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8 Best Forex Brokers in Mexico for 2024

Looking for the top forex broker in Mexico? Based on our hands-on analysis, we’ve identified the 8 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Vladimir Zernov
Reviewed By:
Aviva Gurevich
Updated: Feb 11, 2024

List of Top Forex Brokers and Trading Platforms in Mexico

  • Vantage — Best Overall
    Competitive spreads. MetaTrader 4, MetaTrader 5, Vantage ProTrader, Vantage App. VPS hosting. MT4/MT5 Smart Trader Tools. Solid research support.
  • Exness — Best Trading Platform
    In-house ExnessTerminal, MetaTrader 4, MetaTrader 5. Competitive fees. VPS hosting. Trading signals by Trading Central.
  • OCTA – Best Trading App
    Intuitive mobile app. Below industry average trading costs. Very accessible accounts. ECN account with no commission. Live trading webinars.
  • Multibank — Best for Professional Traders
    Competitive spreads. MT4/MT5. 20,000+ stock CFDs. VPS, FIX API for algorithmic trading. Accounts are insured up to $1,000,000.
  • FBS — Best MT4
    Full suit of MetaTrader 4 and MetaTrader 5. Fast order execution. Comprehensive educational content. Multiple account types. Attractive spreads in major forex pairs.
  • RoboForex – Best Trading Tools
    R StocksTrader Strategy Builder tool. Technical Signals. Feature-rich proprietary platform. MetaTrader 4, MetaTrader 5, R Mobile Trader. Low trading fees. Free VPS hosting.
  • FP Markets — Best Low Spreads
    cTrader, MetaTrader 4, MetaTrader 5. Competitive spreads. Trading Central, Autochartist. VPS hosting. 800+ tradable instruments.
  • AvaTrade — Best for Beginners
    User-friendly AvaTrade Web platform. AvaTradeGO, MetaTrader 4, MetaTrader 5. AvaProtect risk management tool. Strong educational support.

Forex Trading in Mexico

Forex trading in Mexico is regulated by the Comisión Nacional Bancaria y de Valores (CNBV), which oversees financial market operations to ensure transparency and fairness. This regulatory body mandates that Forex and CFD brokers operating in Mexico comply with local financial laws, including maintaining adequate capital reserves and providing clear trading conditions. The CNBV’s role includes safeguarding traders from potential market abuses and enforcing strict compliance standards for licensed brokers.

In Mexico, traders have access to a mix of local and international Forex brokers, but it’s crucial to verify their registration with the CNBV for security and regulatory compliance. The Mexican Forex market also adheres to specific rules regarding leverage and margin trading, designed to protect investors from excessive risk. Additionally, traders need to be aware of tax implications and reporting requirements for Forex trading profits in Mexico.

How Did FX Empire Select the Best Brokers and Trading Platforms in Mexico?

To choose the best brokers in Mexico, we used the FX Empire’s 250-point rating system to find the leaders in each category. We focused on the following key features:

  • We selected trustworthy and transparent brokers with an overall top score from our rating review system.
  • We prioritized brokers with top-tier regulations.
  • We focused on brokers that offer low trading fees.
  • We listed brokers that have user-friendly and feature-rich platforms.
  • We preferred brokers that offer localization in terms of the website and customer support language (Spanish), as well as payment methods.
  • We checked if the brokers provide bonuses and promotions for Mexico-based clients.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. I subsequently used my 16 years of forex trading experience to examine and analyze all our findings, resulting in the selection of the best brokers for Colombian traders across various categories. You can read more about it and how we conduct our tests here.

Now, let’s explore the selected brokers.

Best Overall

Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't take into account your personal objectives, financial circumstances, or needs. Accordingly, before acting on the advice, you should consider whether the advice is suitable for you having regard to your objectives, financial situation and needs. We encourage you to seek independent advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.
  • Min Deposit
    $50
  • Tradable Instruments
    935
  • Fees
    Low

Founded in 2009, Vantage offers trading in currency pairs, indices, commodities, stocks, and cryptocurrencies. The broker is regulated by ASIC and CIMA.

Regional Features:

  • Mexico-based clients can open accounts with Vantage International Group Limited, regulated by the Cayman Islands Monetary Authority (CIMA).
  • Max leverage: up to 1:1000.
  • Website available in Spanish.
  • Customer support available in Spanish.
  • Available platforms: MT4, MT5, Vantage ProTrader, Vantage App.
  • MXN among forex pairs.

My research indicates that Vantage offers a wide range of tradable platforms, including MetaTrader 4, MetaTrader 5, ProTrader, and the Vantage App. Additionally, advanced traders will benefit from the free VPS hosting, which is an important feature for automated trading.

