#1
Raw Trading Ltd
ScamSeychellesEst. 2015FSA
68Score
Sixty-nine brokers in the WIKILIX database hold a licence record with the Seychelles Financial Services Authority and give Seychelles as their registered address. Their scores run from 16.4 to 66.2, the median sits at 33.0, and 26 of them opened in 2020 or later.
Both of those things have to be true for a broker to appear here: the licence and the head office. That makes this a narrower list than the ones most comparison sites publish, and the section below says exactly who it leaves out.
Where the boundary sits
FSA is the most overloaded acronym in broker regulation. Japan's Financial Services Agency uses it, Finland's FIN-FSA uses it, and the United Kingdom's Financial Services Authority used it until 2013. Requiring a Seychelles registered address alongside the licence record is how this page keeps to firms where the Seychelles reading is the right one. It is a deliberate trade: precision about who these companies are, at the cost of completeness about who holds the licence.
Who you will not find here
Well-known names appear against the same FSA licence record without giving Seychelles as their head office. The wider FSA list in our database runs to 280 brokers, and those registered elsewhere include Exness (Cyprus), IG (United Kingdom), FOREX.com (United States), eToro (United Kingdom) and OANDA (United States). Their offshore entities usually serve clients outside the group's onshore markets. If you came looking for one of them, the registered address is why it is missing.
How we built this list
The order is the WIKILIX score, highest first. That score is built from the licence records, corporate details and warning history we hold on a firm, not from trading costs or anyone's opinion of the platform. Nothing here is hand-picked. The grid is the live query, so a broker that gains a Seychelles licence or moves its registered office joins or leaves without anyone editing this copy. Some figures worth having before you read it:
- 35 of the 69 hold licences from two or more authorities. Only 8 hold one from the FCA or ASIC.
- 40 carry our "offshore" status label and 19 carry "regulation". Six carry "suspiciousClone", two "noRegulation", one "exceeded" and one "scam".
- 28 record a maximum leverage of 1:1000 or higher, and the highest recorded figure is 1:4000.
- 14 opened before 2015. The oldest is MERJ Exchange Limited, recorded as opening in 1998.
- Seven have no opening date in our records, so their age is unknown rather than short.
What a Seychelles licence actually covers
The FSA authorises securities dealers, and a dealer licence lets a firm quote prices and take the other side of client orders. What it does not carry is the retail safety net a trader may be expecting. There is no statutory compensation scheme comparable to the FSCS, leverage is not held to the 1:30 European retail ceiling, and a dispute is heard in Seychelles rather than by an ombudsman at home. That is the trade a high-leverage offshore account makes, and it is worth making knowingly.
Several firms here run both models. Alchemy Markets, the highest-scoring entry at 66.2, also appears against MFSA and FCA records, and taurex, which opened in 2017, holds an FCA entry alongside its Seychelles one. Others are Seychelles-first: JustMarkets, trading since 2012, records a maximum leverage of 1:3000, while M4Markets pairs its FSA entry with CySEC and DFSA records. Where a group holds several licences, the entity named on your client agreement decides which rulebook applies, and it is rarely the one on the homepage.
Checks worth making before you deposit
- Look the licence number up on the regulator's own register at https://fsaseychelles.sc and confirm it is a securities dealer licence.
- Read the entity name on the client agreement and check it matches the licensed company, not a similarly named group member.
- Where a broker also shows an FCA entry, search https://register.fca.org.uk and see whether the permission covers what you are being sold.
- Treat a status label on a card as a reason to read further, not as a verdict.
What this page cannot tell you: spreads, commissions, execution quality, withdrawal times, or whether a given firm will accept you as a client. We hold none of that.
