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Financial Sector Conduct Authority (FSCA) Brokers 2025

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Written By
Paul Holmes
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Written By
Paul Holmes
Paul has over 14 years experience in the trading industry, both as a full-time trader and working with leading brokers. He’s traded indices and forex, developed proprietary day trading techniques, and built his own MetaTrader algorithms. He excels at delivering simple-to-follow guides for beginners to experienced traders.  
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Edited By
James Barra
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Edited By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
Michael MacKenzie
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Fact Checked By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
» Michael MacKenzie Profile Page
Updated
Nov 28, 2024

Based in South Africa? Use a broker regulated by the Financial Sector Conduct Authority (FSCA) for safety.

After stepping up its oversight of brokers in recent years with tougher penalties for non-compliance resulting in stronger trader protections, FSCA has earned ‘yellow tier’ status in DayTrading.com’s Regulation & Trust Rating.

Check out our pick of the top FSCA-regulated platforms to find the perfect provider for your trading needs.

Best FSCA Brokers

Based on our latest hand-on tests in January 2025, these are the 10 best FSCA-regulated trading platforms:

Click a broker for details
  1. 1
    AvaTrade
    20% Welcome Bonus up to $10,000
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  2. 2
    Exness
    Ratings
    3.8 / 5
    4.3 / 5
    3.5 / 5
    3.8 / 5
    3.8 / 5
    3.8 / 5
    4.3 / 5
    1.5 / 5
    4.4 / 5
    4.3 / 5
    $10
    0.01 Lots
    1:Unlimited
    CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral
    Wire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, Airtel, Debit Card, Neteller, Skrill, Perfect Money, Sticpay, AstroPay, Cashu, FasaPay, WebMoney, M-Pesa
    USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY
    Go To Exness
  3. 3
    Trade Nation
    200 Sign-Up Reward Points
    84% of retail investor accounts lose money when trading CFDs with this provider.
    Ratings
    4.3 / 5
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    3.8 / 5
    4.1 / 5
    0 / 5
    $0
    0.1 Lots
    1:500 (entity dependent)
    FCA, ASIC, FSCA, SCB, FSA
    Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)
    MT4
    Credit Card, Visa, Mastercard, Wire Transfer, Skrill, PayPal, Debit Card
    USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK
    Go To Trade Nation
  4. 4
    easyMarkets
    50% Deposit Bonus Or Up To A $2000 Tradable Bonus
    Ratings
    4.1 / 5
    3.8 / 5
    3.5 / 5
    3.3 / 5
    4 / 5
    3.8 / 5
    4 / 5
    4 / 5
    4.6 / 5
    3.6 / 5
    $25
    0.01 lots
    1:2000
    CySEC, ASIC, FSCA, FSC, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    easyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral
    UnionPay, Credit Card, Bitcoin Payments, Debit Card, AstroPay, Perfect Money, WebMoney, Sticpay, Visa, Wire Transfer, Mastercard, Ethereum Payments
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, TRY, SEK, NOK, CHF, HKD, SGD, PLN, CZK, MXN, CNY
    Go To easyMarkets
  5. 5
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, Volet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  6. 6
    FxPro
    Ratings
    4.4 / 5
    3.8 / 5
    4 / 5
    4 / 5
    4.3 / 5
    4 / 5
    4 / 5
    4 / 5
    4.7 / 5
    4.3 / 5
    $100
    0.01 Lots
    1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
    FCA, CySEC, FSCA, SCB, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Futures
    FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
    Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa, Google Wallet, Bitcoin Payments, Ethereum Payments
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
    Go To FxPro
  7. 7
    Plus500
    82% of retail CFD accounts lose money.
    Ratings
    3.5 / 5
    4.1 / 5
    3.5 / 5
    4 / 5
    3.1 / 5
    4 / 5
    2 / 5
    3 / 5
    4.1 / 5
    4.3 / 5
    $100
    Variable
    1:30
    FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
    CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
    WebTrader, App
    PayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple Pay
    USD, EUR, GBP, AUD, ZAR, CZK
    Go To Plus500
  8. 8
    CMTrading
    Ratings
    2.8 / 5
    3.5 / 5
    2.5 / 5
    3 / 5
    3 / 5
    3.3 / 5
    3.8 / 5
    4 / 5
    0.5 / 5
    0 / 5
    $299
    0.01 Lots
    1:200
    FSCA, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Webtrader, MT4, TradingCentral
    Neteller, Skrill, Visa, Mastercard, Bitcoin Payments, Debit Card, Credit Card, Sticpay, Ethereum Payments, Perfect Money, Maestro
    USD, EUR, ZAR
    Go To CMTrading
  9. 9
    FXCM
    Ratings
    4.3 / 5
    3.8 / 5
    4 / 5
    3.5 / 5
    4 / 5
    4.3 / 5
    3.8 / 5
    3.5 / 5
    0 / 5
    0 / 5
    $50
    Variable
    1:30
    FCA, CySEC, ASIC, FSCA, BaFin, CIRO
    Forex, Stock CFDs, Commodities CFDs, Crypto CFDs
    Trading Station, MT4, TradingView
    Credit Card, Debit Card, PayPal, Apple Pay, Google Wallet, Wire Transfer
    USD, EUR, GBP, AUD
    Go To FXCM
  10. 10
    IG
    Forex trading involves risk. Losses can exceed deposits.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.9 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG

