“The Financial Services Board (FSB) is the government of South Africa financial regulatory agency responsible for the non-banking financial services industry in South Africa. It is an independent body that supervises and regulates the financial services industry in the public interest. This includes the regulation of the biggest stock exchange in Africa, the Johannesburg Stock Exchange”. Source: Wikipedia
It pains me to hear people complaining about Forex brokers who are not paying out withdrawals and people do not even know where to find or report them. I decided to focus mostly on FSB regulated brokers. (I will add more as the year goes by, I just added a few that I have personally traded with before ). There are many other FSB regulated brokers that are fairly new (have never operated anywhere before). I personally prefer to give a broker some time just to see if it can be sustainable even during market “storms”. If you do not see your favorite broker on the list, do not get worried YET, just go and check them out on FSB site. Not all brokers are locally regulated and I am also not stating that any broker that is not regulated in South Africa is a scam. I do however feel comfortable when I trade with a broker that is regulated here at home as well, it makes me sleep well at night knowing I can always keep tabs on them and I actually know where to lay a complaint should they mistreat me. It is also your duty as a trader to keep on checking the status of your broker from time to time (do not invest blindly), this does not only apply to traders but to anyone who is dealing with financial service providers, always check if they are regulated.
To check the status of your Forex broker go HERE and follow the simple steps as demonstrated on the screenshot below ( l love screenshots, ask my mentees they will tell you). I have provided detailed information on 4 brokers that I have personally used. Source of information: FSB.
When you search on FSB site, you can either use the FSP number or the name they trade as, but remember that it has to be stated on the broker’s website if they are trading under a different name. If you need a broker you can check the ones I recommend and register your Live account. It will not only help you to be registered with a regulated broker but it will also help me to keep this blog running and have all the free information that I always provide.
FSP number : 46632
Registration No : 2015/341406/07
Date Authorized : 09/02/2016
Trading as : HF MARKETS SA (PTY) LTD
USD Debit card : Yes
Open An Account HERE
FSP number : 38782
Registration No : 2010/010099/07
Date Authorized : 07/04/2009
Trading as : BLACKSTONE MARKETING SA (PTY) LTD
USD Debit card : Yes
Open your account to trade for yourself HERE .
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