How to Check if Your Broker's FSCA Licence Is Still Valid (Step-by-Step)

Why This Matters Right Now

A broker can show you a licence number on their website and still be operating illegally. That is not a hypothetical — it happened with Mixirite, it happened with Banxso, and it happened with AfriMarkets. In each case, traders deposited money with companies that either operated under someone else's licence, exceeded the scope of their authorisation, or had their licence withdrawn while still accepting deposits.

The FSCA register is free and public. Checking it takes less than five minutes. This guide shows you exactly how to do it, what each status means, and what to do if you find out your broker is not what they claimed.

South Africa has seen a wave of enforcement actions that exposed a critical problem: having an FSP number on a website does not mean the broker is legitimately regulated.

Here is what happened in three cases every SA trader should know about:

Mixirite — This entity held an FSP licence, but the licence did not authorise it to offer derivative products (CFDs, forex). It was a Category I licence with a limited product scope. Traders assumed the FSP number meant everything was above board. It was not. The FSCA issued a warning and took action.

Banxso — Operated under an arrangement tied to another entity's licence. The FSCA investigated and raised concerns about whether the entity directly serving retail clients was properly authorised. The case highlighted a growing tactic: using a "rented" or "borrowed" licence where the entity facing the public is not the entity holding the authorisation.

AfriMarkets — Marketed aggressively to South African traders but operated without proper FSCA authorisation for the products being offered. The FSCA issued a public warning, but by that point, money had already been deposited.

These are not edge cases. The FSCA publishes new warnings regularly, and the pattern is consistent: traders check for a licence number, find one, and stop there. That is not enough.

You need to verify four things, not one:

That the FSP licence exists
That it is still Active (not suspended or withdrawn)
That the licence covers the specific products you are trading
That the people selling to you are authorised representatives of that licence holder

This guide walks through each one.

What Is an FSP Licence?

FSP stands for Financial Services Provider. Under the Financial Advisory and Intermediary Services Act (FAIS Act), any company that provides financial services — including forex trading, CFD trading, and investment advice — to South African residents must hold an FSP licence issued by the FSCA.

Each FSP licence has:

A unique FSP number (e.g., FSP 47546)
A specific category (Category I, II, IIA, III, or IV)
A defined list of authorised financial products
A list of Key Individuals (the senior people responsible for compliance)
A list of authorised representatives (the people who can deal with clients)

The licence is not a blanket permission to do anything financial. It is specific and scoped. A company authorised to give advice on long-term insurance is not automatically authorised to offer leveraged forex trading. This distinction is exactly what caught traders out with Mixirite.

Category I vs Category II — What Is the Difference?

The two categories most relevant to forex traders:

Category I FSP — Authorised to give advice and provide intermediary services for specific financial products. Most forex brokers dealing with retail clients hold a Category I licence. This covers advice on and intermediation of derivative instruments (which includes forex and CFDs), but only if derivatives are specifically listed in their authorised products.

Category II FSP — Authorised to provide discretionary services, meaning the provider can make investment decisions on your behalf. This is relevant for managed accounts or portfolio management. If a broker offers a managed forex account, they need Category II authorisation for that specific service.

Category IIA FSP — A newer subcategory for hedge fund managers. Less relevant for typical retail forex traders, but worth knowing it exists.

The category alone does not tell you enough. You need to check the authorised product list within that category. A Category I licence that only covers "Long-term Insurance" does not authorise the holder to offer CFDs.

Step-by-Step: How to Check Any Broker's FSCA Licence

Step 1: Go to the FSCA Website

Open your browser and go to: https://www.fsca.co.za

This is the only source you should trust. Do not search Google for "FSCA register" and click whatever comes up — phishing sites have mimicked the FSCA's branding before. Type the URL directly or bookmark it.

Step 2: Navigate to the FSP Register

From the FSCA homepage, navigate to the FSP search page. The direct URL is:

https://www.fsca.co.za/Fais/Search_FSP.htm

This takes you to a search form where you can look up any Financial Services Provider by name or FSP number.

