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FSA (Seychelles) Regulated Forex Brokers

Written by Zornitsa Stefanova
Zornitsa Stefanova is experienced forex and crypto analyst. She also covers various financial topics such as stocks trading and retirement investments.
, | Updated: May 14, 2024

The Seychelles is an attractive jurisdiction for setting up a brokerage business due to the country’s lenient regulatory framework, favorable tax environment, and lower minimum capital requirements. Over 180 broking firms have obtained licenses from the FSA (Financial Services Authority of Seychelles), so separating the wheat from the chaff could be difficult for beginner traders. The good news is we have done all the heavy lifting for you, testing dozens of trading sites to create this toplist of the 10 best brokers regulated in the Seychelles.

1Fusion Markets
Rating: 4.6 ⭐
74-89% of retail CFD accounts lose money
2IC Markets
Rating: 4.8 ⭐
70.64% of retail investor accounts lose money
3Pepperstone
Rating: 4.5 ⭐
75.5% of retail investor accounts lose money
4Admirals
Rating: 4.1 ⭐
73% of retail investor accounts lose money
5eToro
Rating: 4.2 ⭐
51% of retail investor accounts lose money
6Capital.com
Rating: 4.2 ⭐
75% of retail investor accounts lose money
7Plus500
Rating: 4.1 ⭐
80% of retail investor accounts lose money
8Tickmill
Rating: 3.4 ⭐
70% of retail investor accounts lose money
9Trade Nation
Rating: 4.5 ⭐
86% of retail investor accounts lose money

Top 10 FSA-Regulated Brokers

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    Fusion Markets is a relatively new online broker as it started doing business with customers in 2019. Despite its seeming lack of experience, the broker quickly captured the attention of international traders with its low trading costs, razor-sharp spreads, and no minimum account requirements. The company is featured in the FSA register of regulated entities under license number SD096.

    The Seychelles license as an authorized securities dealer enables Fusion Markets to operate in most regions worldwide, although customers from Russia, Japan, and the US cannot register live trading accounts with this broker. Retail traders at Fusion Markets can leverage their positions at maximum ratios of 1:500. From what we understand, only clients registered through the broker’s ASIC-regulated entity benefit from negative balance protection.

    Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
  2. Launched in 2007, IC Markets has established itself as a key player on the online trading scene due to its low fees, favorable trading conditions, and superb order processing. The company serves international customers with a securities dealer license from the FSA (SD018) and has registered offices on the picturesque Eden Island. Clients can trade over 2,200 financial instruments in a secure and regulated environment.

    The Seychelles license enables IC Markets to facilitate trades in most countries worldwide, although customers from Canada, New Zealand, Israel, Iran, and the USA are not accepted. Traders registering through the FSA-regulated entity will benefit from leverage of up to 1:1000, raw spreads from zero pips, and order execution speeds of less than 40 milliseconds.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  3. Pepperstone is a reputable multi-asset brokerage that provides low-cost trading services to customers from over 160 jurisdictions. The broker has set up shop in the Mont Fleuri administrative district of Mahe Island and operates globally with an FSA securities dealer license number SD108. Traders from most countries are welcome at Pepperstone as long as they meet the minimum age requirements (18+ years old).

    The renowned broker offers excellent conditions to international traders, striking a fine balance between speedy order execution, razor-sharp pricing, and deep liquidity. Pepperstone customers can explore over 1,200 markets, including forex pairs, currency indices, stocks, commodities, and crypto assets. Leverage at Pepperstone’s FSA-licensed entity is capped at 1:500.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  4. Founded in 2001, Admirals poses an attractive option for traders insisting on security, price transparency, and lightning-fast order execution. The company has received authorization from the FSA and appears in the regulator’s register under license number SD073. The broker has registered offices on Mahe Island.

    As a fully regulated entity, Admirals safeguards traders from slipping into the red zone by offering negative balance protection for margin accounts. Retail customers will additionally benefit from client funds segregation and insurance coverage of up to $100,000 per claimant. As for market range, Admirals offers a choice from over 2,500 financial instruments, including 80+ forex pairs, 25 exchange-traded funds, 12 equity indices, and 500+ stocks.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  5. In business for over 17 years, eToro has earned a reputation for delivering a best-in-class trading experience to clients from more than 140 countries. The reputable broker has a solid international presence and registered offices in multiple jurisdictions, including the Seychelles, Cyprus, and Australia. The company’s Seychelles entity operates under license number SD076 from its offices in the capital Victoria.

