is alpha markets regulated by the fsca south africa

You wont see their name on the fsca list of licensees because alpha markets is just an appointed juristic representative of another fsca licensed broker.

Several unlicensed forex brokers in South Africa are begining to adopt this modus operandi where they just attach themselves to an fsca licensed broker just like renting a license. This is not illegal because the fsca is usually notified before any juristic rep is appointed/terminated but it does have its risks.