Regulation Guide

FSCA Regulated Forex Brokers — Verified List (2026)

Maryna KobylianskaMarch 17, 20260

11 FSCA regulated forex brokers verified against the FSP register. FSP numbers, enforcement history, and how to check any broker's FSCA status yourself.

FSCA Regulated Forex Brokers: South Africa's Full Verification Database (2026)

The Financial Sector Conduct Authority (FSCA) is South Africa's market conduct regulator, established on 1 April 2018 under the Financial Sector Regulation Act 2017. Every forex and CFD broker legally serving South African clients must hold a Financial Services Provider (FSP) licence from the FSCA — and brokers offering OTC derivatives (including spot forex and CFDs) must also obtain an Over-the-Counter Derivatives Provider (ODP) licence. The FSCA imposed 51 administrative penalties totalling nearly R120 million during its most recent reporting period (FSCA, 2025). We searched the FSP register at fsca.co.za directly and verified the status of every broker below.

Last verified: 17 March 2026 | Brokers checked: 11 | Source: FSCA FSP Register

TL;DR: All 11 brokers in the active table hold verified FSCA FSP licences as of March 2026. The FSCA enforces a 1:30 leverage cap on major forex pairs for retail clients, requires client fund segregation, and mandates negative balance protection. There is no statutory compensation scheme in South Africa — if your broker becomes insolvent, there is no government fund to reimburse you. Two entries in this database carry enforcement or warning history. Always verify before depositing.

What Is the FSCA and Why Does It Regulate Forex Brokers?

The FSCA replaced the Financial Services Board (FSB) as South Africa's conduct regulator when the Financial Sector Regulation Act 2017 took effect on 1 April 2018 (FSCA, 2026). Where the FSB had a broader remit, the FSCA focuses specifically on market conduct — how financial institutions treat their customers. Prudential oversight (capital adequacy, systemic risk) sits with the Prudential Authority inside the South African Reserve Bank, under South Africa's "Twin Peaks" regulatory model.

"The FSCA is mandated to enhance and support the efficiency and integrity of the financial system, and to protect financial customers," the regulator states directly (FSCA Mandate, 2026). For forex traders, this translates into real obligations on brokers: segregated client funds, honest marketing, fair complaint processes, and leverage limits that cap the risk retail traders can take on.

Any entity providing financial services in South Africa — including forex brokers — must hold an FSP licence under the Financial Advisory and Intermediary Services (FAIS) Act. Brokers that also act as principal counterparties in OTC derivatives (which includes spot forex CFDs and currency contracts) require a separate ODP licence under the Financial Markets Act. Offering these services without authorisation is a criminal offence.

The FSCA is widely regarded as a Tier 2 regulator internationally — above offshore jurisdictions like the Seychelles or Vanuatu, but below Tier 1 regulators like the FCA (UK), ASIC (Australia), or MAS (Singapore). The key gap is the absence of a statutory compensation scheme: while FCA-regulated brokers are backed by the FSCS (up to £85,000), there is no equivalent fund in South Africa.

Detail Value
Full Name Financial Sector Conduct Authority
Abbreviation FSCA
Jurisdiction South Africa
Established 1 April 2018 (replaced Financial Services Board)
Legal Basis Financial Sector Regulation Act 2017; FAIS Act
Licence Types FSP (Financial Services Provider) + ODP (OTC Derivatives Provider)
Minimum Capital Requirement ZAR 5–10 million depending on business model; liquid assets must cover 4/52 weeks of annual expenditure (FSCA, 2024)
Compensation Scheme None — no statutory fund for broker insolvency
Dispute Resolution FAIS Ombud (independent — faisombud.co.za)
Segregated Funds Required Yes
Negative Balance Protection Yes — retail clients
Max Retail Leverage 1:30 (forex majors); 1:20 (non-major pairs) — introduced 2021
Public FSP Registry https://www2.fsca.co.za/Fais/Search_FSP.htm
Public Warning List https://www.fsca.co.za/EnforcementAndPublicAwareness/Pages/PublicWarnings.aspx

Verified FSCA Broker Database

We searched the FSCA FSP register for each broker below. Every FSP number is sourced directly from the registry — not taken from a broker's own website. Status is sorted: active licences first. This is a verification table, not a ranking.

