Is JustMarkets Legal in South Africa? Regulation, Safety and Trading Guide

Is JustMarkets legal in South Africa? Compared with most countries, the answer here starts on firmer ground: the JustMarkets group includes a South African company, Just Global Markets (PTY) Ltd, that it lists as an authorised financial services provider (FSP) with the Financial Sector Conduct Authority (FSCA). That is a genuine local authorisation, and it is the reason South Africa is one of the brand's most active markets.

But "has an FSCA licence" and "every part of your trading relationship is governed by South African law" are not the same thing. In this guide we look at what the FSCA authorisation covers, which company typically sits on the other side of your trades, how rand deposits and exchange control fit in, and how to check every claim yourself in a few minutes.

Want to look at the account opening process while you read? You can create your JustMarkets profile and explore the dashboard before deciding whether to fund it.

Quick Verdict for South African Traders

• Local presence: JustMarkets discloses Just Global Markets (PTY) Ltd, registered in South Africa, as an FSCA-authorised FSP.
• Nature of the authorisation: public sources describe it as a FAIS licence (Category I), which covers advice and intermediary services, not necessarily acting as the principal counterparty to CFD trades.
• Who holds your trades: broker disclosures and independent reviews indicate that trades for South African clients are typically executed by an offshore group company, usually the Seychelles FSA-regulated entity. Confirm this in your own client agreement.
• Rand support: ZAR is listed as an available account currency.
• Bottom line: using JustMarkets is not prohibited for South Africans, and there is a real local authorised firm in the chain, but you should understand which protections come from South Africa and which depend on an offshore regulator.

South Africa's Regulatory Landscape: FSCA, FAIS and the FMA

South Africa runs a "twin peaks" model of financial regulation. The Prudential Authority, housed within the South African Reserve Bank (SARB), looks after the soundness of banks and insurers. The FSCA looks after market conduct: how financial institutions treat customers, how products are sold and how markets operate. For forex and CFD brokers, the FSCA is the regulator that matters.

FAIS: licensing advice and intermediary services

The Financial Advisory and Intermediary Services Act (FAIS) requires anyone who gives financial advice or renders intermediary services about financial products to be authorised as an FSP. Licences come in categories. Category I is the broad category for advice and intermediary services, and within it the FSCA approves specific product types, such as derivative instruments. Category II covers discretionary management, and so on.

The key practical point: an FSP number tells you a firm is authorised for certain services and certain products. The FSCA's online register shows the category and the approved products, so you can see what the firm is actually permitted to do.

The Financial Markets Act and ODP licences

Since the late 2010s, the Financial Markets Act and its regulations have required firms that act as principal and regularly issue or make markets in over-the-counter (OTC) derivatives, which includes CFDs, to be licensed as an Over-the-Counter Derivative Provider (ODP). The FSCA has explained publicly that a FAIS licence alone does not authorise a firm to be the issuer of CFDs; a platform that only intermediates for a properly licensed issuer needs a FAIS licence, while one that acts as the counterparty generally needs ODP status too.

This distinction is why careful South African traders now ask two questions about any broker: "Is it an authorised FSP?" and "Who is the issuer of my CFDs, and where is that issuer licensed?"

Complaints and the FAIS Ombud

Clients of FSPs can escalate unresolved complaints about advice and intermediary services to the Ombud for Financial Services Providers (the FAIS Ombud). Whether a particular dispute falls within its scope depends on what the complaint concerns and which entity provided the service. Disputes about trade execution by an offshore issuer may need to go through that issuer's own regulator instead.

FSCA warnings

The FSCA regularly publishes warnings about unregistered persons and entities, including clone firms that misuse the names or FSP numbers of real companies. Searching the warnings page is a quick, free safety check.

JustMarkets in South Africa: Which Company Does What?

JustMarkets started life in 2012 as JustForex and adopted its current name in 2022. Today it describes itself as a group of companies regulated in several jurisdictions. Here is how the pieces fit together from a South African perspective.

Always confirm licence numbers and categories on the FSCA's FSP search and the other regulators' registers. Entity structures evolve, and the broker's regulations page plus your client agreement are the authoritative sources for your account.

