Mauritius, an Indian Ocean island nation, has emerged as a key player in global finance. Its thriving economic sector and favourable regulatory landscape have attracted a lot of forex activity. Today, there are many international forex brokers that operate in Mauritius to serve the rising demand for brokerage services. For investors in Mauritius, choosing a reliable broker is essential for a successful trading experience. In this guide, we will explore some of the best forex brokers in Mauritius, emphasising those that are FSC-regulated.
Understanding forex trading in the Mauritius
Forex trading in Mauritius is fully legal and under the regulation of the Financial Services Commission (FSC). This regulatory authority oversees financial institutions and services, including forex trading. It was established under the Financial Services Act of 2007. The FSC’s inception was a move to help the Mauritian government promote the island as a credible and internationally competitive financial centre.
Nonetheless, it doesn’t mean that you can only trade with a broker that is regulated by the FSC in Mauritius. While the FSC closely oversees brokers operating within Mauritius, traders can also consider well-regulated international brokers. Traders should always exercise extreme caution when dealing with securities and be sure to choose a well-regulated broker.
Our Criteria For Choosing The Best Forex Brokers in Mauritius
To make our selections for the best forex brokers in Mauritius, we will consider the following criteria:
- Regulations – We will ensure the brokers we select have regulations from well-known organisations. We will first prioritise FSC-regulated brokers, but we will also consider brokers with reputable regulations in other jurisdictions.
- Trading Platforms – We will look at the trading platforms because they are the point of interaction with the forex market. The trading platforms offered should be user-friendly and efficient, with all of the tools and capabilities that traders require.
- Trading Costs and Fees – Spreads, commissions, and other fees are some of the fees involved in forex trading. It is critical to compare brokers to determine the most competitive pricing schemes. Keep an eye out for any hidden fees, such as withdrawal charges, inactivity fees, and currency conversion prices.
- Selection of Market Products – A broker with a wide range of trading instruments allows its investors to diversify their portfolios as they see fit.
Now that we have covered that, let’s shift our focus and look at some of the best forex brokers in Mauritius.
Exness
Exness has been in business for over 15 years and is currently one of the largest forex brokers in the world. Positively, Exness operates in Mauritius under the country’s local regulator, the FSC with the license number GB20025294. Additionally, this broker is under the regulation of other well-known institutions like the FCA in the UK, the CySEC in Cyprus, the FSCA in South Africa, and the CMA in Kenya, among others.
On another note, this broker has a low minimum deposit of only $10 and offers a wide range of market instruments. With this broker, traders have access to over 250 different trading products, including CFDs on forex, indices, stocks, commodities, and cryptocurrencies. The trading platforms available to use include MetaTrader 4, MetaTrader 5, Exness Trader app, and Exness Terminal. These are robust trading platforms with a wide range of trading tools to help investors.
Further, this broker offers some of the lowest spreads in the market today. Its standard account offers a spread starting at 0.2 pips for major currencies and no commissions. In contrast, its standard cent account offers spreads from 0.3 pips for major currency pairs with no commission required. For even lower spreads, Exness offers three professional accounts that allow investors to trade with spreads as low as 0.0 pips. However, two of the professional accounts charge a commission.
Both French and English are supported on Exness. These are two of the most commonly spoken languages in Mauritius.
HFM
HF Markets is another leading broker widely recognized in Mauritius and globally. This broker is regulated by the FSC in Mauritius with the license number C110008214. On top of that, HFM holds reputable licenses, including from the FCA, the CySEC, and the FSCA. While regulations alone are not enough, they are a sign of a broker that follows the rule of law.
On another note, HFM offers user-friendly trading platforms and a wide range of trading instruments. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and its own HFM Platform. These platforms allow investors to trade over 1,000 different assets. These include CFDs on forex, energy, stocks, metals, commodities, cryptocurrencies, indices, bonds, and ETFs.
Further, spreads are generally competitive, and the broker offers a variety of account types to suit different trading styles and experience levels. The accounts available include the Premium, Cent, Zero, Top-up Bonus, Pro, and Pro Plus accounts. The Premium and Cent accounts start at spreads of 1.2 pips on major currency pairs, while the Top-up Bonus account offers spreads from 1.4 pips. The Pro account features spreads starting as low as 0.5 pips, and the Pro Plus account offers even lower spreads from 0.2 pips on major pairs. None of these accounts charge commissions on forex trades. However, the Zero account provides spreads as low as 0.0 pips with a small commission of $3 per side per lot.
Interestingly, this broker does not have a minimum deposit requirement, except on two of its accounts. This means that traders can invest whatever amount they want on most accounts. Additionally, HFM offers support in both English and French, catering to Mauritius’s multilingual population.
XM
XM.com is one of the best international forex brokers operating in Mauritius. Today, XM has over 10 million Clients and is accessible in over 190 countries. While not regulated by the FSC in Mauritius, this broker has stellar regulations in other jurisdictions. It is regulated by the CySEC in Cyprus, the ASIC in Australia, and the DFSA in the DIFC. Such a multi-regulatory framework is one of the reasons why XM is popular among traders worldwide.