Here is a short overview of each broker's pros and cons

  1. AvaTrade - Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
  2. Exness - Established in 2008, Exness has maintained its position as a highly respected broker, standing out with its industry-leading range of 40+ account currencies, growing selection of CFD instruments, and intuitive web platform complete with useful extras like currency convertors and trading calculators.
  3. Trade Nation - Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.
  4. easyMarkets - Established in 2001, easyMarkets has made for a name for itself as a trusted, fixed spread broker. Improvements to its tools over the years, from adding the MetaTrader suite and TradingView to enhancing its exclusive risk management tools like dealCancellation, mark it out from the competition.
  5. Vantage - Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
  6. FxPro - Established in 2006, FxPro has emerged as a trusted non-dealing desk (NDD) broker offering trading on over 2,100 markets to more than 2 million clients worldwide. It has scooped over 100 industry awards and counting for its competitive conditions for active traders.
  7. Plus500 - Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.
  8. CMTrading - Established in 2012, CMTrading has emerged into a popular broker with active traders, particularly in South Africa. Sporting four account options (Basic, Trader, Gold, Premium) and the popular MT4 platform alongside the broker’s own Webtrader, it provides a compelling trading environment for short-term traders.
  9. FXCM - FXCM is a respected forex and CFD broker, established since 1999. The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia. With zero commissions, over 400 assets, and a range of analysis tools, FXCM remains a popular choice for day traders. The broker is also regulated by top-tier authorities including the FCA, ASIC, CySEC, FSCA, BaFin.
  10. 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.

FSCA Brokers Comparison

FSCA Brokers Comparison
Broker FSCA Regulated ZAR Account Minimum Deposit Markets Platforms Leverage
AvaTrade logo
✔ - $100 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade 1:30 (Retail) 1:400 (Pro)
Exness logo
✔ ✔ $10 CFDs, Forex, Stocks, Indices, Commodities, Crypto Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral 1:Unlimited
Trade Nation logo
✔ ✔ $0 Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) MT4 1:500 (entity dependent)
easyMarkets logo
✔ ✔ $25 CFDs, Forex, Stocks, Indices, Commodities, Crypto easyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral 1:2000
Vantage logo
✔ - $50 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds ProTrader, MT4, MT5, TradingView, DupliTrade 1:500
FxPro logo
✔ ✔ $100 CFDs, Forex, Stocks, Indices, Commodities, Futures FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
Plus500 logo
✔ ✔ $100 CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto WebTrader, App 1:30
CMTrading logo
✔ ✔ $299 CFDs, Forex, Stocks, Indices, Commodities, Crypto Webtrader, MT4, TradingCentral 1:200
FXCM logo
✔ - $50 Forex, Stock CFDs, Commodities CFDs, Crypto CFDs Trading Station, MT4, TradingView 1:30
IG logo
✔ ✔ $0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral 1:30 (Retail), 1:250 (Pro)

AvaTrade

"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
RegulatorASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:30 (Retail) 1:400 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
  • Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
  • AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low day trading margins.

