I have spent this morning lining up Equiti's Seychelles legal pages, the Jordan site and the UK professional-client terms, because the group name travels further than any one contract. Equiti is the brand a retail reader meets first. The company that would book the trade is a second lookup, and on the documents I opened it is not the FCA firm. The international site says the pages belong to Equiti Brokerage (Seychelles) Limited. The Jordan site names Equiti Group Limited (Jordan). Equiti Capital UK Limited, the company that prints Financial Conduct Authority reference 528328, still hosts July 2024 terms written for professional clients and eligible counterparties. Those terms say the firm will not provide the services if a client asks to be treated as retail. I read the three documents as the account. The licence badges are the shop window.
What the two retail sites do with EUR/USD is the part that does not survive a glance at a single footer. Seychelles and Jordan both print a Premier typical of 0.0 pips and a Standard typical of 1.4 pips, and both footnotes limit those averages to the London and New York sessions. The margin column does not match. The Seychelles spot table shows 0.20 percent on EURUSD. The Jordan spot table shows 1 percent. The June 2026 Seychelles tiered-margin PDF then undercuts the website figure for a small position: on EURUSD, exposure up to 2.50 lots carries a 0.05 percent margin rate, and 0.20 percent is the next band, from 2.50 lots to 100. Same pip sticker. Different cash tied up before the spread is paid. The FCA document publishes no EURUSD price I could read.
A standard lot below means 100,000 of base currency. On EUR/USD one pip on that lot is $10. I count the spread once and the commission on both sides.
Key facts, retrieved 30 September 2026
- Equiti Brokerage (Seychelles) Limited, company 8428558-1, Marina House, Eden Island. Footer: FSA licence SD064, execution-only. equiti.com/sc-en.
- Seychelles EURUSD, London and New York typicals: Premier 0.0 pips plus US$3.5 a side, which is $7.00 a standard lot. Standard 1.4 pips, no commission, $14.00. The dollars are my conversion at $10 a pip.
- June 2026 margin PDF: EURUSD 0.05 percent up to 2.50 lots, then 0.20, 0.50, 1.00 and 3.00 percent at 100, 200, 300 and above. The website's 0.20 percent cell is the second band.
- Equiti Group Limited (Jordan), registration 50248, Amman. Same 0.0 and 1.4 typicals, margin 1 percent, Premier from $3,000.
- Equiti Capital UK Limited, company 07216039. July 2024 terms state FCA 528328 and decline a retail categorisation. Office: 11 Ironmonger Lane, London EC2V 8EY. The FCA register endpoint returned an error.
- April 2024 Seychelles terms: client money may be held overseas, pooled, without interest to the client, and paid to charity after three inactive years. May 2024 warning: losses can exceed the deposit.
- Pepperstone Limited, FCA 684312: Razor 0.1 and Standard 1.1, 1 to 31 August 2026, all sessions, $3.50 a side on Razor ($8.00 and $11.00). Raw Trading Ltd, SD018: 0.1 pips and $3.50 a side, stated 24/5, no sample dates ($8.00).
That is the schedule. The rest is what it leaves out.
The contract on the public site
The Seychelles about page names Equiti Brokerage (Seychelles) Limited, registration 8428558-1, at First Floor, Marina House, Eden Island. The footer says the firm is authorised by the Seychelles FSA under licence SD064 as a Securities Dealers Broker, that the service is execution-only, and that the site belongs to that company. It is not intended for the United States, Belgium, Canada or Japan. The page also describes a mark-to-market STP broker that does not take the opposite side of client trades. The UK terms, for a different company, say the firm may act as principal or as agent.
On 17 June 2026 Gerald Segal at FX News Group reported that Brian Myers had left for VCG Markets. Myers said: "Eight years at Equiti was great. What I'll carry most was the energy of a company in full growth mode." The article, not the quote, places him in 2018 as chief executive of the FCA arm, Equiti Capital, described as the group's institutional unit, and in 2021 as group chief commercial officer and chief executive of Equiti Brokerage (Seychelles). That career is the entity split.
