Financial Sector Conduct Authority (FSCA) Brokers 2024

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Written By
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Written By
Tobias Robinson
Tobias is a partner at, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

The Financial Sector Conduct Authority (FSCA) is responsible for overseeing all non-banking financial services in South Africa, including online brokers. This guide compares and ranks the top brokers regulated by the FSCA. Our team also uncover the regulator’s history, powers and the rules registered brokers must follow in South Africa.

Best FSCA Brokers

These are the 1 best brokers authorized by the FSCA, with various rules to facilitate a secure trading environment for South African traders:

Click a broker for details
  1. 1
    Forex trading involves risk. Losses can exceed deposits.

    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card

Here is a summary of why we recommend these brokers:

  1. IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.


"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:250 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD


  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met


  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests

What Is The FSCA?

The Financial Sector Conduct Authority, also known as the FSCA, is a key financial regulator in South Africa (ZA). The agency is headquartered at an address in Pretoria and operates as an independent government body, overseeing the private sector.

The values of the FSCA are:

In 2017, the Financial Sector Regulation (FSR) Act extended the jurisdiction of the FSCA to include oversight of financial products and services not overseen by the FSB, including services related to credit and the buying and selling of foreign exchange (forex).

FSCA logo

The FSCA’s strategic focus areas over the next few years include:


Before the Financial Sector Conduct Authority was formed in 2018, South Africa’s primary regulator was the Financial Services Board (FSB). The FSB was established in 1991 on the recommendation of the Van der Horst Committee. The plan was to create an independent body to supervise and regulate non-banking financial services, including retail trading brokers. During its time, multiple acts expanded the role of the FSB, including:

But unfortunately, the FSB was unable to prevent a number of scandals, especially in the pension funds industry. These issues led to investigations and the subsequent signing of the FSR Act.

Among several changes, the act dissolved the FSB and led to the creation of two new bodies in 2018:

  1. The Prudential Authority (PA) – Responsible for regulating banks, insurers, cooperative financial institutions, financial conglomerates and certain market infrastructure.
  2. The Financial Services Conduct Authority (FSCA) – Responsible for regulating all non-banking financial services, including forex, stock and CFD trading.


The Commissioner of the Financial Sector Conduct Authority sits at the top of the organisation. Currently, that position is occupied by Mr Unathi Kamlana. Beneath him, there are three Deputy Commissioners and a team of executives tasked with the management of different aspects of the regulator’s remit. These include financial aspects such as annual reports, managing BEE certificates and licensing, regulatory policy, pension fund supervision, plus media releases.

Financial sector conduct authority

Responsibilities & Powers

The Financial Sector Conduct Authority (FSCA) has a broad range of responsibilities and powers to ensure the smooth running and safety of local financial markets. As stated on its website, the aims of the body are to:

The Financial Sector Conduct Authority of South Africa also provides a regulated entity search via an online database. This is essentially a register where traders can check if a broker or platform is licensed to provide retail trading services.

The FSCA has the power to exclude companies and brokers if they do not comply with rules and regulations. For offences that do not require immediate expulsion, the FSCA can issue fines and reprimands. The agency also has the power to ban individuals from participating in certain financial activities, such as forex trading.

Broker Requirements

Brokers looking to obtain a license from the FSCA must provide documents to support their application. Documents will need to give details on operational capital requirements, compliance functions, human resources, and more. Additional information may also be requested:


The Financial Sector Conduct Authority is relatively new, and as such, has not yet faced significant criticism. However, its predecessor the Financial Services Board (FSB), was the centre of many failures. During its time, the FSB was unable to prevent significant scandals in the pension fund industry. Also, it was accused of favouritism and overcharging for legal and administrative services. Many of its interactions with financial service providers were described as harsh, leading to negative news stories and press coverage.

A report by the Public Protector reprimanded the FSB for a range of failures spanning a decade. Ultimately, these failures led to the FSR Act and the subsequent creation of the Prudential Authority and Financial Sector Conduct Authority.

Final Thoughts On The FSCA

The FSCA has worked hard to rebuild the reputation of South Africa’s financial regulators following the failures of the FSB. And whilst there is still progress to be made, the FSCA has established itself as a reputable regulator that both brokers and traders can trust.

Before opening an account with a broker, check the firm is approved by the Financial Sector Conduct Authority using the regulated company search on the official FSCA website.


What Was The Financial Sector Conduct Authority Previously Called?

The regulatory body was previously known as the FSB, meaning the Financial Services Board. This was disbanded in 2018 and replaced by the Financial Sector Conduct Authority (FSCA).

Who Appoints The Financial Sector Conduct Authority Commissioner?

The process of appointing the FSCA Commissioner is mandated by the National Treasury. The National Treasury also processes the appointments of two or three Deputy Commissioners.

On Which Date Did The Financial Sector Conduct Authority Become Operational?

The FSCA started official operations on the 1st of April 2018. Before this, South Africa’s financial markets were overseen by the Financial Services Board (FSB).

Does The Financial Sector Conduct Authority Regulate Forex Brokers?

Yes, the FSCA regulates forex brokers, as well as companies offering trading in stocks, commodities, cryptos and CFDs. The agency oversees all non-banking financial services in the country.

Is The FSCA The Same As The UK’s FCA?

The two bodies essentially have the same role – regulating providers of financial services. However, the FCA is concerned with the UK markets while the FSCA’s jurisdiction covers South Africa.