The FxPro identity check, done once

Which documents pass first time

Documents pass first time when they are current, complete and legible. For identity, a valid passport or South African ID is what the check expects; for address, a recent bank statement or utility bill showing your name and physical address as you entered them on the application. The name and address must match the form exactly, including abbreviations.

Photograph or scan the whole document, all four edges included, in good light and without glare. A cropped corner or a flash washing out a date is enough to fail the automated check even when the document itself is genuine. Colour images are safer than black and white.

Proof of address needs to be recent enough to satisfy the reviewer, and the record here does not fix a validity window, so use the most recent statement you have rather than an old one. If your name appears differently on two documents, resolve that before uploading rather than after a rejection.

What sends a document back

The most common rejection is a mismatch between the application and the document: a middle name omitted, an old address, a maiden name. The second is image quality. The third is an expired document. None of these are about who you are; all of them cost you a second attempt.

Selfies and screenshots of documents tend to fail because they lose the detail the check needs. Use the original document, photographed flat. If you are uploading a bank statement, make sure the page showing your name and address is included, not just the transactions page.

If a document is rejected, read the reason rather than resubmitting the same file. The reviewer usually states what was wrong, and fixing that one thing is faster than uploading a fresh set and hoping. Keep a copy of what you submitted so you can compare.

Why finish it before the first deposit

Money can reach an unverified account, but it cannot be traded until verification clears, so depositing first simply parks your rand in an account you cannot use. Completing verification first means your first deposit is the last step before you trade, not the start of a wait.

There is also a withdrawal consequence. Withdrawals are tied to a verified identity and to the funding method used, so an account verified properly at the start has a cleaner path back out. Doing it in the right order saves you from discovering a document problem at the moment you want your money returned.

The regulator caveat matters here. FxPro is licensed by the FCA (UK) and CySEC, and an FxPro entity holds an FSCA licence in South Africa, but offshore onboarding reports mean local FSCA oversight and compensation may not apply to some accounts. Check which entity your own account is opened with before you rely on any protection.

The legal basis for identity checks on a South African trading account

Identity verification is required because South African anti-money laundering law obliges financial services providers to know exactly who their client is before any money moves. The Financial Intelligence Centre Act (FICA) requires accountable institutions to identify and verify clients, and the FSCA expects licensed brokers to apply those standards. 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 check is therefore not a broker preference but a legal precondition to opening and operating a funded account.

The check exists to prevent the account from being used for money laundering, terrorist financing or fraud, and to make sure the person trading is the person named on the account. Under FICA, a broker must establish your identity from an official document and keep a record of it. It must also understand the purpose and intended nature of the relationship. For a gold (XAU/USD) account, that means confirming you are who you say you are and that the funds you intend to use are legitimately yours before a first deposit is accepted.

South Africa's exchange control and tax rules also depend on accurate client identification, so the same documents serve more than one purpose. A correctly verified profile makes later withdrawals, rand funding by EFT or local card, and any FSCA or tax query easier to resolve. The practical point is that verification is a gate you pass once, with the right documents, rather than an obstacle you work around. Treat it as part of setting up the account properly, and the rest of the onboarding process becomes straightforward rather than a series of delays.

The document mistakes that cause most verification rejections

Most rejections come from the same handful of avoidable errors: a photograph of a document rather than a scan, glare or shadow across the text, cropped edges that cut off a corner or a number, and a document that has expired. A proof of address that is older than the broker's stated recency window is also rejected, as is a document where the name does not match the account name exactly. These are presentational and currency problems, not questions about your identity, and they are the easiest to fix before you upload.

A second group of mistakes involves the wrong document type. A bank statement screenshot, a till slip, a handwritten letter or a mobile-phone photo of a utility bill will not pass as proof of address. The document must be an official statement or bill that shows your full name and your residential address as you entered it on the application. If you moved recently and the address on your bank statement is the old one, that document will fail even if everything else about it is correct.

A third group is inconsistency between documents. A middle name missing on one document, a maiden name on another, or an address written with a different suburb or postal code than the one on the application all create a mismatch that a reviewer must query. Before uploading, compare the name and address on each document with the application field by field. Resubmitting a corrected document is usually quick, but each rejection adds a round trip, so the cheapest fix is to get the first upload right.

