Seychelles FSA Licence: How Strong Is It?
The Seychelles Financial Services Authority (FSA) licenses forex and CFD brokers as Securities Dealers, under its Capital Markets category, with licence numbers in the form SDxxx. It's a real, checkable licence, but an offshore one: lighter supervision than EU or UK regulators, high leverage permitted, and no compensation scheme for forex clients that we could find. Treat it as tier 3.
What the FSA is
The Financial Services Authority of Seychelles supervises non-bank financial services in Seychelles. Its regulated entities pages cover areas including fiduciary services, insurance, collective investment schemes, capital markets and, separately, virtual asset service providers.
Forex brokers fall under Capital Markets, which lists Securities Dealer, Securities Dealer Representative, Investment Advisor and other licence types.
Brokers we cover with a Seychelles licence
| Broker | Company | Licence |
|---|---|---|
 FXGT |
GT Global Ltd | SD019 (serves retail clients) |
| XMTrading (Japan only) | Tradexfin Limited | SD010 |
| HFM group | — | SD015 |
On the English site, XM means XM Global, which is licensed in Belize, not Seychelles.
How to verify
- Open the FSA’s Capital Markets page and select Securities Dealer.
- Find the company name exactly as it appears in your client agreement.
- Check the licence number matches (e.g. SD019).
- Check the FSA’s notices for suspensions or surrendered licences. The site publishes notices when a securities dealer licence is surrendered.
If the name or number doesn’t match, or the broker’s domain differs from the one listed, treat it as a possible clone. See the scam-check guide.
What it does and doesn’t give you
Does: a licensed, registered company; a regulator that can act on complaints and licences.
Doesn’t: EU-style leverage limits, mandatory negative balance protection, or (as far as we could find) a compensation fund. If the broker fails, you depend on its own client-money arrangements. See what happens if a broker goes bust.
How it compares
Seychelles sits with Belize and Vanuatu in our offshore tier, slightly below Mauritius in practice. See licences ranked by tier, Mauritius FSC and Vanuatu VFSC.
Related
- How to Spot a Scam Forex Broker: 7 Checks
- Forex Broker Licences Ranked by Tier
- Japan FSA Warnings: What They Mean for Offshore Brokers
- Segregated Funds and Investor Compensation Explained
- What Happens to Your Money if a Broker Goes Bust
- Mauritius FSC Licence Explained
- Vanuatu VFSC Licence Explained
- CySEC Regulation: What It Covers
- Forex Glossary
Frequently asked questions
Is an FSA Seychelles licence good?
It confirms the company is licensed and on a public list. It offers much less protection than a UK, EU or Australian licence, so keep deposits modest.
Which brokers hold a Seychelles licence?
From our database: GT Global Ltd for FXGT (SD019), Tradexfin Limited for XMTrading in Japan (SD010), and an HFM group company (SD015).
How do I check a Seychelles licence?
Go to the FSA's regulated entities pages and look under Capital Markets for Securities Dealers. Match the company name and licence number with the broker's client agreement.
Does the FSA regulate crypto too?
It has a separate framework for virtual asset service providers, with its own list of licensed VASPs. A securities dealer licence is not a VASP licence.
