The Financial Sector Conduct Authority (FSCA) is a financial regulatory agency based in South Africa. In this article, we reveal the pros and cons of our 15 Best FSCA Forex Brokers and we review the features, tools, platforms, trading conditions and instruments these brokers offer.
What does the FSCA do?
FSCA was launched in 2018 and replaced the Financial Services Board (FSB). This regulatory framework is based on and defined by the Financial Sector Regulation Act.
FSCA aims to effectively supervise all financial institutions that provide financial products and services to ensure that investors are protected and have access to fair markets and transparent trading conditions.
FSCA aims to effectively supervise brokers and financial service providers to ensure that investors are protected and have access to fair markets and transparent trading conditions.
FSCA aims to transform the financial sector in South Africa by improving access to financial markets and products and by educating and informing clients, investors and traders.
The FSCA regulates brokers and financial services firms through a complex authorisation and verification process with the enforcement of international standards and regulations and supervises registered companies on an ongoing basis.
Any FSCA-regulated broker or financial firm found breaking the FSCA laws will face serious disciplinary consequences.
How to check if a broker is regulated by the FSCA
If you want to make sure the broker you are trading with is regulated by the FSCA, you can check the broker’s unique FSCA registration number and search for it on the FSCA register list.
All you need to do is go to the FSCA website, click on the “Regulated Entities” tab and choose an option from the drop-down menu.
Every broker that has an active FSCA license and is authorised to provide trading services will be found on the official FSCA register.
What to do if you have a complaint
If you have reason to believe that you have been treated unfairly by an FSCA-regulated broker or you have found an unauthorised broker that claims to have a false FSCA service license, you can lodge an official complaint on the FSCA website.
Under the “Customers” tab, you will find information about consumer rights, known scams and how to avoid them, applying for compensation and everything else you need to know as a consumer and member of an FSCA-regulated firm.
Khwezi Trade
Overall Rating ZAR 500 FSCA 📱 Platforms MT4 ₿ Crypto No 💵 Account Currency ZAR, USD No 1:400 🛒 Instruments Forex, Commodities, Indices 🏛️ Visit Broker
3.9/5
Minimum Deposit
Regulators
Islamic Account
Leverage
Khwezi Trade is an FSCA-regulated South Africa Forex broker that is comptaible with MetaTrader 4 and provides the full range of tools and features offered by this platform.
Although educational resources seem limited on the website, Khwezi Trade does provide some instructional and helpful video tutorials and guides to get new traders familiar with the basics.
In 2019, Khewzi Trade was awarded the best Forex broker in South Africa, and partnership options include affiliate programs and lead generators.
Khewzi Trade offers 4 flexible, zero-commission account types that can all be funded using ZAR and all allow hedging, scalping and the use of Expert Advisors.
Khwezi Trade Pros and Cons:
| ✔️Pros | ❌Cons |
| ZAR accounts | 2 base currencies |
| MT5 supported | |
| Tight spreads | |
| Beginner-friendly | |
AvaTrade
USD 100 MiFID, FSA, ASIC, BVI, FFAJ, FSCA, ADMG, FRSA 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency AUD, EUR, USD, GBP, CHF Yes 1:400 🛒 Instruments Forex, Bonds, Stocks, Commodities, ETFs, Indices, Crypto 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
Having accumulated a client base of more than 200 000 traders since 2006.
AvaTrade’s platforms are well designed but users have noted that the experience on the mobile platform has an edge over that of the desktop platform.
Educational and training material is exceptional which is in line with AvaTrade’s focus of equipping traders with the best tools and knowledge about the Forex world.
You will find that signing up with AvaTrade is an effortless experience and the customer support team are great at resolving technical issues.
AvaTrade Pros and Cons:
| ✔️Pros | ❌Cons |
| Fast and easy account opening | Could expand on their research tools |
| Great educational tools | Improvement needed for phone support |
| Withdrawals are free | Penalties for inactivity |
| Low trading fees | |
| Competitive spreads |
Tickmill
Overall Rating USD 100 FCA, FSCS, FSA, CYSEC, MiFID, ESMA 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency EUR, GBP, USD Yes 1:500 🛒 Instruments Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs, Forex, Commodities 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
Tickmill was established in 2014 with its head office in London and other offices in Seychelles.
Tickmill strives to give its clients a unique trading experience through constant innovation.
Traders are offered a great selection of trading instruments with fantastic research resources including market insights and video content.
Users can enjoy capable customer service with great response times.
