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20 Best Forex Brokers in Mauritius

20 Best Forex Brokers in Mauritius

 

Forex Brokers Mauritius

 

Finding the list of the Best Forex Brokers in Mauritius and worldwide can be a difficult process, especially finding a list of trustworthy brokers who accept¬† Mauritian traders and who allow these traders to invest in their currency, the Mauritian rupee (‚ā®).

In this article, we will share tips and list the best Forex trading platforms and sites that allow Mauritian traders to trade in Stocks, Shares, Indices, Binary Options, CDFs, ETFs, Forex and cryptocurrencies like Bitcoin and Ethereum.

 

Here are our 10 Best Handpicked Forex Brokers in Mauritius

 

Forex trading in Mauritius has become much easier to get involved in during the last decade, which has resulted in strong economic growth and rising disposable incomes for many Mauritians.

Below, in no particular order, is the list of the 21 Best Forex Brokers in Mauritius.

 

Swissquote Broker Review

 

Swissquote

 

Swissquote is an online broker which was founded in 1999 and offers Forex and Social Trading, is a globally recognized broker and has a head office situated in Switzerland.  New traders with Swissquote will need to make a minimum deposit of US Dollar 1000 and a demo account is available.

Swissquote is able to accommodate various levels of traders and offers a wide variety of instruments and trading currency to choose from.

 

  • Over 100 instruments
  • Over 150 currency pairs

 

Swissquote offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

 

Trading benefits

 

  • Allows scalping
  • Allows hedging

 

Trading Accounts

 

  • Demo account
  • Mini account
  • Standard account

 

With Swissquote, the minimum and maximum trade requirements will vary depending on the trader and the instrument and the platform supports a wide range of languages including English, German, French, Italian, Spanish, Arabic, Russian, and Chinese.

 

 

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Saxo Bank Broker Review

 

Saxo Bank

 

Saxo Bank is a Danish investment bank that was founded in 1992, providing online trading and investments and is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA).   Saxo Bank is a global service provider.

Saxo Bank is Recommended for investors and traders looking for a great trading platform and solid research.

 

Pros and Cons

 

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability

 

TradeStation Broker Review

 

Tradestation

 

Tradestation is a US stockbroker which was founded in 1982 and is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Tradestation clients are eligible for up to US Dollar 500,000 (cash up to US Dollar 250,000) investor protection per account.

Tradestation is recommended for traders focusing on us markets and buy-and-hold investing

 

Pros and Cons

 

Pros Cons
Great web and mobile trading platform Not user-friendly deposit and withdrawal
Low stock and ETF fees No forex trading
High-quality educational tools Poor customer service

 

Interactive Brokers Review

 

Interactive Brokers

 

Interactive Brokers had its start in 1978 and is one of the biggest¬†US-based¬†discount brokers regulated by several financial authorities globally, including top-tier ones like¬†the UK’s Financial Conduct Authority (FCA) and the¬†US¬†Securities and Exchange Commission (SEC).

 

Pros and Cons

 

Pros Cons
Wide range of products Extremely complex desktop trading platform
Many great research tools Complicated account opening process
Regulated by several authorities High inactivity fee

 

OANDA Broker Review

 

Oanda

 

Oanda is an American forex broker founded in 1996 and¬†is considered safe thanks to a long track record and being regulated by top-tier authorities, such as¬†the US Retail Foreign Exchange Dealer (RFED)¬†and the UK’s Financial Conduct Authority (FCA).

 

Pros and Cons

 

Pros Cons
Generally low fees Only FX and some CFDs
Easy-to-use web trading platform Poor customer service
Easy and digital account opening High bank withdrawal fee

 

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CityIndex Broker Review

 

City Index

 

City Index is an online broker which was founded in 1983 and offers Forex, CFDs and Spread Betting trading and traders can trade in over 12,500 instruments and over 100 currency pairs on the popular MT4 forex trading platform.  City Index also offer mobile apps for Android and iOS.

City Index is a global broker and has a head office situated in the UK and new traders will need to make a minimum deposit of US Dollar 25 to make a start.

 

Trading benefits

 

 

Trading Accounts

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • STP account
  • Managed account

 

City Index support a wide range of languages including English, Spanish, German, Arabic, Polish, and Chinese, and has a triple AAA grade support rating.

 

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eToro Broker Review

 

eToro

 

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of US Dollar 200 and the platform can accommodate various levels of traders from beginner to expert.

eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

eToro trading accounts on offer include Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

 

XM Broker Review

 

XM Group

 

XM Group provides traders with a large selection of assets to choose from and is regulated by some of the most respected financial bodies in the sector.

 

Pros and Cons

 

Pros Cons
Offers traders 57 currency pairs and CFD trading in commodities, indices, metals, energies, and cryptocurrencies. Not available to US customers due to regulatory constraints
Major trading platforms MT4 and MT5 are offered to all traders. Metatrader trading platforms only
Regulated by the world’s most respected regulatory bodies.
An accomplished and well-rounded package -the best broker for new traders.