Jordan's site names Equiti Group Limited (Jordan), registration 50248, at Al-Abdali Boulevard, Suleiman Al Nabulsi St. 32, Jouba Complex, Second Floor, Amman. It says the company is licensed by the Jordan Securities Commission, that the service is execution-only, and that the pages are not directed at the United States and Belgium. The footer adds: "Deposits and withdrawals may be coordinated, facilitated or processed by one or more of the affiliates of Equiti Group Limited (Jordan), including Equiti Capital Limited UK." The authorised style on the UK terms is Equiti Capital UK Limited. A payment affiliate is not the CFD contract.
The Commission's English list stops earlier than that footer. Its heading reads "Financial Services Companies Licensed to Perform Activities at Foreign Exchange Market till 8th JUne 2022". Equiti Group Limited/Jordan appears as a financial broker for the account of others and as a financial adviser. I am not treating a June 2022 list as a confirmation dated today. The live site says the firm is licensed. The register page does not say so in a 2026 document.
Iskandar Najjar, group chief executive, on the Jordan media room on 12 August 2025: "Innovation is at the core of everything we do at Equiti. As we expand our footprint in global markets, these appointments ensure we remain agile, tech-driven, and client-focused." Footprint is not a statement of which company holds the deposit. Equiti published the line. On 10 August 2026 Companies House recorded the end of his directorship at Equiti Capital UK Limited. That is a UK-company filing, not evidence he left the group.
Same pip sticker, different margin
On the Seychelles accounts page, Classic quotes average spreads of 1.6 pips. That figure is an account average, not an EURUSD cell, so it stays out of the chart. Standard is a $30 minimum, no commission, on MT4, MT5 and MQ WebTrader. Premier takes deposits from $100 and US$3.5 per lot per side on those platforms, with leverage advertised up to 1:2000.
The forex page prints EURUSD at 0.0 on Premier, 1.4 on Standard, and 0.20 percent margin. The note says those margin cells apply only to MT4, because tiered margins now exist. Averages are London and New York. Spreads can widen overnight. The table is correct at publication.
The June 2026 PDF is headed Equiti Brokerage (Seychelles) Limited and applies on MT4 and MT5. A full hedge needs no margin. A partial hedge is margined on the net. EURUSD cells, under columns headed "Leverage", are 0.05 percent up to 2.50 lots, 0.20 percent to 100, 0.50 percent to 200, 1.00 percent to 300, and 3.00 percent above that. The website's lone 0.20 percent is only the second band.
The PDF footer repeats SD064, Eden Island and support.sey@equiti.com. Clause 1.1 of the April 2024 terms still gives Suite 3, Global Village, Jivan's Complex, Mont Fleuri. The live site and the FSA list have moved to Marina House. The legal library can still show the old room.
Jordan's forex table copies 0.0 and 1.4 and prints 1 percent margin, the Seychelles band that starts at 200 lots, as a single cell. The same London and New York footnote applies. Premier there starts at $3,000, not $100, still at US$3.5 a side. The accounts page says money sits in segregated accounts at "trusted Tier 1 banks". That is marketing copy, not the Seychelles clause and not a UK client-money rule. TradingView and an Equiti Trader app are named on the homepage. I have no platform-level EURUSD typical for them.
A Seychelles welcome offer adds 100 percent trading credit on a first deposit, terms apply. While it is active, leverage is set to 500:1, then reverts to 2000:1. The XM review covers another firm whose bonus also changes EUR/USD terms. Around payrolls, CPI, Friday's close, Sunday's open and the Fed, ECB and Bank of England decisions, the Seychelles page caps leverage at 1:2000, which is already the advertised maximum. The calendar, as printed, does not tighten the book.
$7 is a session window, not a like-for-like win
Seychelles Premier is a 0.0 typical plus US$3.5 a side, $7.00 round turn. Standard is 1.4 pips and $14.00. Jordan's pips produce the same dollars, so Jordan is off the bars. The gap between the two contracts is margin and the Premier minimum.
