In Africa, South Africa is a leader in the financial markets, although other countries like Nigeria have also been growing quickly. In particular, Forex trading in South Africa has been growing quite rapidly as can be attested by the number of Forex brokers headquartered there. At last count, there were at least five Forex brokers who had already acquired a license from the Financial Services Board (FSB), which is the country’s financial regulator. Some of them even had offices in the country.
Moreover, many more brokers were soliciting South African residents to sign up with them, even though they did not have a license. In the recent past, there has been a conscious move to sign up more clients from South Africa. This can be seen by the frequent holding of public forums and conferences on Forex trading. Therefore, the government saw it fit to protect their citizens rather than attempt to restrict it, which is where the South African Forex committee comes in.