Moreover, this broker has a low minimum deposit requirement of just $5. With this low entry level, investors can trade more than 1000 trading instruments. The instruments include CFDs on forex, shares, equity indices, commodities, stocks, metals, cryptocurrencies, and energies. These market products are available to trade with market standard spreads.
There are four main accounts to choose from including the Micro Account, the Standard Account, the XM Ultra Low Account, and the Shares Account. Both the standard and the micro account offer spreads as low as 1.6 pips for major currency pairs with no commission charged. In contrast, the XM Ultra Low account offers lower spreads from 0.8 pips on major currency pairs, also without a commission. Finally, the shares account charges a commission depending on the asset traded and the size of the position.
To trade the various market products, traders can use MetaTrader 4, MetaTrader 5, and XM’s trading app. Both English and French are supported on this broker site, which is enough for most traders in Mauritius.
Pepperstone
Pepperstone is a well-known global broker that is gradually gaining popularity in Mauritius. This broker is under the regulation of a variety of institutions around the world. These include the FCA, the CySEC, the ASIC, and the BaFin in Germany, and is also Authorised by the CONSOB in Italy.
With Pepperstone, investors have access to over 1,200 different market instruments. This includes CFDs on forex, indices, currency indices, cryptocurrencies, commodities and shares. This allows investors to diversify their investments as they see fit. Additionally, this broker offers a diverse collection of trading platforms including MetaTrader 4, MetaTrader 5, TradingView, and cTrader, alongside its own Pepperstone Trading Platform.
Further, Pepperstone offers highly competitive spreads. Their Standard account has spreads starting at 1.0 pips with no commission. Meanwhile, the Razor account offers spreads from 0.0 pips with low commissions varying by platform. For trading on MetaTrader 4, MetaTrader 5, the Pepperstone Trading Platform, and TradingView, the commission is $3.50 per side per lot. On cTrader, however, the commission is slightly reduced to $3 per side per lot.
Finally, Pepperstone offers multilingual customer support, including both English and French. There is no minimum deposit requirement, which allows traders to start trading with whatever amount they choose.
FXTM
FXTM is one of the well-known brokers with over 1 million clients worldwide. It serves a global audience of over 150 countries with offices in Europe, Africa, and Asia. This broker has regulations by the FSC in Mauritius with the license number C113012295. It also holds regulatory licenses by the FCA, the CySEC, and the CMA in Kenya. Brokers regulated by multiple authorities typically earn greater trust from traders than those with fewer regulatory credentials.
The broker offers a range of trading platforms, including the popular MetaTrader 4 and 5, as well as the FXTM Trader platform. These platforms provide access to a wide array of market instruments including over 1,000 CFDs on forex, stocks, commodities, indices, cryptocurrencies, and shares. The spreads are competitively low on its various accounts
The Advantage Stocks account is designed for stock trading and offers spreads starting from as low as 6 cents in the base currency. The Advantage Plus account grants access to all trading instruments, with spreads beginning at 1.5 pips on major currency pairs with no additional commission. Lastly, the Advantage account also includes all trading instruments, with spreads starting from 0.0 pips plus a commission of $3.5 per side per lot on forex pairs.
The minimum deposit accepted by this broker is $200 and the broker supports a variety of languages including English and French.
AvaTrade
AvaTrade is another well-established forex broker with a global presence, including Mauritius. While not currently regulated by the FSC in Mauritius, AvaTrade holds a license from the Central Bank of Ireland, the CySEC, the ASIC, and the FSCA. This regulation provides a level of oversight and protection for traders.
AvaTrade offers a user-friendly trading platform, AvaTradeGO, alongside MetaTrader 4 and MetaTrader 5. The broker provides access to a wide variety of trading instruments, including CFDs on forex, stocks, commodities, indices, cryptocurrencies, ETFs, and bonds. Spreads for trading these assets are competitive, starting from as low as 0.9 pips on major currency pairs with no commission charged.
AvaTrade offers educational resources and customer support in multiple languages, including English and French. The minimum deposit to start trading with this broker is $100.
Final thoughts
The Mauritian forex market offers exciting opportunities for traders of all levels. This is thanks to its supportive regulatory environment and the presence of reputable international brokers. This guide explored some of the best forex brokers in Mauritius, emphasizing those regulated by reputable organisations. These brokers offer a combination of strong regulatory credentials, competitive trading conditions, and versatile platforms.
Nonetheless, choosing the right forex broker in Mauritius requires careful consideration of your individual needs and priorities. This guide has provided a starting point by highlighting some of the top brokers operating in the country. Remember to thoroughly research any broker before opening an account and ensure it aligns with your trading goals and risk tolerance.
The table below contains links to 3rd party websites of our top partners from whom we receive compensation at no additional cost to you.
