Best FOREX Brokers in Ireland 2024

With so many choices out there, it's tough to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons:

• ICM - Capital 91.10: Best Deposit and Withdrawal Broker

• Tradeview: 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.

• XTB - 85.55: Best Customer Service Broker

• IG - 85.45: Best Regulations Broker plus Convenient Platform

• Saxo Bank - 80.09: Excellent Private Trading Platform

• CMC Markets - 80.07: More than 9,000 Assets

• ThinkMarkets - 80.05: Aimed at the Audience of Traders

The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders everywhere rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world with some six trillion dollars changing hands daily. FOREX brokers in Ireland play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile format. 

Opening a FOREX trading account is easy. Once you have chosen your preferred broker, you must start by filling out an application form as part of the “open account” process. It is normal that you will be asked to provide two documents. These are usually your national identity document and proof of address. This is part of Know Your Customer (KYC) regulations. Remember that some brokers have slightly different requirements than others.

Once your account has been approved, normally one to two days after you make the application, you will be able to fund your account by making the first deposit. After your account is funded, you can start to trade.

You don’t need much to get started. Some of the best FOREX brokers for beginners allow you to start trading with as little as $1. Of course, you need to capitalize your account with at least some money that will allow you to place trades. The amount is really up to you. However, it is recommended that you start by placing small trades to get to grips with the practice of trading as well as your broker’s Website before you move on to placing trades with more money.

A trading Website like en.Arincen.com is a great place to start. We have a large list of curated articles that can give you all the information you need on common FOREX trading terms, like pips, spreads, leverage and support and resistance. We have also taken the time to prepare detailed articles on important topics, such as FOREX trading strategies. Additionally, once on our Website, you will find helpful video courses that cover the basics of FOREX trading. With this range of knowledge, you will be well on your way to trading success.

Remember also that your broker will normally have developed a detailed education and research repository themselves. That is also a good place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their own platform and resources, which makes it doubly useful.

The vibrant Irish economy includes key sectors, including services, manufacturing, and construction. It has undergone significant transformation over the past few decades, evolving from a predominantly agricultural economy to one that is more diversified, modern and trade-oriented.

The service sector represents the largest portion of Ireland's economy, contributing more than 70% of the GDP. Key services include IT, financial services, and tourism. Dublin, the capital, is a global hub for technology companies and home to many major multinational corporations, such as Google and Facebook. Ireland's favorable corporate tax policies have attracted numerous foreign direct investments.

In Ireland, the primary body responsible for regulating retail FOREX brokers is the Central Bank of Ireland (CBI). The CBI regulates all financial services firms operating in the country, including FOREX brokers, to ensure financial stability and consumer protection.

The CBI is a part of the European System of Central Banks (ESCB) and follows the regulatory standards set by the European Securities and Markets Authority (ESMA). In addition to the Central Bank's domestic regulation, since Ireland is part of the European Union, brokers must also comply with EU-wide financial regulations, like the Markets in Financial Instruments Directive (MiFID) and its revision, MiFID II.

Regulation and Licensing in Ireland

FOREX brokers who offer their services to Irish citizens must be regulated by the CBI, which regulates all financial services firms operating in the country, including FOREX brokers, to ensure financial stability and consumer protection. The CBI works in concert with ESMA, which acts as an EU-wide financial market regulator.

It is always a good sign if your broker is active in other countries and has been regulated by other tier-1 bodies, like the FCA in the UK and FINMA in Switzerland, which are considered to be two of the best regulators in the world.

The regulators that oversee FOREX trading also regulate other financial assets, such as crypto, commodities, and indices. If you want to learn more about some of the best-regarded regulators, read our article on regulation here. Remember that you do not have to use a broker with international regulation if your local broker is regulated by a solid local regulator.

To ensure that your broker is legit, you can follow these steps:

• Ask if the broker is licensed to sell you FOREX

• Check if the broker is registered with a top-tier regulator or at least the applicable regulator in your area

• Ask if your broker is part of a compensation scheme

• Check your statements regularly to ensure that everything is in order

Remember that it's important to comply with all applicable requirements, including any self-regulatory organizations to which brokers belong, and not just those mentioned here.

Notwithstanding local regulations, it is always important to check if your broker happens to be regulated by overseas tier-1 regulators. In this context, we present the five most important FOREX market regulatory bodies from around the world.