Cons

  • The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
  • AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
  • Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
Visit AvaTrade
AvaTrade Review

Exness

"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."

Christian Harris, Reviewer

Exness Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorCySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC
PlatformsExness Trade App, Exness Terminal, MT4, MT5, TradingCentral
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:Unlimited
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY

Pros

  • Exness was the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes, highlighting its legitimacy.
  • Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips with low commissions from $2 per side.
  • Improved execution speeds, now averaging under 25ms, offer optimal conditions for short-term traders.

Cons

  • Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds
  • Apart from a mediocre blog, educational resources are woeful, especially compared to category leaders like IG which provide a more complete trading journey for newer traders.
  • MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
Visit Exness
Exness Review

Trade Nation

"Trade Nation is a good choice for newer traders looking for a wide range of financial markets on a user-friendly platform. There is no minimum deposit, free funding options and strong education."

William Berg, Reviewer

Trade Nation Quick Facts

Bonus Offer200 Sign-Up Reward Points
Demo AccountYes
InstrumentsForex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)
RegulatorFCA, ASIC, FSCA, SCB, FSA
PlatformsMT4
Minimum Deposit$0
Minimum Trade0.1 Lots
Leverage1:500 (entity dependent)
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK

Pros

  • A choice of trading platforms and apps, including MT4, make the brand a good fit for savvy traders
  • The trading firm offers tight spreads and a transparent pricing schedule
  • Full range of investments via leveraged CFDs for long and short opportunities

Cons

  • Fewer legal protections with offshore entity
Visit Trade Nation
Trade Nation Review

easyMarkets

"easyMarkets provides fixed spreads starting at 0.7 pips, making it an excellent choice for beginners seeking predictable trading costs. After adding a Bitcoin-based account, it’s also a stand-out option for crypto-focused traders who want to deposit, trade, and withdraw in digital currencies."

Christian Harris, Reviewer

easyMarkets Quick Facts

Bonus Offer50% Deposit Bonus Or Up To A $2000 Tradable Bonus
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorCySEC, ASIC, FSCA, FSC, FSA
PlatformseasyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral
Minimum Deposit$25
Minimum Trade0.01 lots
Leverage1:2000
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, TRY, SEK, NOK, CHF, HKD, SGD, PLN, CZK, MXN, CNY

Pros

  • Unlike variable spreads offered by 90%+ of brokers we've tested, easyMarkets provides fixed spreads from 0.7 pips. This makes trading costs predictable, a significant advantage for beginners and those trading in volatile markets.
  • With 20+ years in the industry, multiple awards, and authorization from two ‘green tier’ regulators, easyMarkets continues to earn its reputation as a secure broker for active traders.
  • easyMarkets takes risk management seriously, with negative balance protection plus guaranteed stop losses and its dealCancellation (enhanced in 2024 to include periods of 1, 3, or 6 hours) in the Web Trader.

Cons

  • While easyMarkets provides solid educational resources for beginners, they fall short for advanced traders. The Academy offers well-structured courses and engaging gamification, but the overall content lacks depth.
  • easyMarkets is falling behind by not providing the copy trading features you get at category leader eToro, which are popular among beginners looking to follow the strategies of experienced traders.
  • easyMarkets does not offer a zero-spread account like Pepperstone, which can be a drawback for day traders and high-frequency traders who require minimal transaction costs.
Visit easyMarkets
easyMarkets Review

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
RegulatorFCA, ASIC, FSCA, VFSC
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Minimum Deposit$50
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
  • There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
  • There are no short-term strategy restrictions with hedging and scalping permitted

Cons

  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
  • Unfortunately, cryptos are only available for Australian clients
Visit Vantage
Vantage Review

FxPro

"FxPro is a stellar option for day traders, sporting exceptionally fast execution speeds under 12ms, competitive fees that were lowered in 2022, and terrific charting platforms in MT4, MT5, cTrader and FxPro Edge."

