FSA Regulated Forex Brokers

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: November 26, 2024

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• Jump to:
• Main Features of the Best FSA Forex Brokers
• FSA Forex Brokers Compared By Leverage and Commission per Lot
• FSA Forex Brokers by Spread
• Financial Services Authority of the Seychelles
• FSA’s Responsibilities
• Guidelines FSA Brokers Need to Comply With
• Customer Protection
›

With forex being a global market, it is crucial to have different regulators monitoring the integrity of financial markets across the globe. While authorities like ASIC, FCA, and CySEC are well known for being on the stricter side of forex regulations, organizations like the Financial Services Authority of Seychelles (FSA) are popular for offering more freedom while still regulating the forex sector.

1. 

   Fusion Markets

   Rating: 4.9

   74-89% of retail CFD accounts lose money

2. 

   FP Markets

   Rating: 4.8

   73.85% of retail investor accounts lose money

3. 

   IC Markets

   Rating: 4.6

   70.64% of retail investor accounts lose money

4. 

   BlackBull Markets

   Rating: 4.6

5. 

   HFM

   Rating: 4.3

6. 

   eToro

   Rating: 4.2

   51% of retail investor accounts lose money

7. 

   Eightcap

   Rating: 4.2

   76.09% of retail investor accounts lose money

8. 

   Plus500

   Rating: 4.1

   80% of retail investor accounts lose money

9. 

   Admirals

   Rating: 3.9

   73% of retail investor accounts lose money

10. 

    Tickmill

    Rating: 3.7

    70% of retail investor accounts lose money

Main Features of the Best FSA Forex Brokers

1. TRADE NOW READ REVIEW
   Fusion Markets

   Min Deposit

   $0

   Trading Instruments

   Forex, Commodities, Indices, Crypto, US Stocks

   Regulators

   ASIC, FSA (Seychelles), VFSC (Vanuatu)

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView

   Spread

   0.9 pips Classic; 0.0 pips Zero

   Leverage

   1:30 (1:500 for forex and metals via VFSC)

   Deposit Methods

   Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity

   74-89% of retail CFD accounts lose money

   Broker operating in multiple regions thanks to an FSA license (no. SD096). Forex traders can enjoy spreads as low as 0.0 pips on the ZERO account. Maximum leverage available to retail traders on some assets may go up to 1:1,000.

2. TRADE NOW READ REVIEW
   IC Markets

   Min Deposit

   $200

   Trading Instruments

   CFDs on Forex, Commodities, Index, Bond, Cryptocurrencies, Stock, Futures

   Regulators

   FSA (Seychelles), CySEC, ASIC

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, ZuluTrade

   Spread

   0.8 pips Standard, 0.0 pips Raw Accounts

   Leverage

   1:30

   Deposit Methods

   Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna

   Withdrawal Methods

   Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna

   70.64% of retail investor accounts lose money

   Operates under FSA license no. SD018. Offers traders more than 60 currency pairs to trade. Offers raw spreads starting from 0.0 pips. Available leverage on forex pairs can go as high as 1:500.

3. TRADE NOW READ REVIEW
   FP Markets

   Min Deposit

   $50 (AU$100)

   Trading Instruments

   Forex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDs

   Regulators

   ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines)

   Trading Platforms

   MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView

   Spread

   1.0 pips Standard; 0.0 pips Raw

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, Rapyd

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal

   73.85% of retail investor accounts lose money

   Operates under a Securities Dealer license from FSA. Offers traders Standard and Raw account options, with maximum leverage capped at 1:500. Negative balance protection available to all account users.