    Customers can confidently invest at eToro as the broker provides a safe trading ecosystem and excellent conditions. There are plenty of lucrative trading opportunities at eToro, where you can trade and invest in over 5,000 instruments across major asset classes like forex, commodities, indices, crypto, stocks, and exchange-traded funds. All clients of eToro Seychelles have access to negative balance protection, which is yet another benefit of trading with this entity.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
  6. Capital.com started doing business with retail customers in 2016 and quickly gained traction with its extensive product lineup, affordable pricing, and transpired trading conditions. The London-based broking firm has obtained regulatory approval from five financial regulators, including the FSA. Its Seychelles outfit has registered offices in Mahe and operates under a securities dealer license number from SD101.

    The broker provides a comprehensive choice from over 3,000 currency pairs, ETFs, stocks, commodities, cryptocurrencies, and equity indices. Customers can trade via two popular third-party platforms, MetaTrader 4 and TradingView. Inexperienced traders can broaden their knowledge in the Education section, where they will find exhaustive yet accessible guides on different financial instruments.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  7. Plus500 is a trusted securities dealer that falls under the regulatory purview of the FSA, operating under license number SD039 from the Seychelles capital Victoria. The broker caters to customers with hundreds of CFDs on popular financial instruments, including forex, stocks, commodities, options, indices, and crypto. The FSA-regulated entity of Plus500 offers a maximum leverage of 1:300 to retail customers.

    Other advantages of trading here include swift order execution, competitive spreads, and the absence of commissions. The broker stores client funds in segregated accounts in line with the requirements of its regulators. Customers trading with leverage should never worry about slipping into debt as Plus500 deploys automated margin calls to prevent negative balances.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  8. In operation since 2014, Tickmill is a trustworthy broker offering favorable conditions for over 600 tradable symbols. The broker carries the stamp of approval of the FSA (SD008) and has set up its offices on Eden Island. Its parent company has obtained licenses from four other regulatory bodies, including CySEC, FCA, DFSA, and FSCA.

    The broking firm has achieved great renown in the retail trading community thanks to its affordable fees, speedy order processing, and broad range of tools for market analysis. Customers of Tickmill Seychelles Limited can access leverage of up to 1:1000. The broker is adequately capitalized and adheres to stringent client funds segregation policies. Each client is eligible for compensation between $20,000 and $1 million via Tickmill’s investment insurance scheme.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  9. Previously known as Core Spreads, Trade Nation is a reliable broker with a global reach and registered offices in multiple jurisdictions, including the Seychelles, where it operates under a securities dealer license No. SD150. The broker has garnered an excellent reputation for offering low-cost trading in a fair and secure environment.

    The FSA-regulated entity of Trade Nation safeguards retail margin traders with negative balance protection, allowing them to leverage their positions at maximum rates of 1:500. Customers can feel confident their money is in good hands as Trade Nation segregates client funds from its operating capital. The broker stores the funds of its customers at Absa Bank, one of the largest commercial banks in the island country.

    ‌Financial Spread Trades and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 86% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Financial Services Authority of Seychelles in Brief

The Financial Services Authority of Seychelles (FSA) began life in 2013 after the Financial Services Authority Act passed into law. The FSA is an independent regulatory entity tasked with the oversight of non-bank financial institutions and services registered in the island country. It regulates all securities exchanges, clearing agencies, investment advisors, fiduciaries, insurance companies, and brokers operating within the Seychelles.

The FSA carries out several key functions, such as promoting the development of the local financial services industry, granting licenses, and monitoring for compliance with the law. The regulatory body also has the remit to submit recommendations on legislative amendments to the Seychelles Minister of Finance (Naadier Hassan at the time of publication).

The watchdog keeps an up-to-date register of all companies it oversees, allowing traders to conveniently confirm whether their chosen brokers carry Seychelles licenses. Navigate to the Securities Dealers tab for the full list of FSA-authorized broking firms.

