The Zero column on Windsor Brokers' account-types page prints an $8 round-turn foreign-exchange commission beside a $1,000 minimum deposit, and the button under that column sends the applicant to a Seychelles client portal.
Windsor Brokers is a brand used by more than one company, and the page a retail visitor clicks opens accounts for Windsor Brokers International Ltd. On 11 November 2026 the Client Account Agreement linked from the Seychelles tab, file code 0925, names that company as the counterparty, with Seychelles registration 8425783-1, licence SD 072, and a registered office at Scenic Car Hire Building, number G3, parcels H1238, H1239 and H7524, Majoie, Mahe. The company agrees to open the trading accounts and to stand on the other side of the client's foreign-exchange and CFD transactions. The same file says Windsor may alter its terms at its absolute discretion, and the client's prior consent sits outside that step.
The Financial Services Authority Seychelles business card, opened the same day, lists Windsor Brokers International Ltd as a Securities Dealer, trade name Windsor Brokers, website windsorbrokers.com, at Scenic Car Hire Building, number G3, Ma Joie, Mahe. The card leaves licence SD 072 off the public listing, so the number is visible in the contract and absent from the register page that was fetched.
Updated 11 November 2026 with every figure below checked against the broker page named beside it, including the peer spreads taken from each firm's own site.
Key facts drawn from the pages opened on 11 November 2026.
- Windsor Brokers International Ltd, Seychelles registration 8425783-1, states licence SD 072 and agrees to act as counterparty. Source: Client Account Agreement, document 0925, opened 11 November 2026.
- The Seychelles FSA card lists that company as a Securities Dealer at Scenic Car Hire Building, number G3, and leaves SD 072 off the card. Source: fsaseychelles.sc business search, 11 November 2026.
- The Zero product table shows EURUSD at a minimum spread of 0 pips, a typical spread of 0.2 pips, and a pip value of 10 USD. Source: Windsor FX_Zero table on the forex page, 11 November 2026.
- The non-Kenya Zero block shows an FX commission of $8 per lot round turn and a minimum deposit of $1,000. Source: Windsor account-types page, 11 November 2026.
- The typical spread plus that commission puts one standard euro-dollar lot at $10 before overnight financing. Arithmetic from those two Windsor pages, 11 November 2026.
- Tickmill Europe Ltd Raw prints a 0.1 pip typical EURUSD spread and $3 per lot per side, or $6 round turn. Source: tickmill.com/eu spreads and raw-account pages, 11 November 2026.
- BlackBull's Prime EURUSD print was 0.1 pips at 06:35 UTC, and ECN Prime states US$3.00 per lot per side. Source: blackbull.com instrument page and account-types article, 11 November 2026.
Who holds the Windsor Brokers client contract?
The footer of the account-types page names four companies: Windsor Brokers International Ltd under the Seychelles Financial Services Authority, Seldon Investments Limited under the Jordan Securities Commission with registration 1265, Windsor Markets (Kenya) Limited under the Capital Markets Authority, and Windsor Global Markets Ltd under the British Virgin Islands Financial Services Commission. The same footer withholds the products from the United States, Malaysia, Europe, the United Kingdom, Cuba, Iran, Myanmar, Ukraine, Russia, and North Korea.
The trading-documents page is narrower than that footer. It offers Seychelles, Kenya, and Jordan tabs, and each tab links an account-opening PDF and a trading-conditions PDF. The British Virgin Islands company has a blank space on that switcher. A windsor brokers review that treats the brand as one licence is reading a trade name, which is a different object from the contract a client signs.
The Seychelles account-opening link and the Seychelles trading-conditions link, both on cms.myuserhub.com, returned byte-identical files on 11 November 2026. Both open as the Client Account Agreement marked 0925. A visitor who clicks the conditions tab looking for a separate schedule of margins lands back on the agreement. The agreement points the client at the Product Outline on the website for the actual charges, and it says spreads are whatever the platform offers while commissions sit apart from the price.
