The FxPro identity check, done once and done properly

Why finish verification before the first deposit

Completing verification before you deposit means the money lands in a fully open account you can trade and withdraw from. If you fund first, the deposit is received but the account stays limited until the checks clear, and any withdrawal request in that window is held back. The order is verification, then funding, then trading.

There is a second reason: the account record ties your identity to your payment methods. A card or bank transfer in a name that does not match the verified account holder is the usual cause of a funding query. Getting the identity check done first means the funding step has nothing to argue with.

Which documents pass first time

Proof of identity passes first time when it is a clear, full-colour image of a valid passport, national ID or driving licence, with all four corners visible and no glare across the photo page. A cropped scan or a phone photo taken at an angle is the most common reason a document is sent back. The name and date of birth must be readable without zooming.

Proof of address passes when it is a recent document in your name showing your residential address as you entered it on the form. A bank statement or utility bill is typical; the address must match the form exactly, including suburb and postal code. A document showing a different address, even a family home, will be queried.

Take the images in daylight, lay the document flat, and check the file is legible before uploading. If the portal asks for a selfie or a liveness check, do it in even light without a hat or filter. None of this is unusual; it is the same standard a South African bank applies when you open an account.

What sends one back, and the entity question

Documents come back for four recurring reasons: the name does not match the account, the address does not match the form, the image is unreadable, or the document has expired. Each means a second upload and a wait, so check all four before you submit rather than after. If your ID and your proof of address show different addresses, update the form to the address on the proof before uploading.

The entity question sits alongside verification. 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. Offshore onboarding reports mean local FSCA oversight and compensation may not apply to some accounts, which is a reason to know your entity before you rely on any protection.

The legal duty behind the ID check: FICA and the FSCA

The identity check exists because South African law requires it. The Financial Intelligence Centre Act (FICA) obliges every accountable institution, including brokers serving South African clients, to identify and verify each client before establishing a business relationship. The Financial Sector Conduct Authority (FSCA) supervises how brokers licensed in South Africa meet that duty. This is not a marketing step or an internal preference; it is a statutory gate. A broker that skips it risks its licence, which is why the check is non-negotiable even for a modest first deposit in rand.

FICA requires two separate things: identifying you, which means collecting your name, ID number and address, and verifying those details against independent documents. Verification is what the upload step is for. The law also requires brokers to keep records of the verification for a set period after the relationship ends, so the documents you submit are retained, not just glanced at. That retention obligation is one reason a broker may ask again later rather than relying on an old copy it cannot locate.

The duty sits on the entity that opens your account, not on the brand name on the website. 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 your account is with FxPro Markets Direct Costa Rica Latam SRL, the verification is run under that entity's own FICA-equivalent programme, which is why the document list can look slightly different from one FxPro entity to another.

Document mistakes that get a verification rejected

The most common rejection cause is a document that is genuine but unusable: a photo with glare across the ID number, a corner cut off, or a scan so dark the facial features disappear. Brokers need to read every field, so an image that is partly obscured fails even if the document itself is valid. The fix is a flat, well-lit colour photo or scan with all four corners visible and no reflection from a phone flash. Black-and-white copies and screenshots of a screen are routinely sent back.

The second cause is expired or mismatched paperwork. An identity document that has passed its expiry date cannot verify you, even if it was valid when you first thought about opening the account. A proof of address that is older than the broker's accepted window, or that shows a different name spelling from your ID, also fails. Something as small as a middle name present on the ID but missing on the bank statement is enough to trigger a manual review and a request for a corrected document.

The third cause is a document that proves the wrong thing. A bank statement with your name and address can serve as proof of address, but a payslip with no address on it cannot. A card photo proves you hold a card but not that the card is yours in the way the broker needs. Sending a document the broker did not ask for delays the file because an agent has to explain the gap and request the right item, so match each upload to the exact label on the request.

A deposit made before verification is approved

A deposit made before approval is typically received but frozen. The money lands in the broker's client account and is credited to your account record, but withdrawals and trading are usually blocked until verification clears. It is not lost, and it is not a way to jump the queue. The practical effect is that your rand sits idle while the document queue runs, and you have less control over it than you would if you had verified first and funded afterwards.

