If you believe that Forex trading is an activity that is based in UK, Canada and USA, for instance, you are wrong. As a matter of fact, the foreign currency exchange market is determined as global and vast exactly because it offers numerous of options for trading for everyone and for every country with the eventual restrictions that are taken on national base. Thus, you may not believe, but Forex brokers in South Africa, for example, have gained big popularity these days. Moreover – Forex brokers South Africa will definitely increase their number soon, because citizens from there find trading as attractive just like other people from other countries, too. By the way, you may not believe, but up to now there are numerous of Forex brokers in South Africa and you will miss a lot, if you do not discover them, too. So, if you are ready for some important information about Forex trading South Africa, you should definitely read the following columns, because they will be helpful for you to become familiar with the South African Brokers in general.
Specifications about South African Brokers
Just like all the other Forex brokers, the Forex brokers in South Africa are similar to their terms and conditions, rules and software types. Regardless what trading platform in South Africa you will visit, you will see the familiar promotions and bonus offers. Moreover – traders from South Africa has made obviously their choice of best Forex trading platform, too, since most of them go on preferring the popular MetaTrader 4. However, all of these features do not show any specific thing about the South African Brokers. You need to know about them is that every single broker in South Africa must be on mandatory officially authorized and provided with a valid license to operate. Moreover, in case of any fraud or problem – either established by a signal or by an independent investigator from an authorized body – procedures for charging and penalty are immediately arranged. But let`s talk about it with real facts. And to do so, we will discuss the regulation that is established particulary for the Forex trading in South Africa.
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What is The Regulation in South Africans Forex Brokers?
As we have already said it all the Forex brokers in South Africa must be officially authorized to perform its activity. This is the job of the official regulator bodies in South Africa. Apart from this, the regulation for the Forex trading in South Africa investigates particular cases of violation, preserves the personal data and financial transactions secured and at safety, as well as analyze the market to form new programs or measures aiming to improve the safety in general. If you wonder who does all of these serious, complex and significant job, find out right away. We present you the main body of the regulation in South Africa, when it comes to foreign currency exchange experience, market and participants.
- Financial Services Board – The FSB – the Financial Services Board – is not independent, but government body for official and proper regulator of the entire financial services industry in South Africa. Note that here, the regulation body is entirely government unlike in the rest of the world`s countries, where financial market regulation bodies are established. Moreover – the Financial Services Board is oriented to all kinds of procedures, financial structures and Forex participants (including the South African Brokers) in South Africa with one single exception – the banking organizations and services. The Financial Services Board regulates the market entirely in public interest and moreover – it also handles the regulation of the largest stock exchange market in Africa, which is the Johannesburg Stock Exchange. Mainly, the responsibilities of the Financial Services Board include the following: capital markets, Financial Services Provide controlling, insurers, collective investment schemes, retirements finds and etc. However, the main work, which involves the South African Brokers, that the Financial Services Board does is to secure and arrange the work of one of its agencies. This agency is entirely oriented to control the Forex trading in South Africa and it is the next thing we will talk about.
- Financial Advisory and Intermediary Services – The Financial Advisory and Intermediary Services or in short the FAIS Division is in charge to regulate the Financial Service Provides as part of the main FSB regulation body. To secure its faultless and overall work the FAIS has several basic departments with particular fields to operate in – Registration (of the South African Brokers), Supervision of the entire sphere, Compliances, where traders and brokers can apply for suspicions of violation, issues, personal data infringement and etc, as well as the Enforcement, which is the penalty department. The last department interacts between the FAIS and the FSB Enforcement Committee, which usually puts on force the administrative penalties for all the violators, who are linked to infractions with, in or by the South African Brokers.
Discovering the Forex trading in South Africa is something we want to recommend you to do precisely and attentively. Though, you can feel safe since the regulation of the financial services in South Africa is indeed quite strict and reliable.
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