Requirements for Obtaining FSA Broker License

Online brokers must acquire securities dealer licenses from the FSA to operate legally within the Seychelles. Over 180 broking firms have already chosen this option since the country has a relatively lenient and business-friendly regulatory environment, with lower corporate tax rates, licensing costs, and capital requirements compared to other jurisdictions.

The process starts with submitting an application form brokers can download directly from the regulator’s website. Candidates must provide accurate information about their source of funds, overall capital, shareholders, compliance officers, and high-level executives. Companies applying for licenses must establish local offices in the Seychelles. Each applying broking firm must appoint at least two directors and two shareholders who are professionally suitable for their positions. Directors and other key personnel must have spotless criminal records and adequate qualifications in the financial sector to gain approval.

Each broker interested in obtaining a Seychelles license must pay an application fee of $1,500. Approved candidates are liable for paying $3,000 in annual license fees. If all documents are in good order, candidates can anticipate a decision from the FSA within three months of submitting their applications. Submitting incomplete or inaccurate applications commonly results in delays and outright rejections. Application fees are not refundable even if candidates suffer rejection.

The Seychelles has considerably lower minimum capital requirements compared to other regulatory jurisdictions. Companies interested in acquiring security dealer licenses must maintain capital of at least $50,000 throughout their operations in the country. Brokers must deposit this minimum amount in an account at an approved bank in the Seychelles.

Failure to deposit this equality in time also leads to rejected applications. Approved candidates must appoint FSA-approved auditors within one month of receiving their licenses. Licensees are subject to regular audits and must report their earnings to the Seychelles watchdog. All approved brokers must actively work to counter illegal activities like money laundering and terrorist financing.

Client Funds Protection at FSA-Regulated Brokers

The Seychelles financial regulator also has the responsibility of protecting consumers doing business with locally licensed entities. Brokers authorized in the country must segregate clients’ capital from their operational funds and store it in separate accounts at banks approved by the FSA. This requirement prevents firms facing financial challenges from using their customers’ money to cover their day-to-day business and operating expenses. It guarantees traders can retrieve their assets and deposits if a broker goes into liquidation.

The FSA makes no explicit provisions for negative balance protection, although many brokers regulated in the country have adopted this safeguard. If your live trading account falls into arrears, negative balance protection ensures you never lose more than your available equity. Brokers offering this measure enforce automatic close-outs on losing positions, preventing retail customers from running up debt.

Finally, many FSA-regulated brokers offer insurance coverage of client assets. If one such broking company fails to meet its financial obligations due to bankruptcy, eligible customers are entitled to compensation but the maximum amounts are broker-specific. For example, Admirals’s Seychelles entity offers maximum insurance coverage of $100,000, whereas Tickmill has a ceiling of $1 million per claimant.

FAQs about FSA-Regulated Brokers

  • Is the Seychelles a first-tier regulatory jurisdiction?

    The FSA belongs to the category of tier-2 financial regulators, which means brokers licensed in the Seychelles are subject to less stringent regulations. Their clients will not benefit from the same high level of consumer protection characteristic for brokers licensed by tier-1 regulators like CySEC, ASIC, or FCA.

  • How much leverage can I use at FSA-regulated brokers?

    From what we gathered, the Seychelles financial watchdog imposes no concrete restrictions on retail leverage. Leverage caps are largely broker-specific. Some broking firms offer leverage as high as 1:1000, while others have lower caps of 1:500.

  • Do brokers regulated in the Seychelles offer spread betting?

    Spread betting is a legal and very popular activity among traders doing business with Seychelles brokers. If you seek to engage in spread betting, we can recommend trying Trade Nation or Capital.com, both of which support this service.

  • What deposit methods can I use at Seychelles brokers?

    There is no shortage of cost-effective funding methods at FSA-regulated brokers where deposits generally incur no additional fees. The most common deposit options include credit and debit cards, bank wire transfers, checks, and online wallets like Skrill and Neteller. Some brokers like Fusion Markets have no minimum account requirements, allowing new customers to get started with any amount they feel comfortable with.

  • Do FSA-regulated brokers charge inactivity fees?

    Each broker has different policies regarding account inactivity. Many of the firms on our toplist have waived their dormancy fees. With that in mind, we recommend you log into your live trading account occasionally just to be on the safe side.


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