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18 Best Forex Brokers in Maldives

18 Best Forex Brokers in the Maldives

 

Forex Brokers Maldives

 

 

Finding the list of the Best Forex Brokers in the Maldives and worldwide can be a difficult process, especially finding a list of trustworthy brokers who accept Maldivian traders and who allow these traders to invest in their currency, the Maldivian rufiyaa(Rf).

The Maldives is a small island nation in South Asia with a population of approximately 515,696 Potential Forex Traders.

 

Here are our 10 Best Handpicked Forex Brokers in the Maldives

 

The continues development of tourism contributes overall to the growth of the country’s economy and currency exchange is a daily occurrence.  Traders can make their choice of Broker from 18 of the Best Globally Regulated Forex Brokers and Trading Platforms available on the market to date.

 

IC Markets broker review

 

IC Markets

 

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5, and cTrader platforms for desktop, web, and mobile.  IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

IC Markets offers traders three main types of live trading accounts to choose from, including  Raw Spread (cTrader), Raw Spread (MetaTrader), and the Standard Account (MetaTrader). Islamic swap-free accounts and the use of a free demo trading account is also on offer.

Customer support is available 24/7 via Live Chat, Phone, and Email.

 

Nord FX Broker Review

 

NordFX

 

NordFX is a forex broker located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC)NordFX offers Forex trading with specific accounts for each type of trader, including Zero accounts which offer spreads from 0 pips, while the Crypto account offers optimal cryptocurrency trading.   Types of trading accounts are –  Fix, Pro, Zero, and Stocks.

Trading instruments on offer ranges from more than 30 currency pairs, the popular precious metals gold & silver, 11 major cryptocurrency pairs, plus CFDs based on Brent oil and stock indices such as Dow Jones 30, S&P 500, DAX 30, NASDAQ 100, and NIKKEI 225.

NordFX offers customer support via Email, Telephone, and a 24/5 Live Chat function plus an Online Contact Form available on their website.

 

BDSWISS Broker Review

 

BDSwiss

 

BDSwiss is a Forex and CFD broker which offers over 250 instruments to trade on covering Forex, Commodities, Cryptocurrencies, Indices, and Equities, from 3 account types on the MetaTrader 4 and MetaTrader 5 platform. BDSwiss is well regulated by CySEC and offers traders 3 types of accounts – BasicRaw, and Black VIP. These accounts come with a minimum deposit of US Dollar 100 accept the Raw account which has a monthly subscription fee of between US Dollar 1 and US Dollar 79.

BDSwiss offers both full demo and Islamic accounts are available and traders can fund their account through wire transfer deposits as well as through credit card and deposits which are fee-free in most cases.

BDSwiss offers multilingual customer support 24/5 via Live Chat, Telephone, Email, Call Back, WhatsApp, Telegram, and an FAQ section.

 

XTB broker review

 

XTB

 

XTB is a European broker that was founded in 2002 and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.

 

XTB is a fintech company that combines financial services with innovative technology and it offers clients two platforms to choose from:

  • xStation 5
  • MT4

 

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3 am Saturday to 9 pm Friday). Traders can buy or sell digital coins with 2:1 leverage and a 365-day expiry.

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account PayPal
Low min deposit Standard account Skrill
Guaranteed stop loss Islamic account Payoneer
Offers Negative Balance Protection Neteller

 

XTB supports a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

 

OctaFX Broker Review

 

OctaFX

 

OctaFX is an online broker that was founded in 2011, offering Forex trading.  As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.

OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

 

OctaFX Trading benefits:

 

OctaFX Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • STP account
  • Islamic account

 

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.  Customer Support is available 24/5 via Live Chat, Email, Phone, WhatsApp, and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.

 

Tickmill Broker Review

 

Tickmill

 

Tickmill is a Forex and CFD broker with licences from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA). Tickmill offers trading on 80+ markets covering Forex, Indices, Commodities, and Bonds on the MetaTrader 4 trading platform for Windows, Mac, Web, Android, and iOS. 

Three main trading accounts called the Pro Account, Classic Account and VIP Account are on offer, each which offers different minimum balances, maximum leverage, spreads, and commissions respectively. Demo trading and Islamic swap-free accounts are also made available.

Multilingual client service is available via Telephone, Email, Online Contact Form, and Live Chat.

 

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easyMarkets Broker Review

 

EasyMarkets

 

EasyMarkets is one of the most popular choices for Beginners and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy to use forex trading platform

 

EasyMarkets offers traders three key risk management tools that are ideal for those new to currency trading:

 

Standard, Premium, VIP, and SuperVIP accounts are available, their minimum opening deposits are US Dollar 100, US Dollar 1 000, US Dollar 2 500, US Dollar 50 000 respectively. A demo account is also on offer.  The available trading platforms offered are MT4 and the easyMarkets web platform. 

