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Trading with a trustworthy and well-regulated Forex broker is as essential to successful Forex trading as the strategy. The Maldives Monetary Authority (MMA) is the country’s central bank and financial markets regulator. The Maldives does not have domestic online brokers, and the MMA does not rank among trusted Forex regulators. Therefore, the best Maldives Forex brokers are well-regulated offshore brokers like those I will list below. They belong to the most established Forex brokers, offering regulation in trader-friendly jurisdictions to ensure competitive trading conditions and a trusted, secure trading environment.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- Eightcap, 1:500 maximum leverage and cutting-edge trading tools.
- BlackBull Markets, 1:500 maximum leverage with ultra-low trading fees and deep liquidity.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- FP Markets, ECN trading with leverage up to 1:500.
Best Maldives Brokers Comparison
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Regulators | CMA, FCA, FSC Mauritius, FSCA, SCA | ASIC, CySEC, FCA, SCB | FMA, FSA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, CMA, CySEC, FSCA |
Year Established | 2011 | 2009 | 2014 | 2006 | 2005 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP, Market Maker | ECN/STP, No Dealing Desk | Market Maker | ECN/STP |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 1.0 pips | 1.3 pips | 0.9 pips | 1.2 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.2 pips | 2.0 pips | 1.5 pips | 1.4 pips |
Average Trading Cost Gold | $0.18 | $0.12 | $0.90 | $0.29 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Trading View | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionI rank FXTM among the best Forex brokers in the Maldives for its deep liquidity pools, 0.071-second average execution time, and cutting-edge price improvement technology. It lowers fees by an average of $3.00 per lot, applicable to 97.18% of all trades. Traders also benefit from raw spread trading with spreads from 0.0 pips for a commission of $7.00 per 1.0 standard lot. FXTM upgrades MT4/MT5 with Trading Central, the FX Blue upgrades, and its in-house Pivot Point Strategy plugin.
Copy and mobile traders benefit from the in-house developed mobile and copy trading apps FXTM Trader, and FXTM Invest.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- Limited choice of commodities
Eightcap
In Summary 1:500 maximum leverage and cutting-edge trading toolsEightcap maintains a well-balanced asset selection of 800+ liquid assets, including 100+ crypto CFDs. Cryptocurrency deposits from $1 and withdrawals from $10 are available. The Raw account features raw spread trading for a $7.00 commission per lot. Eightcap ensures a competitive edge with the MT5 FlashTrader plugin and an AI-powered economic calendar for active news traders. Therefore, I rank Eightcap among the best Forex brokers in the Maldives.
Eightcap has an influencer partnership program, interactive live events, and 24/5 customer support. Social traders can connect with 50M+ peers at TradingView to share and discuss ideas, and MT4 is also available.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
BlackBull Markets
In Summary 1:500 maximum leverage with ultra-low trading fees and deep liquidityBlackBull Markets ranks among the best Forex brokers in the Maldives thanks to its asset selection of 26,000+ assets and payment processor choices. Beginners benefit from quality education and no minimum deposit. BlackBull Markets provides low-cost commission-based ECN accounts, deep liquidity, and superb data feeds from 66+ third-party providers, creating institutional trading conditions.
BlackBull Markets upgrades MT4/MT5 with Autochartist, offers cTrader, its proprietary mobile app BlackBull Trader, and BlackBull Invest for buy-and-hold portfolios. Copy traders can use ZuluTrade, Myfxbook Autotrade, and the BlackBull Markets alternative for passive portfolio management, while social traders can connect with 50M+ peers at TradingView.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsBeginners receive industry-leading education via the Ava Academy, the MT4 Guardian Angel plugin, and the fee-based Ava Protect insurance policy. Passive income seekers can use Ava Social for social trading, ZuluTrade, and DupliTrade for copy trading, or sign up for the high-paying partnership program. The well-balanced asset selection includes options, futures, ETFs, and cryptocurrencies, placing AvaTrade among the best Forex brokers in the Maldives.
Traders get the user-friendly, proprietary WebTrader and mobile app AvaTradeGO, which includes Trading Central services, MT4/MT5, and the specialized alternatives Ava Option and Ava Futures. AvaTrade is also one of the best-regulated Forex brokers industry-wide.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets upgrades the MT4 and MT5 platforms with 12 plugins, Trading Central, and Autochartist. The well-balanced asset selection includes cryptocurrencies, ETFs, and bonds. Traders benefit from an excellent choice of payment processors, including cryptocurrencies, plus 24/7 customer support. Low-cost, commission-based trading fees feature raw spreads from 0.0 pips for a commission of $6.00 per 1.0 lot. Therefore, I rank FP Markets among the best Forex brokers in the Maldives.
Copy traders can diversify passive portfolios via Signal Start, Myfxbook Autotrade, and the in-house FP Markets Copy Trading. Meanwhile, MAM/PAMM accounts cater to traditional account management. Traders also receive quality educational collateral.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Is Forex Trading Legal in the Maldives?