What happens to rand deposits made before verification is complete

A deposit made before approval is normally received and held, not traded with, until verification is complete. The funds are credited to your account but remain unavailable for opening positions, and the broker may apply its own rules on how long they can be held before being returned to the source. Because the exact handling depends on the broker's client agreement and the payment method, confirm it in the account terms rather than assuming the money is instantly usable. The safe approach is to finish verification before sending any rand.

If verification is never completed, the deposit is typically returned to the original funding source, which for South African clients is usually a local card, a bank transfer in ZAR or an e-wallet. Returning funds to the source is itself an anti-money-laundering requirement, so the money cannot simply be redirected to a different person's account. That return can take time and may involve the receiving bank's own processing, which is another reason not to treat a pre-verification deposit as a shortcut.

The practical risk is that a deposit sitting in an unverified account cannot be used when you want it, and a market move you wanted to trade may pass while you wait. Gold (XAU/USD) can move quickly, and a position you planned at a reference price near 4275.0 is not the same opportunity hours later. Completing the check first removes that timing risk and avoids a return-and-refund cycle entirely.

How the suitability questionnaire shapes what you can trade

The suitability questionnaire is how the broker decides whether the products it offers are appropriate for your knowledge, experience, financial situation and objectives. Your answers do not change the reference price of gold or the margin formula, but they can change what you are offered: a profile with limited experience may be steered away from the highest-risk configurations, while an experienced profile may be given access to more. Answer honestly, because the assessment is there to protect you and an inaccurate answer undermines it.

The answers also feed into the leverage decision. Maximum leverage in South Africa is up to 1:200 for retail clients, and up to 1:500 for eligible or professional clients depending on the instrument. That is a cap, not a setting to aim at. At 1:200, a 0.10-lot gold position (10 oz) needs about $85.50 margin at a reference price near 4275.0. Your questionnaire answers help determine which category you fall into and therefore which cap applies to your account.

Finally, the questionnaire can affect whether the broker accepts you as a client at all, or whether it recommends a different account type. If your stated experience and objectives do not match a high-risk product, the responsible outcome may be a restriction or a warning rather than full access. Treat the questionnaire as part of the same legal onboarding process as your ID documents: it is not a formality to click through, and inconsistent answers can trigger a query just as a mismatched document can.

Proof of address accepted in South Africa and the recency rule

Accepted proof of address in South Africa is an official document that shows your full name and residential address, typically a bank statement, a municipal or utility bill, or a rates account statement. The document must be current under the broker's stated recency window, which is usually measured in months rather than years; check the exact period in the account terms because it is not a figure to assume. A document outside that window is treated as expired and will be rejected even if it is otherwise genuine.

The address on the document must match the address you entered on the application, including the suburb and postal code. A statement sent to a PO box, a business address or a family member's home will not verify a residential address you claimed. If you rent and the utility account is not in your name, a bank statement showing your residential address is the more reliable document. Mobile-phone bills and screenshots generally do not qualify because they do not meet the official-document standard.

Recency matters because the check is about where you live now, not where you lived when the account was opened. If your most recent statement is older than the broker's window, request a fresh one from your bank or municipality before uploading. For South African clients funding by EFT or local card, a recent bank statement often serves both as proof of address and as a consistent name-and-address record, which reduces the chance of a mismatch query later.

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

A difference between the name on your identity document and the name on the card or bank account used to fund the account is a mismatch that must be explained before the deposit is fully accepted. Brokers are required to know the source of funds, and a payment from a card in a different name raises a legitimate question about whose money it is. The usual resolution is to fund from an account in your own name, or to provide a document that explains the relationship, such as a marriage certificate or a name-change record.

The same logic applies to third-party funding. A deposit from a friend, a spouse or an employer is generally not accepted as your own trading capital unless the broker's policy explicitly allows it and the source is documented. For South African clients, a local card or bank transfer in ZAR from an account held in your name is the cleanest route. If a card was issued in a maiden name, update the account name or supply the linking document rather than hoping the payment clears unnoticed.

If a mismatch is found after funding, the broker may hold the deposit, request further documents or return the funds to the source. That can delay your first trade and, with gold (XAU/USD) moving intraday, the delay has a real cost. The preventive step is simple: before your first deposit, confirm that the name on your ID, your bank account and your card all match, and fix any difference while the account is still empty.

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