Fusion Markets Review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Fusion Markets is best suited to active forex and CFD traders who want tight spreads and the freedom to choose their own platform. MetaTrader 4, MetaTrader 5, cTrader, and TradingView are all available, and the Zero account pairs raw spreads from 0.0 pips with a separate commission. There is no minimum deposit. Customer support was a highlight of my testing, with live chat responding in under 10 seconds on average.
As a longtime financial writer and former banking professional, I opened and funded a Fusion Markets account to test its Client Hub, trading platforms, research tools, and Fusion+ copy trading service. Relying on third-party platforms makes the overall experience feel a bit fragmented. Its research and educational offerings also aren’t as extensive as what you’ll find with some of the top brokers.
-
Minimum Deposit:
$0.00 -
Trust Score:
71 -
Tradeable Symbols (Total):
250
| Range of Investments | |
| Trading Fees | |
| Trading Platforms | |
| Research | |
| Mobile Trading | |
| Education |
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Led by Steven Hatzakis, Global Director of Online Broker Research, the ForexBrokers.com research team collects and audits data across more than 100 variables. We analyze key tools and features important to forex and CFD traders and collect data on commissions, spreads, and fees across the industry to help you find the best broker for your needs.
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Table of Contents
Fusion Markets pros and cons
PROS
- Very competitive pricing.
- Solid third-party trading platform options.
- Responsive customer support.
- No minimum deposit required.
CONS
- Doesn’t offer its own proprietary trading platform.
- Educational resources remain limited.
- Stock CFDs are only available on MetaTrader 5.
My top takeaways for Fusion Markets in 2026:
- Offers flexible and competitive pricing with spreads as low as 0.0 on forex majors.
- Trading platforms include MetaTrader (MT4, MT5), cTrader, and TradingView.
- Research tools are a bit fragmented, missing some top third-party tools like Autochartist, TipRanks, etc.
- 24/7 live online chat support is excellent; I encountered an average response time of under 10 seconds (10+ sessions).
- Australian-based and ASIC-regulated for Australian clients, but international clients may receive different regulatory protections depending on their jurisdiction.
Trust Score
Developed by ForexBrokers.com and in use for nearly 10 years, Trust Score is a proprietary rating system powered by a range of unique quantitative and qualitative metrics, including each company’s number of regulatory licenses. Trust Scores range from 1 to 99 (the higher a broker’s rating, the better). Learn more.
Is Fusion Markets safe?
Fusion Markets is considered Average Risk, with an overall Trust Score of 71 out of 99. Fusion Markets is not publicly traded, does not operate a bank, and is authorised by one Tier-1 regulators (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulator (Average Risk), and two Tier-4 regulator (High Risk). Fusion Markets is authorised by the following Tier-1 regulators: Australian Securities and Investments Commission (ASIC). Learn more about Trust Score or see where the different Fusion Markets entities are regulated.
| Feature |
|
|---|---|
| Year Founded | 2019 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 1 |
| Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 2 |
Range of investments
Fusion Markets is primarily a CFD broker and offers over 250 instruments, covering forex pairs, metals, indices, energy and soft commodities, cryptocurrencies, and U.S. shares. It gives active traders access to several markets, but the selection is relatively narrow compared with a true multi-asset broker, like Interactive Brokers. You won’t find traditional investments such as stocks, ETFs, bonds, mutual funds, options, etc.
Forex & CFDs: In addition to over 80 currency pairs, I counted 12 metal trading instruments and 15 indices, including the Dow Jones, S&P 500, DAX, Nasdaq, FTSE, and more. Available energy and commodities instruments include oil, natural gas, and agricultural products like soybeans, coffee, US cocoa, cotton, corn, and wheat. You can also trade crypto CFDs 24/7 and over 100 U.S. stock CFDs. Unfortunately, you can only trade stock CFDs on MetaTrader 5, so it could be a minor hassle if you prefer trading on Fusion’s other platforms, like MetaTrader 4, cTrader, or TradingView.
