Verifying Your FxPro Account

Why Verify Before You Deposit

Complete verification before your first deposit, because an unverified account can accept money but cannot release it until the check clears. Doing it first means your first withdrawal is not waiting on documents you could have sent days earlier. Treat verification as part of opening the account, not as an afterthought once a position is open.

The documents requested are proof of identity and proof of address, and the address document must match the address you entered on the form. A mismatch between the two is the single most common reason a check comes back, so read your form entry before you photograph anything.

What Passes First Time

A clear, full-page photograph or scan of a valid identity document passes first time; a cropped corner, a glare across the photo page or a document past its expiry date does not. Take the image flat, in good light, with all four edges visible and no shadow across the text. The same rule applies to the address document: the whole page, your name and the date visible.

Send the documents in the format the upload asks for rather than a screenshot of a screenshot. If a document is rejected, read the reason attached to the rejection instead of resubmitting the same file — the reason tells you which of the common faults applies, and fixing that one thing is usually enough.

After It Clears

Once verification clears, your deposit and withdrawal routes open with the account fully usable, and you can move to funding in ZAR by local card, bank transfer or e-wallet. Keep the documents you used saved, because a later change of address or an expired identity document can trigger a fresh check.

If you are unsure which entity holds your account, confirm that alongside verification. The regulator caveat is worth repeating 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. Offshore onboarding reports mean local FSCA oversight and compensation may not apply to some accounts, so know which one you signed with.

The Legal Basis for Identity Checks on South African Trading Accounts

Identity verification is required by South Africa's Financial Intelligence Centre Act, which obliges accountable institutions such as FxPro to establish and verify a client's identity before opening an account or processing a deposit. The FSCA supervises how those obligations are applied in practice, and FxPro's South African-facing entity must keep records showing it knows who you are. This is not a commercial preference or an optional step; it is a condition of doing business lawfully in the country.

The check exists to prevent money laundering, terrorist financing and fraud, and to confirm that the person funding the account is the same person trading it. Under the FIC Act, FxPro must identify you, verify that identity against reliable documents, and understand the nature of your activity. That is why the request comes before your first deposit rather than after a profitable month. The same law requires FxPro to keep those records and to update them when your circumstances change.

The practical effect for a South African trader is that no deposit is fully usable until the account is verified. FxPro may accept a deposit into the account, but withdrawals and some trading activity stay restricted until the checks are complete. The regulator caveat applies here too: 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, because the exact verification process follows the entity that holds your account.

Document Mistakes That Trigger a Rejection on the First Upload

The most common rejection is a document that is valid but unreadable, because FxPro's automated and manual checks cannot confirm the details. Glare on a laminated ID, a photo taken at an angle, a scan where the corners are cut off or a file compressed until the text is soft will fail even though the underlying document is genuine. Upload a flat, well-lit image or scan that shows all four edges and the full face of the document.

A second frequent cause is a mismatch between the document and the account details you typed. If your ID shows a full middle name and you entered only an initial, or if the address on your proof of address differs from the residential address in your profile, the reviewer cannot tell whether the documents belong to the same person. Enter your names exactly as they appear on the identity document, including any hyphen or second surname, and make sure the address you type matches the one on the utility bill or bank statement.

Expired or near-expiry documents are rejected, and so are screenshots of documents rather than the original image or a direct PDF. Cropped bank statements that hide the bank logo, the account holder name or the statement period are also refused. FxPro needs the whole page, not just the transaction lines. Before uploading, check that the document is current, that the name is identical across every file, and that the file is the original export or photograph rather than a re-photographed printout.

What Happens to Money Deposited Before Verification Is Complete

A deposit made before approval is generally received into your account but held under restrictions until verification clears. In practice that means you can see the balance, but you may not be able to withdraw it, and in some cases trading is limited or blocked until the checks are done. FxPro does not treat early funding as a shortcut past the FIC Act requirements, so the money sits in the account rather than being returned automatically.

If the verification fails or you do not supply the documents, FxPro will normally return the deposit to the source it came from, which is why local cards and bank transfers in ZAR are the practical funding methods for South African clients. Returning funds to the same card or bank account is part of the anti-money-laundering trail. E-wallet deposits may be returned to the originating wallet. The exact timeline depends on your bank or payment provider, not on FxPro alone.

