Financial institutions such as Forex brokers, CFD brokers and insurance companies must have a valid FSP number. The company must be licensed by the South African Finance and Transportation Authority (FSCA). Clients should always have the right to perform a simple FSP check to understand which companies they are dealing with or planning to do in the future.
Costs for registering an FSP number
When registering as a private FSP, you must balance the following costs:
- The registration fee is US $ 300 (including consumption fees).
- FMA Commission $ 500 (including GST)
- If you have not passed the exam in the past 3 years, the criminal record check fee is $ 35 (including goods and services tax).
Steps to register an FSP number
Every trader must have a registered FSP number. Following are the steps to register for an individual FSP number:
- Sign in to your online service account.
- On the Control Panel, click register FSP (Personal).
- Fill out the form with the required information. This includes your previous FSP number (if there is one), other names you know, and at least signs that you want to achieve your goal if you are a reporting entity under Anti-Money Laundering and Countering Financing of Terrorism Act 2009. You must indicate the month in which you are submitting your annual return, your company address, contact information, and other financial services that you may provide in the future.
- You must prove you are a candidate or are completing a form with the applicant’s permission. This is done in the “declaration” tab.
- Review the information entered in the Review tab.
- Please confirm that you have entered the correct information.
- Click Submit.
- Select a payment method on the payment screen and click “Process payment” to fill out the form.
Why is an FSP number used?
The FSP number is used to maintain a fair environment in the forex trading industry. This ensures that one customer does not have priority over another, regardless of identity, country of origin, or account assets. A fair and stable market environment and a comfortable working environment is provided for all of our clients. Its core values are flexibility, perseverance, fairness, dignity, patience and kindness.
How to use an FSP number?
FSP numbers comply with FSCA’s stringent licensing requirements and can benefit from financial and advisory services. You can visit FSCA FSP to find and find what you need. This will help you trade with real brokers and financial institutions in the future. Remember that you cannot trade if it does not exist and your identity is not authorized. This information can be found by checking FSCA FSP.
Obtaining an FSP number is a straightforward process. The FSP number is important to every Forex trader. Because an FSP number can help you find and use a better platform and more resources. It also helps maintain a stable environment in which everyone is willing to work.