4. TRADE NOW READ REVIEW
   Admirals

   Min Deposit

   $100 ($1 for Invest MT5 Account)

   Trading Instruments

   CFDs on Forex, Indices, Stocks, Commodities, Bonds, ETFs, Cryptocurrencies

   Regulators

   CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311)

   Trading Platforms

   MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader

   Spread

   From 0.0 pips (Invest and Zero Accounts), 0.5 pips (Trade Accounts)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Skrill, Klarna, Bank Transfer, PayPal, Neteller, iDeal, POLi, Perfect Money, Cryptocurrencies

   Withdrawal Methods

   Bank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, Perfect Money

   73% of retail investor accounts lose money

   Broker operating legally under FSA license no. SD073. Over 500+ CFDs on forex, metals, indices, stocks, and more available on platforms like MT4 and MT5. Maximum leverage can go up to 1:1,000.

5. TRADE NOW READ REVIEW
   eToro

   Min Deposit

   $50 or $100 based on country ($10 for the UK)

   Trading Instruments

   Crypto, CFDs on Forex, Stocks, Commodities, Crypto, ETFs, and Indices

   Regulators

   FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN, AMF, SEC, GFSC

   Trading Platforms

   eToro Investing, eToro App, TradingView, eToro CopyTrader

   Spread

   1 pip

   Leverage

   1:30

   Deposit Methods

   eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24

   Withdrawal Methods

   PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer

   51% of retail investor accounts lose money

   Offers investments and trading with more than 6,000 instruments. FSA-regulated entity operating under license no. SD076. Maximum leverage offered by the entity regulated in the Seychelles can go up to 1:400 on major forex pairs.

6. TRADE NOW READ REVIEW
   Plus500

   Min Deposit

   $100

   Trading Instruments

   Crypto, Indices, Commodities, Stocks, Options, ETFs

   Regulators

   FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727)

   Trading Platforms

   Proprietary desktop and mobile platforms

   Spread

   0.8 pips

   Leverage

   1:30

   Deposit Methods

   Mastercard, Visa, Skrill, PayPal, Bank Transfer, Apple Pay, BPAY

   Withdrawal Methods

   PayPal, Bank Transfer, Visa, Mastercard, Skrill

   80% of retail investor accounts lose money

   Broker regulated by FSA and operating under license no. SD039. Traders can enjoy commission-free trades and tight spreads on numerous tradable instruments. FSA-regulated entity offers leverage of up to 1:300

7. TRADE NOW READ REVIEW
   Tickmill

   Min Deposit

   $100

   Trading Instruments

   Forex, CFD's on Stock, CFD's on Indices

   Regulators

   CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464)

   Trading Platforms

   MT4, MT5, WebTrader, ZuluTrade

   Spread

   From 0.0 pips (Raw Account), 1.6 pips (Classic Account)

   Leverage

   1:30

   Deposit Methods

   Bank Transfer, Skrill, Mastercard, Visa, PayPal, Przelewy24, Neteller, Trustly

   Withdrawal Methods

   Mastercard, Visa, Skrill, Neteller, Przelewy24, PayPal, Bank Transfer

   70% of retail investor accounts lose money

   Broker catering to global traders thanks to an FSA license no. SD008. Offers more than 60 currency pairs, 500 stocks & ETFs, and plenty of other tradable instruments. Offers three Forex & CFD account types, with all of them offering maximum leverage of 1:1,000.

8. TRADE NOW READ REVIEW
   Eightcap

   Min Deposit

   $100

   Trading Instruments

   Forex CFDs, Commodity CFDs, Shares CFD's, Index CFDs, Crypto CFD's

   Regulators

   SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296)

   Trading Platforms

   MT4, MT5, WebTrader, TradingView

   Spread

   0.1 pips on Standard and TradingView Accounts; 0.0 pips Raw Accounts

   Leverage

   1:30

   Deposit Methods

   Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix

   Withdrawal Methods

   Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac

   76.09% of retail investor accounts lose money

   Provides access to more than 800 CFD markets on platforms like MT4 and MT5. Regulated broker established in the Seychelles with a registration number 196744. Retail traders can use negative balance protection.

