Choosing between the very best forex trading brokers is never an easy task. This can be said for traders in any country. As a trader in Mauritius too you still have an excellent range of top forex trading brokers to choose from. This means you have some decisions to make.
For that reason, we have compiled a range of information on forex trading in Mauritius along with a selection of the top brokers. This should really help you to choose one of the best forex brokers in Mauritius to bring your trading game to the next level.
Is Forex Trading legal in Mauritius?
This is a commonly asked question in Mauritius, particularly among new traders. The answer is yes. Not only this, but brokers in Mauritius are regulated by one of the most recognized offshore bodies in the industry. That is the FSC. Although they are considered as offshore regulators and what many traders might consider the last rank of regulatory bodies, they are present nonetheless.
It is a must for forex brokers to be regulated by the local regulatory body in order to operate and luckily, all of our top featured brokers come with stellar and trusted reputations.
How to trade forex in Mauritius
If you do wish to trade forex in Mauritius you will require the same basic documents and proof that you would in another nation. This means the following must be provided by you:
- An ID (preferably passport) to confirm your identity.
- A Proof of residence in the form of a utility bill, bank statement or government correspondence.
Once you have provided these documents and passed the usually speedy verification process the brokers have in place, then you will be free to trade.
Top 6 Best Forex Brokers in Mauritius
Here is the collection of what we have found to be the best forex brokers for trading in Mauritius.
The first of our top Mauritius forex brokers to feature is BDSwiss. They are well regulated by CySEC as well as the FSC under registration number C116016172 and offer 3 types of accounts to traders.
These accounts are the Basic, Raw, and Black VIP account types. These come with a minimum deposit of $100 in most cases besides the Raw account that has a monthly subscription fee between $1 and $79. Both full demo and Islamic accounts are available.
You can fund your account through wire transfer deposits as well as through credit card and deposits are fee free in most cases. Trading with the broker takes place through MT4, MT5, and WebTrader and leverage can reach 500:1 with no bonus offers in place.
Orbex are the next top Mauritian broker to feature and offer great regulation from the FCA, and CySEC as well as the FSC. They also offer a solid range of account types to choose from.
Here you will find a Starter, Fixed, Premium, and Ultimate account type.These have minimum deposits of $200, $500, $5.000, and $25.000 respectively with the Fixed account offering fixed spreads. You can also benefit from a full demo account and Islamic trading accounts are available on request.
You can deposit to your account through wire transfer, credit cards, and eWallets with the majority being fee-free and both EUR and USD deposits available. When it comes to spreads these start from a great 0 pips on forex trading and leverage of up to 500:1 is available. All trading is through the MT4 platform and no bonus offers are available.
FXTM is a broker known around the world and regulated in Mauritius by the FSC as well as CySEC, and the FCA. Their FSC number is C112012295 for you to verify although they do not accept traders who are based in Mauritius.
There are 6 accounts to choose from, 3 are ECN account types including a cent and a shares account as well as the standard account. The cent account is great for new traders who want low risk trading and can be opened with just 10 EUR. Minimum deposit of both standard and shares accounts are 100 EUR, while an ECN account type is 200 EUR. Both Islamic and demo accounts are available.
You can deposit through credit cards and eWallets with most being fee-free and local currency deposits in 150 countries being accepted. Trading al takes place through MT4, MT5, or WebTrader with spreads from 0 pips, and leverage can reach a mammoth 2000:1 with deposit bonuses of up to $5,000 available.
Next on our list of top Mauritius forex brokers and trading under FSC number C117017252 as well as the MFSA of Malta, is FXDD.
This broker has both a standard and ECN account type available and all with no minimum deposit amount required. A $250 deposit is suggested though. A fully functional demo account is also available for you to practice trading with.
You can fund your 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 takes place on the trusted MT4, MT5, and WebTrader platforms and leverage can reach 500:1 although it may be limited to 200:1 depending on your experience. No bonus is offered at the moment but spreads start at 0.3 pips.