Pepperstone Limited, company 08965105, FCA 684312, at 27 Old Jewry, London, prints EURUSD Razor average 0.1 and Standard average 1.1, from 1 to 31 August 2026, all sessions including rollover. Razor commission on a USD account is $3.50 a side, printed once beside MT4/MT5, cTrader, TradingView and the Pepperstone platform. Round turns: $8.00 and $11.00. An earlier note converted a Razor lot into Australian dollars. This review stays on the en-gb USD page.
Raw Trading Ltd, the company behind IC and IC Markets Global, is Seychelles 8419879-1 with FSA licence SD018. It states an average EUR/USD spread of 0.1 pips and $3.50 per lot per side, and a 0.1 pip average 24/5 on MT4 and MT5, with no sample dates. The page's canonical address drops the /sc/ path and still describes this firm. EU visitors cannot apply. IC Markets (EU) Ltd, CySEC 362/18, is a separate company and is not this 0.1 pip figure. Round turn: $8.00.
| Book | Entity | EURUSD | Commission | Round turn | Window |
|---|---|---|---|---|---|
| Equiti Premier | Equiti Brokerage (Seychelles) Ltd, MT4/MT5 | 0.0 typical | US$3.5 a side | $7.00 | London and New York |
| IC Raw | Raw Trading Ltd, SD018, MT4/MT5 | 0.1 average | $3.50 a side | $8.00 | Stated 24/5, undated |
| Pepperstone Razor | Pepperstone Ltd, FCA 684312 | 0.1 average | $3.50 a side, USD | $8.00 | 1 to 31 Aug 2026, all sessions |
| Pepperstone Standard | Pepperstone Ltd, FCA 684312 | 1.1 average | None | $11.00 | Same August window |
| Equiti Standard | Equiti Brokerage (Seychelles) Ltd, MT4/MT5 | 1.4 typical | None | $14.00 | London and New York |
The $1 under Razor and IC Raw is not a win I will bank. Equiti's typical excludes Asia and the rollover. Pepperstone's average includes them for one month. IC claims 24/5 and shows no dates. Standard runs the other way, $14.00 against $11.00, on Equiti's shorter clock. The forex desk's EUR/USD piece is about the rate, not this dealing cost, and its levels are not mine.
Client money, and the retail refusal
The April 2024 Seychelles terms, version 2.0, are in the legal library. Clause 46.2 treats client money under the FSA regulations unless the terms say otherwise. Clause 46.3 allows a bank in Seychelles or outside it, or a third party such as a market or a clearing house, and the client accepts no claim on the firm for that party's insolvency. Balances may be pooled. Clause 46.4 keeps any interest unless a written deal says otherwise. A depositary may take a lien within the FSA rules.
Clause 47 sits next to any segregated headline. Sums equal to obligations that are due stop being client money and may be applied at once, without a fresh demand. After three years without activity the firm may pay the balance to a charity and cease to treat it as client money. The clause does not promise to pay it back. The May 2024 risk warning says losses can exceed the deposit, that appropriateness is not assessed, and that margin may change without prior notice.
The FSA capital-markets list names Equiti Brokerage (Seychelles) Ltd at Marina House with a support email and www.equiti.com. The HTML does not contain SD064. The number is on the footer, in clause 1.1 and on the margin PDF. I am not patching that gap from a review site.
The July 2024 UK terms are titled for professional clients and eligible counterparties and state reference 528328. Clause 7.4 reads: "If you request to be categorised as a retail client, or if your circumstances change so that you satisfy the definition of a retail client under the FCA Rules, we will not be able to provide the Services to you." The Seychelles warning speaks to retail clients. The retail wording is in Victoria, not London.
Clause 10.3 limits compensation to "a maximum as defined by the FSCS", for regulated products only. I will not invent a sterling cap. Clause 52.4, a signed title transfer, takes money outside the Client Money Rules and leaves the client as a general creditor. Charity after six quiet years comes with a repayment undertaking the Seychelles three-year clause does not have. That difference matters to a professional client the UK firm will actually accept.