To check any entry yourself, visit https://www2.fsca.co.za/Fais/Search_FSP.htm and search by FSP number or firm name.

Broker FSP # Entity Name Status Since Warnings Verify
CM Trading 38782 Global Capital Markets Trading Pty Ltd ✅ Active 2010 None Registry →
IG South Africa 41393 IG Markets South Africa Limited ✅ Active 2011 None Registry →
ATFX 44816 AT Global Markets (SA) Pty Ltd ✅ Active 2013 None Registry →
FxPro 45052 FxPro Financial Services Ltd (SA) ✅ Active 2013 None Registry →
AvaTrade 45984 Ava Capital Markets Pty Ltd ✅ Active 2014 None Registry →
HFM 46632 HF Markets SA (Pty) Ltd ✅ Active 2014 None Registry →
FXTM 46614 Forex Time (Pty) Ltd ✅ Active 2014 None Registry →
Tickmill 49464 Tickmill South Africa Pty Ltd ✅ Active 2016 None Registry →
FP Markets 50926 First Prudential Markets SA Pty Ltd ✅ Active 2017 None Registry →
Exness 51024 Exness ZA (Pty) Ltd ✅ Active 2018 None Registry →
JustMarkets 51114 JustMarkets Ltd SA ✅ Active 2018 None Registry →

All FSP numbers sourced directly from the FSCA FSP Register and cross-referenced with broker disclosure pages. Status as of March 2026. Verify current status before depositing.

Per-Broker Verification Briefs

CM Trading — ✅ Active (FSP 38782)

Licence: FSCA FSP 38782 | Entity: Global Capital Markets Trading Pty Ltd | Since: 2010 Verify on FSCA Register →

CM Trading is the longest-standing FSCA-regulated forex broker in this database, holding an FSP licence since 2010. The firm is locally incorporated in South Africa, which matters for client protection: local incorporation means the FSCA has direct jurisdiction over the entity, rather than relying on passported oversight from another country.

The licence covers dealing in financial instruments as principal and intermediary services. The entity operating under FSP 38782 is Global Capital Markets Trading Pty Ltd — the South African legal entity. If your account documents show a different company name, confirm which entity is holding your funds.

Key finding: Longest-tenured FSCA licence among brokers in this database — 15+ years of continuous authorisation.


IG South Africa — ✅ Active (FSP 41393)

Licence: FSCA FSP 41393 | Entity: IG Markets South Africa Limited | Since: 2011 Verify on FSCA Register →

IG operates in South Africa through a dedicated local entity, IG Markets South Africa Limited, separate from its UK (FCA 195355) and Australian (ASIC 220440) entities. Founded in 1974, the IG Group is listed on the London Stock Exchange and holds licences across multiple jurisdictions. The South African entity has maintained its FSP licence continuously since 2011.

IG also holds an ODP licence for its derivatives business in South Africa. The combination of FSP + ODP is what you want to see for a forex broker: it means the FSCA has authorised both the advisory function and the principal counterparty function.

Key finding: Dual FSP + ODP authorisation. One of few brokers with continuous FSCA regulation since before the 2018 transition from FSB.


FxPro — ✅ Active (FSP 45052)

Licence: FSCA FSP 45052 | Entity: FxPro Financial Services Ltd SA | Since: 2013 Verify on FSCA Register →

FxPro is a Cyprus-headquartered broker that established its South African FSP entity in 2013. The South African entity operates alongside FxPro's licences from the FCA (UK), CySEC (Cyprus), and SCB (Bahamas). Importantly, your account agreement should specify which entity is counterparty to your trades — if you signed up through the South African entity, FSCA rules apply. FxPro also holds an ODP licence in South Africa, covering CFD and spot forex execution.

Key finding: Multi-regulated broker with active FSCA FSP. Confirm your account entity is FxPro Financial Services Ltd SA (FSP 45052) and not an offshore subsidiary.


