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South Africa’s FSB warns of TD Markets

Oct 09 2017
By
Jonathan Smith

The Financial Services Board (FSB) of South Africa has issued a warning that the unregulated offshore forex broker TD Markets and/or one George van der Riet is not licensed to provide services in the country.


TD Markets is registered in the offshore zone Saint Vincent and the Grenadines and has a UK subsidiary. Neither of the entities is regulated by the relevant licensing authorities – the Financial Services Authority SVG and UK’s Financial Conduct Authority (FCA). But even if they were, TD Markets is still required to have a license from the FSB in order to operate in South Africa, which is a rather lucrative forex market.


The FSB is responsible for licensing and overseeing the activities of the non-banking financial sector of the country, including forex brokers, collective investment schemes (unit trusts and stock market) and financial advisors and brokers.


There is a number of properly regulated and reliable brokers that offer their services in South Africa, such as FXTM, FXCM, IG, FxPro, HotForex, etc. There is also a number of local forex brokers with an FSB license, such as Alfa Financials, JP Markets, Khwezi Trade, ACM Gold, etc.

 

  

TAGS: fsb  south africa  warning  td markets 
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