 

XM Group is owned by Trading Point Financial Instruments Ltd and was established in 2009 and the company is an international brand, with headquarters in Sydney, London, and Belize.

 

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Olymp Trade Broker Review

 

Olymp Trade

 

Olymp Trade is Regulated by CySEC and is considered as Beginner friendly and is seen as safe for all traders thanks to its regulations.

 

  • US Dollar 10 Minimum Deposit
  • US Dollar 1 Minimum Per Trade
  • Extensive Asset Coverage
  • European Regulation

 

A demo account is available and the platform compatible for mobile trading.

 

IQ Option Broker Review

 

IQ Option

 

IQ Option was founded in 2013 and offers two accounts that are designed to be accessible to every trader regardless of their experience level, and trading balance. The standard trading account can be opened by depositing a minimum of US Dollar 10 and offers all the trading tools a trader would need, and is a perfect choice for beginners.

The VIP account is similar in many ways to the standard account but requires a minimum deposit of US Dollar 1900, or a total trading volume of US Dollar 1500.

 

Alpari Broker Review

 

Alpari

 

Alpari offers the latest MT5 software coupled with solid features without a freezing or downtime. Alpari also offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts and comes with multiple timeframes, order types and many technical indicators for technical analysis. There is a news feed built in to keep track of any news during trading and a PAMM account for investors are also on offer with an app where traders can keep track.

 

Key Features

 

  • Supports:¬†MT4 & MT5 with multi device support
  • Minimum deposit:¬†‚ā¶0
  • Leverage:¬†1:1000
  • Trading Instruments:¬†46 Forex pairs, Cryptocurrency, CFDs on Indices

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FXTM Broker Review

 

ForexTime (FXTM)

 

ForexTime (FXTM) Offers Local NGN Funding, an offer not made by most online brokers that increases exchange costs of currency trading. ForexTime offers NGN account funding through bank wire transfer or Neteller with a minimum deposit of US Dollar 100 for a standard forex account for ForexTime. This allows traders to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency.

 

Key Features

 

ForexTime offers social trading (copy trading) which means a trader:

 

  • Selects a Strategy Manager
  • Makes a deposit (minimum deposit of US Dollar 100)
  • Mirror the Strategy Manager‚Äôs trade
  • Watch as you share a percentage of wins/losses
  • Cash-out or add deposits when required

ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile.

 

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Avatrade Broker Review

 

AvaTrade

 

AvaTrade is an online broker founded in 2006 offering Forex trading, CFDs trading, Spread Betting trading, and Social Trading.

 

Trading benefits

 

  • Regulated by: Central Bank of Ireland, Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Financial Stability Board (FSB), British Virgin Islands Financial Services Commission (BVI)
  • Headquarters:The British Virgin Islands
  • Foundation year:2006
  • Min Deposit:250
  • Used: by over¬†200,000 traders

 

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HotForex Broker Review

 

HotForex

 

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

 

  • 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

 

FXPRO Broker Review

 

FXPro

 

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals, and Spot Energies trading.  FXPro is a global broker and has a head office located in the UK.

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of US Dollar 100.

 

What can be traded with FXPro?

 

  • Over 250 instruments
  • Over 70 currency pairs

 

FXPro is one of the few brokers in the market that offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

 

Trading benefits

 

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

 

BDSwiss broker review

 

BDSwiss

 

BDSwiss is a well regulated by CySEC that offers 3 types of accounts РBasic, Raw, 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. Trading with the broker takes place through MT4, MT5, and WebTrader.

 

Orbex Broker Review

 

Orbex

 

Orbex is a top Mauritian broker and offers regulation from the FCA, and CySEC as well as the FSC. A solid range of account types are on offers including Starter, Fixed, Premium, and Ultimate account types.  These accounts require minimum deposits of US Dollar 200, US Dollar 500, US Dollar 5.000, and US Dollar 25.000 respectively with the Fixed account offering fixed spreads. Full demo and Islamic trading accounts are available on request.

Traders can make deposits into their account through wire transfer, credit cards, and eWallets with the majority being fee-free with both EUR and USD deposits available.

 

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FXDD Broker Forex

 

FXDD

 

FXDD trades under FSC number C117017252 as well as the MFSA of Malta, is FXDD.  FXDD offers traders both a standard and ECN account type, both with no minimum deposit required but a US Dollar 250 deposit is suggested.

 

A demo account is also available and traders can fund their account through a wire transfer, credit card, or eWallet and these methods are mostly fee-free and with USD and EUR deposits both catered for. Trading platforms available include the trusted MT4, MT5, and WebTrader platforms and leverage can reach 500:1, depending on trader experience.

 

Hantec Markets Broker Review

 

Hantec Markets

 

Hantec Markets is regulated by the FMA of New Zealand as well as the FSC under registration number C114013940 and offers traders two account types, standard and pro, with a minimum of US Dollar 50 deposit and full demo accounts are also available. An Islamic trading account is also available.

