Vault Markets is not regulated by the Financial Sector Conduct Authority (FSCA) in South Africa but they are a Juristic Representative of an FSCA regulated broker called RocketX (pty) LTD.
By Juristic Representative (JR) it means that RocketX has appointed Vault Markets to render financial services on its behalf and Vault Markets has passed the fit and proper test conducted by the FSCA.
So this means that the FSCA is totally aware of the JR arrangement between RocketX & Vault Markets.
The risk is that if ever there is a disagreement between Vault Markets (the JR) and RocketX (the FSP), the FSP might choose to terminate the agreement.
In summary, RocketX could wake up and say Vault Markets is no longer their Juristic Representative and they can choose to transfer your trading account to a new Juristic Representative.
In my opinion, Vault Markets is a high-risk forex broker since they are not regulated by the FSCA but are technically "renting" an FSCA license from RocketX. You should think twice before opening an account with Vault Markets.
