Best Forex Brokers in Ireland 2023
Central Bank of Ireland’s strict policy about forex trading attracts the Irish to start trading in the country. However, Ireland doesn’t have any popular local brokers. Hence, traders need to rely on offshore brokers. And there are hundreds of European brokers! So, which one should you choose to kick off your forex trading in Ireland? Well, we have made Ireland forex brokers list in this article.
And you can pick one without any hesitation. In addition to that, this article will also give you a guide on choosing the best forex brokers in Ireland.
Best Forex Brokers in Ireland List:
Is forex legal in Ireland?
Forex trading is legal in Ireland. Central Bank of Ireland regulates the forex market along with other financial activities in the country. So, you will not face any problem trading in Ireland. Additionally, Irish people are allowed to trade using offshore brokers too.
Choosing the Best Forex Brokers in Ireland
If you are looking to trade currencies online in Ireland, it’s important to research which forex broker is best suited for your needs. The following part will outline some essential things that you should consider when narrowing down your search. Below are the key points to keep in mind before deciding on Ireland forex brokers.
Best Forex Trading Platform in Ireland
There are several platforms to choose from when trading forex online, which include MetaTrader 4 (MT4), MetaTrader 5, cTrader and other custom platforms offered by the brokers. It’s recommended that you try a demo account before trading with your own money. This will give you a chance to test out the platform for yourself and see if it meets your requirements.
Spreads and Commissions
This refers to the difference between the bid price and asks price, in addition to any associated charges for exchanging currencies on each trade. The difference between the bid price and the asking price is called “spreads” or “pips” and is the cost of trading.
The currency pair (i.e., EUR/USD) will have its own unique spread, which is affected by the buying patterns of buyers and sellers – so it’s important to consider this when choosing the best forex brokers in Ireland. The spreads that you’ll have to settle on each transaction will also have an effect on the fees that you’ll need to pay.
A large number of Irish forex brokers come with excellent customer service, but you’ll want to look out for a few things:
- A good forex broker will be able to communicate with you and be able to answer your queries within 24 hours or even sooner.
- They should have a comprehensive knowledge base available for their clients.
- Check for a live chat function that you can use to talk to customer support.
The best forex trading platform Ireland will offer software for you to download onto your computer. Only choose from a variety of reputable platforms, such as MetaTrader 4 and MT5. This is because lesser-known platforms could have stability issues or viruses.
Currency Pairs Offering
Take time to look at the different currencies that each Irish forex broker offers, as this will differ between them and will be central to your trading strategy. Choose the currency that you want to trade, in addition to some extras such as mini and micro-forex. A forex broker with a large number of currencies will be more lucrative overall, but you need to be sure that you understand the risks associated with each currency before deciding on which ones to trade.
You’ll want to make sure that you fully understand what forex broker fees will be before deciding on one – it’s best to compare all the different brokers in order to get the lowest fees possible. You can do this by reading the information and features on their websites and researching customer reviews, forums and articles that compare different forex brokers in Ireland.
Minimum Initial Deposit
You’ll need to have a minimum deposit as a starting point. The low end of the spectrum is typical $100, but you should be aware that this amount could be higher depending on your selected broker. However, nowadays, most Irish forex brokers don’t require any minimum deposit.
Many regulated forex brokers in Ireland offer a bonus to new traders. Some of these are quite generous, but the amount is often small. Be wary of bonuses that don’t seem to make sense in relation to the amount of effort that they would require to be captured.
This is an important consideration if you intend on trading forex through margin. Some brokers offer a low level of margin trading, while others offer a much higher level and more freedom. It’s important to understand what you’re getting yourself into before agreeing to make a trade. As an example, you might expect that there would only be one buy order for every sell order, but this isn’t the case for some brokers.
Which Forex Broker is Best in Ireland?
If you ask for the best forex brokers in Ireland, FxPro is our answer. It is a low-risk broker regulated with FCA, FSCA, and CySEC. With over 16 years of experience in the industry, FxPro has developed a unique range of features that enable traders to exploit market opportunities and reduce risk when trading currencies.
You will get a total of 2249 symbols along with 70 forex pairs. Hence, you will have enough opportunities to diversify your portfolio.
With so many brokers and platforms to work with, it can be difficult to know where to start your search. This article has helped you narrow down the field of options to choose the best forex brokers in Ireland, but there are still more choices out there. However still, all we want is for you (as a new trader) to do some research and find the one that feels right for you!
We hope this article will help you in your decision to choose an Irish forex broker.