AvaTrade — ✅ Active (FSP 45984)

Licence: FSCA FSP 45984 | Entity: Ava Capital Markets Pty Ltd | Since: 2014 Verify on FSCA Register →

AvaTrade's South African operation runs through Ava Capital Markets Pty Ltd, which has held its FSP licence since 2014. The Irish parent (Ava Trade EU Ltd) holds CySEC and Central Bank of Ireland licences, but your FSCA protection only applies if you're trading through the South African-incorporated entity. The FSCA register shows no enforcement action or conditions on the licence.

Key finding: Active FSP since 2014. Local SA incorporation means FSCA has direct jurisdiction. Verify your documents reference Ava Capital Markets Pty Ltd (FSP 45984).


HFM — ✅ Active (FSP 46632)

Licence: FSCA FSP 46632 | Entity: HF Markets SA (Pty) Ltd | Since: 2014 Verify on FSCA Register →

HFM (formerly HotForex) operates its South African business through HF Markets SA (Pty) Ltd, authorised by the FSCA since 2014. The group holds multiple international licences (CySEC, FCA, DFSA, FSC Mauritius), but only the South African entity is covered by FSCA oversight. The broker rebranded from HotForex to HFM in 2022 — the entity name on the FSCA register remains HF Markets SA (Pty) Ltd.

Key finding: Active FSP since 2014. Note the rebrand — your documents may reference either HotForex or HFM, but the registered entity name is HF Markets SA (Pty) Ltd.


FXTM — ✅ Active (FSP 46614)

Licence: FSCA FSP 46614 | Entity: Forex Time (Pty) Ltd | Since: 2014 Verify on FSCA Register →

FXTM's South African entity, Forex Time (Pty) Ltd, has held its FSCA FSP licence since 2014. The broker's parent company (ForexTime Limited) holds licences from CySEC and the FCA. The South African entity is locally incorporated, with its own FSCA-supervised compliance structure. No enforcement history on the SA entity from official FSCA records.

Key finding: Active since 2014 with no enforcement history on the SA entity. One of the earliest licensed entities in this database alongside AvaTrade and HFM.


Tickmill — ✅ Active (FSP 49464)

Licence: FSCA FSP 49464 | Entity: Tickmill South Africa Pty Ltd | Since: 2016 Verify on FSCA Register →

Tickmill's South African operation (Tickmill South Africa Pty Ltd) received its FSP licence in 2016. The group also holds licences from the FCA (UK) and CySEC (Cyprus). South Africa is the primary African jurisdiction for Tickmill's operations, and the local entity is separately incorporated with its own FSCA compliance obligations.

Key finding: Active FSP since 2016. Verify your account documentation names Tickmill South Africa Pty Ltd (FSP 49464) — not Tickmill UK Ltd or Tickmill Europe Ltd.


FP Markets — ✅ Active (FSP 50926)

Licence: FSCA FSP 50926 | Entity: First Prudential Markets SA Pty Ltd | Since: 2017 Verify on FSCA Register →

FP Markets established its South African entity (First Prudential Markets SA Pty Ltd) in 2017. The Australian parent (First Prudential Markets Pty Ltd) holds ASIC licence 286354. The South African subsidiary operates independently under FSCA oversight with its own capital and compliance structure.

Key finding: Active since 2017. Dual ASIC + FSCA regulatory coverage through separate entities in each jurisdiction — clients in either country are regulated by their local authority.


Exness — ✅ Active (FSP 51024)

Licence: FSCA FSP 51024 | Entity: Exness ZA (Pty) Ltd | Since: 2018 Verify on FSCA Register →

Exness's South African entity (Exness ZA Pty Ltd) received its FSP licence in 2018. Exness Group also holds licences from the FCA (UK), CySEC (Cyprus), and FSA (Seychelles). The Seychelles entity operates with lighter regulatory requirements than the SA entity. Confirm which entity governs your account — Exness ZA (Pty) Ltd and FSP 51024 confirm you're under FSCA rules.

Key finding: Active FSCA FSP since 2018. FSP 51024 covers the South African entity only. The Seychelles entity (used for some international clients) has no FSCA oversight.


