The FxPro identity check for South African clients

Documents that pass first time

A clear photo or scan of your South African ID or passport passes when all four corners are visible, the text is sharp, and nothing is cropped or covered. Colour images beat greyscale, and a photo taken flat under even light beats one angled across a desk with a shadow down the middle.

For proof of address, a bank statement or utility bill showing your name and residential address as you entered them on the form is what the check is looking for. The document needs to be recent enough to satisfy the reviewer and show the full page, not a screenshot of a header. If you receive statements digitally, the original PDF is a better submission than a phone photo of a screen.

A selfie or liveness check may be requested alongside the documents. Do it in daylight, facing the camera, with your whole face in frame and no hat or filter. These steps exist because the broker is required to know who it is dealing with, and the same requirement applies whether your account sits with the FSCA-licensed entity or another FxPro entity.

What sends a submission back

Mismatched details are the single biggest cause of a returned check: a middle name missing from the form, an address written one way on the form and another on the statement, or a maiden name on the ID. Before uploading, read your form back against each document and correct the form first, because re-uploading a good document against a bad form just repeats the cycle.

Poor image quality sends documents back too, and so does an expired ID or a statement that does not show an address at all. Cropping the page to remove blank space can cut off the corner a reviewer needs, and a screenshot of a banking app often omits the name and address block entirely. Send the complete document.

If a submission is returned, the reviewer states the reason and you resubmit only that item. Keep the corrected file named clearly and upload it through the portal rather than by email, so the record stays in one place and the second attempt is not slowed by a document sitting in an inbox.

Why finish before the first deposit

Completing verification before you deposit means your money lands in an account that is cleared to trade, rather than sitting in a pending state while documents are reviewed. The order matters because a deposit into an unverified account starts a clock you cannot control, and the funds are not usable for BTC/USD until the check closes.

There is a second reason: the verification record is tied to the entity your account is opened with. FxPro is licensed by the FCA (UK) and CySEC, and an FxPro entity holds an FSCA licence in South Africa, so check which entity your own account is opened with before you move money. Knowing that early avoids a surprise about which protections apply to your balance.

Once cleared, nothing about the documents needs repeating for routine trading. You can move straight to funding in rand and then to the platform, where the position size and margin calculators turn the reference price near 77000.0 into a concrete rand exposure before you place an order.

The FICA duty behind client verification at FxPro

The check exists because South African law requires it: the Financial Intelligence Centre Act (FICA) obliges accountable institutions, including brokers serving SA clients, to identify and verify every client before opening an account. FxPro Markets Direct Costa Rica Latam SRL, the entity serving South Africa, must collect your ID, confirm your address and understand your source of funds. Skipping verification is not an option for the broker; it is a criminal offence under FICA to onboard an unverified client. The regulator caveat applies here: FxPro is licensed by the FCA (UK) and CySEC, and an FxPro entity holds an FSCA licence in South Africa — check which entity your own account is opened with.

The law is not just about identity; it is about preventing money laundering and terrorist financing. FICA and the FIC Act require brokers to apply a risk-based approach, so the depth of checks depends on your profile, not on the size of your first deposit. A South African ID or passport proves who you are, but the broker also needs to see how your money was earned and where it sits. That is why the verification page asks for more than a selfie with your ID; it is building a record that would satisfy an FSCA or FIC inspection. The exact documents requested vary by entity, so confirm which FxPro entity holds your account.

The practical effect for you is that verification is a gate, not a formality. Under FICA, the broker cannot execute trades or hold your funds until the checks are complete. If you fund first, the money sits in a pending state and cannot be traded. The law also requires ongoing monitoring, so verification is not a one-time event; it can be refreshed when your circumstances change. That is why the first deposit should wait until the account is approved, and why you should treat every document request as a legal requirement rather than an administrative delay. The regulator caveat above determines which rulebook applies to your account.

The document errors that trigger a rejection most often

The most common rejection is a document that is valid but unreadable: a photograph taken at an angle, with glare on the plastic, or with a corner cut off. FICA requires a clear, legible copy, so the broker's reviewer cannot accept a blurry ID even if the number is correct. The second most common is an expired document; South African IDs do not expire, but passports and proof-of-address documents do, and a passport with less than the required validity left will be sent back. The third is a mismatch between the name on the document and the name you typed into the application, including a missing middle name or a maiden name.

A fourth mistake is submitting a proof of address that is older than the broker's cut-off or that does not show your name and residential address. Bank statements and utility bills are typical, but a statement addressed to a PO box or a business address will fail. A fifth is a selfie or liveness check taken in poor light or with a face partially covered; the automated system compares it to your ID photo and a poor match means manual review. A sixth is a document in a format the platform cannot open, such as a password-protected PDF or a screenshot of a screenshot. Each of these is fixable, but each adds a day or more to approval.

The fix is to treat the upload as a legal submission, not a quick form. Use a flat surface and natural light, capture all four corners of the ID, and check that the expiry date is visible. For proof of address, download the original PDF from your bank or utility app rather than photographing a printed page. Make sure the name matches your application exactly, including initials and surname order. If you have changed your name, include the marriage certificate or deed poll. These steps do not guarantee approval, but they remove the errors that cause most rejections, and they keep your first deposit from sitting idle.

What happens to a deposit made before verification is approved

A deposit made before approval is received but not usable: the funds sit in your account as a pending balance, and you cannot trade with them until the verification is complete. FICA prohibits the broker from executing transactions for an unverified client, so the platform will block trading, and in some cases withdrawals, until the checks clear. The money is not lost, but it is frozen in a practical sense. If you funded by local card or bank transfer in ZAR, the funds will show in your account history, but the trade button remains inactive. The exact hold pattern depends on the entity and the payment method, so check the account status page.

