Although coastal water marine algae have been popularly used by others as indicators of heavy metal pollution, data within the Bay of Bengal for the estuarine Cox’s Bazar region and Saint Martin’s Island has remained scarce. Using marine algae, the study herein forms an effort in biomonitoring of metal contamination in the aforementioned Bangladesh areas. A total of 10 seaweed species were collected, including edible varieties, analyzed for metal levels through the use of the technique of EDXRF. From greatest to least, measured mean metal concentrations in descending order have been found to be K > Fe > Zr > Br > Sr > Zn > Mn > Rb > Cu > As > Pb > Cr > Co. Potential toxic heavy metals such as Pb, As, and Cr appear at lower concentration values compared to that found for essential mineral elements. However, the presence of Pb in Sargassum oligocystum species has been observed to exceed the maximum international guidance level. Given that some of the algae species are cultivated for human consumption, the non-carcinogenic and carcinogenic indices were calculated, shown to be slightly lower than the maxima recommended by the international organizations. Overall, the present results are consistent with literature data suggesting that heavy metal macroalgae biomonitoring may be species-specific. To the best of our knowledge, this study represents the first comprehensive macroalgae biomonitoring study of metal contamination from the coastal waters of Cox’s Bazar and beyond.