Christian Harris, Reviewer

FxPro Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Futures
RegulatorFCA, CySEC, FSCA, SCB, FSA
PlatformsFxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN

Pros

  • FxPro offers four reliable charting platforms, notably the intuitive FxPro Edge, with over 50 indicators, 7 chart types and 15 chart timeframes.
  • FxPro operates under a 'No Dealing Desk' (NDD) model, ensuring fast and transparent order execution, often under 12 milliseconds, ideal for short-term trading strategies.
  • FxPro's Wallet is a standout feature that allows traders to manage funds securely. By segregating unused funds from active trading accounts, the Wallet provides additional protection and convenience.

Cons

  • There are no passive investment tools like copy trading or interest paid on cash. While active traders may not miss these, competitors like eToro catering to active and passive investors have more comprehensive offerings.
  • Despite a growing Knowledge Hub and a $10M funded demo account, FxPro is geared towards advanced traders, with beginners potentially finding the account and fee structure complex.
  • While FxPro provides 24/5 customer support through multiple channels that performed well during testing, it lacks 24/7 availability, which can disadvantage traders needing assistance outside traditional market hours.
Visit FxPro
FxPro Review

Plus500

"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."

Christian Harris, Reviewer

Plus500 Quick Facts

Demo AccountYes
InstrumentsCFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
RegulatorFCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
PlatformsWebTrader, App
Minimum Deposit$100
Minimum TradeVariable
Leverage1:30
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, CZK

Pros

  • The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders
  • Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended hours trading on 7 stock CFDs
  • The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp

Cons

  • Algo trading and scalping are not supported, which may deter some day traders
  • Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
  • Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
Visit Plus500
Plus500 Review

CMTrading

"CMTrading is well suited to traders in South Africa looking for highly leveraged trading opportunities on global financial markets through a user-friendly, web-accessible platform, with signals from reputable providers to help inform short-term trading decisions."

Christian Harris, Reviewer

CMTrading Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorFSCA, FSA
PlatformsWebtrader, MT4, TradingCentral
Minimum Deposit$299
Minimum Trade0.01 Lots
Leverage1:200
Account CurrenciesUSD, EUR, ZAR

Pros

  • CMTrading operates under the oversight of the FSCA in South Africa, providing degree of operational security and accountability, ensuring the platform follows industry standards.
  • Multiple account options, including Basic, Trader, Gold, and Premium, cater to short-term traders with different needs and budgets. These accounts provide tighter spreads, trading signals, and discounts for higher-tier users.
  • The CMTrading Academy has come a long way, offering a wealth of materials for traders at all levels. Video courses, webinars, and market analysis updates can help users deepen their knowledge.

Cons

  • While CMTrading offers a variety of assets, the overall selection is still significantly narrower than that of category leading brokers like BlackBull. The focus is primarily on forex, commodities, a few indices, and crypto.
  • CMTrading's customer support is unavailable around the clock, which proved inconvenient during testing for traders in different time zones or those who encounter issues during non-business hours.
  • Spreads are higher than those offered by some competing brokers like IC Markets based on evaluations. This could increase trading costs, particularly for high-volume day traders.
Visit CMTrading
CMTrading Review

FXCM

"FXCM maintains its position as a top pick for traders deploying automated trading strategies, with four powerful platforms, strategy backtesting and algo trading through APIs. The broker is also great for active traders, with discounted spreads and low to zero commissions on popular assets."

