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How to check a forex broker in South Africa.

You can check a broker's status yourself in a few minutes. This guide shows you how. It doesn't rank, compare or recommend brokers, and TradeJournal doesn't receive anything from this page.

What the FSCA register tells you

In South Africa, a person or business that gives advice or provides intermediary services on financial products needs to be authorised as a financial services provider (FSP), or be a representative of one. The Financial Sector Conduct Authority (FSCA) keeps a public register you can search.

A listing tells you who is authorised and for what. It doesn't tell you whether a broker is a good fit for you, and it doesn't mean your money is safe from trading losses.

Five checks before you open an account

  1. Find the legal name. Look in the website footer and the client agreement for the company's full legal name and FSP number. A trading name isn't enough.
  2. Search the register. Use the FSCA's FSP search and look up both the name and the number. Check that the status is active.
  3. Confirm who you'd contract with. Broker groups often run several companies in different countries. A licence held by one company in a group doesn't mean your account would be held by that company. The client agreement names the entity.
  4. Check what the licence covers. The register shows the product categories the FSP is authorised for. Compare that with what you're being offered.
  5. Compare the contact details. Scammers sometimes copy a real firm's name or FSP number. Check that the website, phone number and email match the register.

Questions worth answering first

  • What are the full costs: spreads, commissions, swaps and any inactivity or withdrawal fees?
  • How do withdrawals work, how long do they take, and what do they cost?
  • Can you lose more than you deposit on this account?
  • How are complaints handled, and which ombud or regulator can you go to?

Warning signs

  • Promises of guaranteed returns, or of trading with no risk.
  • Pressure to deposit quickly, or to add more money to unlock a withdrawal.
  • An "account manager" who contacts you on WhatsApp or Instagram and offers to trade for you.
  • Paid signals, or copy-trading offers with referral rewards.
  • A licence number you can't find on the register, or one that belongs to another company.

If something looks wrong, you can check the FSCA's public warnings on fsca.co.za.

After you start trading

Your broker's statements are the official record of your account. If you keep a journal, reconcile it against those statements so you know your own numbers are right. Here's how to keep a trading journal.