Best Forex Brokers in Maldives 2024 (Expert Picks)

Forex trading has become increasingly popular in the Maldives, with more and more investors looking to take advantage of the potential for high returns. To succeed in the forex market, it’s essential to choose a reliable and reputable broker. 

In this article, we will provide an overview of some of the best forex brokers in the Maldives, taking into consideration factors such as regulation, trading platforms, fees, and customer support.

A list of Top Forex Broker in Maldives 

• Icmarkets
• Pepperstone
• Etoro
• XM
• Exness
• Oanda
• FBS
• Hotforex 
• Eightcap
• FXTM

Comparison of Best forex Brokers in Maldives

Best Forex Brokers in Maldives Reviewed

ICmarkets.com – Best for Tight Spread

IC Market is a regulated broker based in Australia that was established in 2017. They are renowned for offering some of the tightest spreads available. Their trading platform is highly advanced and includes MT4, MT5, cTrader, Web, and Mobile, giving traders a range of options when it comes to trading. IC Market is a great choice for those looking for a reliable and trusted broker.

IC Markets is a great broker for traders of all levels. It offers a wide range of trading instruments, such as over 60 currencies, 10+ cryptos and 1600+ CFDs. It also allows traders to use EA or robots, scalping and news trading, making it suitable for almost any trading strategy. In addition, IC Markets provides MAM Accounts to help traders manage multiple accounts efficiently. Although it does not offer PAMM Accounts, it does provide Zulutrade Social Trading, allowing traders to copy the trades of experienced traders. All in all, IC Markets is an excellent broker for those looking to trade a variety of instruments with competitive trading conditions.

Our Ratings

Pros:

•  Low trading costs with highly competitive spreads
• Variety of trading instruments, including forex, indices, commodities, and cryptocurrencies 
•  Wide range of account types and leverage options
• Regulated by multiple financial authorities
• Free educational resources for beginner traders

Cons:

• Limited customer support hours
•  Inadequate trader protection and limited risk management tools

Pepperstone.com — For Islamic Account

Pepperstone is a regulated Australian broker established in 2010. They offer a variety of trading platforms such as MT4, MT5, cTrader, DupliTrade and TradingView, as well as an Islamic account for their customers. Their platform has been designed to provide a secure and reliable trading environment for traders of all levels of experience. Pepperstone is fully compliant with the local regulations and is committed to providing the best possible service to its customers.

Pepperstone is a broker offering traders access to a wide range of instruments to trade, including 60+ currency pairs, 20+ cryptocurrencies and 1200+ CFDs. The broker also allows traders to use automated trading and scalping strategies, as well as news trading. In addition, the broker provides additional facilities such as MAM and PAMM accounts, as well as Copy Trading.

Our Ratings

Pros:

• Low fees: Pepperstone offers competitive spreads, low commissions, and no account maintenance fees. 
• Variety of trading platforms: Pepperstone offers the popular MetaTrader 4, MetaTrader 5, cTrader and its own advanced platform. 
•  Regulatory compliance: Pepperstone is regulated by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA)
• Automated trading: Pepperstone supports Expert Advisors (EAs) and automated trading. 
• Customer support: Pepperstone provides 24/7 customer support via live chat, phone, and email. 

Cons:

•  Limited market access: Pepperstone does not offer access to other markets, such as stocks, futures, and options. 
• Limited deposit options: Pepperstone only accepts deposits via credit card, bank transfer, and PayPal.

Etoro.com – Best for Social Copy Trading

Etoro is a regulated broker based in the United Kingdom that was established in 2007. It is best known for its social copy trading platform, allowing users to copy the trades of other users. The trading platform used by Etoro is the eToro trading platform, which has a wide range of features and tools to help users with their trading. With its intuitive design, it is easy to use and navigate, making it a great choice for both beginner and experienced traders alike.

Etoro is a popular online broker providing traders with a wide range of instruments to trade in, including 45+ currencies, 55+ cryptos and 2815+ CFDs. It does not allow the use of Ea or Robots for trading. However, it does provide the facility of copy trading, allowing users to copy the trades of other experienced traders.

Our Ratings

Pros:

• Easy to use platform with an intuitive user interface 
• Low commissions and fees 
• Variety of trading options, including forex, stocks, indices, commodities, and cryptocurrencies
•  Access to research and analysis tools 
• Ability to copy successful traders 

Cons:

• Limited customer support 
• Limited range of educational resources and tools 
• Leverage rates are higher than other brokers

XM.Com – For Flexible trading

XM is a regulated broker based in Cyprus, established in 2009. It offers flexible trading options on its MT4 and MT5 platforms. XM is a great choice for traders looking for a reliable and secure broker that offers a wide range of trading options. Its customer service and trading support are top-notch, making it a great broker for novice and experienced traders alike.