William Berg, Reviewer

FXCM Quick Facts

Demo AccountYes
InstrumentsForex, Stock CFDs, Commodities CFDs, Crypto CFDs
RegulatorFCA, CySEC, ASIC, FSCA, BaFin, CIRO
PlatformsTrading Station, MT4, TradingView
Minimum Deposit$50
Minimum TradeVariable
Leverage1:30
Account CurrenciesUSD, EUR, GBP, AUD

Pros

  • FXCM has expanded its range of trading opportunities with 24-hour stock CFDs through MetaTrader 4
  • A range of funding methods are available including bank cards, Apply Pay and PayPal, with instant processing times
  • The broker offers spread discounts and other excellent perks for experienced traders in the Active Trader account

Cons

  • There is no choice of retail accounts for traders, nor any Cent/Micro account options
  • The live chat support can be slow and unreliable compared to the top competitors
  • Although FXCM continues to gear their services towards experienced traders, it’s a shame that there are no managed accounts on offer
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FXCM Review

IG

"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, 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
RegulatorFCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
PlatformsWeb, ProRealTime, L2 Dealer, MT4, TradingView, 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

Pros

  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met.
  • IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities.

Cons

  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
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IG Review

Methodology

To list the best brokers authorized by the FSCA, we:

  • Took our evolving directory of 216 trading providers to identify those claiming FSCA authorization.
  • Ran their details through the FSCA’s List of Regulated Persons and Entities for verification.
  • Combined the results of our personal tests with 200+ data points to rank the very best FSCA-regulated firms.

How Can I Check If A Broker Is Regulated By The FSCA?

Here’s a step-by-step guide to verifying a broker’s FSCA status, with a practical example using IG, a well-known CFD and forex broker operating in South Africa.

If you’ve traded in our industry, you’ll know of IG. They’re a quoted firm on the UK FTSE and have a solid reputation as a fair, honest, and competitive brokerage that prides itself on compliance and efficacy.

I expect IG to get a clean bill of financial health from any financial authority’s database I search.

However, I’m using IG to highlight the diligence you should engage in before depositing your hard-earned funds into any broker’s account, even if they have a stellar reputation for integrity.

author image
Paul Holmes
Author

You should absolutely conduct such diligence if you’re considering trading with a smaller, less-known broker. A search only takes a few minutes of research.

Step 1. Visit The FSCA’s Official Website

Go to the official FSCA website.

The FSCA maintains an online database of licensed Financial Services Providers (FSPs).

Step 2. Access The “Search For An FSP” Section

You’ll discover the page you need, “Search for a Financial Service Provider” after you click the “Regulated Entities” tab and press the “List of Regulated Entities and Persons“.

This facility allows you to search for registered brokers by name, licence number, or other details.

Where to find regulated brokers on FSCA website

Step 3. Enter The Broker’s Details

Input the broker’s name or their advertised FSP number in the search facility.

These are often found on their website or promotional materials. For example, the IG website lists its FSCA licence number.

You can see below I typed “IG Markets South Africa”. I also entered the FSP number associated with IG Markets South Africa —FSP No 41393.

Entering IG broker details in South Africa's FSCA regulated entities databse

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Double-check the spelling to ensure accurate results.

Step 4. Review The Search Results

Once you’ve entered the details:

  • Confirm that the broker appears in the search results.
  • Check the broker’s FSP status to ensure it is active and valid.
  • Review the services they are licensed to offer (eg CFDs and forex are common at day trading brokers in South Africa).

IG Markets South Africa showing on FSCA database search

For IG, I clicked on “details” on the right of the search result rows to confirm that the licence is active and covers the services offered (including CFD and FX trading).

As you’d expect with a company such as IG with an excellent compliance record, the search confirms that IG Markets South Africa is licensed and operating legally within the South African jurisdiction.

IG company details on FSCA regulated brokers directory

Step 5. Verify Contact Details

While all above board for IG, if you’re using a lesser-known trading provider, compare the contact details listed on the FSCA website with those on the company’s official site.

Discrepancies could indicate a fraudulent entity impersonating a regulated brokerage.

IG South Africa website showing FSP number

Step 6. Look For Public Warnings

The FSCA occasionally issues warnings about unregulated or suspicious brokers. In fact, we’ve seen the volume of these increase in recent years as it’s improved its oversight of online brokers.

So check the Warnings and Alerts section of their website to ensure the provider isn’t flagged.