Footnotes cap leverage at 1:400 for clients under Windsor Markets (Kenya) Limited. For Seldon clients the cap on forex, currency, and metals CFDs is 1:100, and the cap on other CFDs is 1:500. Cryptocurrency CFDs are unavailable under those two companies and for clients living in Jordan, Palestine, and Iraq. The Get Prime and Get Zero buttons point at sc.myuserhub.com, so the ticket priced below is Windsor Brokers International Ltd, on MetaTrader, on the non-Kenya fee block. Which company stands behind a ticket is also the question in the Axiory contract-entity review.
| Company on the site | What the pages print | What opened on 11 November 2026 |
|---|---|---|
| Windsor Brokers International Ltd | Seychelles FSA, agreement states licence SD 072 and registration 8425783-1 | Client Account Agreement, file 0925; FSA card lists a Securities Dealer at the Mahe address and omits SD 072 |
| Seldon Investments Limited | Jordan Securities Commission, registration 1265, forex leverage capped at 1:100 | Jordan PDF is linked, and the observed signup buttons go to the Seychelles hub |
| Windsor Markets (Kenya) Limited | CMA Kenya, leverage cap 1:400, Zero deposit shown as $50 and Zero FX commission as $7 | Kenya PDF is linked, and Kenya fees are a separate layer on the account-types page |
| Windsor Global Markets Ltd | FSC British Virgin Islands, named in the footer | Absent from the three-tab document switcher |
What does one Windsor euro-dollar lot cost on Zero?
The forex page keeps its instrument rows in a live sheet. The Zero sheet that loaded on 11 November 2026 is titled FX_Zero. Its EURUSD row shows a minimum spread of 0, a typical spread of 0.2, a pip value of 10 USD, a size from 0.01 to 50 lots, and a minimum order distance of 1. Prime and Zero contracts are 100,000 units, and a pip of 0.0001 on that size is $10, which matches the row.
Spread cost on one standard lot at the 0.2 typical is $2. The account-types page adds $8 per lot round turn outside Kenya and $7 inside it, with minimum deposits of $1,000 and $50. The public buttons route to the Seychelles portal, so the commission on the contract above is $8. One standard EURUSD lot on that Zero account, closed inside the day, bills $2 plus $8, which is $10, and a minimum spread of 0 would still leave the $8. The Kenya block would bill $9 on a different company.
Prime is dearer once the typical is used. The FX_PRIME sheet lists MT4 symbol EURUSD@ at a minimum of 1 pip, a typical of 1.5 pips, and the same 10 USD pip value. The account page shows a Prime commission of $0, a minimum deposit of $50, and spreads from 1.0 pips. At the typical width the spread is $15 and the commission cell leaves the bill at $15, above the Zero ticket that charges $8. The minimum Prime spread of 1 pip would be $10, level with that Zero figure, and the table says the ordinary Prime width is wider than the floor.
VIP Zero shows an FX commission of $5 per lot round turn and a minimum deposit written as enquire, and a VIP typical for EURUSD was absent, so that book stays out of the ranking. Cent fails a consistency check between two Windsor lines. The forex page says Cent contracts are 1,000 units, while the FX_CENT sheet lists EURUSDc at a typical of 0.2 and a pip value of 10 USD. A 1,000-unit pip is near $0.10, so the printed 10 USD prices the same 0.2 at $2. Until those lines agree, the Cent dollar cost is unresolved.
| Windsor tier | Symbol | Spread used | Commission, round turn | All-in on one lot |
|---|---|---|---|---|
| Zero, non-Kenya | EURUSD | Typical 0.2 pips, worth $2 | $8 | $10 |
| Zero, Kenya | EURUSD | Typical 0.2 pips, worth $2 | $7 | $9 |
| Prime | EURUSD@ | Typical 1.5 pips, worth $15 | $0 | $15 |
| VIP Zero | Typical row absent | From 0.0, ordinary width unpublished | $5 | Unpublished |
| Cent | EURUSDc | Typical 0.2, pip value and the 1,000-unit note disagree | Page says zero commissions | Unresolved |
How does that lot sit against two raw peers?
The comparison uses one measure and keeps overnight financing outside it: each firm's own EURUSD spread on the raw-style account, converted at $10 a pip on one standard lot, plus the round-turn commission that firm's page states. Windsor's input is the Seychelles Zero typical of 0.2 plus $8. The peers are Tickmill's European Raw account and BlackBull's Prime account, the two pages that opened with both a euro-dollar spread and a commission. Spread-versus-commission splits of this kind are also the subject of the INFINOX spread and ECN cost review.