Intermediary vs principal, in everyday language

Think of it like buying a car through a licensed local dealership that represents a manufacturer abroad. The dealership is regulated locally for how it deals with you. The car itself, and the warranty, come from the manufacturer. If you have a problem with how you were sold the car, the local rules help. If the issue is with the manufacturer's product, you may need to deal with the manufacturer under its own rules.

With a CFD broker, the "product" is the contract you trade. If the issuer is the Seychelles entity, then the rules governing execution, client money held by that entity and negative balance policies come primarily from the Seychelles framework and the broker's terms.

Where to find the answer for your own account

1. Read the footer of the website you register on; it names the operating companies.
2. Open the client agreement and look for the "Company", "we" or "us" definition.
3. Check your trading account details in the personal area; some brokers show the servicing entity there.
4. If still unclear, ask support in writing and keep the reply.

Is JustMarkets Legal in South Africa? The Detailed Answer

Yes, with nuance. South Africa does not ban residents from using international brokers, and the JustMarkets group includes a company that is authorised by the FSCA as an FSP. That puts it in a better position than brokers with no South African authorisation at all.

The nuance is about scope. Several independent reviews that checked the FSCA register report that the South African entity's authorisation is an intermediary-type FAIS licence and that the broker's own disclosures indicate the local company is not the counterparty to client trades. If that is the case for your account, then:

• the conduct of the South African intermediary falls under FSCA and FAIS rules,
• the trading relationship itself is largely governed by the offshore issuer's licence and terms, and
• any client money protections depend on where and by whom the money is held.

None of this makes the arrangement illegal. It simply means "FSCA-regulated" in an advert should be read as "a South African FSP is part of the chain", not as "every protection a South African ODP would offer applies". Traders who want an FSCA-licensed ODP as their direct counterparty can look for that specifically on the register.

Leverage: why South African offers vary so much

South Africa has not imposed blanket EU-style retail leverage caps, so leverage on offer from different firms varies widely. The JustMarkets global offer advertises very high maximum leverage. High leverage is a tool that amplifies results in both directions; it should be used sparingly, if at all, by newer traders.

Account Types and Trading Costs

The global JustMarkets site lists the following core accounts. Conditions can change and may differ by entity, so treat this as a starting point and check the live account page.

A Standard Cent account is also offered for micro-sized trading, and swap-free versions are available on request for eligible clients.

The hidden costs to include

• Swaps: overnight financing charges or credits on positions held past the daily rollover.
• Conversion: if your account currency differs from the instrument's currency, profits and losses are converted.
• Bank and payment fees: the broker states it does not charge deposit or withdrawal fees, but your bank or e-wallet may.
• Inactivity: check the current terms for any dormant account rules.

Funding in Rand, Withdrawals and Exchange Control

For many South Africans, the availability of a ZAR account is the most practical feature. It means you can fund and withdraw in rand and avoid converting every deposit into dollars. If you trade USD-denominated instruments, conversion still happens on profit and loss, but your balance stays in rand.

Payment methods

JustMarkets advertises bank cards, local bank transfers, e-wallets and crypto, with availability varying by country. Deposits are generally credited quickly once processed, while withdrawals are processed by the broker and then depend on the payment provider: e-wallets tend to be fastest, cards and bank transfers slower. To see what is currently offered in South Africa, you can browse the JustMarkets payment options page on the official site.

Exchange control basics

Sending money offshore from South Africa is governed by exchange control rules administered by the SARB through authorised dealers (your bank). Individuals have annual allowances, including a single discretionary allowance and a larger foreign investment allowance that requires tax compliance approval from SARS. The exact limits are updated from time to time, so ask your bank for the current figures before transferring significant amounts.

Whether a particular funding method counts against your allowance depends on how the transaction is structured, for example whether you pay a local rand account or send funds abroad. If you are moving meaningful sums, ask your bank and a tax practitioner rather than assuming.

Tax

SARS taxes South African residents on worldwide income. Trading profits may be treated as revenue or capital depending on the circumstances, such as frequency and intention. Keep annual statements from the broker and discuss treatment with a registered tax practitioner.

Withdrawal good habits

• Complete identity and address verification before your first deposit.
• Withdraw to the same method and the same name you deposited from.
• Make a small test withdrawal early to confirm the process works.
• Keep screenshots of each request and its status.

