Retail foreign exchange and CFD broker OnEquity has expanded into the South African market with the establishment of a locally regulated subsidiary. According to sources familiar with the company’s plans, OnEquity has obtained a financial services provider (FSP) license from the Financial Sector Conduct Authority (FSCA) for its South African business OnEquity (Pty) Ltd.
This marks an important step for the Cyprus-headquartered OnEquity, which was launched earlier this year and has so far focused on providing offshore trading services via its parent company OnEquity Ltd, incorporated in the Seychelles. The addition of an FSCA license will allow OnEquity to comply with local regulatory requirements fully and offer trading to South African-based retail investors through its new local entity.
To manage its growing South African presence, OnEquity has appointed Enver Snyders as Country Manager.
Mr Snyders is a veteran of the online trading industry, having previously occupied senior roles at major brokers including IronFX. His experience will be invaluable as OnEquity looks to expand its client base and service offering in one of Africa’s largest trading markets.
The establishment of an FSCA-regulated arm is a sign that OnEquity sees considerable opportunities for growth within South Africa’s developing forex and CFD space. Under the leadership of founders Nick Michaelides and Emanuel Fernandes, both of whom have extensive experience in building global brokerages, OnEquity aims to become a leading multi-regulatory provider with a strong African presence. The addition of Mr Snyders and an FSP license in South Africa represents the next phase of OnEquity’s global expansion strategy.
