Between 65% and 82% of retail investor accounts lose money when trading CFDs. For a historical breakdown, see the Financial Services Board page on Wikipedia.ĬFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The FSCA was established in 2018 as the successor to the Financial Services Board (FSB), the previous regulator. We recommend South Africa residents also follow the FSCA on Twitter. That said, there are also brokers regulated outside of South Africa that accept local residents for forex trading. Carrying such authorisation is a mark in a broker's favor and a signal of legitimacy to forex traders. Several international brokers reported jumps in business beginning in 2020.īrokers are required to become authorised by the nation's regulatory body, the Financial Sector Conduct Authority (FSCA). The trading of forex (currencies) in South Africa, already popular, became even more robust after the onset of the Covid-19 pandemic, as a potentially lucrative practice that could be pursued from home. Each year, we collect thousands of data points and publish tens of thousands of words of research. has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry.
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