Platforms: MT4, MT5, WebTrader and Mobile

JustMarkets is a MetaTrader broker at heart. South African clients can typically choose between:

• MetaTrader 4 for Windows and macOS, still popular for forex and for expert advisors written in MQL4.
• MetaTrader 5 for Windows and macOS, with more timeframes, a depth-of-market view and broader instrument support.
• WebTrader for both MT4 and MT5, running in a browser without installation, useful on shared or work computers.
• The JustMarkets mobile app for deposits, withdrawals and trading on the go, alongside the official MetaTrader mobile apps.

Practical tip: if you load-shed often, a mobile connection plus the app is a sensible backup for managing open positions. Many South African traders keep stop-loss orders on the server precisely because power or internet outages can happen at the worst moment. A stop-loss placed on the platform stays active even if your device is off. For more on desktop installation, see our guide on downloading JustMarkets on PC.

Scams South Africans Should Know About

South Africa has a large retail trading community and, unfortunately, a large scam ecosystem around it. The FSCA's warnings regularly feature the following patterns:

Account managers on social media

Someone on Instagram, TikTok, Facebook or WhatsApp offers to "trade for you" in your account or theirs, sharing screenshots of large profits. Legitimate brokers do not let unlicensed individuals manage client money, and handing over your login details breaks most brokers' terms.

Clone FSPs

Fraudsters copy a real company's name and FSP number onto a fake website. The FSCA register lists the real firm's contact details and approved domains or addresses; compare them carefully.

Signal and "mentorship" schemes

Paid groups promising guaranteed daily pips. Some are just overpriced; others push members into unregulated platforms. Rendering advice on financial products for reward generally requires FSP authorisation in South Africa.

Recovery fraud

After losing money, victims are contacted by "recovery agents" who promise to retrieve funds for an upfront fee. This is almost always a second scam.

Warning signs checklist

• Guaranteed returns or "no-loss" strategies.
• Pressure to deposit quickly, especially via crypto.
• Payment to a personal bank account.
• Requests for your MT4/MT5 password or a remote-desktop session.
• Withdrawal blocked until you pay a "fee" or "tax".

How It Compares With Other Options

South African traders have more choice than most, including firms with locally licensed ODP entities, local brokers offering exchange-traded products, and international brands with FSPs. Here is a simplified comparison of structures rather than brands:

For a wider view of how JustMarkets stacks up on licensing worldwide, see our guide on which country JustMarkets is from. If you trade short timeframes, our article on JustMarkets scalping rules covers execution details.

Practical Scenarios (Hypothetical)

All figures here are invented for illustration. They are not quotes or predictions.

Scenario A: Funding in ZAR vs USD

Thabo deposits R10,000. With a ZAR account, his balance shows R10,000 and he trades USD/ZAR or other pairs, with profit and loss converted to rand. With a USD account, his bank converts the rand at its rate, perhaps losing a percentage point or two to the spread, and the same happens on withdrawal. Over a year of top-ups and withdrawals, the ZAR account avoids a recurring cost.

Scenario B: USD/ZAR volatility

USD/ZAR can move sharply around SARB decisions, political news and global risk events. Suppose a hypothetical trader holds a 0.10-lot USD/ZAR position. Because pip values on exotic pairs differ from majors, and spreads widen around news, a move that looks small on the chart can cost more than expected. Always check the contract specification and the current spread before trading exotics.

Scenario C: Margin level arithmetic

Nomsa has equity of R20,000 and uses R5,000 margin. Margin level is 400%. A losing run takes equity to R2,000: margin level 40%, margin call. If equity reaches R1,000, margin level hits 20% and stop-out starts closing positions. She has lost R19,000 by then. The stop-out level is not a safety net; position sizing is.

Scenario D: Pro vs Raw Spread

For one standard lot on EUR/USD, compare a hypothetical Pro spread of 0.6 pips (about USD 6, no commission) with a Raw spread of 0.1 pips plus USD 6 round-trip commission (about USD 7). In this example Pro is cheaper; with tighter raw spreads or different pairs the result could flip. Run your own comparison using live spreads.