Available investment products
During our audit we verified access to over 250 instruments, including over 80 forex pairs, 12 metals, 15 indices, energy and soft commodities, crypto CFDs, and over 100 U.S. stock CFDs. We confirmed that stock CFDs trade only on MetaTrader 5. Traditional investments such as stocks, ETFs, bonds, mutual funds, and options are not offered.
| Feature |
|
|---|---|
| Tradeable Symbols (Total) | 250 |
| Forex Pairs (Total) | 81 |
| Forex trading (Spot) | No |
| Forex trading (CFDs) | Yes |
| Forex trading (Options) | No |
| Forex trading (Futures) | No |
| Forex trading (Crypto) | No |
| Commodities: Agriculturals | Yes |
| Commodities: Oil | Yes |
| Commodities: Gold | Yes |
| Commodities: Silver | Yes |
| U.S. Stocks (Shares) | No |
| U.S. Stocks (CFDs) | Yes |
| U.S. Stocks (Crypto) | No |
| Global Stocks (Non-U.S. Shares) | No |
| Global Stocks (Non-U.S. CFDs) | No |
| 24/5 Trading (U.S. Stocks - Shares) | No |
| 24/5 Trading (U.S. Stocks - CFDs) | No |
| 24/7 Trading (Crypto) | No |
| Prediction markets | No |
| Copy Trading | Yes |
| Bitcoin (BTC) | Yes |
| Ethereum (ETH) | Yes |
| Cryptocurrencies (Total) | 81 |
| Cryptocurrency (Underlying) | No |
| Cryptocurrency (CFDs) | Yes |
| Cryptocurrency (Futures) | No |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Available funding options
Fusion Markets lists more than 30 funding options, and availability varies by country. The broker charges no fee on any deposit method, and there is no minimum deposit required to open an account. Fusion says most withdrawals are processed internally within one hour. After that, timing depends on the payment provider.
| Feature |
|
|---|---|
| Debit card (Deposit/withdraw) | No |
| Credit card (Deposit/withdraw) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| Non-wire bank transfer (Deposit/Withdraw) | Yes |
| Apple Pay (Deposit/Withdraw) | No |
| Google Pay (Deposit/Withdraw) | No |
| Crypto (Deposit/withdraw) | Yes |
| Cryptocurrency (Wallet transfers) | No |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Neteller (Deposit/Withdraw) | Yes |
Fusion Markets fees
Fusion Markets offers two main account types, Zero and Classic. The main difference is how each one calculates trading costs. The Zero account, which Fusion says is its most popular, combines raw spreads with a separate commission. The Classic account keeps things simple by building the commission into a wider spread.
The Zero account seems designed more for active traders who are often more comfortable calculating their own commissions and want to trade at the lowest possible price. If you don’t mind paying a small premium for the simplicity of built-in pricing, then Classic is the way to go.
Here’s a more detailed breakdown of how the pricing works for each account.
Zero account: Fusion’s Zero account offers raw spreads starting at 0.0 pips, with a separate commission based on your account’s base currency. Fusion advertises a commission of $2.25 per side, or $4.50 round turn, but that applies to accounts denominated in USD or AUD. Other currencies have slightly different rates. For example, the round-turn commission is $6.20 SGD for a Singapore dollar account, while my Canadian dollar account costs $6.00 CAD per standard lot, or $3.00 each time I open or close a position. The commission also scales up or down with your trade size, so a 0.1-lot trade from my account would cost $0.60 round turn, plus any spread.

Fusion Markets bases its Zero account round-turn commission on one standard lot. The amount you pay depends on your account’s base currency. For example, the commission is US$4.50 for a USD account and C$6.00 for a CAD account.
The low pricing is one of Fusion Market’s standout benefits. Even after you add the Zero account commission, Fusion estimates the overall trading cost at around 0.5 pips. That’s much lower than what I saw with another brokerage I reviewed recently, Questrade Global. With Questrade, spreads on major currency pairs were often around 2 pips or higher! Fusion’s price is much closer to Interactive Brokers (IBKR), another low-cost broker that combines very tight forex spreads with a separate commission.
