Question posted in the General Law category relating to North West
Good day. I have recently practised forex online trading and I think I can use it to change people's lives in my township. Now my small research showed me that I'm going to need an FSP 2.12 license to trade people's money so that they make profit. The license reqires me to be having a finance degree, three years experience in trading people's money and proven track record. Now I don't have those requirements and persuing them will take me a very long time.
With all that being said, my business strategy does not include taking money from people. If I trade for you, I would use my own money so that you do not risk losing anything. Afterwards we will share profits as agreed. Now my question is will I be breaking the law if I practice that method using overseas brokers that are not regulated in South Africa?
Your assistance will be highly appreciated.
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Information Requested by Lawyer
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.
If you are using your own money to trade for other people, then I don't think that there is any issue. The licencing requirements is if you want to use other people's money to trade.
But if you can make a profit, and if you are going to use your own money, why share with other people?
Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!