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75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

AuthorAuthor: Jeffrey CammackPublished: October 14, 2019
EditorEditor: Alison HeyerdahlUpdated: January 12, 2024

Last Updated On January 12, 2024

Jeffrey Cammack

The Financial Sector Conduct Authority, formerly the FSB, is the government agency responsible for regulating South African brokers. Although the FSCA isn’t the strictest regulator in the world, it has put in place several rules to protect Forex traders better. One of these measures is that Forex brokers operating in South Africa have to segregate their client funds from their operational funds and are inspected regularly to ensure they are safe. 

We understand that traders have different needs. Beginner traders may want a broker with excellent educational materials, while more experienced traders may look for a broker with fast execution and advanced trading tools. Others want high levels of leverage or low deposit accounts. The FSCA-regulated brokers below cater to these differing needs but are also listed because of their excellent reputations in the Forex trading industry.

These are the best FSCA-regulated Forex brokers for 2024.

1

AvaTrade

Trading Accounts with No Commission

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2

HFM

Best FSCA-Regulated Broker with ZAR Accounts

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3

FP Markets

FSCA-Regulated Broker with Best Trading Platforms and Tools

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4

IG

Best FSCA Regulated MT4 Broker

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5

Admirals

R200 Minimum Deposit, 42 Crypto Pairs

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6

FXTM

Best FSCA-Regulated Broker for Beginners

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7

FxPro

Best FSCA Regulated No Dealing Desk (NDD) Broker

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8

Exness

Best FSCA-Regulated Trading Conditions

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Overview

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Broker
Broker Score
Official Site
FSCA (SA) Regulated
FSP #
Min. Deposit
Max. Leverage (Forex)
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Compare
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
45984USD 10030:1Excellent0.90 pipsUSD 90.90 pips87255MT4, MT5, Avatrade Social, AvaOptions
HFM (HotForex)
4.53 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
46632USD 02000:1Excellent1.00 pipsUSD 100.10 pips123053MT4, MT5, HFM Trading App
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
50926AUD 10030:1Excellent0.10 pipsUSD 70.10 pips1016270MT4, MT5, cTrader, IRESS
IG
4.69 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
41393USD 030:1Excellent0.60 pipsUSD 60.85 pips1929580MT4, L2 Dealer, ProRealTime
Admirals
4.28 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 2530:1Excellent0.80 pipsUSD 80.10 pips399682MT4, MT5, MT Supreme
FXTM
4.37 /5
Read Review
Visit Broker >
81% of retail CFD accounts lose money
46614USD 102000:1Excellent1.50 pipsUSD 150.00 pips180362MT4, MT5
FxPro
4.39 /5
Read Review
Visit Broker >
71.58% of retail CFD accounts lose money
45052USD 10030:1Excellent1.40 pipsUSD 140.40 pips224170MT4, MT5, cTrader, FxProEdge
Exness
4.32 /5
Read Review
Visit Broker >
71.67% of retail CFD accounts lose money
51024USD 30:1Standard0.70 pipsUSD 70 pips221100MT4, MT5, Exness Terminal

How to choose the best FSCA Regulated Forex Brokers

The FSCA, formerly the FSB, is the government agency responsible for regulating South Africa brokers. While international brokers can attain FSCA licenses, it is more common for local brokers to have this licensing. If you are choosing between FSCA regulated 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 Uganda, there is additional security in a broker being regulated by international tier 1 regulators like the FCA (United Kingdom) and ASIC (Australia).

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. 

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. 


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XM
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AvaTrade – Trading Accounts with No Commission

Broker Score
4.594.59 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2006 and FSCA-regulated since 2015, AvaTrade (FSP: 45984) offers an excellent trading environment for both beginner and experienced traders. AvaTrade features low spreads on a single account, award-winning customer service, an excellent mobile trading platform, AvaTradeGo and great trading tools like AvaProtect, allowing traders to purchase loss protection for a time directly from the AvaTradeGo app. AvaTrade offers a wide range of instruments. The only possible downside is that the minimum deposit here is 100 USD, which is higher than many other brokers operating in Uganda.

Maximum leverage at AvaTrade is 30:1, and spreads are some of the tightest we have seen for an account with only a 100 USD minimum deposit and no commission – as low as 0.9 pips on the EUR/USD. AvaTrade has no fees for either deposits or withdrawals and a commitment to processing your funding request as fast as possible. The customer service team is available 24/5 via telephone, live chat, and email.

