CFDs and FX broker OnEquity has been granted a full licence from the Financial Conduct Authority of South Africa (FSCA), a milestone in its operational history.。The company has been active in the market since 2022 and now holds an FSCA license in addition to its Seychelles stockbroker license.。

Expanding the scope of trading in the South African foreign exchange market

The newly obtained FSCA license enables OnEquity to provide financial services in South Africa, strengthening its regulatory compliance and confirming its emphasis on transparency and reliability in trading operations.。

Enver Snyders, OnEquity South Africa Regional Manager, expressed the significance of this achievement, highlighting the opportunity for the company to seamlessly navigate the South African foreign exchange market and also highlighting the importance of building a meaningful presence in the region as a reputable, regulated forex broker.。

Strategic expansion under the surge of financial demand

The company's expansion in the South African market is consistent with technological advances and growing demand for financial services in the region.。Revenue in the digital asset market is expected to grow significantly in the coming years, and OnEquity hopes to take this opportunity to strengthen its position.。

Looking ahead, OnEquity aims to expand its presence in South Africa's foreign exchange market and expand into sub-Saharan Africa.。Snyders commented: "For forex brokers, moving into sub-Saharan Africa is a complex and challenging task.。We have conducted comprehensive market research to understand the local foreign exchange market landscape, regulatory environment, economic conditions and potential opportunities in sub-Saharan Africa.。

OnEquity offers a range of CFD instruments including currencies, indices, cryptocurrencies, commodities and stocks, as well as nearly 60 currency pairs。

South Africa Leads Foreign Exchange Market in Africa

According to the International Monetary Fund (IMF), Nigeria, South Africa and Egypt together accounted for half of Africa's nominal GDP in 2021, with Nigeria at the top of the list。

At the same time, South Africa maintains its position as the largest player in the continent's online retail forex industry, with around 190,000 forex traders per day and a daily forex turnover of around 22 per cent..100 million dollars。Although Nigeria has more traders, South Africa's dominance is attributed to its sound regulatory framework overseen by the Financial Services Regulatory Authority (FSCA), creating a favourable environment for foreign exchange trading.。