Forex Broker Evest Seeks to Secure License from FSCA

Fazzaco learned that CySEC-regulated forex broker Evest has applied for a license from the South African Financial Sector Conduct Authority(FSCA).

The brokerage aims to leverage the new license to expand its brokerage business in Africa, and also to meet its growth targets for Latin America. In addition, the SA approval is expected to allow the company to target several jurisdictions.

The company currently holds a CIF license, and is seeking additional licenses from other ‘top-tier’ regulators including the financial watchdog of Abu Dhabi Global Market (ADGM). 

South Africa enjoys a strong and well-organized financial market and therefore has become a popular destination for brokers looking to expand. Evest is not the first FX broker to be granted formal permission to operate in South Africa. This month, ETX Capital and Eurotrade​ have secured their respective licenses in South Africa.