Step 3: Search by FSP Number or Company Name

You have two search options:

By FSP number — If the broker displays an FSP number on their website (e.g., "FSP 47546"), enter it in the FSP number field. This is the most accurate method.
By company name — Enter the broker's legal entity name, not their trading name. For example, the broker trading as "Exness" operates under a specific legal entity in South Africa. The legal name is usually in the website footer or on the "Legal" page.

Click Search.

Tip: If searching by name returns no results, try the FSP number instead. Company names in the register may not match the brand name you know. If you do not have the FSP number, check the broker's website footer, their "About Us" page, or their "Regulation" page.

Step 4: Read the Licence Status

The search results will show a summary. Click on the entity to see the full details. The most important field is Status. Here is what each one means:

Active — The licence is current and valid. The entity is authorised to operate. This is what you want to see. But do not stop here — you still need to check the authorised products (Step 5).

Suspended — The FSCA has temporarily suspended the licence, usually due to non-compliance, ongoing investigation, or failure to meet regulatory requirements. Do not trade with a suspended provider. Suspension means the FSCA has identified a problem serious enough to halt operations.

Withdrawn — The licence has been permanently revoked. The entity is no longer authorised to provide financial services in South Africa. If your broker's licence shows as Withdrawn and they are still accepting deposits, they are operating illegally. Full stop.

Debarred — This status applies to individuals, not entities. A debarred person is prohibited from providing financial services. If a Key Individual or representative at your broker has been debarred, that is a serious red flag.

Lapsed — The licence has expired, typically because the entity failed to renew or meet annual requirements. Similar to Withdrawn in practical terms — they should not be operating.

Step 5: Check Authorised Products

This is the step most traders skip — and it is the most important one.

On the FSP detail page, look for the section listing authorised financial products or categories of financial products. This tells you exactly what the entity is allowed to offer.

For a forex/CFD broker, you need to see one or more of the following listed:

Derivative instruments (this covers forex, CFDs, and futures)
Securities (if they offer share trading)
Participatory interests in a collective investment scheme (if they offer fund-type products)

If the licence only lists products like "Short-term Insurance" or "Long-term Insurance" or "Friendly Society Benefits," that provider is not authorised to offer forex or CFD trading, regardless of what their website says.

This is exactly the gap that Mixirite exploited. They had a valid FSP licence. The licence was Active. But the authorised product list did not include derivative instruments. Traders who only checked for an FSP number and an Active status missed this entirely.

Step 6: Check Authorised Representatives

The FSP detail page also lists Key Individuals and Representatives. These are the people authorised to act on behalf of the licence holder.

Why does this matter?

If someone contacts you claiming to be from the broker, you can verify they are actually an authorised representative
If the broker is using agents, introducers, or affiliate marketers who are not listed as authorised representatives, those people are operating outside the licence
If a Key Individual has been replaced or removed, it could signal internal problems

You can also check the FSCA's Representative Register for individuals specifically. If the person selling you a trading account is not on the register, they should not be dealing with you.

Red Flags: How to Spot a "Borrowed" or "Rented" Licence

A growing tactic in South Africa is for unlicensed entities to operate under someone else's FSP licence. Here is how to spot it:

