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Best Forex Brokers in Ireland 2020

FX Empire Editorial Board
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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 layout a list of the very best Irish brokers for you. Our list is based on our extensive research on the subject.

The brokers below represent the best forex brokers for trading in Ireland.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
First Prudential Markets Pty Ltd
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, webtrader

2005

No dealing desk

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Your capital is at risk

Plus500
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80.5% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

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80.5% of retail CFD accounts lose money

FXTM
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90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

No dealing desk

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90% of retail CFD accounts lose money

eToro
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62% of retail CFD investors lose money

ASIC, CySEC, FCA, MiFID

$200

1:30

cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade

2007

Market Maker, No dealing desk, STP

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62% of retail CFD investors lose money

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of The Best Forex Brokers for trading in Ireland
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

FP Markets was founded in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC), offering segregation of client funds and top tier liquidity. FP Markets is a group of companies that includes First Prudential Markets Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission.

The broker offers the ability to trade on more than 10,000+ financial instruments covering Forex, Equities, Metals, Commodities, Indices and Cryptocurrency CFDs. Users have access to a range of accounts including the Standard Account (commission-free) and Raw Account (commission-based) for MetaTrader users, both offering ECN pricing and maximum leverage of 500:1. Users can also access Iress Accounts which are commission-based.

Pros: Cons:
  • ASIC regulated.
  • ECN pricing and DMA trading available.
  • 10,000+ tradable financial instruments.
  • Wide range of trading platforms and trading tools available.
  • Excellent customer support and education tools.
  • The volume of choice of markets and accounts may be overwhelming for beginner traders.

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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80.5% of retail CFD accounts lose money

Plus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.

You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 1:30. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK.

Pros: Cons:
  • Support for 2000+ products to trade across global markets,including Forex, commodities, shares, indices
    and cryptocurrency CFDs
  • No commission and low spread costs
  • Advanced trades and fast execution
  • Licensed in several regulatory hubs, and publicly listed
  • Only CFDs, no direct Forex trades
  • High rates on margin/leverage accounts
  • Less research data than some competitors

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

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90% of retail CFD accounts lose money

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU.

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spreads
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

eToro

Regulated By:ASIC, CySEC, FCA, MiFID

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

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62% of retail CFD investors lose money

eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading. Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter what their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.

Pros: Cons:
  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
  • Spreads are higher than average
  • Does not have the MetaTrader platform

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.

Account Types

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.

Micro account

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.

Mini account

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.

Standard account

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.

Customer Service

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.

Additional Services

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.

Conclusion

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.

Read More:

Trade With A Regulated Broker

  • Your capital is at risk