Tickmill Pros and Cons:
| ✔️Pros | ❌Cons |
| Good customer support | Vanilla platform features |
| Great product offering | Average fee structure |
| Quick and easy registration |
FXTM
Overall Rating USD 10 CySEC, FCA, FSC 📱 Platforms MT4, MT5, FXTM Trader ₿ Crypto No 💵 Account Currency USD, EUR, GBP, NGN Yes 1:2000 🛒 Instruments Metals, Stocks, CFDs, Indices, Forex, Commodities 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
Established in 2012 and sporting a long list of accolades, FXTM is a Forex broker that is licensed and regulated in Mauritius, Belize, South Africa, the UK and Cyprus.
FXTM’s base of operations is in Cyprus but has an impressive global footprint with offices situated in France, Thailand, Nigeria, South Korea, Turkey, Poland, Germany, Italy, Malaysia, India, China and Spain.
A variety of financial products and derivatives await traders who can also enjoy tight spreads and trades across all currency pairs.
FXTM Pros and Cons:
| ✔️Pros | ❌Cons |
| Minimum deposit is low | Fees for withdrawals and inactivity |
| Great customer support | High fees for CFDs |
| Easy account creation process | Limited scope on product offering |
| Well regulated | |
| Forex fees are low |
Exness
Overall Rating Rated #1 of USD 10 FSA, CBCS, FSC, FSC, FSCA, CySEC, FCA 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency USD, EUR, ZAR, CHF, NZD, SGD, JPY, AUD Yes 1:unlimited 🛒 Instruments 100+ Forex, Cryptocurrencies, Energies, Metals, Shares, Stocks, Commodities 🏛️ Visit Broker
4.9/5
Recommended FX BrokersMin. DepositRegulators Islamic Account Leverage
With over 80 000 customers, Exness has established its presence in the Forex world since it opened its doors in 2008.
Exness has succeeded in giving traders a great choice of instruments to trade as well as allowing flexibility to match your Forex trading needs.
You can look forward to great trading platforms which are available on desktop, web and mobile and are bolstered with amazing training and educational tools.
Customer tech support is amongst the best and is available over email and live chat.
Exness Pros and Cons:
| ✔️Pros | ❌Cons |
| Customer support in many languages | Penalties for inactivity |
| Commission-free trading | Additional fees for withdrawals |
| Access to ECN trading | High CFD fees |
| Attractive spreads |
FXCM
Overall Rating USD 50 ASIC, FCA, FSCA 📱 Platforms Trading Station, MT4, NinjaTrader, ZuluTrade, Capitalise AI, TradingView ₿ Crypto Yes 💵 Account Currency EUR, USD, GBP, CHF Yes 1:200 🛒 Instruments Forex, Shares, Indices, Crypto, Commodities 🏛️ Visit Broker
4.6/5
Minimum Deposit Regulators Islamic Account Leverage
Arriving on the scene in 1999 with the express intent to help the starter trader, FXCM has made great strides in being the preferred Forex broker amongst novice traders.
Educational and training material is specifically compiled to appeal to novice traders and offer great tips and tricks to shorten the learning curve.
Users can rest easy knowing that they are in the capable hands of the customer support team who are ready to address their queries during working hours.
FXCM Pros and Cons:
| ✔️Pros | ❌Cons |
| Educational and resource tools are good | Limited products offered |
| Quick user registration | Development needed for platforms |
| Forex fees are low | |
| No withdrawal fees | |
| Low stock and ETF fees |
Plus500
Overall Rating USD 100 FCA, CySEC, ASIC, FMA 📱 Platforms Plus500 app ₿ Crypto Yes 💵 Account Currency USD, GBP, EUR, CHF, AUD, JPY, PLN, HUF, CZK, CAD, TRY, SEK, NOK, SGD Yes 📊 Leverage 1:300 🛒 Instruments Forex, Indices, Cryptocurrency, Commodities, Shares, Options, ETFs 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account
Established in 2008, Plus500 has been making waves in the Forex world from down under (Australia) and has captured the hearts of many traders because of its cutting-edge innovation through technology.
Plus500 offer trading platforms that are second to none and you will quickly feel the quality of their design and functionality.
24/7 support is managed by a capable customer support team that is quick to resolve customer queries.
Plus500 Pros and Cons:
| ✔️Pros | ❌Cons |
| Great trading platform | Limited offering in terms of research tools |
| 24/7 Customer support | No telephone support |
| Trading fees are low | Mediocre educational tools |
| Highly regulated | |
| No withdrawal fees |
FxPro
Overall Rating USD 100 FCA, CySEC, FSCA 📱 Platforms FxPro platform, cTrader, MT4, MT5 Yes 💵 Account Currency EUR, USD, GBP, CHF, PLN, AUD, JPY, ZAR Yes 📊 Leverage 1:200 🛒 Instruments Forex, Metals, Indices, Shares, Energies
4.6/5
Minimum Deposit Regulators Islamic Account
FxPro opened its doors in 2006 and has always had a strong client-centric approach. FxPro is well regulated and has a global footprint in more than 170 countries.