Classic account: Fusion’s Classic account builds the trading fee into the spreads, instead of charging a separate commission. The trade-off is that spreads start at 0.9 pips, higher than the Zero accounts starting spread of 0.0 and approximate trading cost of 0.5 pips. For this reason, I think Classic suits newer or casual traders who are willing to pay a premium for straightforward, simple pricing.
Finally, I should point out that Fusion Markets requires no minimum balance to open an account, and there are no deposit fees.
Trading fees
We confirmed raw spreads from 0.0 pips on the Zero account, with a commission of $2.25 per side, or $4.50 round turn, on USD- and AUD-denominated accounts. Commission varies by base currency. Our Canadian dollar account paid $6.00 CAD round turn per standard lot. On cTrader, commission is charged on notional volume at $2.25 per $100,000. The Classic account carries no separate commission, with spreads starting at 0.9 pips. Fusion estimates the all-in cost on the Zero account at around 0.5 pips.
| Feature |
|
|---|---|
| Average spread (EUR/USD) - Spread-only account | 0.91 |
| Average spread (EUR/USD) - Raw spread account | 0.09 |
| Commission per trade (EUR/USD) - Raw spread account | $4.50 |
| All-in Cost EUR/USD - Raw spread account | 0.54 |
| Inactivity Fee | No |
| International Wire Fee | $0.00 |
| Minimum Deposit | $0.00 |
Account types
We verified two main account types, Zero and Classic, and both open with no minimum deposit. The Zero account pairs raw spreads with a separate commission. The Classic account builds the commission into the spread. cTrader is available only with the Zero account. Fusion Markets also offers swap-free accounts for traders who cannot pay or receive overnight interest for religious reasons.
| Feature |
|
|---|---|
| Variable Spreads | Yes |
| Fixed Spreads | No |
| Active Trader Program | Yes |
| VIP/Premium Account | Yes |
| Professional Account | No |
| Islamic Account | Yes |
Mobile trading apps
Fusion doesn’t have its own mobile trading platform, but it offers clients several solid third-party mobile trading apps for iOS and Android, including MetaTrader 4 (MT4), MetaTrader 5(MT5), TradingView, and cTrader.
Fusion Markets mobile experience: I used my live account to test the MT5 platform on my iPhone. The app is very capable, especially when it comes to charting. I counted 32 built-in indicators; it lets you add and save drawing objects and text directly on your charts, and you can switch between 9 different timeframes with a single click. The core trading functions, including four order types, are very easy to manage.

MT5’s mobile trading screen combines advanced charting with an order ticket, allowing you to analyze price movements and place trades from the same screen. You can select your order type and volume and add stop-loss and take-profit levels before placing a trade.
My biggest complaint is the watchlist, or lack thereof. There is a quote list, and while you can add and remove instruments, it isn’t a true customizable watchlist, so you can’t create, filter, or organize multiple lists the way you can in other trading apps. It’s a small limitation, but one that might annoy active traders who want to monitor different market groups on their mobile device.

The MT5 mobile app displays real-time bid and ask prices for the instruments you choose to follow. However, it functions more like a basic quote list than a true watchlist, with limited options to organize, filter, or customize your selections.
If the mobile experience is important to you, you may want to explore Fusion Market’s other mobile trading apps, like cTrader and TradingView, before choosing your go-to platform. However, remember that you can only trade stock CFDs on MT5.
Available mobile platforms and tools
In our hands-on testing of the MT5 app on iOS, we counted 32 built-in indicators and 9 timeframes. Drawing objects and text save directly to charts, and the app supports four order types. MT5 mobile has a quote list rather than a customizable watchlist, so traders cannot create, filter, or organize multiple lists. MT4, cTrader, and TradingView apps are also available on iOS and Android.
| Feature |
|
|---|---|
| Proprietary Mobile Trading App | No |
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Price Alerts | No |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Charting - Trendlines Autosave | Yes |
| Mobile Charting - Indicators / Studies | 32 |
| Mobile Charting - Indicators Autosave | Yes |
| Mobile Watchlists - Column Filtering | No |
| Mobile Watchlists - Column Customization | No |
| Mobile Watchlists - Create & Manage | No |
| Mobile Watchlists - Syncing | No |
Trading platforms
Fusion Markets takes a platform-agnostic approach instead of steering clients into a proprietary platform. Clients can choose between MT4, MT5, cTrader, and TradingView, while the Fusion Hub serves as the central location to manage your Fusion accounts and access additional tools.
