| Updated: The Seychelles has emerged as a popular hub for setting up a brokerage business due to the country’s lenient regulatory framework, business-friendly tax environment, and lower minimum capital requirements. Nearly 200 brokers have obtained licenses from the Financial Services Authority of Seychelles (FSA), which can make broker selection difficult for beginner traders. This article covers 9 brokers regulated in the Seychelles.
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro50% of retail investor accounts lose money
Fusion Markets74-89% of retail's CFD accounts lose money
BlackBull MarketsTrading leveraged products is risky
Capital.com69% of retail investor accounts lose money when trading CFDs with this provider.
IC Markets70.64% of retail investor accounts lose money when trading CFDs with this provider.
Admirals73% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
Trade Nation82.3% of retail investor accounts lose money when trading CFDs with this provider.Comprehensive Comparison of the Top 9 FSA Regulated Forex Brokers
| FSA Forex Broker | Trading Platforms | Max Leverage | Trust Pilot Rating | License № |
|---|---|---|---|---|
| 1. Fusion Markets | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView | 1:500 | 4.8 ⭐ | SD096 |
| 2. IC Markets | MetaTrader4, MetaTrader5, cTrader, ZuluTrade | 1:500 | 4.8 ⭐ | SD018 |
| 3. BlackBull Markets | MetaTrader4, MetaTrader5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade | 1:500 | 4.8 ⭐ | SD045 |
| 4. Capital.com | MetaTrader 4, MetaTrader 5, TradingView | 1:200 | 4.6 ⭐ | SD101 |
| 5. Trade Nation | TN Trader, MetaTrader 4, TradeCopier, TradingView | 1:500 | 4.4 ⭐ | SD150 |
| 6. eToro | eToro Investing, eToro App, TradingView, eToro CopyTrader, Proprietary | 1:400 | 4.2 ⭐ | SD076 |
| 7. Plus500 | Proprietary, desktop and mobile platforms | 1:300 | 4.2 ⭐ | SD039 |
| 8. Tickmill | MT4, MT5, WebTrader, ZuluTrade, TradingView | 1:1000 | 4.1 ⭐ | SD008 |
| 9. Admirals | MetaTrader4, MetaTrader5, WebTrader, MT Supreme Edition, StereoTrader | 1:1000 | 3.8 ⭐ | SD073 |
Top 9 FSA-Regulated Brokers
Fusion Markets is a relatively new broker founded in 2019. The broker offers low trading costs, tight spreads, and no minimum account requirements for both Zero and Classic accounts. The company is featured in the Seychelles Financial Services Authority (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, New Zealand, Ontario, Spain, and the US cannot register live trading accounts at the time of this writing. Retail traders at Fusion Markets can leverage their positions at maximum ratios of 1:500. Only clients registered through the broker’s entity regulated by the Australian Securities and Investments Commission (ASIC) receive 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. IC Markets
Launched in 2007, IC Markets offers low fees and competitive trading conditions for forex trading. The company serves international customers with a securities dealer license from the FSA (SD018) and has registered offices on Eden Island. The FSA-registered entity of the company is Raw Trading Ltd. Clients can trade over 2,200 financial instruments, including more than 60 currency pairs, indices, commodities, and stocks.
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 can access leverage of up to 1:1000 and raw spreads from zero pips with Raw Spread accounts. The broker reports 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. Admirals
Founded in 2001, Admirals offers services for traders seeking security, price transparency, and fast order execution. The company has received authorization from the FSA and appears in the regulator’s register under license number SD073 as a securities dealer. The broker has registered offices on Mahe Island. As a regulated entity, Admirals offers negative balance protection for margin accounts.
Retail customers also receive client funds segregation and insurance coverage of up to $100,000 per claimant. All trades are routed through regulated liquidity providers, supporting market integrity and execution reliability. Admirals offers a choice from over 2,500 financial instruments, including 80+ forex pairs, 25 exchange-traded funds, 12 equity indices, and 500+ stocks. Customers registered under the FSA-regulated division can access higher leverage ratios of up to 1:1000.
