The Names on the FSCA Register — Major Brokers and Their FSP Numbers
The FSCA register is one of the most transparent in the offshore brokerage world — every licensed FSP is publicly searchable with its FSP number, authorized categories, and key individuals. The following are confirmed FSCA-licensed operators:
| Broker | FSP Number | Category | Notes |
|---|---|---|---|
| Exness | FSP 51024 | Category I | Also holds FCA, CySEC |
| FXTM | FSP 46614 | Category I | Also holds CySEC, FCA, FSC Mauritius |
| FP Markets | FSP 50926 | Category I | Also holds ASIC, CySEC |
| IG Markets South Africa | FSP 41393 | Category I | UK-origin group with FSCA entity |
| FxPro | FSP 45052 | Category I | Also holds FCA, CySEC |
| ATFX | FSP 44816 | Category I | Also holds FCA, Seychelles FSA |
| JustMarkets | FSP 51114 | Category I | Also holds CySEC, FSA Seychelles, FSC Mauritius |
| Tickmill | FSP (ODP authorized) | Category I + ODP | Also holds FCA, CySEC |
| JP Markets | FSP 46855 | Category I + ODP | South Africa-headquartered, 400,000+ clients |
| Admirals | FSP registered | Category I | Also holds CySEC, FCA |
| AvaTrade | FSP registered | Category I | Client funds at ABSA Bank |
The pattern is identical to Seychelles — major international brokerage groups use the FSCA entity as part of a multi-license structure. But unlike Seychelles, an FSCA license is not interchangeable with other offshore structures for South African-resident clients. If you want to service South African clients, an FSCA FSP is not optional — it is legally required. Operating without one while serving South African residents exposes a broker to FSCA enforcement action, fines, and reputational damage in one of Africa's most scrutinized financial markets.
2024–2025 Regulatory Developments That Every FSP Operator Should Know
The ODP License Requirement Is Now Firmly Enforced
The Over-the-Counter Derivative Provider (ODP) license requirement — separate from the standard FSP — is now actively enforced by the FSCA for brokers acting as counterparties to CFD transactions rather than pure intermediaries. The FSCA fined Globex for unauthorized ODP activities, sending a clear enforcement signal to the market. If two trading platforms are involved in a broker's execution chain — a near-universal arrangement for MT4/MT5 operators — the FSCA treats this as ODP activity. Brokers that are technically operating as ODPs without the license are in material breach.
FSCA Fee Increases (October 2024)
Effective 1 October 2024, the FSCA increased all fees and levies by approximately 6% to keep pace with inflation — including license application fees, change notification fees, and annual levies. Annual levies are calculated based on total gross revenue reported by the FSP's auditor plus the number of Key Individuals and Representatives. While the increase is not dramatic, it signals that FSCA operating costs will continue to rise incrementally as the regulator expands its capabilities.
COFI Act Transition on the Horizon
The Conduct of Financial Institutions (COFI) Bill is progressing through the South African legislative process and is expected to become law. When enacted, COFI will replace the FAIS Act and various other financial sector statutes — creating a unified conduct law for all financial institutions. For existing FSPs, licenses are expected to transition into the COFI framework with FSCA guidance. The core principles of treating customers fairly, disclosure, and fit-and-proper requirements will remain. Operators building new FSCA structures should build them to COFI-compatible standards now.
Crypto CFD Clarification
The FSCA clarified that crypto asset derivatives — CFDs on Bitcoin, Ethereum, and similar instruments — are subject to the FAIS Act and require FSP licensing. The FSCA's declaration of crypto assets as a financial product does not create an exemption for derivative activities. Brokers offering crypto CFDs to South African clients without appropriate FSP authorization are in breach of FAIS. This clarification has brought additional compliance obligations for brokers running hybrid forex-crypto CFD platforms targeting South African retail clients.
Why the FSCA FSP License Matters Far Beyond South Africa's Borders
South Africa's financial market is the largest and most sophisticated on the African continent. The Johannesburg Stock Exchange (JSE) is Africa's biggest exchange. The South African Reserve Bank (SARB) and FSCA operate regulatory frameworks comparable in sophistication to UK and EU equivalents — and are widely respected by international institutional counterparties as a result. For a broker with pan-African ambitions, holding an FSCA FSP license provides the regulatory credibility that no other African authorization can currently match.