The exact handling depends on the entity and the funding route. Local cards and bank transfers in ZAR and e-wallets each have their own reconciliation step, and an unverified account can slow that matching because the broker may hold the credit until the name on the payment matches a verified identity. If the payment came from a card or bank account in a different name, the funds may be held longer or returned to source. The broker's terms set the timeline, so read the funding section before sending money.

The safe sequence is verification first, then deposit. Complete the identity and address steps, wait for the approval confirmation, and only then fund the account. That order means your first trade is not delayed by a document query and your withdrawal rights are active from the start. If a deposit is already sitting unverified, the fastest route is to submit the outstanding document promptly rather than send a second deposit, which only adds another unverified credit to reconcile.

The suitability questionnaire and what your answers change

The suitability questionnaire is an appropriateness check, and your answers determine whether the broker can offer you leveraged gold trading at all. It asks about your trading experience, your knowledge of leveraged products, your financial situation and your objectives. The answers do not change the price you pay or the leverage cap on the instrument; they change whether the broker classifies the product as appropriate for you and what warnings or restrictions it applies to your account.

If your answers show limited experience, the broker may still open the account but will typically require you to acknowledge the risk warnings before trading XAU/USD. In some cases it may restrict access to higher-risk features until you demonstrate knowledge. Answer honestly: an inflated experience claim does not unlock better terms, because the maximum leverage available in South Africa is up to 1:200 for retail and up to 1:500 for eligible or professional clients depending on instrument, and that cap is set by the entity and the instrument, not by your questionnaire score.

The questionnaire also feeds the broker's record of why it allowed you to trade, which matters under conduct rules. If you later ask to be treated as a professional client to access the higher cap, the assessment of your experience and financial standing becomes part of that decision. Treat the form as a factual record rather than a box to tick through; changing an answer later is possible but it triggers a review, and inconsistent answers are one of the things that slows an otherwise clean file.

Proof of address accepted in South Africa and how recent it must be

Proof of address in South Africa is usually a utility bill, a bank statement or a municipal rates account in your name, showing your residential address as you gave it. A lease agreement or a letter from an employer can be accepted in some cases, but the broker's list is the authority. The document must show your name, your address and a date. A statement that shows a PO box rather than a street address is often rejected because it does not tie you to a physical residence.

Recency is the part most applicants get wrong. Brokers generally require the document to be recent, commonly within the last three months, though the exact window depends on the entity and is stated in its document requirements. A municipal bill from six months ago is usually too old even if nothing about your address has changed. If your account is paperless, download the latest PDF statement from your bank rather than photograph an old printed copy, because the PDF carries the issue date the reviewer checks.

The address on the document must match the address you entered in the application. If you have moved, submit a document showing the new address rather than an old one that matches the old entry. For a shared household, a document in another person's name does not verify you; you need one in your own name. Where a document is in a spouse's name, the broker may ask for an additional item, so check the requirement before uploading to avoid a second round.

When the name on the document and the name on the card differ

A mismatch between the name on your ID and the name on the card or bank account is treated as a verification problem, not a clerical one. The broker needs to be satisfied that the person funding the account is the person who owns it, so a card in a different name, a maiden name, or an initials-only version can trigger a hold. The payment may be received but not credited for trading until the link is explained and documented. This is a fraud-prevention step, and it applies to local cards and bank transfers in ZAR as well as e-wallets.

The usual fixes depend on the cause. If the card is in your name but uses a shortened form, a bank statement or card issuer letter confirming the link can resolve it. If the account is a joint account, the broker may ask for evidence that you are a named holder. If the payment came from a third party, the broker may decline it or return it to source, because third-party funding is generally not accepted. The exact evidence list is set by the entity, so ask before sending a second payment from the same mismatched source.

The cleanest approach is to fund from an account in the same name as your verified identity. That means a South African bank account or card in your own name, or an e-wallet registered to you. If your name has changed through marriage or deed poll, update the broker record first and submit the supporting document, then fund. Doing it in that order avoids a frozen deposit and a manual review that can take longer than the original verification.

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