The safer sequence is to complete verification before funding, so the first deposit is fully usable. If you have already deposited, upload the requested documents promptly and avoid making further deposits until the account is approved. Do not attempt to withdraw to a different card or a third party's bank account to work around the restriction; that is exactly the pattern the rules are designed to catch, and it will extend the review rather than resolve it.

The Suitability Questionnaire and How Your Answers Change the Account

The suitability questionnaire is an appropriateness assessment that FxPro uses to decide whether leveraged gold trading is suitable for you, and your answers can change the leverage cap applied to your account. It asks about your trading experience, your knowledge of CFDs and margin, your financial situation and your investment objectives. The answers are not a test you can fail, but they are recorded, and they feed into the risk settings on the account.

Your answers can affect the maximum leverage you are offered within the South African cap. Retail clients can access up to 1:200, while eligible or professional clients may access up to 1:500 depending on the instrument. That is a cap, not a setting to aim at: a 0.10-lot gold position at 1:200 needs about $85.50 margin, and higher leverage reduces the margin required but increases the speed at which losses can mount. Answer honestly, because a mismatch between your stated experience and your trading pattern can trigger a review.

If your answers suggest limited experience or a financial position that cannot absorb rapid losses, FxPro may restrict you to lower leverage, require additional confirmations, or decline to open a leveraged account. That outcome is a regulatory protection, not a punishment. You can revisit the questionnaire if your circumstances genuinely change, but you cannot use it to talk your way into a higher leverage setting; the answers must reflect your actual position.

Proof of Address Accepted in South Africa and How Recent It Must Be

FxPro accepts proof of address documents that show your full name and residential address and are recent, typically issued within the last three months. In South Africa the usual accepted documents are a municipal utility bill, a bank statement, a rates bill, a television licence statement or an official government letter. The document must be a full page or a complete PDF showing the issuer's logo, your name, your address and the issue date.

The three-month window is the practical rule because it shows where you live now, not where you lived last year. A document older than that is generally rejected even if nothing about your address has changed, so request a fresh statement from your bank or municipality rather than reusing an old one. If you receive bills electronically, download the original PDF from the issuer's portal; a screenshot or a forwarded email attachment often lacks the metadata the reviewer needs.

The address on the document must match the residential address in your FxPro profile. A PO box, a business address or an address belonging to a family member will not pass as your residential proof. If you live in shared accommodation and the bill is in someone else's name, ask your bank for a statement addressed to you at that address, or use an official letter that carries your name and the physical address. The document must be yours, current and complete.

When the Name on the Document and the Name on the Card Differ

A mismatch between the name on your identity document and the name on the card or bank account used to fund the account will normally block the deposit from being fully credited or block withdrawal of those funds. FxPro must be satisfied that the money comes from an account in your own name, because a third-party payment breaks the audit trail required by the FIC Act. The deposit may be held, returned to the source, or the account flagged for review until the discrepancy is explained.

Common causes are a maiden name on the card, a shortened first name on the bank account, a joint account where only one name appears on the statement, or a card issued in a spouse's name. The fix is documentation, not a workaround: provide the marriage certificate, a bank letter confirming the account belongs to you, or a statement that clearly links the two names. FxPro will review the evidence and, if satisfied, update its records rather than asking you to move money through a third party.

Do not try to resolve a name mismatch by depositing from a friend's or relative's card, and do not withdraw to an account that is not in your name. Both actions create a compliance problem that is harder to clear than the original mismatch. If your bank card carries a different name from your ID, fund by bank transfer from an account in your verified name, or update the card details with your bank first so the names align before you deposit.

Why the Identity Check Exists and the Law That Requires It

The identity check exists because South African financial law requires brokers to know exactly who they are doing business with before money moves. The Financial Intelligence Centre Act (FICA) obliges accountable institutions, including licensed derivative and forex brokers, to establish and verify a client's identity, residential address and source of funds. This is not a marketing formality: it is a legal gate that must be passed before an account can be activated for deposits and trading. The FSCA, as the local market conduct regulator, expects the firms it licenses to apply FICA in practice, and the FxPro entity holding an FSCA licence in South Africa is subject to that expectation. The check also protects you, because a verified account is harder for someone else to hijack or impersonate.