JustMarkets — ✅ Active (FSP 51114)

Licence: FSCA FSP 51114 | Entity: JustMarkets Ltd SA | Since: 2018 Verify on FSCA Register →

JustMarkets (formerly JustForex) holds FSCA FSP 51114 through its South African entity. This is among the more recently licensed brokers in this database. The broker primarily targets emerging market clients and offers ZAR-denominated accounts for South African traders. No enforcement history on the South African entity from official FSCA records.

Key finding: Active FSP since 2018. Verify account documents reference JustMarkets Ltd SA — not JustMarkets' offshore entities used for non-SA clients.


How to Verify a Broker's FSCA Licence Yourself

You don't have to take our word for it — or anyone else's. Here's how to check directly.

Step 1: Go to the FSCA FSP Register

Visit https://www2.fsca.co.za/Fais/Search_FSP.htm directly. Type the URL manually — don't click links from the broker's own website. Third-party directories can be outdated or inaccurate.

Step 2: Search by FSP Number or Firm Name

If you have the FSP number (from this page or the broker's disclosure), search by number — it's more precise than searching by name. Brand names often differ from the legal entity name on the register (e.g., searching "HFM" won't find "HF Markets SA (Pty) Ltd").

Step 3: Confirm "Authorised" Status

The register shows the FSP's current status. You want "Authorised" — not "Applied," "Suspended," or "Withdrawn." Applied means the licence application is still being processed; the firm is not yet authorised. Withdrawn means it has lost its authorisation.

Step 4: Match the Entity Name to Your Account Documents

This is where most traders get caught. A broker group might have an FSCA-authorised South African entity AND an offshore subsidiary (Seychelles, Vanuatu, Marshall Islands). Check your account opening confirmation email or terms and conditions. The company name in your account agreement must match the entity name on the FSCA register. If it doesn't — stop and ask the broker directly which entity holds your funds.

Step 5: Check the FSCA Warning List

Visit the FSCA Public Warnings page and search for the broker's name. The FSCA regularly publishes warnings against unauthorised entities, clone firms, and scam operations. A legitimate FSCA-authorised broker should not appear here.

Step 6: Verify the ODP Licence for CFD Brokers

If you're trading CFDs or spot forex, your broker should also hold an ODP (Over-the-Counter Derivatives Provider) licence. Check the ODP register at https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP. An FSP licence alone is not sufficient to legally act as a principal counterparty in OTC forex derivatives.

What FSCA Regulation Actually Protects You Against

FSCA regulation provides real protections — but also has significant gaps every South African forex trader needs to understand.

What You Get Under FSCA Oversight

Segregated client funds. FSCA-authorised brokers must hold client money in segregated bank accounts, separate from company operating funds. If the broker encounters financial difficulty, your funds should not be mixed with the broker's own money. Segregation prevents commingling during operations — but does not guarantee access to your funds if the broker is insolvent and accounts are frozen during liquidation proceedings.

Negative balance protection. Retail clients cannot lose more than their deposited balance. If a market gap blows through your stop-loss, the broker absorbs the loss beyond zero. This rule exists precisely because events like the 2015 Swiss franc flash crash wiped out traders at brokers lacking this protection — some ended up owing their brokers money.

Leverage caps on retail accounts. The FSCA introduced retail leverage limits in 2021. These caps set the maximum position size relative to margin deposited, reducing the scale of losses a retail trader can accumulate per trade.

A formal complaints process. If you have a dispute with an FSCA-regulated broker, you can escalate to the FAIS Ombud (faisombud.co.za) — an independent body with power to order remedies. The Ombud is free to use and can award compensation for broker misconduct. It cannot compensate for trading losses or broker insolvency.

The Critical Gap: No Compensation Scheme

The FSCA has no equivalent of the UK's Financial Services Compensation Scheme (FSCS). If your FSCA-regulated broker becomes insolvent, there is no government fund to return your money. You would join the creditors' queue in liquidation proceedings — with no guaranteed payout and no timeline.

This is the single most important difference between FSCA and FCA or CySEC regulation. For South African traders, it means the ongoing financial health of your broker matters more than it would in the UK or EU. Choosing a broker that also holds FCA or ASIC authorisation through a separate entity provides additional oversight scrutiny — even if those protections don't directly extend to your SA account.

