It is legal for individuals in SA to engage in forex trading as long as this is done through an authorised dealer and the trade is using forex derivatives issued by a licensed entity, the Financial Sector Conduct Authority (FSCA) says.

However, it is illegal in terms of Reserve Bank exchange control regulations for SA residents to speculate against the rand whether inside or outside SA or to engage in purchases of forex directly without the assistance of an authorised dealer, the authority said on Thursday.

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