Checking a broker in the local register
You will use a worked example with USD/ZAR around 18.4100 and a deposit of R5,000. The goal is simple: know whether the firm you are looking at is allowed to offer you that product in South Africa.
What the FSCA register actually lists for each firm
The register is a public list kept by the Financial Sector Conduct Authority. It records firms that are allowed to give financial services in South Africa. Each entry has a licence number, a legal name, and a set of categories. The categories are the activities the firm may carry out. A firm can hold one category and not another. That is why the same licence number does not mean every product is covered.
The categories are written in regulator language, not marketing language. You may see terms such as advice, intermediary services, or discretionary services. Each term has a fixed meaning in the register. Advice means giving a recommendation. Intermediary services means acting between you and a product provider. Discretionary services means making decisions without asking you each time. A firm licensed only for advice is not licensed to deal in CFDs for you.
The register also shows the status of the licence. It can be active, suspended, or removed. A suspended licence means the firm may not take on new business while the suspension lasts. A removed licence means the firm is no longer allowed to operate. The register does not show the brand name you saw in an advert. It shows the legal name. That legal name may be different from the website you are reading.
The register does not show costs, spreads, or overnight fees. It does not show whether the firm is safe to send money to. It only shows what the firm is permitted to do. You still have to check the product you were offered against the categories listed. If the product is not in the categories, the licence does not cover it.
How to match the register entry to the offer you were given
Start with the legal name, not the brand. Ask the firm for its full legal name and its licence number in writing. A chat message or a website footer is not enough. You need a document you can keep. Then open the register and type that exact legal name. If the name does not appear, the licence number may belong to another company. Do not deposit until the name matches.
Once you find the entry, read the categories line by line. Compare each category with what you were offered. If you were offered a CFD on USD/ZAR, the firm needs a category that covers CFD dealing. Advice alone is not enough. Intermediary services alone may not be enough either. If the categories do not include the activity you were offered, the licence does not cover that product.
Check the status and the date. The register shows when the licence was granted and whether it is still active. Write down the date you checked. A licence can be removed or restricted after you check. If you plan to deposit on a later date, check again on that day. The register is a live record, not a certificate that stays valid forever.
A worked example: you plan to deposit R5,000. The register shows the firm is licensed for advice only. The offer is a CFD on USD/ZAR around 18.4100. The licence does not cover CFD dealing. The R5,000 would go to a firm whose permission does not match the service. The protection you expect may not apply. Do not deposit.
What a mismatch means for your money and your next move
A mismatch means the firm is not allowed to offer you that product in South Africa. It does not always mean the firm is fake. It can mean the licence belongs to a different entity in the same group. It can mean the firm is licensed for another activity. Either way, the licence you found does not cover what you were offered. That is the point to act on.
If you have already sent money, the register will not get it back for you. The FSCA does not hold your funds. It does not insure your deposit. It supervises firms that are licensed. If the firm is not licensed for the product, the usual protections may not apply. You may have to rely on the firm's own complaints process or on legal advice.
Before you deposit, ask for the legal name and licence number in writing. Check that exact name in the register. Read the categories. Write down the date. If anything does not match, do not deposit. If you are unsure, ask the firm to explain in writing which category covers the product. Keep that reply. It is useful if you later need to complain.
Payment methods do not change the licence check. EFT, instant EFT, and bank cards all send money to the firm. The register check is the same before any of them. The method affects how you pay, not whether the firm is allowed to offer the product. Check the licence first, then decide about payment.
1 check that takes 5 minutes: R5,000 at risk
| Step | Amount | Note |
|---|---|---|
| Deposit you are considering | R5,000 | The amount you would send by EFT, instant EFT or bank card. |
| USD/ZAR price used | 18.4100 | A round number for the example; the live price moves. |
| Firm name you type | Example Markets (Pty) Ltd | Use the legal name from the broker's website footer, not the brand name. |
| Licence number you type | 12345 | The number the broker displays; if there is no number, that is an answer. |
| What the register shows | Licensed for advice, not for CFD dealing | The register lists categories; read them, do not assume. |
| Date you checked | 2026-01-15 | Write the date down; registers change. |
The broker may round prices, charge spreads, commissions or overnight fees on top. The register does not show those costs. If the register shows a licence for a different company or a different activity, the licence does not cover what you were offered.
Doing it once, step by step
You will check a firm in the FSCA register in six steps. Do them in order, and write down the date you checked.
- 01
Ask for the legal name and licence number in writing
Send a message to the firm and ask for its full legal name and its FSCA licence number. Ask for the reply in writing, such as an email. Do not accept a brand name alone. The register lists legal names, not brand names.
- 02
Open the FSCA register
Go to the FSCA website and find the register of licensed financial services providers. The register is free to search. Do not use a link sent by the firm. Type the address yourself.