XM is a popular broker that offers a wide range of trading instruments to its clients. These include 55+ currencies, 30+ cryptos, and 940+ CFDs. It allows the use of EA or robots, scalping, and news trading, making it suitable for different types of trading strategies. Additionally, the broker provides a MAM account, but does not offer PAMM accounts. However, clients can take advantage of XM’s Zulutrade Social Trading facility.

Our Ratings

Pros

• Low minimum deposit requirement of $5 
•  Variety of trading platforms, including Metatrader 4, Webtrader and mobile trading
• Highly competitive spreads
•  Wide range of trading instruments and assets to choose from 
•  Dedicated customer support team 

Cons

• Limited educational resources for beginner traders 
• Limited payment options for deposits and withdrawals 3. Higher spreads for certain currency pairs

Exness.com — For Instant withdrawal

Exness is a regulated forex broker based in Seychelles that was established in 2008. It is renowned for its highly efficient and instant withdrawal services. Exness provides its traders with some of the most popular trading platforms, including MT4 and MT5, which offer advanced trading tools and features to help traders make the most of their trading activities. With its wide range of products and services, Exness is an excellent choice for traders who wish to benefit from the convenience of instant withdrawals and the security of a regulated broker.

Exness is an online broker that offers a wide range of trading instruments for traders. It provides more than 95 currency pairs for trading, 5+ cryptos, and 130+ CFDs. The broker also allows the use of EAs and robots, along with scalping and news trading. Additionally, the broker offers copy trading facilities to its users, allowing them to copy trades from experienced traders.

Pros:

• Low spreads and commissions 
• Reliable and fast order execution
• Wide range of tradable assets
• Variety of account types to suit different trading styles
• Excellent customer support 

Cons:

• Limited selection of trading platforms 
• Limited offering of research and educational materials 
• Limited options for deposit and withdrawal methods

Oanda.com — Most Trusted

Oanda is a globally trusted and regulated broker based in the United States, established in 1996. It offers a wide range of platforms for trading, including MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, and TradingView. Oanda is renowned for its user-friendly and reliable services, making it a popular choice amongst traders.

Oanda is a leading broker offering a wide range of trading instruments, including over 70 currencies, 4 cryptos, and 50+ CFDs. Trading conditions at Oanda are great for traders, as they allow EAs or robots, scalping, and news trading. Additionally, they also offer ZuluTrade, which provides an additional layer of convenience and security to traders.

Our Ratings

Pros:

• Low spreads and competitive pricing
• Variety of trading platforms and tools 
• Secure and regulated broker 
• Comprehensive educational resources
• 24-hour customer service 

Cons:

• Limited payment methods 
• Fewer currency pairs than other brokers 
• Limited margin trading options

FBS.com —- For High Leverage

FBS is a regulated broker based in Belize, established in 2009. It offers a high leverage trading environment and a wide range of trading platforms, including MT4, MT5 and FBS Trader. It is one of the most trusted brokers in the industry and provides a secure and reliable trading experience. With its superior customer service, competitive pricing and wide range of services, FBS is the ideal choice for traders looking for a reliable and efficient broker.

FBS is a popular broker offering a wide range of trading instruments, including 35+ currency pairs and 3 CFDs. Trading conditions are favorable for traders, with the allowance of EAs and robots, scalping and news trading. If you’re looking for a reliable broker with excellent trading conditions, FBS is the perfect choice.

Our Ratings

Pros:

• FBS offers a wide range of trading instruments, including Forex, CFDs, cryptocurrencies, and futures. 
• FBS is regulated by the International Financial Services Commission (IFSC), ensuring secure trading conditions. 
• FBS provides its customers with a variety of trading platforms and tools, such as MetaTrader 4, MetaTrader 5, and FBS CopyTrade. 
• FBS also offers a range of bonuses, promotions, and loyalty programs to its customers.
• FBS has a customer service team available 24/7 to assist its customers. 

Cons:

• FBS does not offer any customer support in some countries.
• FBS requires traders to deposit a minimum of $100 to open an account. 3. FBS’s spreads are higher than those of other brokers.

Hotforex.com — For Trading instruments

Hotforex is a regulated broker established in 2010 that offers a variety of trading instruments. It is based in Saint Vincent And Grenadines and provides its clients with two popular trading platforms, MT4 and MT5. Hotforex is a reliable and trusted broker, providing its services to traders around the world. It offers tight spreads, fast execution, and excellent customer service.