The law requires verification before the business relationship begins, not at some later convenience. Under FICA, an accountable institution must identify and verify a client before establishing a business relationship or concluding a single transaction, and must keep those records for the prescribed period. That is why a broker asks for documents at sign-up rather than after your first deposit. The practical effect is that no deposit can be traded until the file is complete and approved. If you open an account with an FxPro entity, the verification standard applied will be the one that entity operates under, so check which entity your own account is opened with before you assume a particular regulator's rulebook applies to you.

The check also exists to keep the broker inside its licence and outside money-laundering risk. FICA and the broader anti-money-laundering framework require brokers to screen clients, keep records and report suspicious activity, and the FSCA oversees licensed firms on that basis. For a South African trader buying gold (XAU/USD), that means your name, address and source of funds are checked against the documents you supply, not taken on trust. A clean, consistent file is not a favour to the broker; it is the condition on which the account can legally operate. Verification therefore sits before everything else: platform choice, leverage, funding method and the first trade all depend on it being done.

Re-verification: When the Documents Come Back and Why

Re-verification happens when something about your file has changed or aged, and the broker is legally required to refresh it. Under FICA, an accountable institution must keep client records current, and that duty does not end at first approval. Common triggers are an expired identity document or passport, a proof-of-address document that has gone stale, a new residential address, a change of name, a significant change in how you fund the account, or a periodic review the broker runs on existing clients. The request is not a sign that something is wrong with you; it is the same legal obligation that applied at onboarding being applied again to an older file.

The timing of a re-verification request depends on the broker's review cycle and on the document itself, not on a single fixed date for every client. Identity documents and proof-of-address records have their own validity periods, and a broker may ask for a fresh copy when the one on file is no longer current. A change you report, such as a move to a new address or a new source of funds, can also prompt a request sooner. Because the exact interval is set by the firm's FICA programme rather than by a public rule, the reliable approach is to keep your documents in date and respond promptly when asked, rather than to assume the file is permanent.

Re-verification can affect what you can do with the account while it is in progress, so treat the request as time-sensitive. A broker may restrict new deposits, new funding methods or certain account changes until the refreshed documents are approved, even if existing positions remain open. The fix is straightforward: supply the current document in the format requested, make sure the name and address match the rest of the file, and avoid sending partial or expired copies. If you have changed address or name, deal with that change explicitly rather than hoping a new document will pass silently. Keeping the file current is part of keeping a gold (XAU/USD) account usable, and it is cheaper than discovering the restriction at the moment you want to deposit.

Changing an Address or a Name on an Account That Is Already Approved

Changing an address or a name on an approved account requires a formal update with fresh supporting documents, not a quiet edit in your profile. For an address change, the broker will normally ask for a new proof-of-address document in your name showing the new residential address, meeting the same recency and acceptability rules that applied at onboarding. For a name change, you need the legal document that evidences it, such as a marriage certificate or a formal name-change record, together with an updated identity document. The broker then re-screens the file, because a change of name or address is exactly the kind of event that triggers re-verification under FICA. Until the update is approved, the old details remain the verified ones on record.

The order of operations matters: report the change first, then supply the documents, and only then expect the account details to move. If you send money or open new positions while a name change is pending, you risk a mismatch between the account holder and the payment source, which is one of the cleanest ways to get a deposit held. For an address change, the practical test is that the new document shows the new address, your full name as it appears on the account, and a date within the broker's accepted window. Keep copies of what you submitted. A change made through the proper channel is routine; the same change discovered later by the broker looks like an inconsistency and costs you time.

A name or address change can also affect how you fund the account, so plan for that. Local cards and bank transfers in ZAR, and e-wallets, are expected to be in the account holder's own name, and a name change that has not yet been reflected can create a temporary mismatch with a card or bank account. The safe sequence is to complete the broker-side update before adding a new funding method or making a large deposit. If the change is significant, ask the broker whether the account needs a fresh suitability review as well, since a move or a legal name change can alter the answers you originally gave. Treat the update as a small project with a clear finish line, not an afterthought.

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