The strategic value extends further. Other African financial regulators — in Kenya, Nigeria, Ghana, Uganda, Rwanda, and across the continent — increasingly look to FSCA authorization as a benchmark indicator of a broker's regulatory quality. A broker holding an FSCA FSP license carries more weight in regulatory discussions, banking relationships, and institutional counterparty negotiations across Sub-Saharan Africa than a broker holding only offshore licenses from Seychelles, Mauritius, or Caribbean jurisdictions. The FSCA is recognized as a substantive regulator. This recognition has real commercial value beyond South Africa's direct market.
South Africa's retail trading market is also one of Africa's most developed — a large base of sophisticated retail forex and CFD traders, local payment infrastructure through EFT and local bank transfers, and a population with high financial services awareness. Brokers that hold only offshore licenses cannot access this market legally. The FSCA FSP license is the entry ticket to the continent's most commercially attractive domestic trading market.
Understanding the FSP Categories: Category I (STP) vs ODP
The most commercially significant compliance decision for brokerage operators in South Africa is whether their business model requires a Category I FSP (STP/intermediary model) or an ODP license (counterparty/B-book model):
Category I FSP — STP/Intermediary Model
A Category I FSP renders financial services as an intermediary — passing client orders to a licensed ODP or liquidity provider without itself becoming the counterparty to the transaction. This is the pure STP (Straight Through Processing) model. The Category I FSP does not take the other side of client trades — it intermediates between the client and the ODP. This is the most common FSP category for international broker entities operating in South Africa, where the underlying liquidity provider or prime broker holds separate ODP authorization. Lower compliance overhead than ODP, but requires a genuinely clean STP flow — the FSCA actively scrutinizes whether brokers claiming STP status are actually acting as counterparties.
ODP — Over-the-Counter Derivative Provider
An ODP is the counterparty to CFD transactions — it issues the CFD to the client. This is the B-book or market-maker model. ODPs face significantly higher regulatory requirements than Category I FSPs: stricter capital adequacy, enhanced governance requirements, mandatory reporting obligations, and greater FSCA scrutiny. The FSCA's enforcement action against Globex and the 2024–2025 clarifications make clear that brokers with two-platform execution chains (MT4/MT5 with a separate liquidity provider) are typically operating as ODPs regardless of how they describe their model. Operators who are technically ODPs must obtain ODP authorization — the FSCA's enforcement posture makes non-compliance increasingly risky.
The African Market Opportunity — Why 2026 Is the Right Time
Africa's retail trading market is growing at a pace that significantly outstrips Europe and North America. South Africa leads with a large, sophisticated retail trading population — but the growth story extends across the continent. Kenya, Nigeria, Ghana, Egypt, and Tanzania all have rapidly expanding retail forex and CFD trader bases. Brokers with FSCA FSP authorization are significantly better positioned to expand into these markets than competitors with only offshore licenses — the FSCA credential opens banking relationships, payment processor onboarding, and institutional conversations that offshore-only structures cannot.
The pan-African payment infrastructure is also improving rapidly. Mobile money penetration across East and West Africa, the growth of instant payment rails, and the increasing availability of dollar-denominated payment methods for retail traders are all reducing the operational barriers that historically made African market entry complex. An FSCA-licensed operator with a South African entity and local payment infrastructure is well-positioned to expand these rails across the continent.
For brokers building for African markets in 2026, the strategic sequence is consistent: start with the FSCA FSP for South African market access and regional credibility, add complementary licenses in Kenya (CMA), Nigeria (SEC), or other target markets as the business develops. The FSCA is the strongest anchor in this multi-license African regulatory structure — both in terms of regulatory credibility and institutional counterparty recognition.
Acquiring an Existing FSCA FSP License — Faster Market Entry
For operators with immediate market entry timelines, acquiring an existing FSCA-licensed entity is increasingly popular.
FSCA FSP license applications can take 6–12 months from complete submission — a significant timeline for operators with immediate commercial objectives. Acquiring an existing licensed entity with a clean regulatory record, existing Key Individual certifications, and active compliance infrastructure compresses this timeline materially.
