South Africa has become the most populated Forex trading market in the world. We will not explain the reasons for South Africa’s market growth. However, this article will focus on FSB-regulated brokers in South Africa.
There are certain advantages that a trader gets when trading with a regulated broker; we will go over those advantages as well.
In the end, we will suggest some top FSB regulated brokers to our readers.
FSCA, previously known as FSB, is a South African authority tasked to monitor financial entities. If you own a financial company, such as a Forex broker, the FSCA will monitor your assets and business. However, if you are a citizen or a trader, the authorities ensure no wrongful activity is plotted against you.
A few advantages that users get with trading with FSCA brokers are;
- Security of funds
- Safety of funds in case of bankruptcy
- Immunity against fraudulent schemes
- FSCA’s complaint cell action center
- Segregated funds than the broker
Top FSB brokers in South Africa
Following is the list of our top-picked Forex trading brokers in South Africa regulated by the FSB/FSCA.
1. Trade Nation
Trade Nation is a reputed international broker. It also operates locally via its South African offices. The broker has a very efficient 24/5 support system.
Currently, the broker is not offering any bonus programs. The lack of bonus might be a deal-breaker to some new traders. However, we observe a competitive and better trading environment with Trade Nation.
The broker is regulated by FSCA and some other regulatory authorities as well. The minimum deposit limit of Trade Nation is kept at 1USD or 15 ZAR. The minimum deposit rates are remarkably low. Trade Nation also offers lower leverage rates of 1:200.
It is a perfect blend for new traders who wish to learn professional Forex trading by investing lower amounts. Usually, we see a broker with low deposit limits offer high leverage rates. However, Trade Nation is opposite to that notion.
If you are not sold with Trade Nation because of the lack of a bonus program, you might be interested in this one.
Markets.com offers a whopping 50% bonus for new users. The minimum deposit limit of Markets.com is set at 100 USD. The average leverage rates of this broker are at 1:300.
Axiance is not a very popular broker in South Africa. However, in our opinion, it is worth looking into.
The FSCA also regulates Axiance. This broker offers a 100% bonus for new users. The minimum deposit limit with Axiance is 100 USD, and leverage rates are set at 1:500.
HotForex is another broker for new users. The star of the show for HotForex is its leverage rate. HotForex offers 1:1000 leverage. This might be a deal maker or a breaker, depending on how you handle Forex trading.
If you are looking for an FSCA broker in South Africa, FSCA regulated brokers are safe to trade with.