Hotforex is an online broker that offers a wide range of trading instruments, including 45+ currencies, 5+ cryptos, and 5+ CFDs. It provides traders with the ability to use EAs and Robots, as well as allowing Scalping and News Trading. Additionally, Hotforex offers MAM Accounts to its clients. All of these features make Hotforex a great choice for traders who are looking for a secure and reliable trading experience.

Our Ratings

Pros:

• HotForex offers a wide range of trading instruments including Forex, CFDs, Metals, Energy, Cryptocurrencies, Indices, and more. 
• Highly competitive spreads, with spreads as low as 0.0 pips. 
• HotForex offers a selection of trading platforms including MT4, MT5, and cTrader. 
• HotForex offers a variety of account types to suit different trading styles and needs. 
• HotForex offers a variety of educational resources and market analysis to help traders of all levels. 

Cons:

• There are limited deposit and withdrawal options. 
• HotForex does not offer automated trading tools. 
• HotForex does not offer a dedicated mobile trading platform.

Eightcap.com — Best for Trading Support

Eightcap is a regulated broker based in Australia, established in 2009. They provide a wide range of trading support and offer a variety of trading platforms, including MT4, MT5, and TradingView. Eightcap has been providing traders with reliable and secure trading services for over a decade, and continues to be one of the best brokers for trading support.

Eightcap is a great broker for traders who are looking for a wide range of trading instruments. It offers 45+ currencies, 300+ cryptos, and 800+ CFDs, as well as additional facilities such as PAMM and MAM accounts. It also allows both scalping and the use of EA and robots in trading. With its comprehensive offering and trading conditions, Eightcap is an ideal choice for traders.

Our Ratings

Pros:

• Eightcap forex broker offers a wide range of trading platforms, including MetaTrader 4, cTrader, and xStation. 
• The broker offers competitive spreads and fees, along with low minimum deposits.
• Eightcap provides free market analysis tools and 24-hour customer support. 
• The broker is regulated by the Australian Securities and Investments Commission (ASIC)
• Eightcap forex broker offers a wide range of trading instruments, including forex, CFDs, and metals. 

Cons:

• The broker does not offer any bonuses or promotions. 
• Eightcap does not offer any Islamic trading accounts.

FXTM.com — Best For Trading Conditions

FXTM is an established online broker founded in 2011, based in Mauritius. It is regulated and offers its clients access to some of the best trading conditions available on the market. Its trading platform is MT4, MT5 and WebTrader, which are all well-known and secure technologies. With its competitive spreads, fast execution and secure trading environment, FXTM is a great choice for traders looking to take advantage of the markets.

FXTM is a broker that offers a wide range of trading instruments, including 55+ currencies, 4+ cryptos, and 190+ CFDs. It allows traders to use EA or robots, scalping, and news trading. Additionally, FXTM also provides a MAM Account for traders. With such comprehensive services and facilities, FXTM is a great option for traders of all levels.

Our Ratings

Pros

• Regulated broker: FXTM is a regulated broker, which provides a high level of trust and security for clients. 
• Wide range of financial instruments: FXTM offers a wide range of financial instruments, including forex, indices, commodities, and CFDs. 
• Low spreads and fast execution: FXTM offers competitive spreads, fast execution, and no commissions on trades. 
• User-friendly trading platform: FXTM provides a user-friendly interface, which makes trading easy and efficient.
• Excellent customer support: FXTM has a dedicated customer support team available 24/7 to assist with any queries or issues. 

Cons

• Limited payment methods: FXTM accepts a limited number of payment methods, which makes it difficult for some users to make deposits or withdrawals. 
• Limited educational resources: FXTM does not provide many educational resources, which can be a disadvantage for new traders.

What is a Forex Broker?

A Forex broker is a specialized financial intermediary crucial for individuals and businesses participating in currency trading within the vast global foreign exchange market. Serving as a vital link between traders and the dynamic realm of forex, these brokers provide online platforms for buying and selling various currencies. Opting for a reputable and regulated Forex broker is paramount to ensuring a secure and efficient trading experience, complemented by essential tools and analysis to navigate the intricacies of currency transactions within the expansive forex landscape.

More Insights : What is a Forex Broker and How Does Tt Work? 

What are the Most Trusted Forex Brokers in Maldives ?

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in Maldives . These brokers are highly regulated by top regulators including FCA, ASIC, CySEC, BaFIN, DFSA, SCB and so on.  They also offer segregated client fund accounts with tire 1 banks. for example. Here are our trust score for the following brokers 

• Pepperstone : 9.4 
• IC Markets    : 9.3
• XM                : 9.3 
• FBS              : 9

What is the No 1 Forex Brokers in Maldives

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in Maldives . The broker is not only popular in Maldives  but also globally. Additionally, the broker is regulated under top-tier regulators worldwide, including FCA, ASIC, CySEC, and others. Pepperstone secures a score of 9.4 out of 10, the highest in our research

What are the Best MT4 Forex Brokers in Maldives ?

