Forex Broker South Africa
Whether you are in Cape Town atop Table Mountain or roaming through wine country or the Kruger National Park, South Africa is a “jewel” that most travelers fail to visit due to the long distance flight times required. Make no mistake about it, however, this country is connected to global commerce in a big way, and retail forex trading is just as popular here as anywhere else. The nation benefits from the infrastructure long established during years gone by and offers greater protection against forex fraud than what is available in most other parts of this region.
That is not to say that retail forex trading is a part of the mainstream in the country, at least not yet. While still at a very early stage, the finance sector of South Africa is one of the most liberalized and advanced ones on the continent and has the greatest potential for retail forex brokers. There are many well-established forex brokers, including many of the major banks in the country, with longstanding ties to Europe and the London trading establishment.
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The Financial Services Board of South Africa is responsible for the oversight and regulation of all non-bank financial intermediaries in the African nation. The FSB, which has the power to impose unlimited fines and penalties on infringing parties, operates a customer complaints service where aggrieved investors can alert authorities to unethical, or potentially illegal activities of financial service companies. The office of the FSB is in Pretoria.
The South African Rand (“ZAR”) has been reasonably stable over the past five years, but the government has been very conservative when it comes to various exchange controls that limit the ability of citizens to invest funds offshore. Taxpayers over the age of eighteen that are in good standing and are natural persons may invest up to 4 million Rand (just under USD$500,000) in what is termed an “exchange-controlled approved offshore investment allowance.” A tax clearance certificate is required for trading purposes, and income earned on your investment may remain offshore.
Despite the presence of developed infrastructure and better than average regulatory oversight, do not lose sight of the fact that a hefty amount of due diligence is justified when choosing your forex broker. Jo’burg is not London or New York for that matter. Fraudsters are present, ready to take your money and run. Safety and security should be uppermost on your priorities, and you may have to do a little more checking to ensure a good choice. Check credentials with authorities, verify that there truly is a local office to support your needs, and validate the quality of your short list with other traders in the area. It is prudent to comparison shop, and you want to select a forex broker with an outstanding track record that has stood the test of time.
As a forex trader based in South Africa, your best chance is to find a Western firm that is licensed and regulated by the FSB. Be careful to avoid offshore firms that may sound and look good on the surface, but, in the event that you ever have to press your legal rights in another jurisdiction, it is a nightmare that is best avoided by dealing with a company that has gone the extra mile and established a local presence. Quantity is not necessarily the distinguishing factor, but quality of service and security are paramount.
If you would like to become a forex trader but do not know where to begin or which broker to open an account with, we are here to facilitate your entry in the exciting world of forex trading by providing our own selection of the best forex brokers in the list above. Regulated and authorized, these firms are some of the most reliable in the forex business, and while the final choice is yours alone, you will lose nothing by taking a look at our choice picks of the forex world.
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