Recognizing the best forex brokers is not just a matter of identity and basic trading needs. You may need to compare some of them to have more clarity when browsing through some information on forex brokers.
Financial Futures Association (Japan), ASIC, ISA (Israel), FSC (BVI), FSA (Japan), Financial Services Regulatory Authority (Abu Dhabi), Central Bank of Ireland
If you are interested to open an account in one of the brokers in the list above, make sure to try the forex demo account before proceeding to register in the live account.
Forex trading in South Africa is regulated by the Financial Sector Conduct Authority (FSCA). It is one of the oldest and most reputable regulators in the world with over 1,000 entities under its watch.
The FSCA must regulate forex brokers before they are allowed to offer their services to South Africans. To minimize unscrupulous activities, brokers must also report all trades. The regulator seeks to promote fair competition between brokers. The FSCA is expected to mediate the parties involved if a conflict arises.
For South African forex traders, a license from the FSCA is likely a sign of reliable brokers. The FSCA-regulated brokers have a reputation for treating their customers fairly and helping educate them about finance. Should traders feel they have become victims of fraudulent activity, they can file a report to the FSCA.
Some popular brokers that adhere to the rules and are regulated by FSCA include:
FBS broker: Regulated by FSCA with license number of 50885, headquarters in Cape Town, ZAR account avaliable.
Exness: ZAR accounts are available, regulated by FSCA 51024, and have headquarters in South Africa.
AvaTrade: FSCA regulated under license number 45984, South African headquarters available. ZAR Accounts are not available, as well as deposits and withdrawals.
Tickmill: FSCA regulated under license number 49464. Not supporting ZAR account-based currency, deposit, and withdrawal. No South African Headquarters.
FXTM: Regulated by FSCA with license number 46614, no headquarters in South Africa, ZAR account not available.
Axi: ZAR account available, as well as deposit and withdrawal. South Africa headquarters is available. Not regulated by the FSCA.
XM Broker: ZAR base currency. South Africa headquarters is available. Not regulated by the FSCA.
The Monetary Authority of Singapore (MAS) is the regulatory authority overseeing forex trading in Singapore. Singapore's regulatory framework allows leverage up to 1:500 and covers a wide range of forex pairs and cryptocurrencies.