10 Best
Forex Brokers and Platforms in
Mauritius
Quite simply, the Forex Market it’s the global market which allows traders to trade two currencies against each other and for those traders who want to trade their money into Mauritian currency, they can easily do so thanx to multiple different resources on the island. Traders have the opportunity to access the foreign exchange for their personal account or, for treasury management. Multiple specific banks in the country supports online Forex trading.
Mauritius is a thriving offshore financial centre and its formation market has recently become one of the fastest growing and popular company registries in the world due to its efficiency, innovation and its broad range of offshore services.
Is Forex Trading legal in Mauritius?
Yes! In fact – brokers in Mauritius are regulated by one of the most recognized offshore bodies in the industry – the FSC.
How to trade forex in Mauritius
For traders who wish to trade forex in Mauritius, will need to produce the same basic documents and proof that would be needed in any other another nation across the globe. The following documentation will have to be provided:
- An ID(preferably passport) to confirm a traders’ identity.
- A Proof of residencein the form of a utility bill, bank statement or government correspondence.
Once these documents have been provided and has been successfully verified, traders are free to trade!
The 10 Best Forex Brokers in Mauritius include:
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 $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.
Swissquote Trading benefits:
- Allows scalping
- Allows hedging
Swissquote Trading Accounts on Offer include:
- Demo account
- Mini account
- Standard account
Swissquote doesn’t charge traders an inactivity fee and traders can trade an impressive selection of funds for very favourable fees.
Pros | Cons |
Low forex fees | High trading fees |
Low fund fees | High stock and ETF fees |
No inactivity fee | High bond fees |
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. Customer Service is available via Live chat, Phone and Email in a great response time.
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 $25 to make a start.
City Index Trading benefits:
- Allows hedging
- Offers STP
- Low min deposit
- Guaranteed stop loss
- Offers Negative Balance Protection
City Index Trading Accounts on Offer include:
- Demo account
- Micro account
- Mini account
- Standard account
- STP account
- Managed account
Customer Service:
Pros | Cons |
Phone support | No 24/7 support |
Live chat | Email response time is slow |
Great telephone support |
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City Index support a wide range of languages including English, Spanish, German, Arabic, Polish, and Chinese and has a triple AAA grade support rating.
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 $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. eToro also offers traders free stock trading.
Pros | Cons |
Low trading fees | High forex fees |
Free stock trading | Withdrawal fee |
Low CFD fees |
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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 Group
XM is an online broker which was founded in 2009 and offers traders Forex and CFDs trading. XM is a global broker and has a head office situated in Cyprus and a starting account will need a minimum deposit of $5. The XM is able to accommodate a various level of traders whether they are experienced or just starting off.
Traders can trade in a wide variety of instruments and currency pairs over 100 instruments and over 80 currency pairs. XM offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.
XM Trading benefits:
- Allows scalping
- Allows hedging
- Low min deposit
- Offers Negative Balance Protection
XM Trading Accounts Offered include: Demo, Micro, Mini, Standard, Zero Spread and Islamic and all accounts support a wide range of languages including Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish
FXTM
ForexTime (FXTM) Offers Local NGN Funding, an offer not made by most online brokers which increases exchange costs of currency trading. ForexTime offers NGN account funding through bank wire transfer or Neteller with a minimum deposit of $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 of FXTM (ForexTime)
ForexTime offers social trading (copy trading) which means a trader:
- Selects a Strategy Manager
- Makes a deposit (minimum deposit of $100)
- Mirror the Strategy Manager’s trade
- Watch as you share a percentage of wins/losses
- Cash-out or add deposits when required
Fees:
Pros | Cons |
Low fees for stock index CFDs | High stock CFD fees |
Low EURCHF and EURGBP fees |
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Customer Service:
Pros | Cons |
Phone support | No 24/7 support |
Live chat |
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Fast response time |
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FXTM supports multiple languages: Arabic, Czech, Chinese, English, Farsi, French, German, Hindi, Indonesian, Italian, Korean, Malaysian, Polish, Russian, Spanish, Urdu and Vietnamese.
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 include:
- Supports: MT4, MT5 for desktop, web & mobile
- Minimum deposit: $5
- Leverage: 1:1000
Trading Instruments include – Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals. Traders can contact HotForex via live chat, which is available 24/5 in multiple languages plus options for phone and email support are in more than nine languages including English and Greek.
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 $100.
What can be traded with FXPro?
- Over 250 instruments
- Over 70 currency pairs
FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.
