FP Markets (Pty) Ltd is now a Financial Services Provider authorised and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa (FSP Number 50926).
This is the third license FP Markets obtains. Till now the renowned forex broker was regulated by ASIC in Australia and CySec in Cyprus.
Trading with a regulated forex broker has several advantages, including:
- Safety of Funds: Regulated forex brokers are required to maintain segregated accounts to keep clients’ funds separate from their own operating funds. This provides an extra level of security for clients’ funds in case the broker becomes insolvent.
- Transparency: Regulated forex brokers must comply with strict reporting and disclosure requirements, providing clients with a high level of transparency in their operations.
- Fair Trading Practices: Regulated forex brokers are subject to strict rules and guidelines aimed at preventing fraudulent or unethical behavior, ensuring that clients are protected from unscrupulous practices.
- Dispute Resolution: Regulated forex brokers must have a mechanism in place for resolving disputes with clients. In case of a dispute, clients can rely on the regulatory authority to act as a mediator and provide a resolution.
Overall, trading with a regulated forex broker provides clients with a higher level of security, transparency, and protection, compared to trading with an unregulated broker.
Back in December 2022 FP Markets took steps to increase its presence in the African market by expanding its Forex offering. African traders gained access to a wider range of local currencies to trade against the US dollar. The new currencies include:
- Kenyan shilling
- Ugandan shilling
- Zambian kwacha
- Botswana pula
The South African rand (ZAR) was already available for trading against the US dollar even before the trading instruments expansion.
The last moves by FP Markets shows their commitment to providing a comprehensive Forex trading experience to their clients in Africa, as well as their confidence in the growth potential of the African market.