The risk is not just delay; it is that a failed verification can lead to the deposit being returned, sometimes minus the payment provider's fees. If the document review finds a mismatch or a missing document, the broker may ask you to withdraw the funds back to the source before resubmitting. That return can take several business days, and the rand amount you get back may differ from what you sent if the exchange rate moved. For that reason, the safe sequence is to complete verification first, then fund. The regulator caveat applies: FxPro is licensed by the FCA (UK) and CySEC, and an FxPro entity holds an FSCA licence in South Africa — check which entity your own account is opened with.

If you have already deposited, do not panic, but do act: upload the missing documents immediately and avoid making a second deposit until the first is cleared. A second deposit before approval only adds to the pending balance and complicates any refund. If the broker requests a source-of-funds explanation, provide it promptly, because the deposit cannot be released until that question is answered. In practice, most pending deposits clear within a few business days once the documents are accepted, but the timeline depends on the reviewer and the payment method. The key point is that the money is not at market risk while it is pending, because no trade can be placed.

The suitability questionnaire and how your answers change the account

The suitability questionnaire is a regulatory requirement that asks about your trading experience, financial situation and investment objectives. Your answers do not change the leverage cap or the spreads, but they do determine whether the broker can offer you the product at all and whether you are classified as retail or eligible/professional. Under the FSCA and the entity's own rules, a retail client gets the default protections, including the 1:200 leverage cap for bitcoin. If your answers show relevant experience and you meet the eligibility criteria, you may be able to request professional classification, which can raise the cap to 1:500 depending on the instrument. The questionnaire is not a test you can fail; it is a risk-profile record.

The practical effect is that inconsistent answers can trigger a manual review or a request for more information. For example, stating that you have no trading experience but asking for the highest leverage available may prompt the broker to ask why. Similarly, declaring a low income but planning a large deposit can lead to a source-of-funds query. The answers are also used to decide whether the broker must give you a risk warning or restrict certain products. In South Africa, the FSCA expects brokers to assess appropriateness, so the questionnaire is part of the audit trail. Answer honestly and consistently with your documents and your deposit plan.

Changing your answers later is possible but not always simple: you may need to submit a new questionnaire, and a material change, such as a move to professional status, can require fresh verification. The answers do not affect the margin formula, but they affect the maximum leverage you can be granted. At 1:200, a 0.10-lot bitcoin position needs about $385.00 margin; at a higher cap the margin requirement would be lower, but the risk is higher. The questionnaire is where the broker records that you understand that trade-off. Keep a copy of what you submitted, because it forms part of your client file.

Accepted proof-of-address documents in South Africa and the recency rule

South African brokers typically accept a utility bill, a bank statement, a municipal rates bill, a TV licence statement or a letter from a government department, provided it shows your full name and residential address. The document must be recent: the common cut-off is three months, though some entities accept up to six months for certain document types. A document older than the cut-off will be rejected even if it is otherwise valid. The address must be your residential address, not a PO box or a business address, and the name must match your ID and your application. If you live in a rural area without municipal bills, a traditional authority letter or a bank statement may be accepted, but confirm with the broker first.

The recency rule exists because FICA requires a current picture of where you live. A bank statement from last year does not prove you still live there. The document must also be a full statement or bill, not a screenshot of a balance or a transaction notification. If you receive paperless bills, download the PDF from the app or the portal and upload that; a photograph of a phone screen is often rejected. For a shared household, the bill may be in someone else's name, which creates a problem: the broker needs a document in your name. In that case, a bank statement or a letter from the account holder plus their ID may be requested, but this depends on the entity's policy.

The safest approach is to use a bank statement from a South African bank, because it shows your name, your address and a recent date, and it is easy to download as a PDF. If you use a utility bill, make sure it is the full bill with your name and address, not just the payment slip. If your address has changed recently, update it with the bank first so the statement reflects the new address before you submit it. The exact list of accepted documents and the recency window depend on the FxPro entity that holds your account, so check the verification page in your account portal. The regulator caveat applies: FxPro is licensed by the FCA (UK) and CySEC, and an FxPro entity holds an FSCA licence in South Africa — check which entity your own account is opened with.

Name mismatches between your ID and your payment card

A name mismatch between your ID and your card is a red flag under FICA because it suggests the funds may not belong to you. If the card is in your maiden name and your ID is in your married name, the broker will ask for a marriage certificate or a deed poll to bridge the gap. If the card is in a spouse's name, the broker may reject the deposit or ask for a third-party declaration, and some entities do not accept third-party funding at all. The rule is that the account holder must be the beneficial owner of the funds, so the name on the card should match the name on the account. A mismatch does not automatically mean rejection, but it does mean a manual review.

The practical fix is to use a payment method in your own name, or to provide the supporting document that explains the difference. For a maiden-to-married name change, a marriage certificate is usually enough. For a name spelling variation, an affidavit or a bank letter may be requested. If you have a joint account, the card may show one name while the bank statement shows both; in that case, the broker may ask for the statement to confirm the link. The key is to be proactive: upload the explanation with the document rather than waiting for a query, because a query adds days to the approval. The exact requirement depends on the entity and the payment provider.

If the mismatch is not resolved, the deposit may be returned to the source, and the account may remain unverified. That is why the first deposit should be made from an account in your own name, using a local card or bank transfer in ZAR that matches your verified identity. If you must use a different name, ask the broker before depositing, not after. The regulator caveat is relevant because the entity serving South Africa is FxPro Markets Direct Costa Rica Latam SRL, and its policy on third-party payments may differ from the FCA or CySEC entities. Check which entity your account is with before you fund.

checked 2026-07-09 · fxscouts.co.za/broker/fxpro; sashares.co.za/fxpro-review; fxpro.com/about/licences