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts Ugandan Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

HFM (HotForex) – Best FSCA-Regulated Broker with ZAR Accounts

Broker Score
4.534.53 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

HFM (previously known as HotForex) is a well-known international broker, with a strong presence in Uganda. HFM has a local customer support team, and unlike many other international brokers, it offers ZAR trading accounts. It also offers fast and free deposits and withdrawals in Ugandan Rands from a range of local banks, including FNB, ABSA, Nedbank, and Standard Bank. Regulated by the FSCA (FSP: 46632), CySEC and the FSA, HFM has built a reputation for tight spreads with STP execution, low-cost Micro Accounts, detailed market analysis, and 24/5 customer support. With accounts that suit both beginners and professionals and detailed market analysis, HFM is a good choice for new and experienced traders.

HFM devotes an entire section of its website to market analysis and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Ugandan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

FP Markets – FSCA-Regulated Broker with Best Trading Platforms and Tools

Broker Score
4.404.40 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FSCA-regulated (FSP: 50926) since January 2023, in addition to MT4 and MT5, FP Markets also introduced the cTrader platform to its offering. Trading tools include Autochartist, VPS services, and a Trader’s Toolbox, which transforms MT4 and MT5 into state-of-the-art Trading terminals.

FP Markets offers fast execution on two accounts, both with a minimum deposit of 100 AUD (or equivalent), making them accessible to both beginners and more experienced traders. Its commission-free Standard Account has a spread of 1 pip, which is average for the industry, while its Raw Account offers low-cost trading with a spread of 0 pips in exchange for a round turn commission of 6 USD.

Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are Limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1
  • posing risks for inexperienced traders
AlertAccepts Ugandan Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by the FSCA, CySEC, and ASIC.

IG – Best FSCA Regulated MT4 Broker

Broker Score
4.694.69 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IG, the world’s largest broker by revenue, has been regulated by the FSCA since 2010. IG offers clients automated trading, micro lots, customisable charts, and reliability. IG’s version of MT4 takes MT4 to another level with its package of free add-ons and indicators. Highlights include a Trade Terminal, Stealth Orders, a Correlation Matrix as well as a dozen indicators. All IG clients get access to Autochartist for free. These features are available with tight spreads, with the EUR/USD averaging 0.86 pips but sometimes as low as 0.6 pips, and commission-free trading.

Millions of traders have started their trading careers at IG, and its easy to see why from the excellent material available at the IG Academy and the constantly updated News and Trade Ideas page. IG also offers a free Trade Analytics tool that evaluates trading performance over time and offers diagnosis and suggestions to improve your trading.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Ugandan Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

Admirals – R200 Minimum Deposit, 42 Crypto Pairs

Broker Score
4.284.28 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Regulated by the FSCA since 2019 and with a Ugandan HQ in Cape Town, Admirals offers four ZAR trading accounts on the MT4 and MT5 platforms. Minimum deposits are 200 ZAR/25 EUR on all four accounts, and trading costs are low, starting at 0.8 pips on the EUR/USD. Assets available to trade include 80 currency pairs, 42 crypto pairs and over 3000 stock CFDs. All trading accounts receive negative balance protection; two of the four accounts are also available as Islamic accounts.

Admirals also offers a 100% welcome bonus for new Ugandan clients (up to $5000) and a no-deposit bonus of $100, which allows new clients to trade the live markets risk-free. Admirals has also invested heavily in helping new traders find their feet, offering an extensive library of educational articles, tutorials, and webinars.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Ugandan Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Admirals is regulated by the FSCA, FCA, ASIC, CySEC, and the JSC.

FXTM – Best FSCA-Regulated Broker for Beginners

Broker Score
4.374.37 / 5
🏦  Min. DepositUSD 10
🛡️  Regulated By
💵  Trading Cost 
USD 15
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FXTM (FSP: 46614) is the best FSCA-regulated broker for beginner traders. FSCA regulation guarantees local protection, and low minimum deposits and tight spreads reduce risk. Weekend customer support allows part-time traders to get set up when they’re not working, and FXTM’s education section is ideal for those who want to get up to speed quickly. 

While FXTM’s Advantage Plus Account is good with a minimum deposit of 500 USD and spreads starting at 1.5 pips, FXTM also offers a Micro Account with a minimum deposit of only 50 USD but with the same spreads, starting at 1.5 pips. Clients can use FXTM’s best in class copy trading system with all account types, meaning that new traders can follow professional strategies and learn from the best traders in the business.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Ugandan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

FxPro – Best FSCA Regulated No Dealing Desk (NDD) Broker

Broker Score
4.394.39 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FSCA-regulated since 2015, FxPro (FSP: 45052) offers an NDD execution model on MT4, MT5, cTrader and a browser-based platform. A 100 USD opening deposit and notable customer service are combined with competitive spreads – often as low as 0.6 pips. FxPro’s NDD execution model has won awards over the years for its speed and reliability. Most trades are executed in less than 10 milliseconds and only 9% of orders receive negative slippage. These execution statistics are ideal for scalpers and traders who like to take advantage of volatile markets.