Companies House shows 07216039 active, incorporated 7 April 2010, with accounts to 31 December 2025. The office moved from 69 Wilson Street to 2 London Wall Place on 30 November 2022, and to 11 Ironmonger Lane on 13 October 2025. The July 2024 terms still print London Wall Place. The FCA register API returned an error, and the firm-checker page was only a search form. Reference 528328 in this review is the PDF's own statement, tied to that company number.
RelatedGlobal Prime Review 2026: 1:1000 on the Site, 1:500 in the PDS
An FCA name beside a different contract is a pattern already traced, for another group, in the ATFX review. Equiti's retail door is Seychelles or Amman, and the UK text is explicit. A Seychelles contract under a longer licence list, at another firm, is the ThinkMarkets review.
Where a 3.2 comes from
I score the published retail schedule at 3.2 out of 5. Premier at $7.00 on a stated London and New York typical sits beside two peers at $8.00 on pages I fetched myself, and the EURUSD row exists, with the session window written under it. The Seychelles company is named, Eden Island is on the FSA list, and the client-money clauses can be opened. That keeps the score above a book that could not be checked.
It is not a 4. Clause 7.4 refuses retail, so the FCA number in group copy is not the retail contract. Seychelles client money may leave the jurisdiction, may be pooled, pays no interest, and can go to charity after three inactive years. Losses can exceed deposits. The $1 Premier gap is not comparable across windows, and Standard at $14.00 is wider than Pepperstone's $11.00. Jordan adds a 1 percent margin and a $3,000 Premier minimum.
A current FCA extract showing retail permissions, plus a retail agreement with an EURUSD price, would lift the score, because the cited licence would be the contract. A dated all-session average on the Seychelles page would make the $7 comparable, and a Standard typical that stayed at 1.4 against a peer at 1.1 would pull the cost half down. Until then, 3.2 describes the documents. It is not an instruction to open, fund or leave an account.
Questions the pages actually answer
Which Equiti company does a retail client contract?
On the international site, Equiti Brokerage (Seychelles) Limited, 8428558-1, Eden Island, stating FSA licence SD064. On the Jordan site, Equiti Group Limited (Jordan), registration 50248, Amman, stating a Jordan Securities Commission licence. Both are execution-only. The application binds. These are the companies named on the offers read on 30 September 2026.
Does FCA reference 528328 cover a retail Equiti account?
The July 2024 terms of Equiti Capital UK Limited are for professional clients and eligible counterparties. Clause 7.4 says a retail request, or a change that meets the retail definition, means the firm will not provide the services. A UK affiliate processing a payment is not that contract. The FCA register endpoint returned an error, so the permission set was not re-read there.
What does EUR/USD cost on Seychelles Premier?
The forex page prints 0.0 pips typical on Premier and 1.4 on Standard, London and New York only. Premier adds US$3.5 per lot per side. At $10 a pip that is $7.00 round turn, and $14.00 on Standard. Spreads can widen overnight. It is a published typical, not a tick from this desk.
If Jordan shows the same pips, is it the same trade?
The sticker matches. The margin and the minimum do not. Jordan prints 1 percent on EURUSD. Seychelles prints 0.20 percent on the website and 0.05 percent up to 2.50 lots in the June 2026 PDF. Jordan Premier starts at $3,000. Seychelles Premier starts at $100. Same pips, different cash, different company.
Is SD064 printed on the Seychelles FSA list?
Not in the capital-markets HTML from 30 September 2026. That page names the firm, Marina House, a support email and www.equiti.com. SD064 is on the footer, in clause 1.1 of the April 2024 terms, and on the June 2026 margin PDF. The register extract and the firm's licence line are different documents.
What happens to Seychelles client money after three quiet years?
Clause 47.2 allows the balance to be paid to a registered charity after three years without activity, once reasonable steps to trace the client have failed. It then ceases to be client money. The clause does not promise repayment. Money may also sit overseas, pooled, with no interest passed on.
This is a reading of Equiti's legal and pricing pages, and of the peer pages named above, retrieved on 30 September 2026. It is analysis, not a recommendation to open, fund, close or keep an account. Losses can exceed the sum deposited: that is the Seychelles risk warning of May 2024. Entity, margin and client-money rules differ across the group. Figures can change. Capital is at risk.