75brokers on this list
Researched & ranked by the Wikilix team
- #2
Zeal Capital Market (Seychelles) Limited
OffshoreSeychellesEst. 2018FSA
67Score - #3
DB Invest LIMITED
OffshoreSeychellesEst. 2018FSA
66Score - #4
IC Markets Global
RegulatedSeychellesEst. 2007FSA
64Score - #5
Sanabil Capital Ltd
OffshoreSeychellesFSA62Score - #6
OQTIMA INT. LTD
OffshoreSeychellesEst. 2022FSA56Score - #7
AfterPrime Ltd
OffshoreSeychellesEst. 2018CySEC56Score - #8
Zeal Capital Market (Seychelles) Limited
Suspicious CloneSeychellesEst. 2016FCA
53Score - #9
V Global Markets Limited
OffshoreSeychellesEst. 2024FSA51Score - #10
Sun Capital Markets Ltd
OffshoreSeychellesFSA51Score - #11
Solidary Prime Ltd
OffshoreSeychellesEst. 2013FSA51Score - #12
Prometheus Markets Ltd
OffshoreSeychellesFSA51Score
This page is a stored query rather than a snapshot. It reruns whenever the grid loads, so the count of 69 moves on its own as licence records and registered addresses change, and the written figures above are rechecked against the query on a scheduled pass rather than left to drift.
The obvious next question is what the alternative looks like. FCA regulated brokers covers the onshore end of the same market, where leverage is capped and a compensation scheme exists, and tier-1 regulated brokers scoring 70+ narrows that further. For another offshore centre built on the same shape, brokers registered in Saint Vincent and the Grenadines is the closest sibling to this one.
Two limits worth restating. Everything here reflects licence records held in the WIKILIX database on the day you read it, and our record is not a substitute for the FSA's own register. And a licence is a floor rather than a recommendation: seven of these 69 carry a clone or scam label from us while still showing a licence entry. Open the individual broker page before you act on anything in the grid.
Frequently Asked Questions
Frequently asked questions
Answers from the Wikilix research team about this ranking.
Most Popular Questions
This list cannot tell you. It is built from where a broker is licensed and where it is registered, and neither field records which nationalities a firm accepts. A Seychelles entity often exists precisely to serve clients outside its group's onshore markets, but acceptance is set by each broker's own terms. Check the client agreement and the account opening form.
Yes. Six of the 69 carry a suspiciousClone label in our records, one carries a scam label, two are marked noRegulation and one is marked exceeded. Those are our own recorded assessments and they appear on the broker card in the grid. A label is a reason to read the individual broker page and check the register entry yourself before depositing.
Seychelles does not apply the retail leverage cap used in Europe, Australia and the United Kingdom. Twenty-eight of the 69 record a maximum of 1:1000 or higher, and the highest figure in our records is 1:4000, against 1:30 for a European retail account. Leverage magnifies a loss at exactly the rate it magnifies a gain, which is the point of the cap elsewhere.
No. The FSA sits in tier three and is classed offshore, while the FCA and ASIC are tier one and onshore, which changes capital rules, leverage limits and the recourse a client has. Eight of the 69 brokers here also hold an FCA or ASIC record. In those cases the entity you actually contract with determines which regime applies to your account.
MERJ Exchange Limited, with a recorded opening date of 1998. Fourteen of the 69 opened before 2015 and 26 opened in 2020 or later, which makes this a young population overall. Seven carry no opening date in our records, so their age is unknown rather than short. Opening dates come from our own broker records, not from the register.
Sixty-nine as of today, out of 280 brokers in our database carrying an FSA licence record of any kind. The 69 are the ones that also give Seychelles as their registered address. That number is generated by the query behind this page rather than maintained by hand, so it moves when a licence record or a registered office changes.
The Seychelles Financial Services Authority, for every broker on this page. The acronym is shared, which is where most of the confusion starts: Japan's Financial Services Agency, Finland's FIN-FSA and the United Kingdom's pre-2013 Financial Services Authority all used or still use it. Requiring a Seychelles registered address alongside the licence record is how this list avoids mixing them together.
On this page it means a licence issued by the Financial Services Authority of Seychelles, the body that authorises securities dealers there. It sits in tier three of the WIKILIX regulator ranking and is classed as offshore. A dealer licence lets a firm quote prices and take the other side of client orders. It does not bring a statutory compensation scheme or a retail leverage cap.