7 minute read
Is JustMarkets Legal in South Africa? A Clear and Honest Answer
from JustMarkets
by Exness_India
Yes, JustMarkets is currently legal to use in South Africa — but with important conditions and caveats that every trader should understand.
If you're a South African resident exploring forex and CFD brokers online, there's a good chance you've come across JustMarkets. With its competitive spreads, flexible leverage, and user-friendly platforms, it seems like an attractive choice. However, the big question remains: Is JustMarkets actually legal and safe to trade with from South Africa? Let’s get straight into the facts you need to know before opening an account.
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1. What Does "Legal" Actually Mean for Forex Brokers in South Africa?
In South Africa, financial services — including forex and CFD trading — are regulated by the Financial Sector Conduct Authority (FSCA). For a broker to operate locally and provide services to South African citizens, it must be licensed or authorized by the FSCA.
However, here’s the key distinction:
· Brokers regulated by the FSCA are considered fully compliant with local laws and consumer protections.
· Foreign brokers like JustMarkets that are not FSCA-regulated can still be accessed by South African traders, but they are considered offshore providers. This means they do not fall under the legal jurisdiction of South Africa, and if any dispute arises, the FSCA has no authority to intervene.
So, trading with JustMarkets is not illegal — but it does come with reduced legal protection compared to using a locally licensed broker.
2. Is JustMarkets Regulated?
Yes, JustMarkets is a regulated broker, but not by the FSCA.
As of the time of writing, JustMarkets operates under the following regulatory entities:
· Just Global Markets Ltd. is incorporated in Seychelles and is regulated by the Financial Services Authority (FSA) of Seychelles under license number SD088.
· In other regions, they may also work under different legal structures and licenses, such as in St. Vincent and the Grenadines (SVG) — a common jurisdiction for offshore brokers.
While regulation by the FSA provides some degree of oversight, it is less strict than tier-one regulators like the FSCA, FCA (UK), ASIC (Australia), or CySEC (Cyprus).
In short: JustMarkets is regulated offshore, but not by South African authorities.
3. Can South African Residents Legally Open an Account on JustMarkets?
Yes, South Africans are allowed to open and use accounts on JustMarkets. The platform accepts clients from South Africa, and there are no current FSCA or government regulations that prohibit individuals from using offshore brokers like JustMarkets.
Here’s how it works:
· You can register an account with your South African ID/passport.
· You can deposit and withdraw using local-friendly payment methods, including cards, bank transfers, and e-wallets.
· You are responsible for managing your taxes and complying with SARS regulations on offshore income.
While the broker may not be locally licensed, you as a retail trader are not breaking any South African law by trading through them.
However, you should fully understand the risks of using an offshore broker.
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4. What Are the Risks of Using an Offshore Broker Like JustMarkets?
Using any offshore broker — even a well-known one like JustMarkets — comes with higher risk compared to using a locally regulated platform. Here's why:
- Limited Legal Recourse
If a dispute arises (e.g. withdrawal problems, price manipulation, account freezes), you cannot report JustMarkets to the FSCA, because it’s outside South African jurisdiction.
- Different Regulatory Standards
The Seychelles FSA does not impose the same client protection requirements as top-tier regulators. For example, it may not require:
· Negative balance protection
· Segregated client accounts
· Compensation funds
· Strict capital adequacy
This means your funds may not be as protected in the event of company insolvency or misconduct.
- Currency and Tax Implications
Your trading account will likely be held in USD, which exposes you to exchange rate risks. Moreover, profits earned abroad are subject to South African Revenue Service (SARS) declarations. Failing to declare can cause legal issues.
5. Why Do Some South Africans Still Choose JustMarkets?
Despite the legal gray area and added risks, many South African traders still use JustMarkets, and here’s why:
- High Leverage
JustMarkets offers leverage of up to 1:3000, which is far higher than the 1:30 or 1:50 limits imposed by regulated brokers in some countries. High leverage appeals to risk-tolerant traders looking for greater profit potential.
- Competitive Spreads
Their ECN and Raw Spread accounts offer very low trading costs, which can be attractive for scalpers and day traders.
- Localized Support
JustMarkets offers dedicated support for South African clients, often with live chat, email, and even payment methods that suit the local market.
- Simple Signup Process
Compared to FSCA-regulated brokers, JustMarkets has a faster and simpler onboarding process, with less strict verification steps.
So while the regulatory protection is weaker, the user experience is smoother — a tradeoff many are willing to make.
6. Is It Safe to Trade with JustMarkets from South Africa?
"Safe" is relative. JustMarkets is not a scam — they have been in the industry since 2012 and are used by thousands of global clients. However, because they are not FSCA regulated, the level of safety is lower than trading with a licensed South African broker.
To reduce your risk:
· Avoid depositing large sums.
· Withdraw profits regularly.
· Always use strong passwords and 2FA.
· Declare your trading income to SARS.
· Read the terms of service carefully, especially around withdrawals and bonus terms.
7. Should You Choose an FSCA-Regulated Broker Instead?
If you're concerned about security, legal protection, and trust, then yes — choosing a broker regulated by the FSCA is the safest route.
Some popular FSCA-regulated brokers include:
· IG Markets South Africa
· Khwezi Trade
· Exness South Africa
· AvaTrade South Africa
· FXTM South Africa
These brokers must comply with local financial regulations, including capital requirements, transparent fee structures, and dispute resolution mechanisms overseen by the FSCA.
They also typically provide ZAR-based accounts, faster local deposits, and easier tax reporting.
However, FSCA brokers may have:
· Lower leverage
· Higher spreads or commissions
· Stricter KYC requirements
So it really depends on your priorities: legal protection vs. trading flexibility.
8. Final Verdict: Is JustMarkets Legal in South Africa?
Yes — using JustMarkets is legal in South Africa.
However, it’s important to note that the broker is not regulated by the FSCA, and therefore South African residents do not receive the same level of protection as they would with a local broker.
In practical terms:
· You can legally open and trade with JustMarkets.
· You must understand the risks involved in using an offshore broker.
· You should report any earnings to SARS and ensure full tax compliance.
Ultimately, if you value trading conditions over legal safety, JustMarkets can be a convenient option. But if regulatory protection and dispute handling are more important to you, stick to a locally regulated broker.
Final Tips for South African Traders
· Always do your due diligence before choosing a broker.
· Never deposit more than you can afford to lose.
· Choose regulation or flexibility — not both.
· Stay informed about SARS regulations on forex profits.
· Use demo accounts to test platforms before committing real funds.
If you found this article helpful, share it with fellow traders or leave a comment with your thoughts or experiences using JustMarkets in South Africa.
Happy trading, and stay safe in the markets!
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