Leverage Limits by Asset Class

Asset Class Max Retail Leverage Notes
Major forex pairs 1:30 EUR/USD, GBP/USD, USD/JPY etc.
Non-major forex pairs 1:20 Exotic pairs, USD/ZAR etc.
Gold / major indices 1:20 XAU/USD, S&P 500, JSE Top 40
Minor indices / commodities 1:10 Oil, silver, agricultural
Individual equities 1:5 CFDs on shares
Crypto CFDs 1:2 BTC/USD, ETH/USD etc.

Professional client classification removes leverage caps but also removes negative balance protection. Eligibility requires meeting at least two of three criteria: portfolio exceeding ZAR 1 million, relevant financial industry experience, or a track record of significant trading activity.

Red Flags: When "FSCA Regulated" Doesn't Mean Safe

Holding an FSCA licence is a baseline — not a guarantee. These patterns trip up South African traders regularly.

Clone Firms Using Real FSP Numbers

Scammers copy legitimate FSP numbers and paste them onto fraudulent websites. In August 2025, the FSCA warned against individuals impersonating iFX Brokers Holdings, including fabricating a fake website with the real broker's branding and FSP number (FSCA Warning, August 2025). The fix: when you search the FSCA register by FSP number, the result shows the official registered website and address. Compare that to the site you're actually using. Any mismatch means the site is a clone.

Offshore Entity Routing

A broker group can hold an FSCA FSP licence for one entity while routing your account through an offshore subsidiary in the Seychelles, Vanuatu, or Marshall Islands. The offshore entity is not covered by FSCA oversight. Your account agreement will name the counterparty — if it references "XYZ Group Ltd, incorporated in the Republic of Seychelles," that entity has no connection to the FSCA licence. Check the document before transferring any funds.

"Authorised" vs. "Applied" Status

Some brokers list FSP numbers on their South African pages before the licence is fully granted. Pepperstone, for example, has had an FSP application (FSP 49497) pending since 2018 — meaning it is not currently authorised as an FSP in South Africa, despite the number appearing in some broker directories. The register will show "Applied" status. Only "Authorised" means the firm has a valid, active licence.

Fraudulent Licence Certificates

Afriforum Future Trading was found distributing fraudulent FSCA certificates showing a real FSP number belonging to a completely different company (FSCA Warning, 2022). A certificate displayed on a website proves nothing. Only the live register entry confirms authorised status.

Unlicensed Signals Providers

In October 2024, the FSCA imposed a penalty of R1,015,315.87 and a 10-year debarment on Kabelo Emanuel Mogale (Forex Private Jet Injectors) for providing forex trading signals without an FSP licence (Moonstone, October 2024). Anyone providing forex signals in South Africa requires an FSP licence covering intermediary services. Verify signals providers the same way you verify brokers.

The FSCA concluded 633 investigations in its most recent annual reporting period, resulting in 51 administrative penalties totalling nearly R120 million, 131 individual debarments, 24 licence suspensions, and 382 licence withdrawals (FSCA, 2025). This table covers notable enforcement actions directly related to forex trading.

Date Entity Action Reason Source
Aug 2025 iFX Brokers imposters Public warning Clone firm impersonating licensed SA broker via Telegram FSCA
Jun 2025 Neo Forex Institute Public warning Unlicensed forex training and investment services FSCA
Oct 2024 Kabelo Mogale / Forex Private Jet Injectors R1,015,315.87 penalty + 10-year debarment Unlicensed forex trading signals provider Moonstone
Dec 2023 Immediate Matrix Public warning Fraudulent platform using deepfake celebrity endorsements FSCA
2022 Afriforum Future Trading Public warning Distributing fraudulent FSP certificates FSCA
2020–21 Mirror Trading International Investigation + public warning R1.5 billion Ponzi scheme — no FSP licence FSCA

The Mirror Trading International (MTI) case remains South Africa's most significant forex-related fraud: the FSCA investigated and helped shut down this Ponzi scheme in 2020–2021, which had attracted approximately R1.5 billion from South African investors. MTI did not hold an FSP licence. The lesson — verify before depositing — is not academic.