The entity name on the website does not match the entity on the FSCA register — The website says "XYZ Trading," but the FSP number belongs to "ABC Financial Services (Pty) Ltd." If you ask and they explain it as a "trading name" or "subsidiary," verify that independently. A legitimate broker will have their actual legal entity name on the FSCA register.
The FSP licence is for a different type of business — You are trading forex, but the licence is for insurance brokerage or tax advisory services. This is a dead giveaway.
The licence holder's physical address does not match — The FSCA register shows a Johannesburg office, but the broker operates from Cape Town or has no physical address at all. Check if the registered address is a real business premises.
The broker cannot name their Key Individuals — Every FSP has named Key Individuals on the register. If the people running the broker's day-to-day operations are different from those listed on the FSCA register, the licence may not genuinely belong to them.
You cannot find the broker's representatives on the register — The salespeople contacting you should appear as authorised representatives of the FSP. If they do not, the broker may be using unlicensed staff to solicit clients.
The broker only recently acquired the licence — Check the "Date of Approval" on the FSP record. If a forex broker suddenly appears with a licence that was originally granted years ago to a different type of business, it may have been purchased or "rented" specifically to appear legitimate.

If any of these apply, do not deposit money. Report the entity to the FSCA and check our Scam Tracker for any existing warnings.

What to Do if Your Broker's Licence Has Been Withdrawn

If you have money with a broker whose FSCA licence is no longer Active, act immediately:

1. Stop Depositing

Do not add any more money. Even if the broker's platform still works and you can still place trades, an entity without a valid licence is operating illegally. Any deposits you make are not protected.

2. Attempt to Withdraw

Try to withdraw all your funds immediately. Document everything — take screenshots of your withdrawal requests, account balances, and any communication with the broker. If the broker delays or refuses your withdrawal, you will need this evidence.

3. File a Complaint with the FSCA

Submit a formal complaint through the FSCA's complaint process:

Online: Visit https://www.fsca.co.za and navigate to the complaints section
Email: info@fsca.co.za
Phone: 0800 110 443 (toll-free within South Africa)

Include your account details, the FSP number the broker claimed, copies of agreements you signed, and evidence of deposits and any withdrawal attempts.

4. Contact the FAIS Ombud

The Office of the FAIS Ombud handles complaints against Financial Services Providers under the FAIS Act. This is a separate office from the FSCA and can adjudicate disputes:

Website: https://www.faisombud.co.za
Phone: 012 762 5000
Email: info@faisombud.co.za

The FAIS Ombud can award compensation of up to R800,000 per complaint. There is no fee to file a complaint. Your complaint must be submitted within six years of the act or omission, or within three years of becoming aware of it.

5. Report to SAPS

If you believe you are a victim of fraud — not just regulatory non-compliance, but deliberate deception — open a case with the South African Police Service. Financial fraud is a criminal offence. File at your nearest police station and get a case reference number.

6. Document Everything for Potential Civil Action

If significant amounts are involved, consult a lawyer who specialises in financial services law. Class action lawsuits against fraudulent brokers have been pursued in South Africa before, and joining one may improve your chances of recovery.

How to Make This a Habit

Do not check your broker's licence once and forget about it. Licences can be suspended or withdrawn at any time. Here is a practical approach:

Bookmark the FSP search page — https://www.fsca.co.za/Fais/Search_FSP.htm
Check every 3-6 months — Licence status can change. A quick search takes 30 seconds.
Follow the FSCA's media releases — The FSCA publishes warnings about specific entities on their website. Scan these periodically.
Use BrokerToolsHub's tools — Our Regulation Guide shows you how to check any regulator, not just the FSCA. Our Scam Tracker aggregates warnings from regulators across Africa. And if you are looking for a broker you can actually trust, our Find My Broker tool matches you with verified, regulated options.

The Bottom Line

An FSP number on a website means nothing by itself. What matters is whether that licence is Active, whether it covers the products you are trading, and whether the people dealing with you are authorised to do so.

The FSCA register is free. The check takes five minutes. There is no excuse for skipping it.

The traders who lost money with Mixirite, Banxso, and AfriMarkets were not careless. Many of them checked for a licence number. They just did not check deeply enough. The difference between a surface-level check and a proper verification is the difference between catching a problem before you deposit and discovering it after your money is gone.

Check the licence. Check the products. Check the people. Then check again in six months.

If something does not add up, walk away. There are plenty of legitimate, FSCA-regulated brokers that will happily take your business — and actually protect it.