Step 7. Contact The FSCA (If Needed)

If you’re unsure about the search results or need further assistance, you can:

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Alternatively, watch our video to see how to carry out this check yourself:

Red Flags To Watch For

  • The broker claims to be FSCA-regulated but isn’t listed in the database.
  • The broker’s FSP licence is inactive, suspended, or does not cover the services they are offering.
  • They avoid sharing their FSP number or providing proof of regulation.
By verifying a broker’s FSCA registration, you can ensure you’re dealing with a legitimate provider and help protect yourself from potential fraud or scams targeting South African traders.
author image
Paul Holmes
Author

What Is The FSCA?

The Financial Sector Conduct Authority (FSCA) exists to oversee and regulate South Africa’s financial services sector to ensure it operates fairly, transparently, and in the best interest of consumers like us active traders.

Before the Financial Sector Conduct Authority was formed in 2018, South Africa’s primary regulator was the Financial Services Board (FSB).

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, which among several changes, dissolved the FSB and led to the creation of the FSCA.

The FSCA’s core focus is on market conduct – how financial institutions and service providers interact with their customers and the integrity of the financial markets overall.

Key Objectives:

  • Protect Consumers: The FSCA ensures that financial services providers treat customers like day traders fairly, provide transparent information, and adhere to ethical practices.
  • Promote Market Integrity: It works to maintain trust and confidence in South Africa’s financial markets by enforcing compliance with laws and addressing misconduct.
  • Ensure Financial Stability: By regulating the conduct of financial institutions, the FSCA helps maintain stability in the financial system, reducing the risk of systemic crises caused by misconduct or mismanagement.
  • Educate And Empower Consumers: The FSCA actively promotes financial literacy to help consumers, such as the growing class of online traders in South Africa, make informed decisions, understand their rights, and recognize potential risks.
  • Monitor And Regulate Service Providers: The FSCA oversees entities such as banks, insurance companies, retirement funds, trading firms, and financial advisors, ensuring they meet required standards.
In short, the FSCA exists to foster a healthy financial ecosystem where businesses can thrive, consumers and traders like us are protected, and trust in the system remains strong.
author image
Paul Holmes
Author

Who Does The FSCA Answer To?

The FSCA is answerable to the South African government, specifically through its alignment with the National Treasury.

It operates under the oversight of the Minister of Finance, who is responsible for ensuring that the FSCA fulfils its mandate following national financial legislation and policy objectives.

Governance Structure:

What Powers Does The FSCA Have?

The Financial Sector Conduct Authority has extensive powers to regulate and oversee South Africa’s financial markets and online trading providers.

Key Powers:

Enforcement tools:

The FSCA can take decisive actions, such as:

What Rules Must An FSCA Broker Follow?

Brokers regulated by the Financial Sector Conduct Authority (FSCA) must adhere to a comprehensive set of rules designed to ensure transparency, fairness, and consumer protection.

These rules cover how brokers operate, interact with clients like you and me, and manage risk.

Key rules:

By regulating brokers, enforcing transparency, and monitoring market conduct, the FSCA provides us traders with a safer trading environment, reducing risks and empowering us to trade confidently.
author image
Paul Holmes
Author

Does The FSCA Have Teeth?

While it may not have the direct enforcement powers of a law enforcement agency, the FSCA is equipped with significant authority to maintain order, impose penalties, and take legal action against entities that break the rules.

And although it’s relatively young with limited enforcement actions under its belt compared to many leading regulators in our industry (the SEC in the US dates back to 1934), the FSCA’s “teeth” are increasingly coming into play.

Here are some notable examples:

Bottom Line

Verifying that the FSCA regulates a CFD or forex broker is crucial for South African traders to ensure they are dealing with a legitimate and compliant financial services provider.

By utilizing the FSCA’s FSP search function, you can confirm whether a broker, such as IG Markets South Africa, is authorized to operate and provide specific financial services.

For us traders, staying informed about a broker’s regulatory status is not just about compliance – it’s about safeguarding your investments.

To get started, see our pick of the best FSCA-regulated brokers for day traders.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com