Customer Support is available 24/5 via various chat channels, email, phone, and web forms.

 

Trading 212 broker review

 

Trading 212

 

Trading 212 is an online broker which was founded in 2006 and offers Stocks trading, Forex trading, Commodities trading, and Indices trading.  Trading 212 is a global broker and has a head office situated in the UK.

 

  • Regulated by: Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
  • Used by over 14,000,000 traders.
  • Trading 212 are the UK’s number one trading and investment app with over 14,000,000 downloads, thus a large userbase but is not available in the following countries: US

 

Trading 212 Trading benefits:

 

Trading 212 Trading Accounts Offered:

  • Invest account
  • ISA account
  • CFD account
  • Demo account

 

Trading 212 offers an outstanding, highly responsive customer service team available 24 hours a day across a variety of platforms and in 16 different languages.

 

Pepperstone broker review

 

Pepperstone

 

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

Pepperstone offers traders a variety of trading accounts to choose from including Razor, Standard and Swap-Free, and –

 

Boasts three top forex trading platforms:

  • MetaTrader 4: Most Popular for Forex Trading
  • MetaTrader 5: Most Popular CFDs Trading Platform
  • cTrader: Best Automated Trading Platform

 

All three FX trading platforms come with a free demo account which will allow Nigerian traders to test out the forex broker and platform for 30 days.

 

Platform enhancements available for Pepperstone include:

  • MetaTrader 4 smart trader tools
  • cTrader Automate
  • Autochartist and
  • API trading

 

A range of options for depositing funds is available, including Bank wire transfer, MasterCard, Visa credit card, PayPal, Neteller, Skrill and QIWI.

Pepperstone offers 24/5 multiple language support via email, phone, and live chat.

 

XM Broker Review

 

XM

 

Leverage:                            1:30 to 1:888 *Depends on the entity of the group

Regulation:                         CySEC, ASIC, IFSC

Min. Deposit:                    USUS Dollar 5

HQ:                                        Cyprus, Australia, Belize

Platforms:                           MT4, MT5, XM WebTrader

Founded in:                        2009

 

XM operates with clients from over 196 countries and offers support in 30 languages. The main branch located in Cyprus is regulated by CySEC.  1.5 Million Traders and investors choose XM and their wide range of XM trading products on offer.  Four main account types are on offer – Micro, Standard, XM Ultra-Low Account and Shares Accounts.  Traders can select the base currency of their preference from a large selection on offer. This range includes South African Rand (ZAR), Singapore Dollar (SGD), and other global currencies.

Customer Support is available via live chat, email, and phone.

 

FXTM Broker Review

 

Forex Time (FXTM)

 

FXTM or ForexTime was founded in 2011 and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295.  FXTM offers users seven different account types where the execution method, range of markets, available platform, and commissions and fees may vary.  Three accounts are offered under the Standard category.  Forex Time (FXTM) is a MetaTrader broker that offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.

 

FXTM offers traders the opportunity to trade in the following markets:

  • Forex
  • Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc) Please take Note: FXTM offers crypto trading via Exinity Limited and Instruments on offer are based on a traders country of residence.
  • CFDs for Indices and Commodities (FTSE, DAX, Nasdaq, etc)
  • Spot metals (Gold, Silver)
  • Shares CFDs (Apple, BP, Google, etc)

 

FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

Customer Service is available to phone, email, online chat options – WhatsApp, live chat, Viber, Telegram, or Messenger.

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FBS Broker Review

 

FBS

 

FBS is a Forex and CFD broker offering to trade on Forex, Indices, Stocks, Metals, and Energies on the MetaTrader 4, MetaTrader 5, and FBS Trader trading platforms for PC, Mac, Web, Android and iOS with a maximum 1:3000 leverage.  FBS is regulated by CySEC and IFSC. 

FBS offers traders a choice of four accounts and all accounts offer market execution and the chance to trade in micro-lots in Cent accounts for more precise risk management.

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Cent US Dollar 1 0.01 lot 1:1000 from 1 pip
Standard US Dollar 100 0.01 lot 1:3000 from 0.5 pips
Zero Spread US Dollar 500 0.01 lot 1:3000 0 pips + US Dollar 20/lot
Micro US Dollar 5 0.01 lot 1:3000 fixed, from 3 pips
ECN US Dollar 1000 0.1 lot 1:500 from -1 pip + US Dollar 6/lot

 

FBS offers customer support 24 hours a day, 7 days a week via a Call-back service, online Live Chat, Telegram, Viber, and Facebook Messenger.