The Bottom Line on FSCA Regulated Forex Brokers

FSCA regulation is a legitimate and increasingly enforced framework for forex trading in South Africa — but it is not the strongest regulatory protection available globally. The absence of a statutory compensation scheme means South African traders carry real insolvency risk that UK or EU traders don't face. Choose a broker with active FSP and ODP licences, continuous authorisation history, and — where possible — parallel Tier 1 regulation (FCA, ASIC, MAS) through a separate entity. Verify the FSP number on the official register yourself. Every broker in the verified table above has been checked against the FSCA register as of March 2026. Verify them again before depositing — the register is free, takes two minutes, and is the only source that matters.

Frequently Asked Questions

Is the FSCA a Tier 1 regulator?

The FSCA is generally classified as a Tier 2 regulator internationally. It enforces real requirements — capital adequacy, client fund segregation, leverage caps, and negative balance protection — and its enforcement has intensified since 2021. However, the absence of a statutory compensation scheme places it below Tier 1 regulators like the FCA (UK), ASIC (Australia), or MAS (Singapore), all of which have either compensation funds or significantly more stringent capital requirements.

How do I check if a forex broker is FSCA regulated?

Go to https://www2.fsca.co.za/Fais/Search_FSP.htm and search by the broker's FSP number or legal entity name. Confirm the status shows "Authorised" — not "Applied" or "Withdrawn." Match the entity name on the register to the company name in your account documents. A mismatch means FSCA protection does not apply to your account.

What happens if my FSCA regulated broker goes bankrupt?

There is no statutory compensation scheme in South Africa. If your FSCA-regulated broker becomes insolvent, you join the unsecured creditors' queue in liquidation proceedings. Client funds should be segregated — but access can be delayed or disputed during insolvency. You can contact the FAIS Ombud (faisombud.co.za) for misconduct complaints, but the Ombud cannot compensate for insolvency losses. This is the critical limitation of FSCA regulation compared to the FCA or CySEC.

Are all FSCA regulated brokers safe?

An FSCA licence establishes a regulatory baseline, not a safety guarantee. A licensed broker can still engage in mis-selling, poor fund management, or face financial difficulties. The FSCA debarred 131 individuals, suspended 24 licences, and withdrew 382 licences in a single reporting period (FSCA, 2025). Always verify the FSP number, check the warning list, and consider the broker's multi-jurisdictional regulatory footprint.

What is the maximum leverage with an FSCA regulated broker?

Retail clients are capped at 1:30 on major forex pairs and 1:20 on non-major pairs — caps the FSCA introduced in 2021. Professional clients who meet eligibility criteria can access higher leverage, but lose negative balance protection in the process. The professional threshold requires meeting at least two of: a portfolio over ZAR 1 million, relevant financial industry experience, or sufficient trading activity history.

Can the FSCA help me get my money back from a broker?

It depends on the reason. For broker misconduct — mis-selling, refusing legitimate withdrawals, unauthorised transactions — file a complaint with the FAIS Ombud (faisombud.co.za). The Ombud can order the broker to refund you and has enforcement power to compel compliance. For broker insolvency, the Ombud has no power to access liquidated assets. File a complaint regardless — it creates a legal record that can support civil proceedings.

What is the difference between an FSP and an ODP licence?

An FSP (Financial Services Provider) licence under the FAIS Act authorises a firm to provide financial advisory and intermediary services — acting as an agent or giving advice on financial products. An ODP (Over-the-Counter Derivatives Provider) licence under the Financial Markets Act authorises a firm to act as a principal counterparty in OTC derivatives, including spot forex CFDs and currency contracts. A forex broker legally offering trading to South African clients as a direct counterparty needs both. FSP alone is insufficient.

Does the FSCA regulate crypto assets?

Yes, since 2024. The FSCA approved 75 institutions as licensed Crypto Asset Service Providers (CASPs) (FSCA, 2025). Crypto CFDs (derivative contracts) fall under ODP oversight. Direct crypto spot trading (buying and holding the asset) falls under the CASP framework. A broker offering both crypto CFDs and crypto spot trading should hold both ODP and CASP authorisations.


Categories:Regulation