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BUSINESS MAVERICK OPINIONISTA: The legality of online forex trading in South Africa: A response

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Finance minister Tito Mboweni has kicked off a minor storm and no small measure of confusion after responding to a parliamentary question on online forex trading.

regulations by stating that online forex trading is illegal in South Africa and that residents are not allowed to speculate against the rand.

But I also want to credit the FSCA, it immediately published its own clarification of the remarks, stating that the online forex trading is legal in South Africa, as long as it is speculation on forex derivatives through a licensed broker.that it is illegal to purchase forex from firms or people without the proper authorisation and that it is also illegal to speculate against the rand.

Trading CFDs is legal for South African residents; CFD brokers are regulated by the FSCA and allowed to operate with the correct licence. There is no law that prohibits South African residents from trading with forex brokers based overseas, even brokers that are not regulated by the FSCA. JP Markets’ sudden demise, though appropriate considering its transgressions, has added to the aura of notoriety swirling around the local forex industry.

 

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