Financial License Market — Zitadelle AG's dedicated platform for licensed entity acquisitions — lists available South African FSP licenses for acquisition. These include Category I FSPs with existing FSCA authorization, Key Individual appointments, compliance frameworks, and in some cases active operations.
Browse available South Africa FSP licenses on Financial License Market →Key FSCA FSP Requirements at a Glance — 2026
| Requirement | 2026 Standard |
|---|---|
| Regulator | FSCA (Financial Sector Conduct Authority) |
| Framework | FAIS Act 37 of 2002 (COFI transition pending) |
| Common category for brokers | Category I (STP/intermediary) |
| ODP license | Required if acting as CFD counterparty |
| Key Individual | Required — must be South Africa-resident |
| Representative | Required — South Africa-resident |
| Compliance Officer | Required |
| Regulatory exams | Required for Key Individual and Representatives (RE1, RE5) |
| Professional indemnity | R5,000,000 per claim minimum |
| Capital adequacy | Current assets must cover current liabilities at all times |
| Annual audit | Required — audited financial statements to FSCA |
| Annual levy | Variable — based on gross revenue and headcount |
| Application fee | FSCA scheduled fee (6% increase from October 2024) |
| Processing time | 6–12 months (acquisition significantly faster) |
| Corporate tax | 27% on net profits |
Honest Assessment — What the FSCA License Requires and What It Delivers
What the FSCA FSP delivers:
Africa's most credible financial services authorization. Legal access to South Africa's retail trading market — the continent's largest. Regional credibility across Sub-Saharan Africa that no offshore license provides. Institutional counterparty recognition comparable to major offshore financial centres.
What the FSCA FSP requires:
A South Africa-resident Key Individual who has passed the FSCA regulatory examinations (RE1 and RE5). A South Africa-resident Representative. Local compliance infrastructure. Annual audited financial statements. Ongoing FSCA reporting obligations. Real substance — the FSCA expects genuine local management and decision-making capacity, not minimal nominee presence.
What operators underestimate:
The Key Individual regulatory examination requirement is the most common bottleneck. RE1 and RE5 must be passed by a South Africa-resident Key Individual personally — this cannot be outsourced or completed remotely. Planning for this early — ideally sourcing and appointing a KI before beginning the application — is the most important timing decision in the FSP licensing process.
How Zitadelle AG Assists with South Africa FSP Licensing
- Business model assessment — Category I FSP vs ODP determination based on actual execution model
- FSCA FSP application management — full documentation, business plan, AML/CFT policies, compliance framework
- Key Individual sourcing — South Africa-resident KI identification and appointment through HRFinEase
- Representative appointment — South Africa-resident representative sourcing
- Regulatory examination guidance — RE1 and RE5 preparation for Key Individuals
- Professional indemnity insurance — introduction to providers meeting the R5,000,000 minimum requirement
- ODP license applications — for operators whose model requires ODP authorization alongside FSP
- Ongoing compliance — annual FSCA reporting, levy management, material change notifications
- License acquisition — access to available FSCA FSP licenses through Financial License Market for immediate market entry
Looking for South Africa FSP licenses available for acquisition?
Financial License Market — Zitadelle AG's dedicated marketplace for licensed entity acquisitions — lists available South African FSP licenses with existing regulatory authorization, Key Individual appointments, and compliance infrastructure.
Browse available South Africa FSP licenses on Financial License Market →Applying for a new South Africa FSP license?
View our full service page covering FSCA FSP requirements, the Category I vs ODP distinction, Key Individual requirements, and Zitadelle AG's end-to-end application support.
View our South Africa FSP License service page →Frequently Asked Questions
Exness (FSP 51024), FXTM (FSP 46614), FP Markets (FSP 50926), IG Markets South Africa (FSP 41393), FxPro (FSP 45052), ATFX (FSP 44816), JustMarkets (FSP 51114), Tickmill, JP Markets (FSP 46855), Admirals, and AvaTrade all hold FSCA FSP authorization. Most hold the FSCA license as part of a multi-entity regulatory structure alongside CySEC, FCA, or ASIC.