1. The FCA, UK;

2. The Swiss Financial Market Supervisory Authority (FINMA);

3. The Australian Securities and Investments Commission (ASIC);

4. The Financial Markets Authority, New Zealand; and

5. The National Futures Association (NFA), US.

While FOREX market regulatory bodies exist in almost every country, these five key regulators also happen to be some of the strictest. To learn more about other regulatory bodies, please visit en.arincen.com, where you will find a comprehensive global database.

Leverage

There are many noteworthy regulators around the world. The leverage rules you encounter will depend on how your broker works within those rules. Many of these major regulators have guidelines in place to look out for individual traders.

Besides being regulated by the CBI, brokers in Ireland must fall in line with the European Securities and Markets Authority (ESMA) guidelines and the Markets in Financial Instruments Regulation (MiFIR). Let's take a look at selected leverage rules around the world:

The CBI in Ireland:

30:1 for major currency pairs 

20:1 for non-major currency pairs

2:1 for cryptocurrencies 

FINMA in Switzerland:

FINMA doesn't specify leverage limits like ASIC. However, Swiss brokers must strictly adhere to robust capital and risk management requirements, ensuring they do not offer excessively high leverage that could endanger their financial stability or their clients' funds.

The FCA in the UK:

30:1 for major currency pairs

20:1 for non-major currency pairs

2:1 for cryptocurrencies

These leverage limits apply to retail investors. Professional clients may have access to higher leverage, but they do not receive the same level of protection as do retail clients. As you can tell, diligent regulators keep a close eye on how much leverage is allowed. Nevertheless, you can still use a regulator from your own country, even if it doesn't fall under the category of a top-tier regulator.

Stop Out and Margin

In retail FOREX trading, a stop out is a process where a broker automatically closes one or all of a trader's open positions when their margin level falls to a specific percentage level. The stop-out level is similar to the margin call level, except that it’s much worse. 

Margin refers to the amount of money that a trader needs to deposit with their broker to open and maintain a trading position. It is a percentage of the total value of the position, and it acts as collateral for the broker. The margin is calculated based on the leverage that the trader is using, which is the ratio of the trader's own funds to the amount of money that they are borrowing from the broker. The higher the leverage, the lower the margin requirement, and vice versa. 

The stop-out level is when the equity is lower than a specific percentage of the used margin. What does this mean to me? Stop out and margin levels are the points at which a broker starts liquidating existing positions, so you need to pay close attention to how you are trading. 

There are three levels of stop outs in retail FOREX trading:

0% Stop Out: 

This means that a trader's positions will not be automatically closed by the broker, even if their Margin Level falls to 0%. This is the most favorable stop out level for traders, but it is rare.

50% Stop Out: 

This is the most common stop out level in retail FOREX trading. If a trader's margin level falls below 50%, the broker will start closing their positions automatically until the margin level goes above 50%.

100% Stop Out: 

This means that a trader's positions will be automatically closed by the broker if their margin level falls to 100%. This is the most unfavorable stop out level for traders.

Here's an example of a Stop-Out Level at 50%:

Let's say a FOREX broker has a stop out level at 50%. If your margin level falls below 50%, the broker will start closing your positions automatically until the margin level goes above 50%. It's important to note that once the liquidation process has started, it is usually not possible to stop it since the process is automated. 

Your broker's customer support team will not be able to help you reverse the process.  As such, using protective measures, like stop-loss orders and not over-leveraging, is always a good idea. Additionally, the specific percentage and the order in which positions are closed can vary among brokers, so traders need to be aware of their broker's policy on stop-out levels.

Commissions and Fees

Here are the explanations of some of the most common fees and costs associated with retail FOREX trading:

Spreads:

• The spread is the difference between the bid price and the ask price of a currency pair

• Brokers can offer either fixed or variable spreads

• Fixed spreads remain the same regardless of market conditions, while variable spreads can change depending on market volatility

• Spreads are the primary way that brokers make money from trades on standard accounts

Commissions:

• Some brokers charge a commission on trades in addition to the spread.

• The commission can be a fixed amount per lot or a percentage of the spread.

• Commission-based accounts are typically used by professional traders who require tighter spreads.