Tickmill's EU raw-account page, retrieved 11 November 2026, carries a cache stamp of 10 November 2026 at 10:19 UTC and belongs to Tickmill Europe Ltd. The risk line says 74 percent of retail accounts lose money trading CFDs with that company. The licences page, cache-stamped 11 November 2026 at 06:54 UTC, says Tickmill Europe Ltd is authorised by CySEC, licence 278/15. The raw account shows spreads from 0.0 pips, a commission of $3 per lot per side, and a worked example of one EURUSD lot at 100,000 euro, 3 USD per side and 6 USD round turn. Retail leverage on that page is capped at 1:30.
The spreads-and-swaps page embeds an EURUSD row with a minimum of 0 and a typical of 0.1, and it says the displayed prices align with raw spreads. At $10 a pip, 0.1 costs $1. Added to the $6 commission, one standard lot bills $7. Windsor's Seychelles page advertises dynamic leverage up to 1:2000 on its Zero book, so the $7 and the $10 compare as dealing costs on different margin regimes.
BlackBull's EURUSD page opened with a live spread of 0.1 pips, five digits, leverage of 1:500, a contract size of 100,000, minimum volume 0.01 and maximum 150. The stamp reads 11 November 2026 at 06:35:09 UTC, data source MT5 Server Prime Account Pricing, on MT4, MT5, TradingView, and cTrader. The sell price beside the pair was 1.11540. This is a snapshot, unlike the two published typicals, and a live 0.1 in the London morning can be wider an hour later. It is still the figure the firm's page was showing when opened.
The matching commission comes from BlackBull's account-types article. ECN Prime shows spreads from 0.0 and US$3.00 per lot per side, and a second grid offers a Raw account at the same commission with a US$100 minimum. The instrument page says Prime, so the sum is $1 of spread plus $6 round turn, which is $7. The entity article splits the brand by residence: Black Bull Group Limited, a New Zealand Financial Markets Authority derivatives issuer, primarily serves New Zealand clients, and BBG Limited, trading as BlackBull Markets, holds Seychelles FSA licence SD045 for clients outside New Zealand. A footer withholds Canada, the United States, the European Union, the United Kingdom, India, and anyone outside New Zealand, while the 0.1 pip line leaves the legal company off the quote.
On the shared arithmetic, Windsor Zero at $10 sits $3 above Tickmill Europe Raw at $7 and $3 above the BlackBull Prime snapshot at $7. The spread gap is a tenth of a pip, or $1 on a standard lot, and the commission gap is $2, $8 against $6. Once the commission is added, Windsor is last on this ticket. The TradeStation euro-dollar ticket review prices a different legal book on the same pair, and the broker comparison hub collects the desk's pages.
| Book | Legal name opened | Tier | EURUSD spread used | Round-turn commission | All-in |
|---|---|---|---|---|---|
| Windsor Zero | Windsor Brokers International Ltd, SD 072 in the agreement | Zero on MT4 and MT5, symbol EURUSD | Typical 0.2 pips, $2 | $8 | $10 |
| Tickmill Raw | Tickmill Europe Ltd, CySEC 278/15 | Raw on MT4 and MT5, retail leverage 1:30 | Typical 0.1 pips, $1 | $6 | $7 |
| BlackBull Prime | Prime server print; entity article names Black Bull Group Limited and BBG Limited, SD045 | ECN Prime, MT5 pricing, leverage up to 1:500 | Live 0.1 pips at 06:35 UTC, $1 | $6 | $7 |
What else can the Seychelles agreement bill?
The $10 is the dealing ticket on a position opened and closed inside the same trading day, and the charges clause reserves more than that ticket. It covers commissions on the account type, the cost of carrying a position overnight, rollover, inactive-account charges, deposit and withdrawal costs, spread mark-up against the covering price, and currency conversion on costs, profits, and incoming funds. The client is pointed at the Product Outline for the schedule.