Based on our in-depth research and test results, the best MT4 forex brokers in Maldives are:

• IC Markets
• Pepperstone
• Eightcap
• Tickmill
• XM
• FBS

They offer thousands of trading instruments, including forex, crypto CFDs, stock CFDs, and indices.

What are the Best MT5 Forex Brokers in Maldives ?

MT5 a multi-asset trading platform by MetaQuotes. It is second most popular forex trading platform in the world. Most of the forex brokers in Maldives  offer MT5 Trading Platforms. According to our brokers research and ratings, the best MT5 Forex Brokers in the UK are 

• Pepperstone
• IC Markets 
• FBS 

MT5 perform allows traders to perform  technical analysis and trading operations in the Forex market

What are the Best ECN Forex Brokers in Maldives?

Our findings and broker ratings show that the best ECN Forex brokers in Maldives are 

•  Pepperstone 
•  IC Markets 
•  XM
•  FXTM 
•  Hotforex 

These brokers offer low trading fees. They also offer seamless deposit and withdrawal processing. Among the brokers, Pepperstone we ranked Pepperstone as No 1 forex brokers in the world

Which Forex Brokers are Best for Beginners in Maldives ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in Maldives . They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.

Which Forex Brokers Offer Copy Trading Platforms in Maldives ?

The best forex brokers offering copy trading platforms in Maldives include eToro, Pepperstone, IC Markets, and FBS, among others. Among these, eToro is renowned for its social copy trading. Moreover, you can use almost all forex brokers for copy trading purposes if they allow EA trading

Which Forex Brokers offer High Leverage in Maldives ?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in Maldives. FBS provides a 1:3000 leverage, allowing for up to $3000 in trading capital for every $1 risked. However, the leverage in the EU and the USA is fixed. In the EU and Australia, retail traders can take up to a 1:30 leverage, while US regulators allow a maximum 1:50 leverage for retail forex traders. Many brokers have multiple entities for traders in different countries. Here is a list of the highest-leverage forex brokers:

FBS.com : 1:3000

Exness.com : 1:2000

Hotforex : 1:1000

How Can I Trade Forex in the Maldives ?

Educate yourself:

Forex trading involves risks, so it’s important to learn the basics before you start. You can start by reading articles and books on forex trading, attending webinars and seminars, or watching tutorial videos online.

Choose a forex broker:

Select a reputable forex broker that is authorized and regulated by a respected financial regulatory authority. Look for brokers that offer low spreads, good leverage, and a variety of trading platforms.

Open a trading account:

To open a trading account with a forex broker, you will typically need to provide personal information and financial details. You may also need to verify your identity by providing a copy of your passport or ID.

Fund your account:

Once your trading account is approved, you will need to deposit funds into your account to start trading. Most forex brokers offer various payment options such as bank transfers, credit/debit cards, and e-wallets.

Choose a trading platform:

Select a trading platform that suits your trading style and needs. Most brokers offer popular platforms such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are user-friendly and have a variety of trading tools.

Analyze the market:

Before placing a trade, analyze the forex market using technical and fundamental analysis. Technical analysis involves studying price charts to identify patterns and trends, while fundamental analysis involves analyzing economic and political news that may impact the market.

Place a trade:

Once you have identified a trading opportunity, place a trade by selecting the currency pair you want to trade, specifying the amount you want to trade, and selecting the direction (buy or sell).

Manage your trades:

Monitor your trades closely and use stop-loss orders to limit your losses in case the market moves against you. You can also use take-profit orders to lock in profits when the market moves in your favor.

Withdraw your profits:

When you have made profits, you can withdraw them from your trading account by selecting your preferred withdrawal method and following the broker’s withdrawal procedures.

Different Types of Forex Brokers in Maldives ?

Dealing Desk Brokers:

Dealing desk brokers are also known as market makers. They provide liquidity to their clients by creating a market for currency pairs. They usually have fixed spreads and can take the opposite side of a client’s trade. This means that the broker makes money when the client loses money, which can lead to a potential conflict of interest. However, dealing desk brokers are suitable for beginners as they offer low minimum deposit requirements and easy-to-use trading platforms.

