Fsb Regulated Forex Brokers In South Africa

Best FSB / FSCA regulated Forex Brokers in S Africa 2022

Nosotros researched 30+ FSCA regulated forex brokers in South Africa, here are the all-time of them that offer CFD & Forex trading at lowest fees.

Best FSCA regulated forex brokers in South Africa for 2022
South Africa'south uppercase markets which includes forex, CFDs are well regulated. The regulatory body for the financial markets in Due south Africa is Financial Sector Comport Say-so (FSCA), which was formerly known as Fiscal Services Board (FSB).

Although information technology is not mandatory for investors to merchandise forex & CFD through FSCA regulated brokers, and y'all can opt to trade with foreign regulated brokers.

But it is advised for Due south African traders to trade with FSCA regulated forex brokers every bit this provides a safety for investors by ensuring the safety of funds and protection confronting any disputes and malpractices by brokers.

The regulation ensures that the investor's money is not misused in any class by the broker & the provider has to comply with the policies set by the regulator.

List of 8 Best FSB / FSCA regulated forex brokers in South Africa for 2022

Tickmill – Best FSCA regulated banker in South Africa
Hotforex – Low spread FSCA Regulated broker
Exness – Lost cost FSCA regulated broker
FXTM – FSCA regulated Forex Banker with ECN accounts
Avatrade – Fixed spread FSCA regulated broker
Plus500 – Good CFD trading platform
BlackStone Futures – Good Local Regulated broker
FxPro – Regulated Forex Broker with Depression Fees & cTrader

To aid you find the best regulated forex brokers, we researched all the forex & CFD brokers authorized by FSCA, and then compared their overall trading fees, platforms, number of years since FSCA authorization appointment, complaints against the banker, their response to client issues, and some more factors!

Now allow's compare & review all our selected all-time FSCA forex brokers, one by ane..

Best FSCA regulated Forex Brokers

Hither is our detailed enquiry on the features: spread, platforms, funding/withdrawals, bachelor trading instruments, back up & more on the selected FSCA regulated forex brokers.

1. Tickmill – Overall Best FSCA regulated forex broker

Overall Rating 9.i/10

Visit Tickmill

FSP Number: 49464 with FSP Name: "Tickmill S Africa (Pty) Ltd"
Minimum deposit: $100
EUR/USD Spread: On average 1.6 pips with Archetype account. 0.1 pips + 4 USD/lot with Pro account.

Rated #ane FSCA Regulated Forex Broker

Tickmill is a reputed forex broker that is well regulated globally & has too been authorized by FSCA recently with FSP No. 49464.

Tickmill offers competitive trading fees compared to virtually other brokers. Their Classic business relationship is spread only account, with spread from 1.6 pips. They too have a Pro account that Raw spread from 0 pips, and $iv commission per Standard Lot. The minimum deposit with both accounts is $100.

Tickmill as well does non charge any commissions on deposits or withdrawals. And they accept multiple payment methods including Banking concern Wire, credit/debit card, Skrill etc.

They are a Metatrader 4 only banker, and their platform is available on PC, Webtrader & mobile apps for Android & iOS. 62 Forex pairs, CFDs on 17 Indices, 2 Metal CFDs & iv CFDs on Bonds are available for trading on their platform.

Tickmill Pros

Authorized past FSCA since 09/x/2019, and so considered safe for forex & CFD traders in Due south Africa.
Wide number of currency pairs bachelor for forex trading.
Multiple account types with articulate fees structure.
Zero deposit or withdrawal commission.
MT4 trading platform is bachelor.

Tickmill Cons

Limited trading instruments other than Forex.
Tickmill Does not offer ZAR accounts
No Metatrader five platform or cTrader (only MT4). This may be a con for some traders that prefer MT5, but we don't find this to exist a large concern.

besides read our detailed Tickmill review

2. HotForex – FSCA regulated forex broker with Low spread

Overall Rating 9.1/10

Visit Hotforex

FSP Number: 46632 with FSP Name: "HF MARKETS SA (PTY) LTD"
Minimum eolith: $five
EUR/USD Spread: On average ane.2 pips with Premium account

Rated #ane FSCA Regulated Forex Broker

HotForex is a FSCA authorized Financial Service Provider since 09/02/2016. They are rated all-time in our inquiry because of their competitive trading fees, easy to use Metatrader platforms & practiced support.