- 03
Type the exact legal name
Enter the legal name exactly as the firm gave it. If nothing appears, try the licence number. If the name and number do not match the same entry, stop. Do not deposit.
- 04
Read the categories listed
Look at the activities the licence covers. Compare them with what you were offered. If you were offered a CFD on USD/ZAR, the licence must cover CFD dealing. Advice alone is not enough.
- 05
Check the status and the date
Confirm the licence is active, not suspended or removed. Write down the date you checked. A licence can change after that date. If you deposit later, check again on the day you deposit.
- 06
Decide whether to deposit
If the legal name, licence number, and categories all match the offer, the licence covers the product. If any part does not match, do not deposit. Ask the firm to explain in writing which category covers the product.
The mistake most people make here
The common mistake is to see the word 'FSCA' on a website and stop there. A licence number can belong to a different company, or cover a different activity from the one you were offered. Instead, open the FSCA register yourself, type the legal name and the licence number, and read the categories listed. Write down the date you checked, because a licence can be removed later.Check yourself
You plan to deposit R5,000 and the register shows the firm is licensed only for advice, not for CFD dealing. What does that mean for your R5,000?
It means the licence does not cover the CFD product you were offered. The R5,000 would be sent to a firm whose permission does not match the service, so the protection you expect may not apply.
The register shows a licence number but the company name is different from the brand you are using. What should you do?
Do not deposit. A different legal name means the licence may belong to another entity. Ask the broker for the legal name and licence number in writing, then check that exact name in the register.
You check on 2026-01-15 and the register shows the firm is licensed. You deposit on 2026-06-01. Is the January check still enough?
No. Registers change. Check again on the day you deposit and write down the new date, because a licence can be removed or restricted between the two dates.
Questions that come up next
If a firm shows an FSCA licence number, does that mean every product it offers is covered?
No. A licence number lists specific categories, which are the activities the firm may carry out. One category can be present while another is missing. If you were offered a CFD on USD/ZAR, the firm needs a category that covers CFD dealing. Advice alone does not cover that product.
What should I do if the register shows the licence is active but the categories do not match what I was offered?
Do not deposit. An active licence only means the firm may carry out the activities listed. If those activities do not include the product you were offered, the licence does not cover it. Ask the firm in writing which category covers the product. If they cannot show that, the permission does not match the service.
How often should I check the register if I already have money with the firm?
Check again before you send more money. Registers change. A licence can be suspended or removed after your first check. Write down the date each time you look. If the status has changed since your last deposit, that affects what you can expect.
Does the register tell me whether the firm is safe to send money to?
No. The register only shows what the firm is permitted to do. It does not show costs, spreads, or overnight fees. It does not show how the firm handles client money. You still have to check the product against the categories and read the firm's own terms.
What if the register shows a licence number but the legal name is different from the brand I saw?
That means the licence may belong to another company. Ask the broker for its legal name and licence number in writing. Then check that exact legal name in the register. Do not deposit until the name matches the one on the register.
I plan to deposit R5,000. The register shows the firm is licensed only for advice, not for CFD dealing. What does that mean for my R5,000?
It means the licence does not cover the CFD product you were offered. The R5,000 would go to a firm whose permission does not match the service. The protection you expect may not apply. Do not deposit until you find a firm with the correct category.
In South Africa
- Regulator
- FSCA (Financial Sector Conduct Authority)
- Where to check
- The FSCA website has a searchable register of licensed financial services providers.
- What to type
- The firm's legal name or its FSP licence number.
- What to read
- The licence categories listed for that firm; they show which activities are covered.
- Payment methods
- EFT, instant EFT and bank cards are common; the register does not confirm which methods a firm may use.
The words used on this page
- FSCA
- The Financial Sector Conduct Authority. It keeps the public register of firms allowed to give financial services in South Africa. The register shows licence numbers, legal names, and categories.
- licence number
- A number the regulator gives to a firm when it approves a licence. It belongs to the legal name on the register, not to a brand name. You use it to find the firm's entry.
- categories
- The list of activities a firm is allowed to carry out. Each category has a fixed meaning, such as advice or intermediary services. A firm can hold one category and not another.
- legal name
- The official name of the company as recorded by the regulator. It may be different from the brand name on a website. You must type this name into the register to check the firm.
- CFD
- A contract for difference. It is a product where you and the firm settle the difference in price. The register must list a category that covers CFD dealing for the firm to offer it to you.
- suspended
- A licence status that means the firm may not take on new business while the suspension lasts. It is not the same as active. If you see this status, do not deposit.
What to take away
- The FSCA register shows the legal name, licence number, categories, and status. It does not show costs or whether the firm is safe.
- Match the legal name and the categories to the product you were offered. If the product is not in the categories, the licence does not cover it.
- Write down the date you checked. Check again on the day you deposit, because a licence can be suspended or removed.
- If the legal name is different from the brand, or the categories do not match, do not deposit.