8 Best FSCA Regulated Forex Brokers 2026

While international brokers can attain FSCA licenses, it is more common for local brokers to have this licensing. If you are choosing a broker, here is what to consider:

Regulation: We list the FSCA license number for each SA-regulated broker to make it easy to verify each broker’s regulatory status. Traders can use this number to confirm the licensing and verify that the license number belongs to the broker in question and is not being loaned by another regulated company. While the FSCA is a respected organization in South Africa, there is additional security in a broker being regulated by international tier 1 regulators like the FCA (United Kingdom) and ASIC (Australia).

ZAR accounts: South African and International brokers can offer ZAR accounts. When a client deposits with the broker, the funds are kept in Rands and not converted to USD, EUR, or GBP. ZAR accounts have both advantages and disadvantages, but should you wish to keep your funds, you will need a broker with ZAR base currency support.

Segregated accounts: FSCA-regulated brokers must keep all client funds in segregated accounts, which keeps client money and company operation money separate and makes client funds more protected from abuse. However, just because the broker must have segregated accounts does not mean they are using South African banks, so if you would rather have your money kept in South Africa, it is wise to register a ZAR trading account with a local broker. 

Trading costs: As with comparing brokers of any regulation, it is important to look at what it would cost to trade with any specific broker. When we compare trading costs, we consider what trading one lot of EUR/USD on the entry-level account would cost a trader. 

What is the FSCA?

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. 

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 is leading in regulation in the SADC block.

What does the FSCA do?

The FSCA regulates financial activity in South Africa. It also supervises the Forex currency market to protect Forex traders from illegal actors and rogue brokers. Regulation is the primary way to establish trust in a Forex broker. If you want local protection when trading Forex in South Africa, you want your broker to be regulated locally by the FSCA. 

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, if they are in good standing, or if it has been stripped of regulation in the past.

FSCA-regulated brokers must also have a physical office in South Africa, this ensures that any disputes 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. 

Having a physical office in South Africa allows brokers to partner with local banks, which are governed by South African laws. Local bank accounts also mean that bank transfers between South African clients and brokers are faster and cheaper.

South Africans can trade with brokers which are not regulated by the FSCA, but these organisations are not governed by South African institutions, and funds are not handled by local banks.

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.

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).

These new requirements have firmly established the FSCA as the primary regulator of the Forex industry in South Africa, providing a safer and more secure environment for traders.

How Do I Find Out If A Forex Broker Is FSCA Regulated?

All Forex brokers that the FSCA regulates are required to publish their Financial Service Provider (FSP) number on their website. FP Markets is a popular South African Forex broker, and we can see from the bottom of their website that their FSP number is 50926:

Once you have the FSP number of a broker, you can use the FSCA’s search page to enter the FSP and verify that the broker is indeed licenced. Below, we entered FP Markets’ 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 FP Markets 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 FP Markets’ regulatory status:

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.

FSCA’s Strategy

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, all regulated members must explain all products and their associated risks.

Finally, the FSCA plays a crucial role in maintaining financial stability in South Africa by supervising registered entities.

A client trading with an FSCA-regulated broker should expect to be treated fairly and 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, and a separate self-policing appeals board is available for any aggrieved entity to approach if they feel they may have been aggrieved by either the regulator or any of its executive officers.

Do South Africans have to trade with FSCA-regulated brokers?

No, South Africans can legally trade with any broker in the world. We do recommend that you always trade with a well-regulated broker, regardless of the jurisdiction in which they operate.

Should I trade with an FSCA Regulated Broker?

While it is not essential for South Africans to trade with an FSCA-regulated broker, local regulation ensures that in the case of broker bankruptcy, your funds will be protected by local laws. FSCA regulation also ensures the segregation of client and broker funds. Many FSCA-regulated brokers also keep their accounts in local banks, resulting in faster deposits and withdrawals.

But there are many well-regulated international brokers who can offer better trading conditions, platform options and market analysis than most FSCA-regulated brokers.

If local protection is important to you, then you should trade with an FSCA-regulated broker.

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.

Do FSCA-regulated brokers offer ZAR trading accounts?

Not necessarily. While many FSCA-regulated brokers offer ZAR trading accounts, there are some who do not. If you are looking for a ZAR trading account, check out our page on the best ZAR trading accounts in South Africa.