Many traders agree that the educational and training resources which are made available at FxPro are well organised and capable of providing a lot of assistance.
Creating an account is a completely digital process and should be painless.
Customer support is available 24 hours a day, 5 days a week via telephone, live chat and email and provides prompt, relevant responses.
FxPro Pros and Cons:
| ✔️Pros | ❌Cons |
| Good selection of instruments offered | Lacking investor protection |
| Increased security through segregated accounts | Regional limitations |
| Well regulated |
ThinkMarkets
Overall Rating USD 0 FSCA, FCA, ASIC, BMA 📱 Platforms MT4, MT5, ThinkTrader ₿ Crypto Yes 💵 Account Currency ZAR, AUD, NZD, USD, EUR, GBP, SGD, CAD, CHF Yes 1:400 🛒 Instruments Forex, Bonds, Stocks, Commodities, ETFs, Indices, Crypto 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
ThinkMarkets was founded in 2010 and is a London-based broker with offices across the globe servicing a client base in excess of 10 000 traders.
ThinkMarkets decided to go the extra mile and bolster their platform offering with Trade Interceptor as well as the usual MetaTrader tools.
Traders can expect a diverse selection of research tools but may find that ThinkMarkets lacks the depth to be truly competitive with market leader capabilities.
Creating an account is a fully digital process and is quick and easy as is the interaction with customer support which respond quickly and effectively to resolve user queries.
ThinkMarkets Pros and Cons:
| ✔️Pros | ❌Cons |
| Attractive minimum deposit | Lacks fixed spread accounts |
| Trading programs are advanced | Lacks web-based trading platform |
| Certain accounts are commission-free | |
| Offers VPS Service |
CM Trading
USD 100 FSCA, FSA 📱 Platforms MT4, CM Trading WebTrader, Copykat Yes 💵 Account Currency 19 Yes 1:400 🛒 Instruments Forex, Commodities, Stocks, Indices, CryptocurrenciesMinimum Deposit Regulators Islamic Account Leverage
CM Trading is one of the trading companies under BLACKSTONE Marketing and is known as one of the leading Forex brokers in Africa.
CM Trading offers amazing trading platforms that are equipped with the latest in platform developments, namely, Sirix Web Trader, MetaTrader and the CopyKat System.
Traders can enjoy decent research tools to help achieve their trading strategies and also take advantage of a unique deposit structure to bank some additional capital.
CM Trading Pros and Cons:
| ✔️Pros | ❌Cons |
| Well regulated | Slow customer support |
| Early warning feature | |
| Great platform features |
HFM (HotForex)
Overall Rating USD 5 FCA, FSA, FSCA, DFSA, CySEC, FSC 📱 Platfoms MT4, MT5 ₿ Crypto No 💵 Account Currency USD, ZAR, USD, NGN Yes 1:1000 🛒 Instruments Forex, Metals, Energies, Indices, Shares, Commodities, Bonds, Stocks, ETFs 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
HFM was established in 2008 as an ECN and STP Forex broker and offers 5 types of flexible accounts with low minimum deposits and tight spreads.
This is a beginner-friendly broker with a variety of educational resources and training courses and clients can also benefit from a loyalty program, bonuses, contests and other promotional offers.
HFM has been listed under the World Finance Top 100 Global Companies and offers premium trading tools, access to AutoChartist, a VPS hosting service and more.
Unique to the HotForex platform, the loyalty program can be used to exchange bars for cash, trading services and credit bonuses.
Pros and Cons of HFM:
| ✔️Pros | ❌Cons |
| 5 account types offered | Trading fees are high |
| Highly regulated | Penalty fees for inactivity |
| 18 trading tools provided | |
| Negative Balance Protection |
IG
Overall Rating USD 0 FCA, ASIC, CFTC, FINMA, MAS, JFSA, DIFC 📱 Platforms MT4, ProRealTime, L2 Dealer ₿ Crypto Yes 💵 Account Currency USD, GBP, AUD, EUR, SGD, HKD Yes 1:30 🛒 Instruments Crypto, Forex, Indices, Shares, Commodities 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
More than 300,000 people are currently IG clients and IG has been around for more than 3 decades.
IG offers premium services and personalized trading support to clients, and the referral program is very rewarding.
IG has developed its own educational app to help beginners and the content provided is suitable for all levels of experience.
