In South Africa, forex brokers have since 2018 been regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. Before this, the regulator was called the Financial Services Board (FSB), but this agency has now been merged with the newly formed FSCA. Perhaps fortunately for many South African traders, regulations in this country are still more lenient than in for example Europe and North America, which is why brokers here typically offer much higher trading leverage.
Many regulated forex brokers use South Africa as a base for their entire brokerage business in Africa. Thanks to economic growth in recent years, forex trading has seen a huge upswing on the African continent, and South African forex brokers are well-positioned to take advantage of this rising interest.