Fusion Client Hub: The Fusion Hub isn’t a trading platform. It’s where you can open and manage your active accounts, make deposits and withdrawals, download Fusion’s supported trading platforms, and access Fusion’s research tools and educational resources. You can also chat with a live customer support agent 24/7 via the Hub, which I did several times during the testing period.
The Hub’s user interface is very modern and intuitive, with all of the main features easy to access through a convenient menu on the left side of the page. Trading resources include multiple trading calculators, an economic calendar, market buzz data with table or bubble view options, and sentiment analysis with subjectivity scores and a confidence index.
The site also includes a screener for stocks & ETFs, indices, forex, and futures, and you can create and manage watchlists and custom alerts right inside the Hub.
Last but not least, you can access a newsfeed with headlines from nearly 30 news sources, including Action Forex, Fox News, Yahoo, PR Newswire, and Time. Unfortunately, some major news organizations, such as Reuters and Bloomberg, appeared to be missing. I should point out that the Fusion Hub is also available on mobile and is responsive and easy to navigate.
Fusion+ Copy Trading: Fusion+ is Fusion Markets built-in copy-trading platform. It currently supports private, invitation-based copy trading, allowing approved “Masters” to invite other Fusion clients to automatically copy their trades. However, Fusion appears to be still developing its public Leaderboard, which will allow clients to browse and select Fusion+ Masters to copy directly. During my testing, the feature was not yet available, so clients could only join a waitlist. Fusion+ costs $10 USD per month unless you meet a minimum trading volume, and there is no demo or free trial. Overall, I think Fusion+ looks promising but is still very limited.
MetaTrader 4 (MT4): Fusion Markets calls MT4 the “industry standard in FX trading.” It supports automated trading through “expert advisors”, one-click trading, and customizable charts with over 50 indicators and scripts.
MetaTrader 5 (MT5): MT5 is the platform that I tested as a live account. It includes all of the features found in MT4, but improved, according to Fusion Markets. In fact, MT5 is Fusion Markets’ only platform that lets you trade stock CFDs, so if that’s something you’re looking to do, this is the platform you’ll want to use.
I did have some trouble running the MT5 desktop app on my MacBook Pro. I had to uninstall and reinstall the app, but it never worked smoothly, so I ended up using the mobile and web platforms instead. It’s a native Windows app, and Fusion’s customer support team told me the Mac version can be glitchy.
cTrader: cTrader is a more modern-looking alternative to MetaTrader and features advanced charting, with over 26 Time Frames and 80 indicators, four order types, one-click trading, and support for automated trading. cTrader also has a copy trading feature, cTrader Copy, built directly into the cTrader platform, allowing you to copy trading strategies or offer your own. Keep in mind that cTrader is only available with Fusion’s Zero account.

This screenshot shows Fusion Markets’ cTrader platform, with live forex pricing, customizable charts, watchlists, and account information displayed in a single workspace. The order ticket supports market, limit, stop, and stop-limit orders, along with stop-loss and take-profit settings.
One notable distinction is that cTrader supports only Fusion Zero accounts, not Classic, and calculates commissions slightly differently than MetaTrader platforms. Specifically, MetaTrader charges commissions per lot, whereas cTrader charges them based on notional volume traded ($2.25 per $100,000). According to Fusion Markets, cTrader is designed more as an institutional trading platform, and the commission-plus-spread model is a more standard institutional fee structure.
TradingView: Fusion Markets also supports TradingView, but the setup works a little differently than its other trading platforms. You first have to create an account directly with TradingView.
