If you are familiar with Forex Trading, you might know a thing or two about license and registration. Every broker is certified before operating, regardless of the region. All popular brokerage companies, including Exness, RoboForex, Blackstones Futures, are regulated on both national and international levels.
Each of them have a unique FSP Search number. If you are unfamiliar with the term, no need to look further. This article will tell you all you need to know about FSP and how you can benefit from it.
FSP Search – Everything You Need to Know About It
- What is FSP Search?
FSP (Financial Service Providers) is a unique number allotted by FSCA (Financial Sector Conduct Authority). CFD Brokers, Insurance companies, and Forex brokers are all licensed under an FSP number. Every company, either big or small, needs to be authorized by FSCA to start its operations. - How FSP Search Prevents Scams
Due to this, there are fewer scams in Forex Trading. If any broker claims to be a reliable one, make sure to check whether they have an FSP search number. If not, it is best to avoid them at all costs. Not only can they steal your money, but also your account information. - How to do an FSP Search?
Doing an FSP Search is pretty simple. Firstly, you will have to go to the FSCA official website. They have a separate section for FSP Search. Navigate there, and you will see multiple sections on the page.
You can either search for FSP name, number, postal code, or per person ID. If you have any of this information, you can fill one or all bars. If not, finding it on the Internet is not difficult. Simply search for the broker with their name, and you will find all the details on their official website.
After you have filled the bars and hit search, you will see all the details of FSP search of the broker company.
From left to right, the columns are FSP Number, FSP Name, Trading Name, Fin Year-End, Current Status, Rep, KI of Rep, Sole Proprietor. On the right below, there is a “details” button. It expands these sections even further and also shows contact information.
Here, you will find the registration number as well as the date of authorization of a broker. This data will help you choose the right brokerage house. - What if there are No Results in an FSP Search?
What if the website shows no results when you enter info for an FSP Search? It could mean that you are entering the wrong information or the company is not authorized at all. You can verify the broker’s details via various sources.
However, if there is still nothing, that means the company is fraud. That is because it is a prerequisite for all financial organizations to register under FSCA. A non-licensed broker is clearly a red flag, so you should avoid that.
Conclusion
In this article, we have covered all the different aspects of FSP Search. It is a helpful method technique that you should use to verify a broker you will deal with. It can prevent scams and help you get the right start in the Forex Trading world.