Step by step
- Find the FSP number. Legit brokers show their Financial Services Provider (FSP) number in the website footer or legal pages. No number? That's your first red flag.
- Open the FSCA's search. Go to the FSCA's official FSP search at fsca.co.za/FSB-Search.
- Search the number or the company name. Use the exact legal entity name, for example "XM ZA (Pty) Ltd", not just the brand.
- Check the status says "Authorised". Lapsed, withdrawn or suspended means walk away.
- Match the details. The entity name, FSP number and contact details on the register must match the broker's website and your account documents exactly.
- Check the FSCA warnings list too. Scammers often copy real FSP numbers. The FSCA publishes warnings about people misusing them.
"Intermediary" vs product provider: why it matters
Some brokers' South African entities are authorised as intermediaries. They introduce you, but the trading account and the product are provided by an offshore group company. For example, XM's South African entity (FSP 49976) and FXCM's (FSP 46534) act as intermediaries.
That isn't automatically bad, but it means your trades sit with the offshore company. Brokers that issue CFDs to South Africans directly need to be authorised as an over-the-counter derivatives provider (ODP). In June 2026, Capital.com received ODP approval, for example.
FSCA licence numbers on our radar
These are the South African licences of brokers we rate. Always confirm them yourself on the register.
| Broker | FSCA | Payment details | Min deposit | Radar score |
|---|---|---|---|---|
 HFM | ✓ FSP 46632 | SA bank transfer | $0 Cent/Premium/Zero (≈$5 by payment method) | 9.1/10 |
 Exness | ✓ FSP 51024 | Local bank transfer (KE, NG, ZA) | $10 Standard | 8.9/10 |
| FXTM | ✓ FSP 50320 | — | $10 Micro | 7.2/10 |
 XM | ✓ FSP 49976 | Instant EFT via Ozow (SA), Capitec & SA bank deposits | $5 | 7.0/10 |
| AvaTrade | ✓ FSP 45984 | — | $100 | 7.0/10 |
| FBS | No | FNB (South Africa) | $5 (Standard needs $15) | 5.8/10 |
| FXCM | ✓ FSP 46534 | — | $50 | 5.4/10 |
Red flags
- An FSP number that belongs to a different company name.
- Someone on Instagram or WhatsApp offering to trade your account for you. The FSCA warned about exactly this in January 2026.
- Promises of fixed or guaranteed returns. "Up to 200%" was the pitch in the FSCA's June 2026 warning about Fast Profit Income.
- Pressure to pay a "fee" or "tax" before you can withdraw.
See the latest warnings on our Scam Alerts page, or compare FSCA-regulated brokers.
FAQ
What is an FSP number?
It's the licence number the FSCA gives an authorised Financial Services Provider. You can search it on the FSCA's website.
Is a broker with an FSP number always safe?
Not always. Check the status is Authorised, the name matches exactly, and whether the South African entity is only an intermediary for an offshore company.
What is an ODP licence?
An over-the-counter derivatives provider licence lets a company issue OTC derivatives such as CFDs to South Africans directly.
Where do I report a forex scam in South Africa?
Report it to the FSCA. Be wary of 'recovery agents' who contact you afterwards; most are a second scam.
This guide is general information, not financial or legal advice.