 

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Exness Broker Review

 

Exness

 

Exness is authorized by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks, and Indices on the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Linux, Android and iOS, and the Exness Web Terminal.

Exness offers traders 5 different trading accounts to choose from. Standard Accounts include the Standard and Standard Cent. Professional Accounts include Raw Spread, Pro, and Zero. Demo accounts and Islamic swap-free accounts are also available.  Exness offers over 105 different instruments to trade, including over 103 currency pairs.

Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.

 

Olymp Trade broker review

 

Olymp Trade

 

Olymp Trade is a well-known online trading platform, which offers traders multiple different assets, including binary options. Olymp Trade is regulated by the IFC.  Safety measures and precautions are put first by this platform and it is considered a financial organization that keeps the interests of their clients in mind at all times.

Apart from the demo account, a standard and VIP account is available respectively.  To open a standard account, users only need to make a minimum deposit of £10, and to qualify for a VIP account, users need to deposit at least £2,000.

Traders are also offered access to educational resources and training materialsCustomer Support is available via phone, email and their website.

 

Admiral Markets Broker Review

 

Admiral Markets

 

Admiral Markets is an online broker that was founded in 2001 and offers Forex and CFDs trading, is globally recognized, and has a head office based in the UK.  Traders will need a minimum deposit of US Dollar 200 to start and can sign up for a demo account in over 148 instruments and over 40 currency pairs.

Admiral Markets is authorised and regulated by the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Estonian Financial Supervision Authority (EFSA).

 

Admiral Markets Trading benefits include:

 

Admiral Markets Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account

 

Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOSAdmiral Markets offers multilingual customer support via Telephone, Live Chat, and Email.

 

BlackBull Markets Broker Review

 

BlackBull Markets

 

BlackBull Markets is a forex & CFD brokerage which is fully regulated by the New Zealand’s Financial Service Providers Register (FSPR). Trading instruments on offer include more than 20 foreign currency pairs, six major stock indices, and the popular commodities gold, silver, as well as WTI & Brent oil which can all be traded across either the classic MetaTrader 4 (MT4) or the newer MetaTrader 5 (MT5) platforms.

Customer support is available via phone or lives to chat, both of which are open 24 hours on all trading days.

 

IQ Option broker review

 

IQ Option

 

IQ Option is a forex & binary options broker with offices based in the UK, Cyprus, and Seychelles, and regulated by the FCA and CySECIQ Option offers traders three trading account to choose from, Retail, Professional, and Demo.

IQ Option offers the following underlying assets for FX trading.

 

90+ Currency Pairs Based on major and minor world currencies.
17 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, Zcash, Qtum, Cardano, OmiseGo, Stellar, EOS, IOTA, NEO, NEM, TRON.
5 Indices CFDs Based on baskets of different blue-chip stocks.
3 Metal CFDs Based on Gold, Silver, and Platinum.
2 Energy CFDs Based on Crude Oil (WTI, Brent).
1 Soft CFD Based on Wheat.
130+ Stock CFDs Based on shares of US, UK, and EU companies.
28+ ETF CFDs Based on exchange-traded funds containing various tradable assets.

 

IQ Option offers the following underlying assets for Binary Options trading (unfortunately, not available for EU residents).

 

30+ Currency Pairs Based on major and minor world currencies.
2 Indices BOs Based on DFMGI, TelAviv-25.
2 Metal BOs Based on Gold and Silver.
20+ Stock BOs Based on shares of US companies.

 

Payment methods accepted include all the usual options like VISA, MasterCard, Skrill, and Neteller, plus a range of other online money transfer services, including AstroPay, Qiwi, and WebMoney.  IQ Option’s trading platform is web-based and supports both binary options and forex & CFD trading within the same user interface.

Customer support is available 24/7 via email and local phone numbers in 13 countries.

 

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HotForex broker review

 

HotForex

 

HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA, and SFSA.

The HotForex MT5 Terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar.

The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs.

 

Key features include:

  • Supports:  MT4, MT5 for desktop, web & mobile
  • Minimum deposit:  US Dollar 5
  • Leverage:  1:1000
  • Trading Instruments:  Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals

 

Customer support is available via phone and email.

 

Conclusion

There are thousands of Forex brokers around the world, and Maldive residents can register and trade with each of them. Many Forex brokers may appear similar but there are understated differences that make each broker uniquely suitable for a different type of trader.

 

FAQ’s

 

Is forex trading legal in the Maldives?

Yes, it is

Which is Maldives’s most used forex broker?

Avatrade

Is forex trading a gamble in the Maldives?

Forex trading anywhere is always a gamble.

How many forex traders are there in the Maldives?

The estimate is around 150 000 monthly forex traders.

Can you make money with forex trading in the Maldives?

75% of all traders lose money*

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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