Best Forex Brokers in Ireland 2018
Ireland is a financially prosperous country and you will definitely find a lot of Forex brokers there. However, not all of them will be regulated and safe to trade with. Let us lay out a list of the very best Irish brokers for you. Our list is based on our extensive research into the subject.
How to Choose a Forex Broker as an Irish Trader
As you are going to put your money that you want to invest in currencies, with a broker whom you do not really know, you need to make sure a number of things are in place. First and foremost, the broker has to be regulated by CBI (Central Bank of Ireland). Then, you will have to check what kind of platform and software the broker offers. The easier to use the better. Fees matter and therefore you will have to look for the broker that charges the lowest fees in the industry. Your broker should also have a number of accounts to choose from that would depend on the size of your capital. Even a few hundred bucks is fine to start with. As a customer you should expect premium customer service from your broker. And finally, you may want to be provided with a lot of extra useful services. Let us look at each aspect right now.
General Regulation & Irish Regulation
There is a tendency around the world to introduce strict rules for financial intermediaries and do more supervision, monitoring, audit and etc. There are very few countries that have loose regulatory requirements for those who offer financial services. It becomes harder and harder to be a broker and to stay unregulated. Any fraud, price manipulation and inside trading is severely punished by regulatory authorities everywhere.
The same can be said about the regulatory body of financial markets in Ireland CBI – Central Band of Ireland Commission. In 2011 it got this role from its predecessor – Irish Financial Services Regulatory Authority. Right from the start CBI took the bull by its horns and introduced strict regulatory rules that all brokers must comply with. If brokers fail to act in a transparent and fair business mode, their licenses can be revoked. A year ago, the Bank threatened to close around twenty Forex brokers if they failed to improve their services and function strictly under all the guidelines set by CBI. As you may see, if you choose one of the CBI regulated brokers the regulatory Watchdog will closely watch those who provide services to you to be sure that they act in your best interests.
Trading Platform & Software
Being a trader is a very independent profession. You can trade whenever and wherever you want. You will only need a pc or laptop with you. Well, maybe more… You will also need a good trading platform or software that you will use to analyze different currency pairs, place trades, monitor them and finally close them. As has been indicated in the beginning of the article, the easier the platform to use the better. It should be good for both a newbie trader and an advanced one. A newbie may want to concentrate just on one or two pairs and an advanced trader may have twenty or more financial instruments open on the same chart station. Your platform should offer you that, together with a lot of time frames for those multiple symbols, a lot of popular technical indicators (sma, stochastics, fibo and etc.), possibility to copy other traders, back testing terminal to test your strategy, news feed to know what fundamental data comes out and when and a few other features.
Commissions & Spreads
Brokers make money by carrying out transactions for you and charging you fees. Contrary to the stock market, in Forex most brokers charge fees in the form of spreads. A spread is simply the difference between buy and sell price. In eur/usd a spread tend to be 1-2 pips. That is broker‘s commission. So, when you open eur/usd position you have 1-2 pips loss, because you pay your broker those pips as a commission.
Spreads can be fixed or variable. Fixed spreads will be 1-5 pips on most popular currency pairs (EUR/USD, GBP/USD, USD/JPY and other pairs that have US dollar in the pair). Currency crosses such as GBP/JPY, EUR/AUD, CAD/NZD (those that do not have US dollar in the pair) often have 6-20 pips spread, depending on how liquid the pair is. Variable spreads will be lower. It will be 0.1-1 pips for most popular pairs and 2-6 pips for currency crosses. However, do not forget that these low spreads are when markets are under normal conditions. Some shocking fundamental data may cause markets to rally or crash and then variable spreads widen ten or even twenty times, but only for a few minutes. So, you can choose what spreads are best for you.
Forex can be an investment for anyone of any income. You may have a few hundred dollars and a few hundred million dollars. The size of your capital determines what kind of account you can trade with.
If you have a few hundred dollars and you have tried a demo account, you can proceed to real trading on a micro account. With most brokers, the smallest amount will be between $100-200 and a micro lot size 1k.
If you intend to invest 1k or slightly more a mini account is probably best for you. A mini lot size will be 10k. Recommended amount for a mini account is usually 2k, but if you badly want it, you may open it with just some $500.
Those that may want to invest over 10k in Forex can think of opening a standard account. Since one standard lot size is 100k and one pip price 10$ you would probably want to start trading standard account with no less than 25k just to limit your risks.
Any broker who provides services in Ireland should deal with you in your native language or dialect. It has become the norm to have online customer service that is there five days per week 24 hours per day. Your questions, requests and problems should be dealt with in a fast and effective way. Careless attitude from a broker is a sign that you should stop dealing with the company and find a better one.
Forex is a very competitive business. Big money is involved, so you have lots of brokers making huge attempts to win your attention and make you their customer. A broker should be willing to walk an extra mile and offer you extra services. Those will be tons of free educational materials in various forms placed on their website. Brokers employ lots of employees that write analytical articles, make educational videos or do audio webinars. The more you can get from your broker the better for you.
If you find a reliable broker and start trading with him, you significantly reduce your risks as a lot of scammy brokers fail to act in your best interests. If you follow the steps outlined in the article you will greatly increase your chances of finding a good broker. Or else you could pick a previously tried and tested broker to minimize the doubt.
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List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|