4 and MT5 support allow for all trading algos which, when combined with the raw spreads on the ThinkZero Account provides the best conditions for profitable trading. Beginner traders can also take advantage of the low minimum deposit on the Standard Account with the same ultrafast execution speed.


Pros
  • Low minimum deposit
  • Well regulated
  • Great platform choice
Cons
  • Limited market analysis
  • Non-transparent spreads
AlertAccepts Kenyan 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.

?FXTM – Best FSCA-Regulated Broker for Beginners

FXTM is the best FSCA-regulated broker for beginner traders. Great value and a strong focus on assisting new traders is just the start here, highlights are:

  • Great value Cent Account
  • Tight Spreads and Low Minimum Deposits
  • Weekend customer support
  • Copytrading via FXTM Invest
  • Huge education section

✔️Tight Spreads and Low Minimum Deposits

While FXTM’s Standard Account is good with a minimum deposit of 100 USD and spreads starting at 1.3 pips, FXTM also offers a Cent Account with a minimum deposit of only 10 USD but only slightly wider spreads, starting at 1.5 pips.  

FXTM Cent Account

✔️Weekend Customer Support and CopyTrading

Additionally, FXTM are one of the few brokers with weekend support, allowing new traders to get set up outside of the working week. The FXTM Invest copytrading scheme is one of the best in the business. Traders with little experience can choose a Strategy Manager whose risk profile matches their own.

FXTM Strategy Managers

 

✔️Education for New Traders

FXTM has a great deal of training material to help new traders get started. Materials include articles, videos, webinars, and a searchable glossary of new vocabulary. There is an additional set of videos that cover analysis topics, and more detail on chart reading techniques.

?Summary: Why Should Beginner Traders use FXTM?

For beginner traders in South Africa, FXTM should be the first Forex broker on their list. 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. Finally, FXTM’s best in class copytrading system means 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
Cons
  • Expensive withdrawals
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. 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.

?IronFX – Best Regulated FSCA Broker

Regulated incomparably better than most brokerages including the ASIC, the FCA, CySEC and the FSCA, and offices in over 50 countries around the world and 30 languages spoken by customer service, IronFX has a truly global audience. While IronFX’s South African clients have enjoyed having local protection from the FSCA since 2014, they have also been attracted by IronFX’s:

  • Regulation from all major authorities
  • Tight Spreads on a Wide Range of Accounts
  • Large selection of CFDs to Trade
  • AutoTrade CopyTrading and MT4 Support

✔️Tight Spreads on Seven Accounts

IronFX offers no less than seven account types with an almost dizzying array of options. Standard Accounts come in four types, the most notable being the Zero Fixed Account which offers a 0 pip spreads on the EUR/USD but 18 USD commission per lot. All Standard Accounts have relatively tight spreads and a maximum leverage of 1:1000 and require a 100 USD minimum deposit. For traders looking for the best conditions, the ECN/STP accounts ask for a 500 USD minimum deposit but spreads can start at 0 pips on the Zero Spread Account with a commission of 7.50 USD.

✔️Trade the World’s Largest Markets

IronFX offers over 300 instruments from 6 asset classes. Included are a staggering 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, with IronFX offering full support and free VPS hosting. IronFX also offers access to AutoTrade, a comprehensive copytrading platform which allows traders to tap into hand-picked forex trading systems, follow successful techniques, and diversify their trading portfolio without any additional software needed.

IronFX AutoTrade

 

?Why Should Traders Use IronFx?

Traders concerned about regulation will be happiest with IronFX. Regulated by the FSCA in South Africa as well as the FCA, ASIC and CySEC, there is no broker in the world with more oversight. Traders who like having options will also be intrigued by the array of account types available – though it may require a little research there is a trading account for everyone at IronFX. The range of assets is also a serious draw, and being able to copy other traders without additional software direct from the MT4 platform is an excellent advantage.


Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.2 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA - FSP:45276.

?FXPRIMUS – Most Secure FSCA Regulated Broker

FXPRIMUS Home

 

FXPRIMUS is an STP market maker founded in 2009 and fully regulated by the FSCA since 2018. Globally acclaimed for offering one of the fastest and most secure online trading environments, the company has a strong focus on customer satisfaction with free deposits and withdrawals and negative balance protection for all South African clients.

Highlights are:

  • Negative Balance Protection
  • Third-party monitoring of client withdrawals
  • Investor compensation
  • Low minimum deposits
  • Great customer support

✔️Secure and Trusted

Security and trustworthiness is of the utmost importance at FXPRIMUS. FXPRIMUS is a regulated member of the Investor Compensation Fund (ICF), meaning that client funds are protected up to €20.000. As an added safety measure, FXPRIMUS has introduced professional indemnity insurance of €2.5million. In addition, FXPRIMUS has partnered with the Boudica Client Trust to introduce third-party monitoring of client withdrawals. This ensures that withdrawal requests are executed as quickly and efficiently as possible.

FXPrimus Safety

✔️Tight Spreads and Great Customer Support

Not just secure and trusted, FXPRIMUS also offers tight spreads across two simple accounts with low minimum deposits. Customer support is also knowledgable and helpful and available via WeChat, Zalo, Line, Telegram, Live Chat, WhatsApp, Facebook Messenger, Email and telephone.

FXPRIMUS Data Centres

?Why Should Traders Use FXPRIMUS?

For traders concerned about the security of their funds or the trustworthiness of other brokers, FXPRIMUS should be a option. FSCA regulation, negative balance protection for all South African clients and third party monitoring of client withdrawals makes FXPRIMUS one of the most secure brokers in the industry. Also, customer support is top-notch and minimum deposits are kept low with tight spreads.

Pros
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
  • Great customer support
Cons
  • High commission
  • Limited education
  • Limited market analysis
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

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. 

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

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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