Overall Rating: ★★☆☆☆ (2.9/5)

The Financial Services Commission (FSC) of Mauritius regulates non-bank financial services, including forex and CFD brokers offering trading to international clients. Positioned as an offshore regulatory hub, the FSC promotes itself as a gateway for brokers targeting African and Asian markets. While it offers more structure than some Tier-3 regulators, it still lacks the stringent enforcement, investor protection, and transparency of Tier-1 or Tier-2 jurisdictions.

Forex brokers in Mauritius must obtain an Investment Dealer Licence, which requires:

• A local physical presence
• Minimum capital of MUR 1 million (~$22,000 USD)
• Appointment of local directors and compliance officers

However, the FSC does not impose leverage limits, does not prohibit bonuses, and does not provide a retail investor compensation scheme. Client fund segregation is required but weakly enforced, and oversight is largely document-based rather than investigative.

The FSC maintains a public registry and issues warnings about unauthorised firms, but enforcement actions are limited in scope. For retail traders, brokers licensed solely under the FSC should be treated with caution unless part of a globally regulated broker group.