Do yourself a favor. Find the broker’s name and then Google it with the word “scam” or “review” as a part of the search. And if you still want to open an account with a local broker: then you got rocks in your head. This new regulator, so far as I can tell, is powerless to act it would seem. And for sure it looks like they’re just handing out licenses like sweets (unlike the way the FSB used to operate). Best advice: UK FCA REGISTERED and REGULATED broker. At least there the brokers are subject to REAL penalties. And not to mention the fact that a UK FCA REGISTERED and REGULATED broker MUST be registered with the UK FSCS (which guarantees client funds in the case of an issue with the broker). There is no protection of that nature in South Africa. What’s more: a lot of these bucket shop scam brokers are abusing the system by registering here but don’t even have proper offices or businesses here (nothing more than window dressing). And people are being fooled just because they have a FSP number on their website.