Skip to content
Lantern Review
104 brokers measured60 pricedmedian 7.0 USDformula v1.0Data captured 03.10.2026Some links are partner links. They never change a score or a position.
Lerato NaidooLerato Naidoo AuthorChinedu KimaniChinedu Kimani EditorZanele AdeyemiZanele Adeyemi Fact-checkerScore recalculated 03.10.2026

How to verify a broker licence in South Africa

Licence numbers on file
52
Brokers in base
104
Without a local licence
48
Checked
2026-10-03

Four checks, in this order

1. Find the number, not the badge. A logo is not a licence. The broker pages here print the licence number we found, or say plainly that none is published for this country.2. Read it in the register. Open the regulator's own register and search the number. The regulator for South Africa and its register are named on every broker page we publish.3. Check the name on the licence against the name on the contract. This is where most of the confusion lives: the brand you signed up with and the entity on the client agreement are often different companies in different countries. Our entity column exists for this reason.4. Check the permissions, not just the presence. A firm can be on a register for one activity and not for the one it is selling you.

What goes wrong locally

Significant scam exposure: the FSCA recorded ~1,247 forex-scam complaints in 2023, ~R547m lost, only ~12% recovered. Common patterns: social-media recruitment with guaranteed-profit promises; 'pay tax/fees to withdraw' advance-fee traps; clone/impostor brokers forging licences. KYC/FICA to open an account: SA ID or passport + proof of address (utility bill/bank statement, usually under 3 months old). Acting within 24h (bank chargeback + police report) materially improves recovery odds.

Brokers here without a local licence

Showing 25 of 104 brokers that onboard South Africa residents.
BrokerOnboarding entityMax leverage
IC MarketsSouth African clients are onboarded under th500.0geo
BlackBull MarketsBBG Limited500.0geo
EightcapEightcap Global Limited500.0geo
Fusion MarketsSouth African retail clients are onboarded u500.0geo
PepperstonePepperstone Markets Kenya Limited400.0geo
AlpariParlance Trading Ltd3000.0geo
BDSwissSouth African clients are served with ZAR acno data
CMC MarketsCMC Markets does not accept clients residentno data
LiteFinanceSouth African residents are onboarded under 1000.0geo
TMGMTrademax Global Ltd1000.0geo
XTBXTB International Limited500.0geo
ActivTradesSouth African clients onboarded offshore und200.0geo
HYCMHYCM Ltd500.0geo
MultiBank GroupSouth African clients served via offshore en500.0geo
DukascopyServed by Dukascopy Bank SA (Switzerland) cr200.0geo
Interactive BrokersIBKR LLCno data
OANDANone. OANDA does NOT accept clients from Souno data
eToroServed; South African clients onboarded unde30.0geo
Forex.comGAIN Global Markets Inc50.0geo
Saxo BankNot served. Saxo stopped onboarding South Afno data
SwissquoteSwissquote Bank Ltd100.0geo
ADSSADS Securities LLC500.0geo
AxioryAxiory Global Ltd400.0geo
Doo PrimeSouth African retail served offshore via Doo1000.0geo
EquitiSA clients served via group offshore entitie500.0geo

FAQ (2)

How do I check a broker licence in South Africa?

Significant scam exposure: the FSCA recorded ~1,247 forex-scam complaints in 2023, ~R547m lost, only ~12% recovered. Common patterns: social-media recruitment with guaranteed-profit promises; 'pay tax/fees to withdraw' advance-fee traps; clone/impostor brokers forging licences. K

The broker shows a licence from another country. Does it count?

It means a foreign entity regulates that company, not that it is authorised to serve South Africa residents. The two are different questions and the broker page names which entity signs the client.