HotForex has diverse accounts, for beginner & professional person traders. They accept Premium account with average spread of 1.2 pips for EUR/USD, with no extra fees. And they accept Nothing account for high volume traders an average spread of 0.iv pips + $6 per standard lot for EUR/USD.

The minimum deposit required to open a live trading account at HotForex is $5 (ZAR 70), with their Micro account. Plus, the deposit & withdrawals at HotForex are commission free (no fees on funding & withdrawals). Their support is also very quick, available 24/5 via chat, and 24/7 via emails.

MT4 & MT5 platforms are available for all traders. Their options of trading instruments are very wide including – 49 forex pairs, CFDs on metals, indices, 56 shares, 7 bolt & seven Crypto pairs.

HotForex Pros

Regulated FSP authorized past FSCA since 2016. So trading with them can be considered rubber.
Their account minimum deposit is $5 with their Micro account. In general, it is low with all their account types.
They offer vi dissimilar account types for various types of traders.
Quick & responsive support. Live chat, telephone & e-mail support are bachelor.
Local Bank Transfer & EFT is available for funding & withdrawals.
ZAR Base currency trading account is available. You can also open business relationship with USD equally your account currency.C

HotForex Cons

High Commission with Zero Account. Their commission is R110 for other pairs & R80 for majors, this is a bit higher than banker with similar ECN Blazon accounts.
Boilerplate Swap Fees on majors & other CFDs. Their Bandy fees for overnight positions are moderate i.e. non the lowest.

3. Exness – Depression Cost FSCA regulated Forex broker

Overall Rating 9.0/10

Visit Exness

FSP Number: 51024 with FSP Proper noun: "Vlerizo (Pty) Ltd"
Minimum deposit: $ane
EUR/USD Spread: On boilerplate 1 pips with Standard account

Rated #3 FSCA Regulated Forex Banker

Exness is an authorized FSP with FSCA since 11/12/2020.

Exness is a reputed Forex & CFD banker that is regulated with multiple top-tier regulations. Their average spread & overall fees with Standard account is very competitive, and low compared to other brokers.

Exness offers ZAR business relationship, and USD, EUR base of operations currency options too. They don't charge whatever extra fees on deposits or withdrawals. They take option to deposit & withdraw funds in ZAR via Internet Banking tranfer, and there is no extra fees with this method.

MT4 & MT trading platforms are offered by Exness. They offer large number of instruments including 107 currency pairs & CFDs on 100+ instruments

Simply Exness does not accept good customer support. Their alive chat support is okay, but for queries sent to their support email information technology normally takes a few days to get a response. You lot may have to wait for some time to go a response from their support for issues that take time.

Exness Pros

Authorized by FSCA on 11/12/2020.
107 currency pairs available for trading, which is the highest amidst brokers that we take compared.
Very Low average spread with near instruments with Pro Account. The spread is low with Standard Accounts.
No extra fees on eolith or withdrawal, and Internet Cyberbanking Transfer in ZAR is bachelor for Instant Funding & withdrawals within hours.
MT4 & MT trading platforms are offered.
ZAR Base currency option is available.

Exness Cons

No Southward African telephone number is available for support on their website. Their e-mail support is very slow in responding to queries.
$seven Commission Roundturn with Raw Spread Account.

also read our Exness review for detailed comparison

4. FXTM – FSCA regulated broker with ECN account

Overall Rating 8.0/10

Visit FXTM

FSP Number: 46614 with FSP Name: "ForexTime Ltd"
Minimum deposit: $50
EUR/USD Spread: 1.9 pips with Micro business relationship

Rated #four FSCA Regulated Forex Broker

ForexTime has been authorized by FSCA since 05/07/2016. They offer Micro account & ECN type Reward business relationship.

FXTM is a market place maker for their Micro business relationship, but they also offer ECN blazon Advanatage account which has spread from 0 pips & low commission based on volume. The minimum deposit at FXTM is $l for their Micro account & $500 for their Advantage business relationship.

The overall fees at FXTM with Micro account is high compared to other brokers. On average their spread is one.9 pips with Micro account, which is quite high. But the overall fees (spreads + commission) with their Advantage account is very low, merely it is non the lowest, every bit Tickmill has bit more competitive committee of $4/lot, while FXTM has $iv.88/lot committee.

