Yes, Forex Trading is legal in Maldives and the country has a population of roughly 530’963 potential Forex Traders. The Capital Market Development Authority (CMDA) is the state entity which is tasked with the responsibility of developing and regulating the local securities and capital markets whereas the MMA intervenes in the domestic foreign exchange market and manages the foreign exchange reserves in the Maldives. The tourism sector plays an important role in the country’s economy with Agriculture and manufacturing playing a lesser but still notably important part. Aside from standard forex trading, Islamic forex trading is also legal and available in the country. Islam is the state religion of Maldives and a non-Muslim may not become a citizen of the Maldives. For this reason alone, all Forex Brokers who make their services available in the country must make an Islamic or Swap Free forex trading account available. Local Muslim investors must choose a Forex Broker who makes both standard and Islamic forex trading accounts available in order to trade in accordance to Sharia Law as the traditional Islamic law code of sharia forms the Maldives’ basic code of law.
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Here is an overview of 5 of the best Forex Brokers who make Standard and Islamic Forex Trading accounts available in Maldives.
XM Group
XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.
Pros and Cons
| Pros | Cons |
| Low stock CFD and withdrawal fees | Limited product portfolio |
| Easy and fast account opening | Average forex and stock index CFD fees |
| Great educational tools | No investor protection for non-EU clients |
XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Micro | Wire Transfer |
| Low Spreads | Standard | Credit/Debit |
| Low Commission | XM Zero | Neteller |
| Hedging Allowed | UnionPay | |
| Scalping Allowed | WebMoney | |
| Qiwi |
Customer Service is available via live chat, Phone and email support.
IQ Option
IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.
Pros and Cons
| Pros | Cons |
| Regulated by the Cyprus Securities and Exchange Commission (CySEC) | Does not provide MT4 and MT5 trading platforms |
| Easy and convenient method of opening an account | Not available for traders in the US, Canada, Australia, Maldives, and other countries |
| Wide range of trading instruments on offer | |
| No deposit and withdrawal fees |
IQ Option provides clients with a proprietary platform which is also used for CFDs and for binary options trading. Traders can also install the mobile trading app which is provided free of charge. The mobile trading app has been designed specifically for use on smartphones and mobile devices and allows traders to check their account status, keep updated with all the developments in the market as well as to execute trades.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Low min. deposit | Standard | Alipay |
| Low Spreads | VIP | Credit Card |
| Regulated by CySEC | Demo | MoneyGram |
| Perfect Money | ||
| QIWI | ||
| Skrill | ||
| Wire Transfer |
The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.
Customer service is available via email, live chat or the telephone.
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 MetaTrader4, MetaTrader5 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).
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2007 | Not FCA Regulated |
| Regulated by ASIC | |
| Min. deposit from $200 |
IC Markets offers traders three main types of live trading accounts to choose from, including Raw Islamic swap-free accounts and the use of a free demo trading account.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Zero spread account | Skrill |
| ECN account | Neteller | |
| Islamic account |
Customer support is available 24/7 via Live Chat, Phone and Email.
HFM
HFM was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | Not FCA Regulated |
| Regulated by CySEC | |
| Min. deposit from $1 |
The HFM MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HFM 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.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Micro account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Neteller |
| Low min deposit | Zero spread account | |
| Offers Negative Balance Protection | Islamic account |
Customer support is available via phone and email.
FBS
FBS is a Forex and CFD broker which is authorised and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC).
Pros and Cons
| Pros | Cons |
| Negative Balance Protection | Limited Tradable assets |
| Excellent Regulation | Limited Trading Platforms |
| Available in Multiple Countries | |
| Award Winning Service |
FBS offers users the option to trade on Forex, Indices, Stocks, Metals and Energies across the MetaTrader 4, MetaTrader 5 and FBS Trader trading platforms .
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Copy Trading | Cent | Wire Transfer |
| Rapid Order Execution | Micro | Credit/Debit |
| Standard | Neteller | |
| Zero Spread | Bitwallet | |
| ECN | Perfect Money |
Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber and Facebook Messenger.
In Conclusion –
Forex Trading is indeed legal in Maldives with laws and rules in regards to the local financial markets determined by the countries regulatory authority.
FAQS
Is Forex Trading Legal in Maldives?
Yes, Forex Trading is legal, popular and well-regulated in Maldives.
At what age are local investors allowed to trade Forex in Maldives?
There is no set age for local investors to trade in Forex. However, the legal age for gambling in the country is set at 21 years of age and this can be seen as an accurate, legal age for Forex Trading.
What is the revenue service in Maldives?
The Maldives Inland Revenue Authority (MIRA) is principally responsible for the assessment, collection and remittance of revenues in Maldives.
Who is the regulatory authority of financial services in Maldives?
The Capital Market Development Authority (CMDA) is the state entity which is tasked with the responsibility of developing and regulating the local securities and capital markets whereas the MMA intervenes in the domestic foreign exchange market and manages the foreign exchange reserves in the Maldives.
What is the local currency in Maldives?
The local currency in Maldives is the Maldivian rufiyaa.
Who is the best Forex Broker in Maldives?
There is no one Forex Brokerage Firm which is suited to all investors. Forex Traders must consider factors such as Regulation, Account Types and Customer Service before making a final brokerage choice.
Is it profitable to trade forex in Maldives?
It is indeed possible to be profitable when trading Forex. However, there are steps to follow such as self-education, making use of a demo account and more.
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