Key Insights
- Online brokerage OnEquity gained approval from South Africa regulator FSCA for new local subsidiary
- OnEquity appointed former IronFX executive Enver Snyders as Country Manager to lead expansion
- Seychelles-based firm founded in 2022 aims to build share in South African retail trading space
JOHANNESBURG (MarketsXplora) Online trading brokerage OnEquity has secured a financial services license from the Financial Sector Conduct Authority (FSCA) in South Africa for its subsidiary OnEquity (Pty) Ltd, the Cyprus-based firm said this week.
OnEquity, founded in 2022 and managed primarily from Cyprus, provides retail trading of foreign exchange and contracts-for-difference (CFDs) via its offshore arm OnEquity Ltd in the Seychelles.
But with the new FSCA approval, the brokerage aims to offer services locally to South African clients through its newly-authorized unit OnEquity (Pty) Ltd, according to executives.
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OnEquity Taps Former IronFX Exec Snyders to Lead South Africa Entry
To head up its expansion in the South African market, OnEquity has appointed former IronFX executive Enver Snyders as Country Manager. Snyders brings industry experience to the role after previously holding senior positions at other brokerages.
The company was launched last year by Executive Chairman Nick Michaelides, who previously worked at easyMarkets and helped found flexible workspace firm OfficeSteps, and CEO Emanuel Fernandes, earlier at XB Prime and AFX Group.
OnEquity seeks to cater to both beginner and experienced traders with multi-asset trading platforms, market analysis, risk management tools, and localized support.