FXTM Pros

Regulated with FSCA since 2016.
Reward account has very low spreads.
Metatrader platforms are available.
Local Bank transfer in ZAR is available for Funding & Withdrawals

FXTM Cons

High Inactivity fees & fees on some withdrawal methods.
High spread with Micro account.
No local phone number for support in Due south Africa.

read our ForexTime review

five. Avatrade – Fixed Spread FSCA regulated forex banker

Overall Rating eight.9/10

Visit Avatrade

FSP Number: 45984 with FSP Proper name: "AVA Capital letter MARKETS (PTY) LTD"
Minimum deposit: $100
EUR/USD Spread: 0.9 pips

Rated #v FSCA Regulated Forex Broker

Avatrade is regulated with FSCA since 10/11/2015. They are a well regulated banker globally & offering really competitive fixed spread trading account. Nosotros recommend them if y'all are looking to trade with a fixed spread broker.

Avatrade offers standard stock-still spread account. Their EURUSD average spread is 0.9, for GBP/USD it is 1.6 pips. Overall for major pairs, their fees is quite fair without whatsoever extra committee other than their spread.

The account minimum is $100. Their leverage is limited to 30:one for retail traders & 400:1 for Professional traders.

Avatrade offers MT4 & MT5 platforms. Their trading instruments available include 55 currency pairs, CFDs on 624 stocks, 17 commodities, 20 Indices, 5 ETFs & 14 cryptocurrencies.

AvaTrade does offer deposit & withdrawals via Bank Transfers in ZAR. Simply they don't take ZAR Account base currency option available for Account.

Avatrade Pros

Regulated with FSCA since 2015.
Fixed spread accounts.
Metatrader platforms bachelor.
Local phone number for support during concern hours.

Avatrade Cons

High Inactivity fees.
Their back up is not available for 24 hours in day.

read our Avatrade review

6. Plus500 – Good CFD Trading Platform

Overall Rating eight.nine/10

Visit Plus500

CFD Trading platform. Your capital is at risk.

FSP Number: 47546 PLUS500AU (Pty) Ltd is an Authorized Financial Services Provider in South Africa
Minimum deposit: R1500
EUR/USD Spread: Variable

Rated #six FSCA Regulated CFD Trading platform

Plus500AU Pty Ltd (ACN 153301681) with FSP no. #486026 is an Authorised Financial Services Provider in SA. They are a reputed CFD trading platform that are publicly listed, and also regulated by multiple Top-tier regulatory authorities.

Plus500 offers competitive fees for majors, and their spread is variable. They don't charge whatever commission other than their spread, and no fees on deposit or withdrawals.

The minimum eolith is R1500 (you can create ZAR account). The max. leverage is 1:300. They also offer negative balance protection & guaranteed stop loss feature. With Plus500, you tin trade CFDs on multiple financial instruments including 60+ Forex pairs, 28 Indices, 22 Commodities & 100+ stocks/shares. Overall their trading conditions are skilful in comparison with most of the other CFD trading platforms.

Plus500 offer their own proprietary trading platform, they don't support Metatrader. This is a negative if you prefer trading on MT4 or MT5. Their mobile trading platform app is piece of cake to apply.

Plus500 Pros

Well regulated CFD trading platform.
ZAR Account are available.
Spread on major currency pairs is competitive.
Broad range of CFD trading instruments available on their platform.
Negative residuum protection & guaranteed stop loss.
No actress charges on deposits or withdrawals.

Plus500 Cons

No Metatrader platform.
Live chat is only available for logged in users. And their education section is limited.

read our Plus500 review

Guide to FSCA regulation for forex brokers

What is FSCA (formerly FSB)?

FSCA (Financial Sector Acquit Dominance) is a market carry regulator for financial institutions in South Africa that provide financial products and financial services, this includes Banks, insurers and other not cyberbanking Financial Institutions.

FSCA was formed on April one, 2018 after Financial Sector Regulation (FSR) Human action of 2017 came into event. The deed applied Twin Peaks model to the financial sector dividing the responsibilities of financial market regulator in 2 i.due east.: Prudent Authorization (PA) and Market Conduct Authority (FSCA). This system was based on other developed markets like: Commonwealth of australia, Netherlands, Belgium, New Zealand and the United kingdom.

