“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.
Recommended FSB Regulated Forex Brokers
Hotforex
FSP number : 46632
Registration No : 2015/341406/07
Date Authorized : 09/02/2016
Trading as : HF MARKETS SA (PTY) LTD
USD Debit card : NO
For South Africans, open your account HERE. Outside South Africa except United States, you can open your account HERE
Cmtrading
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 Copy Cat account HERE and read more about copycats/copy trading accounts HERE
Open your account to trade for yourself HERE .
Markets
FSP number : 46860
Registration No : 2014/049713/07
Date Authorized : 06/09/2016
Trading as : Tradetech Markets (South Africa) (PTY) LTD
USD Debit card : NO
Open your account HERE
Thank you for stopping by, hopefully you’ll find this information valuable. If you do, kindly share with your peers using the share buttons below.
For me there is a lot to learn about this business but this site helped me a lot in terms of which direction to go,thanks a lot.
Hi Bafana
Thank you for your comment. I am glad you are finding some value here. Thank you for stopping by
Hello sis, I definitely love your blog and I think I meet it by God’s grace. So i really need your help and am so sorry for asking this stupid question but I hope and believe that you will definitely help me. I just heard about these trading staff from my sibling and just become very interested and wish to make it career. So my question for is you, is it necessary that a person need to have a broker in order to trade and why? Pls help am blank.
Hello Adelaide
Thank you so much for a positive feedback. There are no stupid questions, you are asking because you need clarity. You need to register with a Forex Broker so that you can have access to a trading platform (where the buying and selling will take place). You do not just open an account with any Forex Broker, but you need to make sure that the Broker of your choice is a regulated broker. I personally prefer FSB regulated brokers. For more assistance, you can WhatssApp me on +27 64 510 4132 / +27 76 966 9392.
Very helpful! All the best!.
Hi is xm trading legit and fsb registered?
Hi Xolani
As mentioned on the post, if you do not see your broker,you can check from FSB. I only profiled FSB regulated brokers that I am personally working with. Follow the instructions and check. Thank you
wow this block is really helpful for someone like me who does not know anything about forex trading and would like to try it out for investment purposes. thank you so much for creating this block, i look forward to learning alot from you.
Hi Thembisile
Thank you for your comment. I am happy you find this blog helpful.
Is there a problem with BlackStone Marketing SA? anyone else invested with them?
I have been having problems with them since march
Hello Randy
You mean Cmtrading right? they are trading as Blackstone , but they have no issues as far as I know. Kindly whatsapp me so we can talk +27 64 510 4132, I will see what I can do
The is this company called Stock Market Perfomance I’ll like to know if they are registered with FSB
Hi day Lesego
As mentioned on my post, if you do not see your favorite broker on my list, kindly check with FSB following the instructions given. Thank you for stopping by.
I am having a probkem with ACM GOLD.
Ive deposited alot of money into my trading account that i hold with them only to find out they are not operating anylonger but managed to take my money. I cant get them on their contact numbers . How can i proceed from here or how do i retrieve my moneg and report tjis to the proper authority.
Hi Shaun
Please kindly Whatsapp me on +27 64 510 5132.
Is IQ Optional legit
Hi Lewis
Like I said on the post, you can check with FSB. Thank you for stopping by.
Ntombi Ive seen good reviews about Hotforex but i was not aware they only recently got their license. Would it be safe to invest with a newbie?
Hi Ingrid
Yes they are good, hence I added them here. I did trade with them a few years ago (still have a small account with them), but I was not confident enough to recommend to anyone because I personally prefer Brokers who are regulated here at home by FSB.