What the FSA Seychelles is
The Financial Services Authority (FSA) is the regulator for non-bank financial services in Seychelles. Its licensees include securities dealers, the category many offshore forex and CFD brokers use. A CFD (contract for difference) is a contract that pays the price difference of an asset without you owning the asset.
When a broker calls itself a "Seychelles regulated broker", it usually means one company in its group holds an FSA licence. That licence covers that company only, not every brand or website that uses the group's name.
- Find the company's legal name and licence number on its website.
- Search that number on the regulator's official register.
- Compare the name, website address and contacts with the register entry.
- Check which company would actually serve clients from your country.
- Search the regulators' warning lists for the name and the website.
How to check a Seychelles forex licence
Use only the FSA's official website. Open it by typing the address yourself, not through a link in an advert, a WhatsApp message or a broker's own page. Clone sites copy regulator pages too.
On the official site, find the public list or register of licensees. Then:
- Search by the exact legal company name in the broker's terms or footer, not by the trading brand.
- Note the licence number the broker quotes and confirm it matches the same company in the register.
- Check the licence status. It should be current, not revoked, suspended or surrendered.
- Check the licence category. A firm that deals in securities or derivatives should hold a licence for that activity.
- Compare the registered address and website domain in the FSA record with the site you are using. A different domain is a warning sign.
If the company does not appear, or the details differ, treat the firm as unverified. For the general method across regulators, see Verify a Broker.
Signs of a clone firm
A clone copies the name, licence number or logo of a real FSA licensee. Common signs:
- A domain that differs slightly from the one in the register
- Contact only by WhatsApp, Telegram or personal phone numbers
- Requests to pay into a personal bank account or a crypto wallet
- Pressure to deposit quickly or promises of fixed returns
Read more in Clone Sites and Fake Apps and Scam Warning Signs. Do not call a firm a clone or a scam unless an official source says so. Report what you found to the regulator instead.
What a Seychelles licence means for a trader in Pakistan
An FSA licence is supervision in Seychelles. It is not a Pakistani licence, and Pakistani regulators have stated their position on offshore platforms:
- Trading in listed securities and commodities in Pakistan is supervised by the Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers.
- Per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan, and per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse.
- On payments: per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)).
- Also, per the SBP, the purchase of offshore forex/margin/CFD products by Pakistani residents violates section 4(1) of FERA 1947.
So an FSA record tells you whether a company exists and is licensed in Seychelles. It does not give you a Pakistani route for complaints or compensation. Protections such as segregated client funds, compensation schemes and leverage limits depend on the rules of each regulator. Check the FSA's own published rules rather than relying on a broker's summary.
Leveraged forex and CFD trading can lose money fast, whatever the regulator. A licence does not reduce market risk.
Checking Pakistani warnings as well
Search Pakistani sources too. The SECP publishes SECP warnings by press release naming platforms (Quotex 09.04.2025; IBKR look-alikes, IGIL Securities, BMA Capital No.108 etc. 22.05.2025; Hillhouse Capital, S-169 Wharton 13.01.2026), none of which names Exness. Per the SECP, lists of licensed brokers are on the PSX and PMEX websites. The background is on Law and regulators.
If a firm uses several licences, check each one in its own register. See FSC Mauritius Register, Other Regulator Registers and Offshore vs Onshore.
If something does not match
- Stop sending money to the firm.
- Save screenshots of the site, the licence claim and your payments.
- Report it to the FSA through its official website and to the relevant Pakistani authority. See Report a Scam.
- Be careful with anyone offering to "recover" your money for a fee. See Recovery Scams.
For a full pre-deposit review, use the Broker Checklist.
Frequent questions
How do I check an FSA Seychelles broker?
Open the FSA's official website yourself, find the list of licensees and search by the broker's exact legal company name. Match the licence number, status, address and website domain.
Is a Seychelles regulated broker licensed in Pakistan?
No. An FSA licence is issued in Seychelles. Per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse.
The broker's licence number is in the FSA register, but the website differs. What does that mean?
The site may be a clone using a real licensee's details. Treat it as unverified and report it to the FSA.
Does an FSA licence protect my deposit?
It depends on the FSA's rules for that licence category, which you should read on the regulator's own site. It gives no recourse through Pakistani regulators.
Can I send money from Pakistan to an offshore forex broker?
On this point, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). See Law and regulators for the background.