FxPro has three accounts, one for each of the major platforms: MT4, MT5 and cTrader. Both the MT4 and MT5 accounts offer commission-free trading while the cTrader account has a 4.50 USD commission per trade but raw spreads – down to 0.3 pips on the EUR/USD. In addition, FxPro has its own FxPro (EDGE) web platform for those that want to keep this simpler.

FxPro offers ZAR Accounts and ZAR FxPro Wallets, so Ugandan traders can avoid paying any conversion fees. All deposits and withdrawals from the FxPro Wallet are free of charge via all methods.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Ugandan Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB.

Exness – Best FSCA-Regulated Trading Conditions

Broker Score
4.324.32 / 5
🏦  Min. DepositUSD 3
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. LeverageUnlimited:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Exness (FSP: 51024) is an FSCA and internationally regulated CFD broker offering trading in Forex, cryptocurrencies and metals. Trading conditions at Exness are some of the best in the business. All trades are executed on the market with no intervention, with one exception. With a low-cost cent account for new traders, unlimited leverage on some of the professional accounts, and a wide range of assets to trade, Exness has made sure that its product offering will appeal to all types of trader.

MT4 and MT5 are available across a wide range of accounts, and ZAR accounts are available for Ugandan traders. With 1 USD minimum deposit, micro-lots unlocked and spreads as low as 0.3 pips, the Exness Standard Cent Account is a live account for new Forex traders who want to learn while depositing the absolute minimum. However, there are limitations on this account as traders will only be able to trade currency and metals with this account, and MT5 is not supported.

Pros
  • Highly competitive spreads and low trading costs (7 USD per lot).
  • Extensive selection of trading instruments and over 100 Forex pairs
  • User-friendly trading platforms: MT4 MT5 and Exness Terminal.
  • Minimum deposit requirement of only 3 USD
  • Offers copy trading options
Cons
  • Extreme leverage
  • Limited range of share CFDs
AlertAccepts Ugandan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4, MT5, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

What is the FSCA?

FSCA Building

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 takes a leading role 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. 

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.

What are the advantages of trading with an FSCA-regulated broker?

FSCA-regulated brokers must keep client funds segregated from operational funds and must submit regular audits to the FSCA to ensure that client funds are not being misused. FSCA-regulated brokers must also have a physical office in South Africa, this ensures that any disputes are governed by South Africa laws.

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 Ugandan 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.

FSCA JP Markets Liquidation

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 put the FSCA firmly in charge of the Forex industry in South Africa and will provide a much safer and more secure environment for traders.

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

All Forex brokers that are regulated by the FSCA are required to publish their Financial Service Provider (FSP) number on their website. KhweziTrade is a popular Ugandan Forex broker, and we can see from the bottom of their website that their FSP number is 44816:

KhweziTrade FSP

Once you have the FSP number of a broker you can go use the FSCA’s search page to enter the FSP and verify that the broker is indeed licenced. You can see below that we have entered KhweziTrade’s 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 Khwezi Financial Services (Pty) Ltd 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 Khwezi Financial Services regulatory status:

Khwezi Financial Services Details

The important part of this section for our purposes is the Products Approved section. Let us have a look at it in closer detail:

Khwezi Financial Services Products

Here we can see that Khwezi Financial Services, as a large financial services company, holds a wide range of licences. We have highlighted the two product licences that matter for our purposes. We can see that they hold a Category I and a Category II licence for Derivative instruments.

All Forex trading is derivative trading, as traders never actually hold any currency – they are just speculating on a price derived from a real-world asset (such as the USD or the ZAR). So Khwezi Financial Services’ two Derivative instruments licences allow them to provide derivatives (such as Forex derivatives) to traders.

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 Strategy 2018-2022

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, it is the obligation of all regulated members to explain all products and their associated risks.

Finally, the FSCA assist in maintaining financial stability in South Africa by supervising the registered entities.

A client trading with an FSCA regulated broker should expect to be treated fairly, expect to 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 Uganda.

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 Uganda’s Supreme Court, and are a matter of public record.

A customer complaints service is effective in fielding complaints, plus a separate self-policing appeals board which any aggrieved entity can approach should they feel like they might have been aggrieved by either the regulator or any of its executive officers.

Summary

The FSCA is credited for bringing stability and transparency to South Africa’s investment industries.  Forex traders who want to have protection can find brokers that are locally regulated, and who comply with Ugandan law.  In some cases, Ugandan clients can keep their funds locally, further increasing trust with the brokerages.

FAQs

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.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

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Pepperstone
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Exness
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XM
4.45 /5
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HFM (HotForex)
4.53 /5
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