RandBroker selects brokers by first confirming an FSCA Financial Service Provider (FSP) licence on the FSCA register at fsca.co.za. We then identify whether the SA entity holds its own ODP licence — the distinction that drives our lead-rank vs caveat-tier structure. Spreads, ratings and minimum deposits remain null until a hands-on review pass. No broker pays for coverage or ranking.
What is the selection criterion for appearing on RandBroker?
The entry bar is an FSCA FSP licence held by the South African entity that actually serves local clients. We check the FSP number against the FSCA Financial Service Provider register (fsca.co.za), confirm the entity name matches the broker's own disclosure, and verify the authorisation status is 'authorised' and current — not lapsed, suspended or withdrawn. A broker whose only footprint in South Africa is a pending application or a marketing page does not qualify as locally licensed. Pepperstone is the most prominent current example: FSP 49497 is a pending application and Pepperstone's own licensing page omits FSCA; it therefore does not appear in our locally licensed shortlist.
Beyond the FSP threshold, we identify whether the SA entity holds its own FSCA ODP (OTC Derivative Provider) authorisation under the Financial Markets Act 19 of 2012 and Conduct Standard 1 of 2018. This matters because retail CFDs are OTC derivatives, and only an ODP-licensed entity is authorised to write them onshore as principal. An FSP-only broker issues your CFDs through an offshore entity. That distinction — onshore principal versus offshore issuance — is the backbone of our comparison, not star ratings.
What is the honest-null policy?
Data fields we cannot verify are published as null, not estimated. Spreads, minimum deposits, ratings and withdrawal times vary by account type, market conditions and promotions, and change without notice. We will not publish a figure we have not confirmed hands-on — doing so would mislead rather than help.
The consequence is honest: many broker rows on RandBroker carry null spread and deposit figures at launch. We degrade to the honest fallback ('check the broker's current figures') rather than invent a number to fill a column. As hands-on testing progresses, null fields are replaced with verified data and the field policy is updated. Affiliate links are also null until each broker's programme is joined and the T&Cs confirm South Africa is a permitted market.
- rating: null until hands-on review (1–5 scale based on tested criteria).
- minDeposit: null until verified on the broker's current South African funding page.
- typicalSpread: null until measured hands-on on a live or demo account.
- affiliateUrl: null until the affiliate programme is joined and SA geo is confirmed.
- FSP/ODP status: corroborated across broker disclosure + secondary sources; each row is pending a final live FSCA-register confirmation before the page leaves noindex.
How is the FSP-versus-ODP ranking structured?
We sort brokers into three tiers based on their FSCA licence posture. Lead-rank brokers are those whose South African entity holds its own FSCA ODP licence — currently Exness (FSP 51024, ODP via Exness (SC) Ltd since July 2024) and Scope Markets SA (FSP 47025, ODP64). These are featured first because they have the strongest onshore regulatory credential.
The strong-FSP tier covers FSCA-licensed brokers with a ZAR account option but no confirmed own ODP — currently XM (FSP 49976) and Tickmill (FSP 49464). These are solid, multi-regulated names, but their CFD execution runs through offshore entities; we state that plainly. The caveat tier covers brokers with an FSCA FSP but material disclosures required — unconfirmed ODP, offshore onboarding, or structural complexity — such as Plus500, FP Markets, Trive SA, AvaTrade, HFM and FBS. Each caveat is shown inline on the broker's listing.
Who runs the RandBroker editorial desk?
RandBroker is an independent editorial desk, not a broker, not a financial services provider, and not a licensed FSP. Our editorial posture is that of a no-advice comparison publisher under FAIS: we furnish general information, not personal recommendations, and we act for no client in concluding a transaction. No payment is accepted for coverage, ranking or favourable treatment. We receive affiliate commissions from some brokers when a reader opens an account via our link — these are disclosed on every page and do not influence ranking or the editorial line.
The desk is built around South Africa's specific regulatory reality: FSCA FSP categories, ODP status, SARB exchange-control limits and SARS tax treatment of forex gains. All licence claims are corroborated from each broker's own regulatory disclosure plus credible secondary sources (FxScouts ZA, SAShares, ForexBrokers.co.za, BrokerChooser), pending a final live FSCA-register confirmation before any row leaves noindex. Every FSCA licence fact is verified against the register — we do not recall FSP numbers from memory.
Frequently asked questions
Does RandBroker accept payment for broker rankings?
No. Brokers do not pay for coverage or ranking on RandBroker. We receive affiliate commissions from some brokers when a reader opens an account via our link — these are disclosed on every page — but they do not influence our editorial ranking, FSP-versus-ODP structure, or caveat disclosures.
How does RandBroker verify an FSCA licence?
We corroborate each FSP number across the broker's own regulatory disclosure page plus credible secondary sources. Every row is pending a final live FSCA-register confirmation (fsca.co.za) before the page leaves noindex. We do not recall FSP numbers from memory or trust third-party claims without cross-checking.
Why are so many fields shown as 'null' or unavailable?
Spreads, minimum deposits, ratings and withdrawal times change frequently and vary by account type and conditions. RandBroker does not publish unverified numbers — null means the data has not been confirmed hands-on. We degrade to the honest fallback rather than invent a figure to fill a column.
What is the ODP criterion for lead-rank placement?
A lead-rank broker on RandBroker is one whose South African entity holds its own FSCA ODP (OTC Derivative Provider) licence — authorising it to write CFDs onshore as principal. Currently Exness and Scope Markets SA (ODP64) meet this criterion. An FSP-only broker does not, regardless of how well-known the brand is globally.
How often is RandBroker's broker data updated?
We review the shortlist and licence data at least quarterly and update it when a material change is confirmed — a new ODP grant, a lapsed or withdrawn FSP, or a change in broker onboarding policy. The 'Last updated' date on each page reflects the most recent editorial review.
Sources & further reading
RandBroker is an independent editorial desk built around South Africa's specific regulatory reality: FSCA FSP categories, ODP status, SARB exchange control limits and SARS tax treatment of forex gains. We verify every licence on the FSCA Financial Service Provider register and distinguish between FSP authorisation and ODP status — because most overseas broker reviews do not. No payment is accepted for coverage.