No Dealing Desk Brokers:

No dealing desk brokers offer direct access to the interbank market and do not take the opposite side of a client’s trade. They offer two types of execution models:

Electronic Communication Network (ECN) Brokers:

ECN brokers offer direct access to the interbank market by connecting clients to a network of liquidity providers. They offer variable spreads that can be very low, but they charge commissions on trades. ECN brokers are suitable for advanced traders who require fast trade execution and low spreads.

Straight Through Processing (STP) Brokers:

STP brokers provide clients with direct access to liquidity providers, but they do not operate a dealing desk. They offer fixed or variable spreads and do not charge commissions. STP brokers are suitable for traders who require fast execution and competitive spreads.

Types of Trading Platforms in Maldives ?

MetaTrader 4 (MT4):

MT4 is one of the most popular trading platforms used by forex traders worldwide. It offers a user-friendly interface, advanced charting tools, and customizable indicators. MT4 also supports algorithmic trading through its Expert Advisor (EA) feature, allowing traders to automate their trading strategies.

MetaTrader 5 (MT5):

MT5 is the successor to MT4 and offers advanced features such as more charting tools, economic calendar integration, and more order types. MT5 is also more flexible for trading other asset classes, such as stocks, futures, and options.

cTrader:

cTrader is a trading platform designed for forex and CFD trading. It offers advanced charting tools, customizable indicators, and a user-friendly interface. cTrader also has a unique feature called cAlgo, which allows traders to develop and automate their own trading strategies using C# programming language.

TradingView:

TradingView is a web-based trading platform that provides real-time market data and charting tools for forex, stocks, and other asset classes. It allows traders to create and share their own trading ideas and strategies through its social community feature.

NinjaTrader:

NinjaTrader is a trading platform designed for advanced traders. It offers advanced charting tools, customizable indicators, and an integrated development environment (IDE) for creating and backtesting trading strategies. NinjaTrader also supports automated trading through its NinjaScript programming language.

MultiCharts:

MultiCharts is a trading platform designed for professional traders. It offers advanced charting tools, custom indicators, and supports multiple data feeds. MultiCharts also supports automated trading through its EasyLanguage programming language.

How to Choose the Best forex Brokers in Maldives?

Choosing the best forex broker in the Maldives can be a challenge, as there are many factors to consider. Here are some key considerations to help you make an informed decision:

Regulation:

It’s crucial to choose a broker that is regulated by a reputable financial authority, such as the Maldives Monetary Authority (MMA). This will ensure that your funds are protected and that the broker operates in an ethical and transparent manner.

Trading platforms:

Look for a broker that offers a user-friendly and customizable trading platform that meets your needs. Check if the platform is compatible with your device and if it offers a range of tools and features, such as charting, news and analysis, and trading signals.

Fees:

Consider the cost of trading with a particular broker, including spread, commission, and overnight fees. Some brokers may offer lower fees, but their trading conditions may not be as favorable. It’s important to balance cost with quality.

Customer support:

 A reliable broker should provide excellent customer support, available 24/7 through various channels, such as live chat, email, and phone. Good customer support can help you resolve issues and answer questions quickly.

Reputation:

Check the reputation of a broker by reading online reviews and forums, and asking for recommendations from other traders. A broker with a good reputation will likely have a track record of providing quality services and support.

Frequently Asked Question (FAQs)

What is a forex broker?

A forex broker is a firm that provides traders with access to a platform for buying and selling currencies. Forex brokers act as intermediaries between traders and the interbank market, allowing traders to buy and sell currencies at current market prices.

Is forex trading legal in the Maldives?

Yes, forex trading is legal in the Maldives, regulated by the Maldives Monetary Authority (MMA). However, it’s important to choose a broker that is regulated by a reputable financial authority to ensure that your funds are protected and that the broker operates in an ethical and transparent manner.

What should I consider when choosing a forex broker?

When choosing a forex broker, you should consider factors such as regulation, trading platforms, fees, customer support, reputation, and additional services. It’s important to research several options and choose a broker that meets your individual needs and circumstances.

Can I trade forex from Maldives?

Yes, residents of the Maldives can trade forex from the country, as long as they choose a broker that is regulated by a reputable financial authority and operates within the laws of the Maldives.

Is forex trading risky?

Forex trading carries a high level of risk, as the value of currencies can fluctuate rapidly in response to economic and political events. However, by properly managing risk and using effective trading strategies, traders can potentially earn significant returns.

Conclusion

Forex trading offers a high potential for returns, but it’s important to choose a reliable and reputable broker to ensure that your funds are protected and that you have access to the tools and resources you need to succeed. When choosing a forex broker in the Maldives, consider factors such as regulation, trading platforms, fees, customer support, reputation, and additional services. By doing your research and making an informed decision, you can increase your chances of success in the forex market.