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One reserved item has a number. If the account is closed with a balance below US$50, or the currency equivalent, the company says it will apply an administration charge and zero the remainder, and the refund obligation ends at that threshold. Above $50 the company still reserves the charge where, in its view, it is unable to locate the client or the bank record within three months of the decision to terminate. A Zero deposit that is later traded under $50 can be extinguished by closure rather than returned. That loss sits in the contract, separate from the $10 dealing ticket.
Margin is where the headline leverage shrinks. The account page advertises maximum dynamic leverage of 1:2000 on the non-Kenya block, and the forex page then sets floors on new positions: 0.10 percent between 00:02 and 06:00 server time, 0.50 percent from 15 minutes before a news release until 5 minutes after, and 0.2 percent in the three hours before the weekly close or a market holiday. The news rule is switched off for Seldon clients, and the weekend rule is switched off for Kenya and Jordan. A 0.50 percent margin is 1:200, and the page says the ladder can step down again as net open lots grow.
Stop-out is 20 percent and the margin call is 100 percent on every account column, with hedging marked allowed. A maximum interest rate of 2 percent appears under the loyalty heading, and the agreement treats bonuses, rewards, and interest as discretionary payments the company may stop. The loss sentence on the forex page, the account page, and the trading-documents page says 91.40 percent of retail investor accounts lose money trading online forex and CFDs with this provider. The sentence leaves out the period, the entity, and the sample size, and it is harsher than the 74 percent line Tickmill Europe prints on its raw page.
Which platform shows the Windsor spread?
The forex page and the account page both name MetaTrader 4 and MetaTrader 5. Demo instructions tell the client to pick MT4 or MT5, a base currency, and a leverage, with up to two MT4 demos and three MT5 demos, each active for a year, and virtual funds up to $50,000. The live symbols diverge by book. Zero EURUSD is printed as EURUSD, Prime as EURUSD@, and Cent as EURUSDc. Comparing a Prime quote with a Zero quote as if they were one symbol mixes a 1.5 pip typical with a 0.2 pip typical.
Spot forex hours are server time, Monday 00:05 to Friday 23:59, with a daily break from 23:59 to 00:02. The agreement says charges specifically for using the online platforms are absent, while account-type charges are notified separately, which matches the $8, $7, $5, and $0 cells. The page also claims execution as low as 0.03 seconds, with a sample and a method absent from that sentence. Swap was left out of the $10 because a position held across the server roll picks up that night's financing. The euro-dollar rows run from 0.01 lot to 50.
Where does the published schedule go quiet?
Windsor's Zero and Prime sheets print both a minimum and a typical, and the account page prints the commission by geography, so the $10 and the $15 come from the firm's own pages. Beside that, the trading-conditions URL returned the client agreement, the British Virgin Islands company is named in the footer and left off the document switcher, and the FSA card leaves SD 072 to the contract. VIP has a $5 commission and a missing typical. Europe and the United Kingdom are on the withheld-country list.
Tickmill's $7 is a CySEC retail book at 1:30 leverage from a page that still showed the previous day's cache stamp. BlackBull's $7 uses one Prime snapshot at 06:35 UTC plus a per-side commission from an article with two grids and two possible companies. If the Windsor typical moves, or if that live spread widens, the ranking moves with it. On the Seychelles Zero book the commission is four fifths of the $10, and on Prime the spread is the whole $15.
On the credit side, Windsor prints a minimum and a typical, names the Seychelles company in the signup agreement, and states the commission in dollars by geography. On the debit side, the Zero ticket is $10 against $7 at the two raw peers, the FSA card leaves SD 072 off the listing, the trading-conditions file matches the agreement, and the Cent pip value conflicts with the 1,000-unit note. The verdict from the pages opened on 11 November 2026 is narrow. The signup-path contract is Windsor Brokers International Ltd, and one standard euro-dollar lot on Zero bills $10 at the 0.2-pip typical plus the $8 round-turn commission, on MT4 or MT5. Prime bills $15, the two peers bill $7, and the Cent cost, the VIP typical, and the British Virgin Islands contract stayed unpublished.
CFDs and forex on margin can consume the entire balance. The figures above are a reading of broker pages opened on 11 November 2026, and they describe published charges rather than an instruction to open, fund, or close any account.