Forex trading is 100% legal in the Maldives, and no rules or regulations restrict local Forex traders from opening trading accounts. I want to stress the importance of always choosing a well-regulated Forex broker with 10+ years of operational history. Forex traders in the Maldives should avoid unregulated Forex brokers, regardless of their offer. I also recommend checking the Islamic trading account conditions to ensure fair treatment versus non-Islamic account holders.
Maldives Forex Market Regulations
The Maldives Monetary Authority (MMA) governs Forex trading in the Maldives, but it primarily regulates physical Forex trading, rather than online derivatives trading. None of the Forex brokers listed above has a regulatory license from the MMA or a physical presence in the Maldives, and the Maldives does not have online Forex brokers. The best Maldives Forex brokers are offshore Forex brokers that accept Forex traders from the Maldives.
The MMA does not require offshore Forex brokers to obtain a regulatory license or establish a physical presence in the Maldives to accept local Forex traders. No rules or regulations bar Forex traders from the Maldives from opening trading accounts with offshore Forex brokers, but they are liable to report their trading income for tax purposes.
Is Forex Taxed in the Maldives?
The tax question is rather complex. I will try to shed some light on the current requirements that stood out to me during my research, but it is for informative purposes. Forex traders in the Maldives must consult a licensed tax professional for up-to-date tax advice to ensure they comply with all rules and regulations and optimize their tax liabilities.
The Maldives continues to amend how Forex traders pay taxes. One recent change includes a requirement to pay taxes in US Dollars if the trading account is in US Dollars. Most Forex accounts are in US Dollars, as the currency is used for 70%+ of all Forex trades.
All legitimate, regulated Forex brokers provide detailed statements of all account activity, which Forex traders must use for their tax reporting requirements.
Here is what a Maldives Forex trader should know about their tax liabilities:
- The Maldives has no capital gains tax. However, retail Forex traders must consult a licensed tax professional to discuss whether they meet the requirements to report their Forex income as capital gains.
- The Maldives has a five-tier personal income tax bracket, and Forex traders who trade Forex for a living may fall into this category.
- A tax resident in the Maldives is liable to pay taxes on worldwide income.
- Non-residents and temporary residents pay taxes on income derived from the Maldives. The dilemma is that Forex trading occurs online with offshore Forex brokers. The Forex trader is in the Maldives and conducts the necessary work from the Maldives, while the income generation is with the offshore Forex broker outside the Maldives. Therefore, a licensed tax professional can clarify how the trader should report this.
- Forex traders cannot deduct any expenses related to Forex trading from their taxable income. Professional Forex traders can deduct Zakat payments and contributions to the Maldives Retirement Pension Scheme.
- Life insurance premiums are deductible in select circumstances, which a licensed tax professional must clarify on a case-by-case basis.
- Forex traders can deduct up to 5% of their taxable income for donations to a state institution and charitable organizations approved by the Commissioner General of Taxation.
- Forex traders can deduct interest on loans of up to 6% annually.
Here is the five-bracket personal income table:
Taxable Personal Income | Applicable Tax Rate (as of 2023) |
|---|---|
MVR 0 - 720,000 | 0.0% |
MVR 720,000 - 1,200,000 | 5.5% |
MVR 1,200,000 - MVR 1,800,000 | 8.0% |
MVR 1,800,000 - MVR 2,400,000 | 12.0% |
Above MVR 2,400,000 | 15.0% |
How to Choose a Forex Broker in the Maldives
My comprehensive analysis of Forex trading in the Maldives focused on the criteria below, as they are important for all Forex traders. The best Maldives Forex brokers are well-regulated offshore brokers. I recommend Forex traders consider the brokerages listed above, as they rank among the most trusted Forex brokers with competitive trading conditions.
The best Forex brokers in the Maldives will offer the following:
- Regulation: A clean regulatory record of 10+ years with trader-friendly regulators. I recommend Forex brokers regulated in New Zealand, Seychelles, Mauritius, Belize, South Africa, and Dubai, as they balance trader protection and competitiveness. They often include an investor compensation fund, independent audits via the Hong Kong-based Financial Commission, and third-party insurance protection.
- Trading Fees: I consider trading fees the most defining aspect of a Forex broker. They determine the competitiveness of Forex brokers and reveal which strategies are actively encouraged. Major currency pairs should not exceed costs of $8.00 per 1.0 standard round lot or 0.8 pips, while volume-based rebates decrease final trading fees.
- Trading Platforms: I recommend MT4 and MT5, as they support algorithmic and copy trading via third-party providers, including ZuluTrade and Myfxbook Autotrade. MT4/MT5 also connects to third-party trading tools like Capitalise AI, Trading Central, and Autochartist.
- Account Types: Muslim Forex traders should seek a swap-free, Shariah-compliant Islamic trading account.
- Asset Selection: Diversification and cross-asset trading opportunities require an asset selection exceeding 300+ trading instruments.
- Deposits and Withdrawals: I advise low minimum requirements, a choice of e-wallets, and preferably cryptocurrency deposits and withdrawals.
While the Maldives has no domestic online brokers, the wide range of regulated offshore brokers offering their services to Maldives traders makes for a highly competitive, thriving Forex trading environment.