Existing non-banking fiscal market regulator FSB (Financial Service Board) was given the part of Marketplace Bear Dominance giving it right of oversight on both banking & non-cyberbanking financial institutions providing financial products & services that are licensed in terms of fiscal sector laws of RSA including Banks, Insurers & Capital Markets. FSB was renamed to FSCA to presume the Market Deport Authorization'south function, and Reserve Bank was given the duty of Prudent Authority.

In South Africa, all CFDs including Forex Trading are treated as derivatives & non banking financial products and are regulated by FSCA, and all providers are required to be registered under FSCA's Financial Provider (FSP) List.

The Forex & CFD Brokers authorized past FSCA, are required to have a local office, and have 1 local director. The regulated brokers must as well comply with all the FSCA's guidelines, this ensures the safety of Due south African investors in case of any bad activity by the regulated broker.

Ever since FSB was restructured from a super-regulator of non cyberbanking financial sector and replaced by FSCA in 2018, the boosted responsibilities of FSCA has been providing quality finance pedagogy to customers, maintaining fiscal stability of its customers, spreading of information regarding changes in regulation and overseeing the evolution of Southward African financial markets.

This ensures off-white treatment of customers and maintains high efficiency and integrity of the financial markets.

For brokers, getting regulated by FSCA gives additional benefits. License from FSCA gives credibility to the brokers, hence ensuring bigger market share. Additionally, getting regulated makes it easier to use local bank business relationship for transactions in local currency with ease.

Why should you trade with FSCA (FSB) Regulated forex brokers?

Though trading through offshore or strange brokers is non restricted currently for traders in South Africa, but notwithstanding information technology is advised to trade CFDs or forex via forex brokers regulated by FSCA only.

The reason existence that in case the regulated broker commits any fraud or goes bankrupt, the investor's fund could be restored through the aid of local authorities, which would be very difficult or fifty-fifty near to impossible in case the broker is not registered in SA.

Regulation in financial markets is necessary in gild to reduce the risk on the trading activities for the participants, consequently reducing the potential losses due to bad trading environment & malpractices by the brokers.

The regulatory trunk in South Africa is FSCA, which has the responsibility of regulating the financial markets by providing protection to the citizens and the economic system from any potential money laundering or fraudulent schemes.

Here are some important considerations:
i. FSCA keeps check on the financial trading activities including: CFDs & Derivatives market place to come across there are no irregularities or misrepresentation and ensure its smooth functioning and then that the financial markets are not adversely affected. FSCA ensures this by regulating the Forex Brokers & Derivatives/CFD Brokers.

ii. Additionally, any kind of misconduct past the brokers could be dealt with as per local laws which the investor would be familiar with. FSCA doesn't event license to brokers who either do not come across the regulatory requirements or accept some shady history.

Hence, FSCA ensures that the investors' funds are handled with proper care past its regulated brokers. This will safeguard your coin from whatever malpractice or fraudulent process, ensure right and off-white treatment from brokers and also provide a sense of security from the perspective of legal deportment in case of any mistreatment.

3. Apart from regulating the financial markets and protecting it from frauds and misconduct, FSCA also imparts fiscal education in order to increase awareness amongst investors and brokers with regards to financial regulations and news.

And then information technology is brash for investors to trade forex or CFDs via FSCA regulated forex brokers and one should e'er check the actuality of claims of the brokers most their license by verifying it from FSCA's public search website.

How to verify whether the forex broker is FSCA regulated?

To verify if your broker is regulated past FSCA in S Africa, you should follow these steps:

Step #1: The first pace is to find the broker's FSP number:
The forex brokers that are regulated by FSCA volition more often than not listing this information along with their FSP number on their website, either on their homepage, footer of their website or they will have a defended page on their website mentioning all of their regulations.

For example: Tickmill South Africa (Pty) Ltd is regulated past FSCA, and they publicly list their FSP number on their website's footer & regulations page.

Similarly, other regulated CFD brokers like HotForex SA, FXTM & Exness show their FSCA regulation & the exact license number on their website.

If you are not able to discover the FSP number yourself, it is best to ask your banker's support squad via an electronic mail or connect with the Live chat on banker'due south website & ask for their FSP number & visitor name in SA. Whatever regulated broker would share this information with you.

Note: Some brokers might display fake FSP Number on their website, or might just apply the FSP no. of another banker. Such a banker would claim to exist regulated, but is actually not. So, you should always verify the FSP number on FSCA's public search, as explained in the next step.