Next up in our listing of top Mauritian forex brokers is Hantec Markets. They are regulated by the FMA of New Zealand as well as the FSC under registration number C114013940 and offer two account types.
These accounts are the standard and pro account types both with a minimum of $50 deposit and full demo accounts available. An Islamic trading account is also available if you should need it and you can fund your account through bank transfer, credit cards, and eWallets with most being fee free. USD, EUR, GBP, and AED deposits are all catered for.
Trading happens through the MT4 trading platform and spreads start from a competitive 0.2 pips on forex with leverage stretching to 500:1 on major forex pairs. No bonus is currently offered.
Last but not least in our selection of top Mauritian forex brokers is Amana Capital. They are well-regulated by the FSC under number C118023192, but also by CySEC, and the DFSA. They also provide a top quality education area for traders.
Both a forex and shares trading account are available here with a minimum deposit of $1,000 in place on each account. A comprehensive full demo account is also available to try out first, and an Islamic account is available too.
A total of 15 international payment methods are accepted here with the majority being fee-free and EUR and USD deposits both being available. Spreads here start from 1.4 pips and leverage can reach 500:1 on major pairs with trading through both MT4 and MT5 platforms available. A welcome bonus of $50 is offered if you deposit at least $100 with the broker.
Mauritian trader? Here’s what to look for in a forex broker
As with trading in any country, there are a few things to be aware of when you begin trading forex as a Mauritian trader, and a few tips to help you along the way.
First, you should remember that the offshore regulation that exists here is somewhat more lenient than other places like CySEC in the EU. This can bring benefits in the form of increased leverage often up to 500:1 and more bonus offers. Just be careful of brokers that don’t offer negative balance protection.
Also, you should be aware that you can’t trade the following instruments in Mauritius:
- US Crude Oil
Beyond that, you can trade freely. Here are some tips on doing so:
1. Avoid brokers that are ONLY offshore regulated
Even though Mauritius brokers are all technically regulated offshore, you should avoid choosing a broker that only has this type of regulation. Many top brokers will feature this so they can reach all traders but will also be regulated well by a top-tier regulation at the same time. These include CySEC, ASIC, FCA, and others.
Be mindful that some forex scam brokers do feature only offshore regulation although this is not always the case.
2. Choose the broker before choosing the bonus
This is a big point to follow. Particularly with forex brokers in Mauritius where bonuses are legal. You should always choose brokers over bonuses. This means that even though you may be tempted by a great bonus offer, be sure to select the broker that best meets your needs when it comes to actual trading.
With that said, there are still some excellent no deposit bonus offers to be had, just make sure you read through all the terms and conditions before choosing.
3. Are you a beginner? Choose a broker with a good demo account
Due to the higher leverage availability especially (this can be as much as 500:1) it is essential you get in as much quality trading experience as possible if you plan to trade on leverage.
This means choosing a top forex broker with a great demo account. These accounts can function just like the real thing and often give you a great knowledge of how a broker and trading platform work before you put any money at risk.
How to verify if a forex broker is regulated in Mauritius
Trust but verify is important here as it is everywhere with your forex broker. You can easily check the official FSC website to verify this. Once you are here simply look for the firms register and type the business name of the broker in the search bar. This should display your broker and their current status. The business name can usually be found at the bottom of their homepage.
It is also recommended that you verify any other regulation that the broker may have in place. Here are links to the major bodies that you can check on:
- FCA (UK) firms register
- ASIC (AU) firms register
- ESMA (EU) firms register (You will need to know the EU country of registration for your broker)
Is forex trading taxable in Mauritius?
Yes. Forex trading profits in Mauritius are taxed. This tax rate currently stands at 10% for gains up to 650,000 MUR, or 15% on gains more than this amount. We recommend that you consult with a certified tax professional when it comes to these matters though.