IG Pros and Cons:
| ✔️Pros | ❌Cons |
| Exceptional web platform | Limited product portfolio |
| Great educational tools | Lacking phone support |
| Low trading fees |
FBS
16,000,000+ Traders Overall Rating USD 1 CySEC, IFSC, FSCA, ASIC 📱 Platfroms MT4, MT5, FBS trader, CopyTrade ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:30 🛒 Instruments Forex, Indices, Stocks, Metals, Energies, Crypto Welcome bonus 🏛️ Visit Broker FBS has launched a new type of account specifically for trading cryptocurrencies. The new Crypto account has over 100 instruments with digital currencies. BTC, LTC, and ETH are just some of the instruments that will be available for trading against other cryptocurrencies or against more traditional currencies, commodities, and other instruments.
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
FBS is a multi-award-winning Forex broker that is compatible with the MetaTrader platforms and provides its own innovative trading platform as an alternative to mainstream platforms like MetaTrader and cTrader.
FBS clients benefit from a variety of trading tools that can also be used for advanced charting and analysis.
FBS Pros and Cons:
| ✔️Pros | ❌Cons |
| Flexible account options | Limited product offering |
| Suitable for copy trading | EU clients have limited benefits |
| Compatible with MetaTrader platforms | |
| Plenty of promotions and bonuses |
OvalX
Overall Rating USD 100 FCA, FSCA 📱 Platforms ETX TraderPro, MT4 ₿ Crypto Yes 💵 Account Currency GBP, USD, EUR No 1:30 🛒 Instruments Forex, Indices, Shares, Commodities, Crypto 🏛️ Visit Broker
3.4/5
Minimum Deposit Regulators Islamic Account Leverage
OvalX (formerly ETX Capital) is based in London and was founded in 1965.
OvalX offers a beginner-friendly mobile app and more than 60 currency pairs.
OvalX provides plenty of research material and analysis tools and is suitable for all styles of trading.
OvalX Pros and Cons:
| ✔️Pros | ❌Cons |
| Multiple transaction categories | Expensive trading fees |
| Easy account creation | Lacking research tools |
Markets.com
Overall Rating USD 100 CySEC, ASIC, FSCA 📱 Trading Desk MT4, MarketsX, Marketsi, MT5 ₿ Crypto Yes 📈 Total Pairs 65 Yes Low 🕒 Account Activation Time 24 Hours 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators Islamic Account Trading Fees
Markets.com is regulated by CySEC, FSCA, ASIC and FCA. Traders can use the proprietary MarketsX platform or MetaTrader.
Markets.com was launched as GFC Markets and rebranded to Markets.com in 2010.
Markets.com offers 2,027 Shares, 4 Bonds, 23 Blends, 25 Cryptocurrencies, 60 ETFs, 40 Indexes and 28 Commodities, with low spreads and high execution speeds.
Markets.com Pros and Cons:
| ✔️Pros | ❌Cons |
| Great variety of tradable assets | Telephonic support is unreliable |
| Fixed spreads | Leverage offered is low |
| No commission charged | Deposits and withdrawals are delayed |
| Minimum deposit is low | |
| Superior connectivity |
Conclusion
By trading with one of our top FSCA-regulated brokers, you will have extra protection and security.
We strongly advise against trading with offshore brokers that are not officially regulated. Not all unregulated brokers are fraudulent, but the chances of getting scammed by one will be much higher.
In our opinion, the more licenses a broker has, the safer it is to trade with that broker. The FSCA is by far, one of the biggest financial regulators in the world, so trading with an FSCA-regulated broker is one of the safest ways to trade.
These brokers will face serious legal consequences if they do not honour FSCA standards and the FSCA will always put the consumer first.
The FSCA determines the leverage brokers offer, the minimum deposits and trading fees they charge and all other aspects of trading that affect consumers.
All regulated brokers are encouraged to be transparent about their pricing and to make important documents and information accessible. This organization also prohibits any fraudulent activity or trading conditions that are not in the consumer’s best interests.
We hope that this review of the 15 Best FSCA Forex Brokers will help you find a broker that aligns with your trading goals so that you can trade with confidence.
Good luck with your trading!
FAQ
What is the FSCA?
The Financial Sector Conduct Authority (FSCA) is a financial regulatory agency based in South Africa
What does the FSCA do?
FSCA aims to effectively supervise all financial institutions that provide financial products and services to ensure that investors are protected and have access to fair markets and transparent trading conditions.
FSCA aims to effectively supervise brokers and financial service providers to ensure that investors are protected and have access to fair markets and transparent trading conditions.
What jurisdiction is the FSCA?
South Africa
Which laws apply to FSCA?
The laws related to the FSCA are:
- the Financial Sector Regulation Act