Your Verification Checklist

1. Search the FSCA FSP register for Just Global Markets (PTY) Ltd and check the status, category and approved products.
2. Check whether any ODP licence applies to the entity that will issue your CFDs.
3. Identify your contracting entity in the client agreement and note its regulator.
4. Verify the offshore licence on the Seychelles FSA (or other relevant) register.
5. Search the FSCA warnings list for clones using the JustMarkets name.
6. Confirm the website domain matches the official one.
7. Choose ZAR as the account currency if you plan to fund in rand.
8. Test a small deposit and withdrawal before committing more.
9. Set a maximum risk per trade, such as a small fixed percentage of your account.
10. Talk to your bank and a tax practitioner if you are moving larger amounts or trading regularly.

🔥 Your next move:

Run the FSCA register search first, then read the client agreement to see which company holds your account. If you are comfortable with the structure, start with a demo or a small ZAR deposit and practise strict position sizing. When you are ready, you can open a rand-friendly JustMarkets trading account here and complete verification before your first trade.

FAQ

Is JustMarkets FSCA regulated?

The group discloses Just Global Markets (PTY) Ltd as an FSCA-authorised FSP. Check the register for its category and approved products, and note that trading may be executed by an offshore group entity.

Is it legal for South Africans to trade forex with JustMarkets?

South African residents are not prohibited from using international brokers, and JustMarkets has a local authorised FSP. You should still respect exchange control and tax rules.

Which entity will my account be with?

Independent reviews indicate South African sign-ups are generally serviced by the Seychelles-regulated entity, with the South African FSP as intermediary. Your client agreement is the definitive source.

Can I open a ZAR account?

Yes, ZAR is listed among the account currencies on the global site for the main account types.

What is the minimum deposit?

The global site lists about USD 10 for Standard and Standard Cent accounts and about USD 200 for Pro and Raw Spread, or the equivalent in your account currency.

Does JustMarkets charge deposit or withdrawal fees?

The broker states it does not, but banks and payment providers may apply their own charges.

Can I complain to the FAIS Ombud?

Complaints about the South African FSP's advice or intermediary services may fall within the FAIS Ombud's scope. Execution disputes with an offshore issuer may need to go through that issuer's process and regulator.

What are the margin call and stop-out levels?

On the global accounts, margin call is at 40% and stop-out at 20% margin level.

Do I pay tax on trading profits in South Africa?

South African residents are taxed on worldwide income. How trading profits are classified depends on your circumstances, so speak with a registered tax practitioner.

How do I spot a fake JustMarkets website?

Compare the domain with the one shown on the official site and regulator registers, and search the FSCA warnings list. Never pay into a personal account.

Key Terms

• FSCA: Financial Sector Conduct Authority, South Africa's market conduct regulator.
• FSP: Financial Services Provider, a firm authorised under FAIS.
• FAIS: Financial Advisory and Intermediary Services Act.
• Category I: the FAIS licence category for advice and intermediary services.
• ODP: Over-the-Counter Derivative Provider, a licence for firms issuing OTC derivatives as principal.
• FMA: Financial Markets Act, the law governing markets and OTC derivative providers.
• SARB: South African Reserve Bank, which administers exchange control.
• SDA / FIA: single discretionary allowance and foreign investment allowance for offshore transfers.
• Swap: overnight financing charge or credit.
• Stop-out: margin level at which positions are closed automatically.

Bottom Line

Is JustMarkets legal in South Africa? Yes: South Africans may use it, and the group includes an FSCA-authorised South African FSP. The important nuance is that the local authorisation appears to be for intermediary services, while trades are typically executed by an offshore group company, so some of your protections depend on that offshore regulator and the client agreement.

Verify the FSCA register entry, read your agreement, fund in ZAR if it suits you, respect exchange control and tax obligations, and size positions conservatively. For comparison with neighbouring markets, see our guide on whether JustMarkets is legal in Kenya.

📌 Important: CFD Risk Warning and Disclosure

CFDs are complex, leveraged instruments and carry a high risk of losing money rapidly. Many retail investor accounts lose money when trading CFDs. Make sure you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This content is general information only and is not financial, investment, legal or tax advice. It does not consider your personal circumstances. Broker conditions and regulations change; always verify details with the FSCA, other relevant regulators and the broker's official website, and consider independent professional advice.

🔗 Affiliate notice: we may earn a referral commission when readers open accounts via links here; your costs stay the same.