eToro Extends Global Footprints, Starts Accepting South African Clients

The social investment and trading network, eToro, announced today that it is accepting new users from South Africa. The broker stressed that new users from South Africa will be registered under eToro (UK) Ltd. regulated by the Financial Conduct Authority (FCA). 

As a big name in the FX and CFD space, eToro is focusing on strengthening its brand across global markets. Today's announcement follows eToro announcing that it has registered as a Digital Asset Service Provider (DASP) with the Autorité des Marchés Financiers (AMF), which allows its Europe subsidiary to offer direct crypto trading in France.

Forex trading in South Africa has grown exponentially, spurred on by greater access to online trading, more investment knowledge amongst retail traders, and a proliferation of both offshore and local online Forex brokers.

Earlier this year, Cyprus based, CySEC-licensed Retail FX and CFD brokerage group X GLOBAL Markets Ltd, which operates the XGLOBAL Markets brand, has announced a 45% acquisition of South African FSCA regulated broker 98 Degrees Alternative Risk (Pty) Ltd to move into the South Africa market.