Overview
The Financial Sector Conduct Authority (FSCA) is the regulatory body in South Africa that oversees a variety of financial activities, including the provision of online trading solutions and services. It is a reputable and strict entity.
Amidst the list of brokers that have applied for regulation through the FSCA, the following five have been granted permission to operate within the country and other African countries that do not have their own regulatory bodies and thus use the FSCA.
ThinkMarkets
Established in 2010, ThinkMarkets is a reputable STP broker that offers trade in a variety of financial instruments to a multitude of traders across the globe.
ThinkMarkets incorporates the best range of online technologies with their suite of advanced trading platforms and tools, offering traders with dynamic, tailormade solutions despite their trading experience, knowledge, or skill.
Pros and Cons
| PROS | CONS |
| Well-regulated | US clients not accepted |
| Flexible trading platforms offered | Restricted leverage for EU clients |
| VPS offered | Fixed spreads not offered |
READ: Best Forex Brokers in South Africa
IG
IG has been in operation since 1974 and is a multi-regulated, reputable, and popular STP, ECN, and DMA broker that offers traders more than 17,000 tradable financial instruments spread across forex, stocks, and a large variety of CFDs.
Pros and Cons
| PROS | CONS |
| Multiple, strict regulation | Limited online processors for account funding |
| Variety of trading platforms offered | |
| Tight spreads, low commissions, fast trade execution |
FXTM
Founded in 2011, FXTM is a reputable and well-regulated ECN and STP broker that has offices in the United Kingdom, South Africa, Cyprus, and Mauritius, with respective regulation in each jurisdiction in offering the trade of more than 250 financial instruments ranging from forex, commodities, stocks, to CFDs, metals, shares, and more.
Pros and Cons
| PROS | CONS |
| Variety of flexible account types offered | US clients are not accepted |
| Commission-free trading offered | Restricted leverage for EU clients |
| Low minimum deposit requirement of $10 | Best trading conditions on Professional Account |
READ: How Much Money Do I Need To Start Trading Forex
AvaTrade
AvaTrade is a multi-award-winning, well-regulated, and reputable broker, along with being one of the most popular options in the world for trading a large range of financial instruments through powerful, flexible, and intuitive trading platforms.
AvaTrade also offers competitive trading conditions, many social trading opportunities, and dedicated, prompt customer support, amidst numerous other features as part of its comprehensive offering.
Pros and Cons
| PROS | CONS |
| Strict regulation through multiple entities | US clients are not accepted |
| Powerful and flexible trading platforms | Variable spreads are not offered |
| Large selection of tradable instruments |
Plus500
Plus500 has been in operation since 2008 and is a multi-regulated ECN and STP broker that offers the trade in more than 2,000 financial instruments that are spread across several asset classes. Plus500 caters to all types of traders and offers them tailormade, competitive, comprehensive trading solutions, innovative products, dedicated support, and a secure trading environment.
Pros and Cons
| PROS | CONS |
| Strict regulation through multiple entities | US clients are not accepted |
| Large range of financial instruments | Fixed spreads are not offered |
| User-friendly proprietary trading platform | Limited education |