9. TRADE NOW READ REVIEW
   BlackBull Markets

   Min Deposit

   $0 (Standard)
   $2,000 (Prime)
   $20,000 (Institutional)

   Trading Instruments

   Forex, Commodities, Futures, Indices, Stocks, Cryptocurrencies

   Regulators

   SFSA (No. SD045), FMA (No. FSP403326), FSA

   Trading Platforms

   MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade

   Spread

   0.8 pips Standard; 0.1 pips Prime; 0.0 pips Institutional

   Leverage

   1:500

   Deposit Methods

   Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar

   Withdrawal Methods

   Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin

   Licensed to operate by FSA (no. SD045). Guarantees access to more than 26,000 tradable instruments. Ultra-tights spreads starting at 0.0 pips on ECN Institutional accounts. Maximum available leverage capped at 1:500.

10. TRADE NOW READ REVIEW
    HFM

    Min Deposit

    $0 (Zero, Premium), $5,000 (Premium Pro)

    Trading Instruments

    Regulators

    CySEC, FCA, FSCA, CMA, DFSA, FSA (Seychelles)

    Trading Platforms

    MT4, MT5, Proprietary

    Spread

    0.0 pips (Zero), 1.0 pip (Premium Pro), 1.4 pips (Premium)

    Leverage

    Deposit Methods

    Withdrawal Methods

    Global forex broker, operating under FSA license no. SD015. Over 500 trading instruments available on MT4, MT5, and HFM platforms. Maximum leverage on all account types is 1:2,000.

FSA Forex Brokers Compared By Leverage and Commission per Lot

FSA Forex Brokers by Spread

Financial Services Authority of the Seychelles

The Financial Services Authority (FSA) is an independent organization that started its operation after it was established by the Financial Services Authority Act of 2013. The body is responsible for the regulation of non-bank financial service providers, with forex brokers also being regulated by FSA.

Forex brokers who wish to gain access to the financial market in the Seychelles need to obtain an FSA license. Depending on the type of business they intend to provide, companies can apply for four different types of FSA operational licenses:

1. Dealer License – this form of license authorizes the buying and selling of financial instruments on behalf of the provider’s clients. This license covers activities like trading, brokerage, and market-making services.
2. Investment Advisor License – this license allows the provision of investment advice, which also includes forex strategies and trading insights.
3. Specially Licensed Company License (CSL) – license enabling the provision of a variety of operations, including forex trading.
4. Commercial Company License (IBC) – this license is suitable for forex companies that provide a more flexible model of operation of different international activities.

The requirements that license applicants must meet are described in the Seychelles Special Licenses for Seychelles Companies Act of 2003. Even after a brokerage company has received FSA’s approval, it is required to follow the standards for proper brokerage operations. Requirements like mandatory operational capital, customer protection measures, and other conditions that licensed brokers must provide are described in the Securities Act of 2007.

One of the reasons why Seychelles is a preferred jurisdiction for many forex brokers looking for legal access to multiple financial markets is the rather lax tax system, which encourages foreign investments. Financial service providers licensed by FSA are not obligated to pay Capital Gains Tax, Corporate Tax, and Withholding Tax. Typically, these are taxes that internationally regulated businesses are required to pay.

Another specific feature of financial service regulations in Seychelles is the rather low reporting threshold, which allows FSA brokers to continue operating while carrying a rather insignificant administrative burden. Despite its reasonable operational requirements, the FSA still imposes strict customer protection measures, requesting stringent protection of customers’ confidentiality and privacy.

We should also point out that FSA introduces a straightforward licensing process that facilitates simple, quick, and easy-to-follow license applications. Due to reasonable operational requirements, many brokerage companies are eligible to operate in the Seychelles and maintain their legal status in the forex sector.