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. - 4. eToro
Founded in 2007, eToro serves clients from more than 140 countries and has registered offices in multiple jurisdictions, including the Seychelles, Cyprus, Abu Dhabi, New Jersey, and Australia. The company’s Seychelles entity operates as a Securities Dealer under license number SD076, from its offices in the capital city, Victoria. Retail clients registered under the FSA-registered entity of eToro can use leverage of 1:30 for major currency pairs and 1:20 for non-major pairs. The maximum advanced leverage is capped at 1:400 and 1:50 for these FX instruments.
Traders can access over 7,000 instruments across asset classes including forex, commodities, indices, crypto, stocks, and exchange-traded funds. All clients of eToro Seychelles have access to negative balance protection.
Leveraged and speculative product are not suitable for all investors so users should consider their risk tolerance and capital at risk before taking on leverage.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 50% 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. Capital.com
Capital.com launched for retail customers in 2016 and offers over 5,500 markets, affordable pricing, and transparent trading conditions. The London-based broking firm has obtained regulatory approval from five financial regulators, including the FSA. Its Seychelles entity has registered offices in Mahe and operates under securities dealer license number SD101.
The broker provides access to over 140 forex pairs, 5,100+ stocks, commodities, cryptocurrencies, and 40+ index markets. Customers can trade via two third-party platforms, MetaTrader 4 and TradingView. Traders can access the Education section, which includes guides on different financial instruments.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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. Please refer to our Risk Disclosure Statement. - 6. Plus500
Plus500 is a securities dealer regulated by the FSA, operating under license number SD039 from the Seychelles capital Victoria since 2020. The broker caters to customers with 2,800+ Contracts for Difference (CFDs) on financial instruments, including forex, stocks, commodities, options, indices, and crypto. The FSA-regulated entity of Plus500, Plus500SEY Ltd., offers a maximum leverage of 1:300 to retail customers.
Other features include fast order execution, competitive spreads, and the absence of commissions. The broker stores client funds in segregated accounts and deploys automated margin calls designed to help prevent negative balances for leveraged accounts.
*This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorized by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe such as leverage limitations and bonus restrictions.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. BlackBull Markets is a Seychelles-authorized broker offering trading on over 26,000 financial instruments. The broker is based in New Zealand but serves international clients with FSA license (SD045) granted to its parent company, BBG Limited. The company’s Seychelles entity operates from offices based on Mahe Island. The broker maintains Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies and stores customer funds in segregated accounts at New Zealand’s ANZ Bank.
The broker offers retail, institutional, and swap-free accounts. Registered customers can connect their BlackBull live accounts to MT4, MT5, cTrader, or TradingView. The broker has also developed a proprietary platform (BlackBull Copy Trader) designed for copy traders. The Seychelles-authorized entity caps maximum retail leverage at 1:500.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.- 8. Tickmill
In operation since 2014, Tickmill offers over 600 tradable symbols available through CFDs. The broker holds a license from the FSA (SD008) as a securities dealer and has set up its offices on Eden Island. Its parent company has obtained licenses from four other regulatory bodies, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA), and the Financial Sector Conduct Authority (FSCA).
The broker provides affordable fees, fast order processing, and a 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 client funds segregation policies. Each client is eligible for negative balance protection and compensation between $20,000 and $1 million via Tickmill’s investment insurance scheme, established in partnership with Lloyd’s.
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. Trade Nation
Previously known as Core Spreads, Trade Nation is a broker with operations in multiple jurisdictions, including the UK, South Africa, and the Seychelles, where its entity, Trade Nation Financial Markets Ltd., holds securities dealer license number SD150. The broker focuses on low-cost trading for its customers.
The FSA-regulated entity of Trade Nation offers negative balance protection to retail margin traders, allowing them to leverage their positions at maximum rates of 1:500. Trade Nation segregates client funds from its operating capital, and 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.
