9 minute read · Ultimo Research Desk · Reviewed 5 Sept 2026
How to Verify a Mauritius FSC Broker — and What the Licence Does Not Cover
A regulator's logo on a website proves that someone can copy a logo. Verifying a Mauritius FSC broker means finding the legal entity you would sign with, finding that entity in the FSC's own register, reading what the licence actually permits, and confirming that the website in front of you belongs to it. Ten minutes. Then a second, shorter job: understanding what a licence does not cover, so you do not read into it protections that are not there.
We do it below on Ultimo, because that is the worked example we can vouch for.
1. Find the legal entity, not the brand
Brands are not licensed; companies are. Open the account agreement or the regulation page and write down the full company name, the licence number and the licence category. If a brand operates several companies, find the one your account is with — a licence held by a group's UK company says nothing about its offshore sibling.
For Ultimo, the regulation page publishes:
| Legal entity | Ultimo Securities International Ltd. |
| Regulator | Financial Services Commission, Mauritius |
| Licence | Investment Dealer (Full-Service Dealer, excluding Underwriting) |
| Licence number | GB24203027 |
| Company registration | 209162 |
| LEI | 984500B048D993D6DC04 |
2. Look it up in the register yourself
Do not follow a link the broker gives you. Type the regulator's address — fscmauritius.org — and follow its own link to the Register of Licensees (Online Public Register). Search the full legal name, open the exact match, and compare the licence number and category with what the broker published. Read any conditions or notices on the record.
If the register will not load or returns nothing clear, that is an unfinished check, not a verdict either way. Try again; if it persists, ask the FSC through its own contact page.
3. Know what each identifier is for
A licence number is a regulatory permission. A company registration number says a company exists. An LEI is a global identity code — GLEIF, which runs the system, describes it as a reference for identifying a legal entity, nothing more. A broker quoting an LEI or a registration number has not shown you a licence. Ultimo publishes all three; only the first is the permission.
4. Confirm the website is that company's
Finding the company in the register does not prove the page you are reading belongs to it. Clone sites copy the real licence number. Reach the site by typing its address, not from an ad or a message; take the contact details from the regulator's record or the site reached that way; and treat any payment instruction that arrives by email or chat as false until confirmed inside the client portal. Ultimo's funding page is explicit that bank and crypto deposit details are shown only inside the portal — an instruction from anywhere else is not ours.
5. Keep a note
Date, entity searched, what the register showed, licence number and category, and any open question. A screenshot of the register entry is worth more than a screenshot of the broker's page.
What the licence does not answer
A licence tells you the entity is authorised to carry on the licensed activity in Mauritius under the FSC's supervision. It does not tell you four other things, and it is worth being clear about each.
Whether the products suit you. The licence is a permission to deal. Whether a leveraged CFD is right for you is your decision; the risk disclosure says, in the regulator's own required language, that a licence is not an endorsement of the products.
Whether you are covered by a compensation scheme. At Ultimo you are not: there is no statutory compensation fund for clients of a Mauritius investment dealer, and the regulation page says so. Do not carry an expectation from a UK or EU broker across.
Whether your account can go negative. Ultimo does not offer a negative-balance guarantee. Margin is the collateral for a position, not the most you can lose on it. Segregated client funds explained separates the terms that get confused here.
Whether the broker can take you as a client. A licence in Mauritius is not a licence to market everywhere. Ultimo lists the countries it does not accept on the regulation page; being able to load the website from a country is not the same as being eligible.
Frequently asked questions
Is a licence certificate image enough? No. Check the register, and check the entity in your agreement matches it.
The brand name and the legal name differ — is that a red flag? Common, not a red flag by itself. It becomes one if the broker cannot tell you plainly which company your account is with.
Does an LEI prove the broker is regulated? No. Any legal entity can get one.
Does verification mean I cannot lose money? No. It means you know who you are dealing with. The broker-selection checklist covers the rest of the decision.
Educational content, not legal advice or a regulatory opinion. Product and residency restrictions apply.
Sources
Written by the Ultimo Research Desk and checked against our own contract specifications and client agreement before publication; reviewed again when those change. Educational only — nothing here is a recommendation to trade. Spotted an error? Tell us.
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