Rollover Fees:

• Rollover fees, also known as swap rates, are charged when a trader holds a position overnight

• The fee is based on the interest rate differential between the two currencies in the pair

• Rollover fees can be positive or negative, depending on the direction of the trade and the interest rate differential

Withdrawal and Deposit Fees:

• Some brokers charge fees for deposits and withdrawals

• The fees can vary depending on the payment method used

• Some brokers offer free deposits and withdrawals, while others charge a flat fee or a percentage of the transaction amount

Inactivity Fees:

• Inactivity fees are charged by some brokers if you do not make any trades for a certain period

• The fee can be a fixed amount or a percentage of the account balance

• Inactivity fees can be avoided by making at least one trade within the specified period

It's important to note that different brokers have different fee structures, and you should carefully review the fee schedule of any broker you are considering. Additionally, always consider the total cost of trading, including spreads, commissions, and other fees, when evaluating the profitability of your trades.

Tradable Assets and Instruments

Payments, Deposits and Withdrawals in Ireland

FOREX Trading Customer Service

Ask Other Traders on Our Network

Arincen has gone to extensive lengths to create an enabling environment of networks, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our website provides an unrivalled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other.

Technical Aspects of the Broker’s Website

When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always look out for SSL certification and two-factor authentication (especially when registering with a new site).    

Trading Platforms, Tools, and Features

FOREX brokers in Ireland offer a range of tools that are available in any developed market. The best brokers offer advanced algorithmic trading that can handle large volumes of trades with high uptime and minimal lag. Brokers can also offer electronic assistance (EA) and high-end market analysis and insights.

When choosing a trading platform, it's important to consider what works for both beginners and experienced traders. Here are some things to ponder:

Platform Accessibility: 

A good platform should give you options to trade at your convenience any time, on any device, whether its web-based or downloadable.

Technical Analysis Tools:

Look for a platform that has solid technical indicators. They are useful for making smart trading decisions.

Risk Management Tools: 

A top-notch platform should allow you to set stop-losses and take-profits to manage those risks.

Customization and User-Friendliness: 

You should be able to tweak the platform to match your style. Within the MetaTrader product family, both MT4 and MT5 are known for their excellent customization features.

Performance and Reliability: 

As a newcomer, you should be looking for a platform that runs smoothly when called upon.

Learning and Help Resources: 

It's a bonus if the platform comes with guides and support to help you when you're stuck.

To choose the perfect trading platform, here's what you can do:

• Determine your trading style and needs

• Research different platforms and compare their features

• Test the platforms with a demo account to see which one suits you best

• Choose a platform that offers the features you need and is user-friendly

• Ensure that the platform is reliable and has a good reputation in the industry

Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely. Additionally, traders should be aware of the fees and costs associated with retail FOREX trading, including spreads, commissions, rollover fees, withdrawal and deposit fees, and inactivity fees. Different brokers may have different fee structures, so traders should carefully review the fee schedule of any broker they are considering.

Many FOREX traders around the world have become used to MetaTrader’s strong and dependable MT4 platform, which is well-liked with good cause. However, if you are interested in trying something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. In this case, we would encourage you to try Saxo Bank for its advanced trading features and high-performance tools with extensive market analysis.

Our research shows that ICM’s ECN account offers the lowest fees for entry level and elite traders alike.

The CBI has issued several warnings about retail online trading scams in the past. The central bank proactively works to protect consumers and raise awareness about possible scams. It regularly issues public warnings and alerts about unauthorized firms and known scams. These are posted on its official website, in the “News” or “Warnings” sections.

The CBI also provides comprehensive information and advice to consumers on how to avoid scams and protect their money. This includes guides on how to recognize a scam, the importance of dealing with authorized firms and what to do if scammed.

It's crucial for consumers to regularly check the CBI's official website and follow its social media accounts to stay updated on the latest warnings and advice. If a consumer suspects a scam, they should contact the CBI to verify the information.

1. The FOREX brokerage firm cannot recommend a buy or sell;
2. The FOREX brokerage firm must not provide price or market expectations (rise/fall); 
3. The FOREX firm cannot control your financial dealings (deposit/withdrawal);
4. The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
5. The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it beforehand.
6. The brokerage firm must not use bank accounts not under its name; and
7. FOREX brokerage firms cannot have or offer the service of account managers.

The expert team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:

1.  Companies’ Websites.

2.  Other Websites that have ranked FOREX companies.

3. A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.     

Afterwards, we validated the data by:

1.  Registering with FOREX companies as a secret shopper and/or as Arincen.

2.  Survey number “2,” in which we asked these companies’ customers for important feedback and experience.

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%.  To learn more about how we came up with the evaluation, please click here.