Forex Brokers in Mauritius
Forex trading is legal in Mauritius and they have one of the most recognized offshore broker regulators in the industry, the Financial Services Commission (FSC). The FSC is the integrated regulator for the non-bank financial services sector and global business, and is responsible for the licensing and supervision of companies carrying financial services activities. Forex brokers regulated in Mauritius may not be able to provide the same protection should something go wrong as say brokers regulated by the FCA, ASIC or CySEC can. However, they may offer some other advantages such as high leverage and crypto trading which can be an incentive for traders who cannot get access to such trading conditions elsewhere.
Best forex brokers Mauritius
To find the best forex brokers in Mauritius, we created a list of all the Mauritius forex brokers, then ranked them based on our overall rating. You can see the list of our top forex brokers for Mauritius below.
FSC forex brokers in Mauritius
Forex brokers in Mauritius are regulated by the Financial Services Commission (FSC). It is a regulatory authority responsible for the regulation, supervision, and inspection of all financial services other than banking institutions and global business in Mauritius. Established in 2001, it was mandated under the Mauritius Financial services act of 2007.
In carrying out its mission, the FSC aims to promote the development, fairness, efficiency and transparency of financial institutions and capital markets in Mauritius, suppress crime and malpractices so as to provide protection to members of the public investing in non-banking financial products and ensure the soundness and stability of the financial system in Mauritius.
As part of its functions, the FSC also promotes public understanding of the financial system including awareness of the benefits and risks associated with different kind of investments. The FSC also takes appropriate measures for the protection of consumers of financial services in Mauritius.
In order to obtain a license, a forex brokerage company must establish an offline presence on the island. Following inspections and due diligence, forex brokers are then granted the appropriate license to operate and conduct the online forex trading activities.
Under an FSC Mauritius Investment Dealer License, a company can offer contracts for difference (CFDs) on forex, indices, commodities and stocks, upon approval of these financial instruments by the FSC Mauritius.
One of the biggest things that attracts a forex brokerage company get an FSC license is the fact that it is a lot more cheaper comparing to a European forex license. Due to the offshore jurisdictions, Belize forex brokers that have an FSC license are able to circumvent certain restrictions of offering forex and CFD trading services to some clients who are placed in restrictive countries.
How to verify FSC regulated brokers in Mauritius
There are many professional traders who might avoid forex broker that are only regulated in Mauritius. However, you will find that there is a selection of forex brokers that are regulated in Mauritius and other jurisdictions. This can give provide additional confidence in a regulated broker and flexibility in terms of the trading conditions that they offer.
You can get the Mauritius brokers regulation number from the disclosure text at the bottom of their homepage. You can then look up the FSC license number on the FSC website to confirm if the forex broker is regulated in Mauritius to provide forex trading online. If the broker is also regulated in other jurisdictions, you may wish to check those for additional confirmation.
Is forex trading legal in Mauritius?
Yes, it is allowed to trade forex in Mauritius, where there are around 1.26 million potential traders. All forex brokers in Mauritius are subject to the same regulation, which is administered by the Financial Services Commission, or FSC, which oversees the island nation’s non-bank financial markets. The primary economic sectors of Mauritius’ high-income, diversified economy are tourism, textiles, sugar, and financial services. As a popular tourist location, Mauritius requires currency exchanges in order to successfully do business. This increases the legality of forex trading in the nation as a whole.
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