Traders can fund their accounts through the use of bank transfers, credit cards, and eWallets with most being fee-free. USD, EUR, GBP, and AED deposits are all catered for.

 

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Amana Capital Broker Review

 

Amana Capital

 

Amana Capital is well-regulated by the FSC under number C118023192, but also by CySEC, and the DFSA and offers traders top-quality education and both a forex and shares trading account with a minimum deposit of US Dollar 1,000 in place on each account. A comprehensive full demo account and an Islamic account is also available.

A total of 15 international payment methods are accepted.

 

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Top Tips

 

Traders should also be aware that they can’t trade the following instruments in Mauritius

 

  • EUR-USD
  • GBP-USD
  • USD-MUR
  • Gold
  • Silver
  • US Crude Oil

 

What should a Mauritian Trader look for in a Forex Broker?

 

As with any country, there are a few things to be aware of when trading forex as a Mauritian trader, and a few tips that will help along the way.

 

Firstly, traders should remember that the offshore regulation that exists here is somewhat more lenient than other places like CySEC in the EU, which can hold benefits in the form of increased leverage often up to 500:1 and more bonus offers. But traders must be wary of brokers that don’t offer negative balance protection.

 

Avoid brokers that are ONLY offshore regulated

 

Even though broker in Mauritius are all technically regulated offshore, traders should by all cost avoid choosing a broker which only has this type of regulation. Many top brokers will feature this to reach all traders but will also be regulated by a top-tier regulation at the same time. These include CySEC, ASIC, FCA, and many others.  In Fact, some forex scam brokers do feature only offshore regulation although this is not always the case.

 

Choose the broker ‚Äď Not the Bonus on offer!

 

This is a big and important top tip to follow, particularly for forex brokers in Mauritius where bonuses are legal. Traders should always choose the broker over bonus. This means that even though a trader may be tempted by a great bonus offer, they should be sure to select the broker that best meets their needs when it comes to actual trading.  With this being said, there are still some excellent no deposit bonus offers to be had, traders must just make sure they read through all the terms and conditions before choosing.

 

Choose a broker with a good demo account

 

Due to the higher leverage availability, it is essential that traders get in as much quality trading experience as possible if they are planning to trade on leverage.  This means choosing a top forex broker with a great demo account as these accounts can function just like the real thing and often give traders some great knowledge of how a broker and trading platform work before they invest any of their hard-earned cash.

 

How can a Trader verify if a forex broker is regulated in Mauritius?

 

Traders can easily check the official FSC website to verify if a forex broker is indeed regulated in Mauritius. Once a trader is on the official website they can simply look for the firms register and type the business name of the broker in the search bar.

 

This should display the traders chosen broker and their current status. The business name can usually be found at the bottom of their homepage.  It is also recommended that a trader verifies any and all other regulations that the broker may have in place.

 

Is forex trading taxable in Mauritius?

 

Yes, Forex trading profits in Mauritius are taxed and the tax rate is currently standing at 10% for gains up to 650,000 MUR, or 15% on gains more than this amount. It is recommended that traders consult with a certified tax professional when it comes to these matters from the start.

 

Is Forex Trading legal in Mauritius?

 

This is one of the most frequently asked questions in Mauritius, particularly amongst the beginners in the trade. The answer is yes. In fact Рbrokers in Mauritius are regulated by one of the most recognized offshore bodies in the industry Рthe FSC.

 

How to trade forex in Mauritius

 

If traders wish to trade forex in Mauritius, they will require the same basic documents and proof that they would in another nation. This means the following must be provided:

 

  • An ID(preferably passport) to confirm a traders‚Äô identity.
  • A Proof of residence in the form of a utility bill, bank statement, or government correspondence.

 

Once a trader has provided these documents and passed the usually speedy verification process the brokers have in place, they are free to start in the trade!

 

In Conclusion

 

All forex brokers in Mauritius are regulated by the country’s Financial Services Commission (FSC), which is the government’s regulator for the non-banking financial sector.  Traders must remember that the safety of their deposit is always the top priority and comparing trading platforms and brokers may seem like a large undertaking, but it is 100% worth the investment of their time before investing any money.

 

Read 27  Best Forex Brokers in Mauritius

 

In conclusion

 

There are thousands of Forex brokers around the world, and South African residents can register and trade with each of them. Traders are advised to stick to brokers regulated by the FSCA ‚Äď Financial Services Conduct Authority of Mauritius formerly known as the FSB.

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 Mauritius?

Yes, it is

Which is Mauritius’s most used forex broker?

XTB

Is forex trading a gamble in Mauritius?

Forex trading anywhere is always a gamble.

How many forex traders are there in Mauritius?

The estimate is around 150 000 monthly forex traders.

Can you make money with forex trading in Mauritius?

75% of all traders lose money*

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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