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.
Table of contents
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.
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.