FSA Regulated Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 4,873 | 4.8 ⭐ |
| 2. IC Markets | 48,248 | 4.8 ⭐ |
| 3. BlackBull Markets | 2,681 | 4.8 ⭐ |
| 4. Capital.com | 13,311 | 4.6 ⭐ |
| 5. Trade Nation | 1,411 | 4.4 ⭐ |
| 6. eToro | 29,171 | 4.2 ⭐ |
| 7. Plus500 | 17,312 | 4.2 ⭐ |
| 8. Tickmill | 1,077 | 4.1 ⭐ |
| 9. Admirals | 2,046 | 3.8 ⭐ |
Financial Services Authority of Seychelles in Brief
The Financial Services Authority of Seychelles (FSA) was established in 2013 after the Financial Services Authority Act passed into law. The FSA is an independent regulatory entity that oversees 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 is governed by a Board of Directors, which serves as its principal governing body responsible for setting policy and overseeing operations. Board members are appointed by the President of Seychelles for fixed 3-year terms and include a mix of ex-officio representatives from key government ministries and appointed members from the public and private sectors.
The current Chairperson of the Board is Mr. Patrick Payet, re-appointed in January 2024. Mr. Randolf Samson, appointed in October 2022, is the CEO of the FSA and oversees its day-to-day operations and serves as an ex-officio member of the Board. The FSA has several operational divisions, including Policy, Legal and Communications, Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT), and Risk Management, Insurance and Pension Supervision.
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 can also submit recommendations on legislative amendments to the Seychelles Minister of Finance (Naadir Hassan at the time of publication).
The watchdog keeps an up-to-date register of all companies it oversees, allowing traders to 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 an FSA Broker License
Online brokers must acquire securities dealer licenses from the FSA to operate legally within the Seychelles. Nearly 200 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 broker must appoint at least two directors and two shareholders who are professionally suitable for their positions. Directors and other key personnel must have clean criminal records and adequate qualifications in the financial sector to gain approval.
Brokers seeking a Seychelles license must pay an application fee of $1,500. Approved candidates must also pay $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 applications are rejected.
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 minimum capital in time 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.
Investment advisors, both individual and corporate, must also obtain licenses from the local financial regulator, similar to online brokers. The application fees amount to $1,250 for individuals and $1,500 for corporate entities, with annual license fees of $2,500 and $3,000, respectively.
Below is a summarized list of all the steps forex brokers must complete during the license application process in the Seychelles:
- Application fees: Forex brokers submitting documents for an FSA license must pay an application fee of $1,500. Applicants must also pay a state fee of $6,300. Entities approved to operate under an FSA license must pay annual license fees of $3,000.
- Minimum capital requirements: To be eligible for an FSA license, broker companies must have minimum share capital of $50,000. The minimum capital requirements of other regulators can be twice as high and vary depending on the services offered.
- Application assessment timeframe: If the company has been fully compliant and has submitted all required documents, it usually takes up to three months for the regulator to review the application. However, any inaccuracy during the application process may lead to delays.
- Physical presence required: To apply for an FSA license, a broker must have a local office registered in the Seychelles. The financial service provider must also appoint a brokerage license representative, a regulatory compliance officer, and a legal advisor – all three must be located in the Seychelles.
- Key employees: The company needs to employ two directors and two shareholders, all of whom must be experienced, well-educated in the respective field, and provide proof of professional standing. The applicant must also employ an auditor who is also approved by the FSA, with the latest date of their employment being within one calendar month after the licensing of the broker.
- Corporate tax rates: Forex brokers licensed by the FSA are required to pay a corporate tax of only 1.5%, with the rate being calculated on the total income of the licensed entity.
- Client funds segregation: FSA requires licensed brokers to cover operational costs using only funds in the company’s bank account. To enforce this, FSA-regulated brokers must keep their customers’ funds in segregated bank accounts.
- Investor protection scheme: While FSA-regulated brokers are not required to adopt a specific investor compensation scheme, most entities operating under an FSA license offer customers compensation in the case of insolvency.
- Leverage and risk management: FSA-regulated brokers can offer higher leverage with few restrictions, even to retail clients, compared to CySEC-regulated brokers that must cap retail leverage at 1:30.