Then, to trade through Fusion, you select Fusion Markets from TradingView’s list of supported brokers and connect using the credentials from your Fusion cTrader account, which you create in the Fusion Markets client hub. That’s because Fusion’s TradingView integration is powered through cTrader. The benefit is that you can use your Fusion cTrader credentials to trade through either the cTrader platform or TradingView. So, two platforms, one login.
I like that Fusion Markets offers TradingView, because it gives clients access to a much more sophisticated charting and analysis experience, with more than 15 chart types, 90 drawing tools, and over 100 prebuilt indicators. You can also access thousands of community-created scripts and trading ideas, set customizable price and indicator alerts, and create your own indicators and strategies using Pine Script. You can also place trades directly from TradingView’s charts, so there's no need to switch platforms.
Available trading platforms and features
Our platform testing covered MetaTrader 5 on a live account, plus cTrader and TradingView on demo accounts. We confirmed access to MetaTrader 4, MetaTrader 5, cTrader, and TradingView, with automated trading supported through Expert Advisors on MetaTrader and natively on cTrader. TradingView connects through Fusion cTrader credentials and supports trading directly from the chart. Fusion+ copy trading is invitation-only, and its public Leaderboard was not yet live during testing. Fusion Markets does not offer a proprietary trading platform.
| Feature |
|
|---|---|
| Desktop Platform (Windows) | Yes |
| Desktop Platform (Mac) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| FX Blue | No |
| Proprietary Desktop Trading Platform | No |
| Proprietary Web Trading Platform | No |
| TradingView | Yes |
| cTrader | Yes |
| Algorithmic trading | Yes |
| API Access | Yes |
| Charts can be saved | Yes |
| Client sentiment data | No |
| Trading Signals | No |
| Price Alerts | Yes |
| Virtual Private Server (VPS) | Yes |
| Virtual Trading (Demo) | Yes |
| Charting - Indicators / Studies (Total) | 31 |
| Charting - Trade From Chart | Yes |
| Charting - TradingView | No |
Available order types
We verified four order types on both the MT5 mobile app and cTrader, with one-click trading available on MT4 and cTrader. Because Fusion Markets has no proprietary platform, the order types available to you depend on which third-party platform you trade on.
| Feature |
|
|---|---|
| Order Type - Market | Yes |
| Order Type - Limit | Yes |
| Order Type - Stop | Yes |
| Order Type - Trailing Stop | Yes |
| Order Type - OCO | No |
| Order Type - OTO | No |
| Order Type - GSLO | No |
Research
Fusion Markets offers a decent selection of research tools, but I found the overall experience to be a bit fragmented. Some tools are available through the Fusion Client Hub, while others are built into the third-party trading platforms, such as MT4, MT5, cTrader, and TradingView. As a result, I found myself moving between platforms depending on the type of research I was trying to do.
The main research tools available on the Fusion Hub include Analyst Views, Technical Insight, and Market Buzz. Analyst Views offers real-time trade setups, including key support and resistance levels, alternative scenarios, and commentary that explains the analysis. Technical Insights goes deeper into, you guessed it, technical analysis, with interactive charts, alerts, and short-, medium-, and long-term views. Market Buzz, on the other hand, uses AI to analyze market sentiment, news activity, and trending topics.

Fusion Markets’ Market Buzz tool provides a visual snapshot of market sentiment, with table and bubble views that make it easy to see which currency pairs may be rising, falling, or remaining stable.
There are several other useful tools inside the Fusion Client Hub, including an economic calendar, a market screener, customizable watchlists and alerts, and a newsfeed with headlines from around 30 different sources.
Overall, I think Fusion’s research offering is solid, but it’s not as polished or comprehensive as what you’ll find with some larger brokers. The tools are spread across multiple platforms, and Fusion doesn’t offer some of the more recognizable third-party research integrations I’ve found elsewhere, such as Autochartist, TipRanks, Trading Central, and Acuity Trading.
