They must also comply with the operating capital minimums that are set by the regulatory body and have a main office in South Africa. Non-African brokers need to be FSCA-licenced in order to market their trading activities to South Africans. The FSCA (Finance Service Conduct Authority) regulates forex trading, ensuring that no illegal conduct takes place on behalf of both traders and brokers. South African forex rulesįorex trading is both authorised and popular with local traders. The number 2 country, Namibia, only has 10% the size of South Africa's forex trading volumes.Īs for the national currency - the South African rand - it ranks only 19th in terms of worldwide trading.Īs conditions are getting touger for forex brokers targeting traders in Europe, many of them are shifting their interest abroad, and South Africa is increasingly appealing as it offers both a healthy economy and low operating costs. They represent Africa's biggest forex market with over $20 billion traded in 2018. Thanks to its open economy, South Africans have embraced currency trading.
A G20 member state, its banking operations are overseen by its local Reserve Bank (which, among other things, issues the local currency, the ZAR, or rand).Īlthough blessed with many naturally-obtained resources such as precious metal, it relies extensively on trade with Europe, the USA and Asia. South Africa is without a doubt Africa's most advanced nation.
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