- Negative balance protection: Generally, offering negative balance protection is not mandatory, but depends on each broker’s policies.
- Other requirements: In addition to being registered in the Seychelles, applicants must also open a bank account with a local bank. This account is used to deposit the share capital required for the license application. Once licensed, the company conducts its financial operations through the same account.
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 working capital. It also helps ensure 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 is designed to prevent losses beyond your available equity. Brokers offering this measure enforce automatic close-outs on losing positions, preventing retail customers from running up debt.
Many FSA-regulated brokers also offer insurance coverage of client assets. If a broker fails to meet its financial obligations due to bankruptcy, eligible customers are entitled to compensation, though 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
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.
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.
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.
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.
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.
You might also be interested in exploring forex brokers regulated by other institutions
- CySEC (Cyprus) Regulated Forex Brokers
- FCA (United Kingdom) Regulated Forex Brokers
- IFSC (Belize) Regulated Forex Brokers
- VFSC (Vanuatu) Regulated Forex Brokers
- ASIC (Australia) Regulated Forex Brokers
| Top 30 FSA-Regulated Forex Brokers Ranked by Trustpilot Score | ||||
|---|---|---|---|---|
| Broker | License Number | Trading Platform | Max Leverage | Trustpilot Score |
| Baxia | SD104 | MT5, MT4 | 1:1000 | 4.8 / 5 |
| Exness | SD025 | MT4, MT5 | 1:2000 | 4.7 / 5 |
| BDSwiss | SD047 | MT4, MT5 | 1:2000 | 4.7 / 5 |
| FXCentrum | SD055 | FXC Trader | 1:1000 | 4.6 / 5 |
| Taurex | SD092 | MT4, MT5 | 1:1000 | 4.6 / 5 |
| DB Investing | SD053 | MT5, Sirix WebTrader | 1:500 | 4.6 / 5 |
| FinPros | SD087 | MT5, FinPros Trading Platform | 1:500 | 4.5 / 5 |
| HFM | SD015 | MT4, MT5, HFM Platform | 1:2000 | 4.4 / 5 |
| Skilling | SD042 | Skilling Trader, MT4 | 1:500 | 4.4 / 5 |
| JustMarkets | SD088 | MT4, MT5 | 1:3000 | 4.4 / 5 |
| TenTrade | SD082 | MT5 | 1:500 | 4.4 / 5 |
| ThinkMarkets | SD060 | MT4, MT5, ThinkTrader | 1:500 | 4.3 / 5 |
| ETO Markets | SD062 | MT4, MT5 | 1:500 | 4.3 / 5 |
| Milton Prime | SD040 | MT4, MT5 | 1:500 | 4.3 / 5 |
| XS | SD089 | MT4, MT5 | 1:2000 | 4.3 / 5 |
| CMTrading | SD070 | MT4 | 1:200 | 4.2 / 5 |
| XB Prime | SD006 | MT4, MT5 | 1:500 | 4.2 / 5 |
| Exclusive Markets | SD031 | MT4 | 1:2000 | 4.2 / 5 |
| TopFX | SD037 | MT4, cTrader | 1:1000 | 4.1 / 5 |
| Errante | SD038 | MT4, MT5, cTrader | 1:500 | 4.1 / 5 |
| Purple Trading | SD041 | MT4, cTrader | 1:500 | 3.6 / 5 |
| Squared Financial | SD024 | MT4, MT5 | 1:500 | 3.4 / 5 |
| M4Markets | SD035 | MT4, MT5 | 1:1000 | 3.3 / 5 |
| Equiti | SD064 | MT4, MT5 | 1:500 | 3.3 / 5 |
| Alvexo | SD030 | Alvexo WebTrader | 1:400 | 3.1 / 5 |
| LeoPrime | SD032 | MT4 | 1:1000 | 3.1 / 5 |
| ATFX | SD093 | MT4 | 1:400 | 2.5 / 5 |
| FXGT | SD019 | MT4, MT5 | 1:1000 | 1.9 / 5 |
| FXOro | SD047 | MT4 | 1:400 | 1.7 / 5 |