Available research tools
Our analysis found Analyst Views, Technical Insight, and Market Buzz inside the Fusion Client Hub. The Hub also carries an economic calendar, a market screener, sentiment analysis, customizable watchlists and alerts, and a newsfeed drawing from nearly 30 news sources. Reuters and Bloomberg did not appear in the newsfeed. Fusion Markets does not offer research from Autochartist, TipRanks, Trading Central, or Acuity Trading.
| Feature |
|
|---|---|
| Forex News (Top-Tier Sources) | Yes |
| Daily Market Commentary (Articles) | No |
| Daily Market Commentary (Videos) | No |
| Economic Calendar | Yes |
| Research - Earnings Calendar | No |
| Acuity Trading | No |
| Autochartist | No |
| TipRanks | No |
| Trading Central | No |
| Mobile Research - News | No |
| Mobile Research - Economic Calendar | No |
| Mobile Research - Market Movers | No |
Education
Fusion Markets offers educational resources through Fusion Academy, which you can access from inside the Fusion Markets Hub. The content is organized into video courses, each with several modules. For example, the “Introduction to Trading” course has 15 separate video lessons, with quizzes along the way to test your knowledge. The course is 83 minutes long, so there’s plenty of content. A technical analysis course, designed for intermediate traders and covering topics such as support and resistance, trendlines, Fibonacci retracements, and moving averages, has seven lessons and runs 54 minutes.
Unfortunately, Fusion Academy is fairly new, so the course library isn’t that extensive yet. At the time of my review, there were four courses in total, with approximately 40 lessons. However, Fusion states that more educational material is coming soon.
Available educational offerings
We found educational content delivered through Fusion Academy inside the Fusion Markets Hub, with four video courses and approximately 40 lessons at the time of our review. Courses include quizzes. The Introduction to Trading course runs 15 video lessons over 83 minutes. Fusion states that more educational material is coming soon.
| Feature |
|
|---|---|
| Education (Forex) | Yes |
| Education (CFDs) | No |
| Education (Crypto) | No |
| Education (Stocks) | No |
| Education Area (Website) | Yes |
| Education Area (Mobile App) | No |
| Webinars | No |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
Final thoughts
After spending a few weeks and many hours with Fusion Markets, I came away very impressed by its low trading costs and the amount of choice it offers traders. I like that you have access to MT4, MT5, cTrader, and TradingView, which was my personal favourite. The Fusion Client Hub is modern and intuitive, and while some features, like Fusion+ copy trading and Fusion Academy, are not fully developed, surprisingly useful. I also have to shout out Fusion Market’s customer support team. I initiated over 10 sessions with their live online chat support. My average wait time was less than 10 seconds, and I had an excellent experience every time. And trust me, I put them through their paces, with question after question.
That said, the overall experience can feel fragmented because so much of the actual trading and analysis takes place on third-party platforms. I found myself creating watchlists and setting price alerts in Fusion Hub, then having to jump over to cTrader or TradingView to view charts and place trades. Fusion is definitely best suited to active forex and CFD traders who demand tight spreads, and platform choice. Newer or casual traders may prefer a broker with more developed educational resources and a fully-integrated platform. But for the right trader, Fusion’s combination of low costs and excellent platform selection make it a compelling option.
Fusion Markets Star Ratings
| Feature |
|
|---|---|
| Overall Rating |
|
| Trust Score | 71 |
| Range of Investments |
|
| Trading Fees |
|
| Trading Platforms |
|
| Research |
|
| Mobile Trading |
|
| Education |
|
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Mobile testing is conducted on modern devices that run the most up-to-date operating systems available:
- For Apple, we use MacBook Pro laptops running the latest macOS, and the iPhone XS running the latest iOS.
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
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About Fusion Markets
Founded in 2017, Fusion Markets is a forex and CFD broker headquartered in Melbourne, Australia. The broker was started by veterans of the forex industry, and its Founder and CEO, Phil Horner, spent a decade at other brokers before launching it. Fusion Markets is privately held and offers over 250 CFD instruments across forex, metals, indices, commodities, cryptocurrencies, and U.S. shares. Australian clients trade through FMGP Trading Group Pty Ltd., which is regulated by ASIC. International clients may trade through Fusion entities regulated by the FSA of Seychelles or the VFSC.