FXPro Trading benefits include:
- Allows scalping
- Allows hedging
- Low min deposit
- Offers Negative Balance Protection
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
BDSwiss is a well regulated by CySEC that offers 3 types of accounts – Basic, Raw, and Black VIP. These accounts come with a minimum deposit of $100 accept the Raw account which has a monthly subscription fee of between $1 and $79.
Pros | Cons |
Multiple regulations. | Best spread accounts require higher minimum deposits. |
Commission-free trading available. |
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Access to raw spreads available. |
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Can trade on MetaTrader 4 and MetaTrader 5. |
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Trading on more than 250+ financial CFD instruments covering Forex, Commodities, Cryptocurrencies, Indices and Equities is available plus 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.
A 24/5 multilingual customer support team, is available to provide traders with an unsurpassed level of support in German, French, English, Italian, Spanish, Greek and Portuguese.
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 $200, $500, $5.000, and $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.
Orbex provides a one-hour response time to all traders’ inquiries in addition to easy funds withdrawal and multi-lingual service in 10 languages, including English, Arabic, Bengali, Spanish, German, Russian, Chinese, Bulgarian, Urdu and Indonesian.
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 $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.
FXDD offers traders excellent Customer Service in English, Chinese, Russian, Korean, Japanese, French, Spanish, Arabic, Vietnamese, Portuguese, German and Turkish.
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 | 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 |
With offices situated in 16 countries, Saxo Bank offers support to clients in the majority of local languages including English and Hungarian.
What should a Mauritian Trader look for in a Forex Broker?
As with any country across the globe, there are some things that traders need to be aware of when trading forex as a Mauritian trader, and a few tips that will help the process along the way.
Traders should be aware that the offshore regulation that exists in Mauritius is slightly 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. It is important that traders remain wary of brokers that don’t offer negative balance protection.
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
Beyond this, traders can trade freely. A few further top tips include:
Traders should avoid brokers which are ONLY offshore regulated
Yes, brokers in Mauritius are all technically regulated offshore, BUT traders should by all cost avoid choosing a broker which only has this type of regulation. Traders should take their time looking into this fact as there are many top brokers which will offer this feature enabling them to reach all traders globally but will also be regulated by a top-tier regulation at the same time. These include CySEC, ASIC, FCA, and many others.
Choose the broker – Not the Bonus!
This is an important tip to follow, particularly when it comes to forex brokers in Mauritius where bonuses are legal. Traders should always choose the broker over bonus no matter how “to go to be true” it may seem. Traders should be sure to select a broker that best meets their needs when it comes to actual trading. Some Brokers may still offer some excellent no deposit bonus offers to be had, but traders must make sure they read through all the terms and conditions before choosing.
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. In Mauritius, it is prohibited to provide any type of financial services without a license obtained by a special commission based in Mauritius and investment brokerage activities related to the forex market, is subject of licensing in Mauritius.
There is no concept of “Forex license.” in the fiscal legislation of Mauritius but a Mauritius license that allows trading in the forex market is correctly called the Investment Dealer License. To trade forex brokers, need to obtain “Brokerage” license subspecies.
The Financial Services Commission is the central regulator of the financial services sector.
Legislation
- Mauritius Financial Services Act
- Mauritius Securities Act
- Mauritius Insurance Act
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 regulation 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 more than this amount.
Here is a very quick overview of five more brokers who just missed the top 10 list, also offering their services to Mauritian Traders.
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 $500,000 (cash up to $250,000) investor protection per account.
Tradestation is recommended for traders focusing on us markets and buy-and-hold investing
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
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 | 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
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 | 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 |
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.
- $10 Minimum Deposit
- $1 Minimum Per Trade
- Extensive Asset Coverage
- European Regulation
A demo account is available and the platform compatible for mobile trading.
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 $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 $1900, or a total trading volume of $1500.
In Conclusion
Trading forex and making a profit is possible albeit difficult and finding a suitable Forex broker is at all times the very first step towards a successful online trading experience and although this task may seem difficult at first, there are a number of brokers who will offer most if not all of what a trader may need. Traders should take their time when making this choice and not take it lightly. It is very important to investigate to see how the broker operates and if they suit a traders trading needs and style. Once a trader has chosen a broker, they will be one step closer to having a successful trading experience. Hard work and persistence are key. With a trustworthy broker by their side, traders can focus more on their trading activities and trade more confidently – increasing their chances of success trading the market.