In addition to the aforementioned pieces of legislation that conduct the regulatory framework for financial service providers operating in the Seychelles, the following legal documents are also applicable to forex brokers licensed by FSA:

• Securities (Licensing and Market Conduct) Regulations of 2008
• Anti-Money Laundering and Countering the Financing of Terrorism Act of 2020
• Seychelles International Business Companies Act of 2016
• The Business Tax (Amendment) Act of 2018

FSA’s Responsibilities

In addition to being the official regulator licensing financial service providers in the Seychelles, FSA must also monitor the local financial market, ensuring its integrity and maintaining a fair, yet competitive trading environment. According to the Financial Services Act of 2013, FSA has the following responsibilities:

• Licensing brokers and other non-bank entities that wish to operate in the Seychelles
• Regulating licensed entities in accordance with the Financial Services Act, 2013; monitoring the operations of other financial service providers who carry out their businesses from within Seychelles
• Administering the registry legislation
• Developing an appropriate legislative framework that would ensure the effective implementation of the financial service legislation
• Taking required measures to inform and educate the general public on topics related to the FSA operations and any matters related to any financial services providers
• Taking appropriate actions against individuals conducting unauthorized financial service businesses

Guidelines FSA Brokers Need to Comply With

To be eligible to operate under an FSA license, forex brokers are required to meet several conditions to receive the authority’s approval. What is more, licensed entities are asked to abide by FSA regulatory measures to ensure a safe and fair trading environment, equally generous toward traders and financial service providers in the Seychelles.

To operate in the Seychelles, forex brokers are required to meet the following requirements:

1. Obtain Appropriate License: Whether it is a Securities Dealer License or any of the other license models, forex brokers are required to obtain an FSA license in order to operate in the Seychelles.
2. Adopt Investor Protection Measures: Brokers must provide trading conditions that ensure trading integrity and transparency. Investor protection tools must be adopted to guarantee high operational standards.
3. Compliance with AML Requirements: Licensed brokers must implement strict customer due diligence practices. Brokers must also report any suspicious activities to the regulator and keep comprehensive records that should be provided during inspections.
4. Meet Capital and Other Operational Requirements: Brokers applying for an FSA license must have a specific minimum of operational capital. Licensed entities are subjected to regular audits and check-ups of regulation compliance.

   In order to obtain an FSA license, brokers are required to go through several steps during the license application process:

5. Establishment of Local Company: To be eligible to apply for an FSA license, companies must have a local entity, established in the Seychelles. Businesses may register as IBC (International Business Company), CSL (Customer Service Level), or LLC (Limited Liability Company).
6. Operational Capital: A Securities Dealer license requires a starting capital of between 660,000 SCR (about $45,000) and over 1.3 million SCR (about $90,000). The exact amount of the required initial capital depends on the type of services provided by the entity.
7. Paying Licensing Fees: Applicants are required to pay licensing fees, the amount of which depends on the type of license they apply for as well as the scope of the services they plan to provide.
8. Ensuring Compliance with FSA Regulations: Personnel in key positions like directors and managers must have clean criminal records and prove they are well experienced in the respective financial sector. Risk management and compliance policies must be adopted to ensure proper operations. An AML officer and an establishment of effective procedures should be appointed.
9. Submission of Correct Documents: These include a detailed business plan, risk-assessment strategies, an AML/CFT policy document, a plan for business conduct, evidence of operational capital, and other relevant documents required by the FSA during the application process.

Customer Protection

FSA has established strict client protection measures that should be adopted by every financial service provider licensed to operate in the Seychelles. Forex brokers who have been approved by the FSA are required to meet the following client protection conditions:

• Brokers should be fully transparent and disclose any cost of trading, including spreads, commissions, financing fees, and other surcharges related to trading services offered to their clients.
• Warnings about high risk related to trading CFD products should be disclosed to broker clients
• Segregation of funds is required, ensuring client funds are kept separately from the operating funds of the entity.
• Licensed brokers must provide an effective system for processing and handling customer complaints
• Licensees must be fully compliant with FSA’s data protection requirements, guaranteeing the safety of their customers’ sensitive and financial information

While some FSA-regulated brokers might offer retail clients negative balance protection, this is not a specific requirement imposed by the regulator in the Seychelles. That is why forex brokers should be careful when choosing a broker for their trading activities, ensuring they pick a brand with additional customer protection features.