Stride #2: Verify the FSP number on FSCA's public Search
In one case you have the broker'due south FSP number, the side by side step is to verify it. FSCA take a public directory for "Search Authorised and Applied FSPs"

On this folio, type in the broker's FSP number under "Search For FSP No" or the company name under "Search For FSP Name". And then click 'submit' button.

On the side by side folio you will come across the results. If the banker is authorized by FSCA, and then you volition run into a folio that looks something like beneath (with company name & 'Authorized' status). Click the 'details' push on the right.

On this page, scroll down to the "Products Approved" section. Check if the broker is authorized to offer 'Derivative instruments' under CATEGORY I or not. Besides, check all the products for which broker is authorized.

That's it. So, before opening account with any forex banker & depositing funds, make sure that y'all verify if the banker is authorized by FSCA to offer the products in SA which it is challenge to.

As well, yous must note that some brokers claim that they are a Regulated Financial Service provider in SA even though they are not. They use the FSP No. of other really authorized providers on their website to merits that they are regulated.

Y'all should protect yourself against such Clone Scam brokers by doing your due diligence & verifying that their FSP No. listed on the website does actually vest to that broker, and your are signing up with actual website of the authorized broker.

If y'all have whatsoever doubts then you should contact FSCA to verify the actuality of the Banker's license No.

Comparing Table of FSCA Regulated Forex Brokers

Here is the comparison table of the FSCA regulated forex brokers in Southward Africa for 2022. Encounter comparison of FSP number, boilerplate spread & minimum deposit.

Frequently Asked Questions

Which is the all-time FSCA (FSB) regulated forex banker?

According to our enquiry, Hotforex is the overall all-time FSCA regulated forex broker for South African traders, based on its offering & these five key factors:

It is regulated with FSCA as "HF Markets SA (PTY) Ltd" & has a local office in Johannesburg.
Their spread & trading fees is very competitive, on average 1.2 pips with Premium account for EUR/USD.
They offering popular trading platforms MT4 & MT5.
They offer very good support via live chat & electronic mail.
The funding & withdrawals are free of any charges.

For more details, read our comprehensive Hotforex review that covers our nine comparison metrics.

How to Verify if a forex broker is regulated with FSCA?

If a forex broker is an authorized Financial Service provider regulated by FSCA, and so they will have a registered FSP number.

Step 1: You tin can check the regulation information of whatsoever forex broker by visiting their website. Virtually on every broker's website, the regulation information is provided in the footer section or a divide folio is defended to the regulation details.
For ex: 1 of the FSCA regulated broker in our comparison i.eastward. Hotforex gives information near its regulation on the footer section where they have mentioned their company name "HF Markets SA (PTY) Ltd".

You lot should ever expect for a Financial Service Provider (FSP) License Number. If the appropriate information is not bachelor on the website, you should ask for the aforementioned from the broker. Normally, if the banker is regulated, they will share their FSP number with you lot.
Step 2: Once you have the FSP Number, it can then be verified from FSCA'southward website, on its Financial Informational and Intermediary Services (FAIS) search register here: www.fsca.co.za/Fais/Search_FSP.htm
You simply need to enter the FSP number in the to a higher place search page. This will evidence you lot the regulation status. Expect out for the "Authorized" status.
Step 3: Click on "details" push for more than the data on that broker's regulation. At the lesser of the information page, you will see the "Products Canonical" section. Check from there if your banker is regulated for offering "Derivative instruments".

Which FSCA (FSB) forex banker has the lowest fees?

The important consideration here is trading fees without whatsoever hidden charges. Plus, other things to consider are the trading instrument, and practise you need broker with fixed spread or are yous okay with variable spread.

According to us, three brokers – Hotforex, Plus500 (CFD platform) & Tickmill offer competitive variable spread with their platforms. None of them any extra fees while making deposits or withdrawals, only all 3 charge some fees if you lot don't access your account for few months.

In terms of FSCA regulated forex brokers with stock-still spread, Avatrade is the best pick.

Which FSCA (FSB) regulated brokers offer ZAR Trading accounts?

HotForex, Exness & Plus500 offer ZAR trading accounts, and in that location are other brokers too. You tin see this list of forex brokers with ZAR accounts if you generally trader Rand currency pairs & need local deposits/withdrawals without commutation rate losses.

Source: https://www.forexbrokers.co.za/fsb-regulated-forex-brokers/

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