FSA licence SD221

There is no compensation scheme behind them. Seychelles FSA licensing carries no client-fund insurance and no statutory investor-compensation arrangement, so unlike a UK or EU-regulated firm there is no scheme that would repay you if the broker became insolvent. The broker's own documents place all disputes under the laws of the Republic of Seychelles, which makes pursuing a claim from most client countries slow and costly. This is the single most important practical difference between this broker and an onshore-regulated one.

The broker states that services are not offered to residents of the United States, Iran, North Korea, the United Kingdom or the European Union, and it flags that list as "including but not limited to", meaning it is expressly not exhaustive. There is no dedicated restricted-countries page, and the registration form has no country-of-residence field at all, only a telephone dialling-code selector, so the published policy is not visibly enforced at sign-up. If you are outside the named jurisdictions you may still be refused, and you should confirm directly before depositing.

The broker publishes no withdrawal processing time or deadline anywhere on its site, so we cannot state one. Bank transfers typically settle in business days rather than instantly. Because there is no published service standard to hold the broker to, and no long track record to judge it by, we would test a small withdrawal early rather than build up a balance first.

The only channel the broker names is bank transfer, and it names it only as an example: its client-access page says payment methods "may include bank transfers and other supported payment channels" without publishing an actual list. Withdrawals are generally processed back to the same method used for the deposit. No fee schedule, processing time or minimum and maximum amounts are published. The broker does note that bank, intermediary and third-party payment charges may apply and that these are not set by it, so budget for costs it does not control.

CFDs across four groups, per the broker's products page: forex (major, minor and selected pairs, with EUR/USD, GBP/USD, USD/JPY and AUD/USD named), metals (gold and silver), energy (WTI crude oil) and indices (selected global indices). The broker does not publish how many instruments each group contains, and we saw no cryptocurrency, stock or bond CFD offering described for retail clients. All trading is execution-only.

MetaTrader 4 only. The broker offers no MT5, no cTrader and no proprietary platform. MT4 is available on the usual builds, desktop, web and mobile for Android and iOS, and supports automated trading through Expert Advisors. New live accounts are requested specifically as MT4 accounts from the client dashboard. If you want MT5 or a multi-platform choice, this broker does not offer it.

Neither is published. There is no spread table and no commission schedule on the site. The homepage claims only "zero platform fees and competitive pricing", and the client-access page says any applicable fees "will be disclosed within the trading platform or relevant contractual documentation". In practice that means you cannot compare the cost of trading here against another broker until after you have registered, which is a genuine transparency shortcoming rather than a neutral omission.

Not disclosed publicly. The broker publishes no leverage cap on any of its pages. For context, the Seychelles FSA permits its licensees leverage as high as 1:1000, so a high figure is possible, but the broker itself states nothing and we will not guess. High leverage magnifies losses as well as gains, and the broker's own risk warning confirms that CFD losses can exceed your initial deposit.

The broker does not publish one. We searched its homepage, products page, company profile, client-access page and its full legal-document index, and no minimum deposit figure appears anywhere on the public site. You would have to register an account and reach the client dashboard to find out. We do not publish a figure we could not read, so treat any minimum deposit quoted elsewhere as unverified.

We found no evidence that it is. Both of the things most often faked by fraudulent brokers check out here: the licence number resolves to the correct entity, and that entity genuinely exists on the official Seychelles register at the company number the broker publishes. The registered address on the site matches the register, and the site's risk warnings are prominent and accurate rather than the guaranteed-return language typical of a scam.

That is not the same as low risk. Our reservations are about thinness rather than dishonesty: under a year of verifiable operating history, no published pricing of any kind, offshore-only regulation with no compensation scheme, and no named management. Treat it as an unproven offshore broker rather than a demonstrated bad actor.

The operating company is Oval Ltd, incorporated in the Republic of Seychelles under the Companies Ordinance 1972. We found it on the official Seychelles Business Register, listed as OVAL LTD under company number C810617 in the financial services category. The register also carries a separate entry for the Oval Markets business name, which matches the broker's own statement that Oval Markets is a trade name rather than a separate company. The register does not publish directors or shareholders, and the broker names no executives or founders on its website, so the individuals behind the firm are not publicly identified.

Yes, but offshore only. Oval Markets is the trade name of Oval Ltd, which holds Securities Dealer Licence SD221 from the Financial Services Authority of Seychelles. We confirmed the licence is in force and that it is held by the same entity that operates the brand. It is a genuine licence, but a Seychelles one: supervision is light-touch, there is no client-fund insurance and no statutory compensation scheme. The broker holds no licence from a major onshore regulator such as the FCA, ASIC, CySEC or BaFin, and does not claim one.