The broker also excels in research support. This includes regular updates from the in-house team and a sentiment data tool, which displays the total long and short positions of over 50,000 Vantage clients. Personally, I believe sentiment data is a vital analytical tool for the contemporary trader. Talking about the educational support, Vantage provides Vantage Academy, which is also available in Spanish language.

Regarding fees, our assessments showed that Vantage features competitive spreads across multiple assets. For example, the EUR/USD spreads ranged between 1.2 and 1.4, while GBP/JPY spreads were between 2.2 and 3.1. The spreads were particularly low in the indices section, with Dow Jones ranging from 1.0 to 1.3 and DAX spreads as narrow as 0.5.

Pros
  • Competitive trading fees.
  • Free Forex VPS hosting.
  • Strong selection of available trading platforms.
  • Wide range of tradable instruments.
Cons
  • Users must navigate chatbot questions before reaching a human agent.

Best Trading Platform

General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.
  • Min Deposit
    $0
  • Tradable Instruments
    233
  • Fees
    Medium

Founded in 2008, Exness offers trading in forex pairs, indices, cryptocurrencies, stocks, and commodities. The broker is authorized by multiple regulators, including the top-tier Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Regional Features:

  • Mexico-based clients can open an account with Exness (SC) Ltd, which is regulated by FSA Seychelles.
  • Max leverage: Unlimited.
  • Website available in Spanish.
  • Customer support available in Spanish.
  • Available platforms: Exness Terminal, MT4, MT5.
  • MXN among forex pairs.

Exness provides a well-rounded offering, which includes a wide choice of trading platforms, competitive fees, and a solid range of tradable instruments. Exness' clients benefit from access to the feature-rich and user-friendly Exness Terminal platform. The platform has a user-friendly interface and popular features like watchlists, 1-click trading, and trading from the chart. The platform also features a sentiment indicator that highlights the percentage of buy and sell orders recently opened by the broker’s clients. Additionally, traders have the option to utilize the widely-used MetaTrader 4 and MetaTrader 5 platforms.

The broker supports various deposit and withdrawal methods, including cryptocurrencies. An additional advantage for professional traders is the free access to VPS hosting. Traders will also benefit from trading signals by Trading Central, available in the personal area under “Analyst Views.”

Our live tests revealed that Exness offers competitive fees for their standard account. The spreads for the EUR/USD pair ranged between 0.8 and 1.0, while the spreads for the GBP/JPY pair were around 2.0.

Pros
  • Tight spreads on forex pairs and low fees.
  • Feature-rich proprietary Exness Terminal platform.
  • Free VPS.
  • 24/7 customer support.
Cons
  • Offshore entities have light regulatory oversight.

Best Trading App

4.3
Forex margin trading involves substantial risks.
  • Min Deposit
    $25
  • Tradable Instruments
    230
  • Fees
    Low

OCTA, established in 2011 and based in St Vincent and the Grenadines, is a globally recognized Forex and CFD broker. Known for its well-balanced offerings, the company has rapidly become a trusted name in the financial industry. Catering to a diverse clientele, OCTA has built a reputation for providing reliable and accessible trading services to traders around the world.

Regional Features:

  • Mexico-based clients can open accounts with Octa Markets ltd., regulated by Mwali International Services Authority (MISA)
  • Max leverage: up to 1:500.
  • Website available in Spanish.
  • Customer support available in Spanish.
  • Available platforms: MT4, MT5, OctaTrader web and mobile
  • MXN is accepted for both deposit transactions.

OCTA has developed its own trading app which is designed for efficient and flexible trading. It allows traders to easily manage their personal profiles, fund their accounts, and access real, demo, and contest accounts anytime, anywhere. The app offers a choice between trading on the in-house OctaTrader platform or the widely-used MetaTrader 4, catering to the varying preferences of traders.

Additionally, the broker offers a copy trading app that enables clients to emulate the strategies of experienced traders by automatically copying their trades. This feature includes an in-depth view of Master Traders' statistics, such as risk scores, gains, and trade history, allowing clients to make informed decisions about whom to follow.

OCTA provides two retail account types with commission-free trading and floating spreads starting from 0.6 pips. My personal trading experience with the broker, executing a sizable EURUSD position, resulted in a trade cost significantly below the industry average.

Pros
  • Easy-to-use trading app
  • Dedicated proprietary app for copy trading
  • Fast withdrawals
  • Very competitive trading fees
Cons
  • No phone support

Best for Professional Traders

By using this website and or its services, you agree that neither MultiBank Group nor any of its affiliates and service providers will be held responsible for the accuracy of any information available on this site. Although information on this site is provided in good faith and is believed by MultiBank Group or its affiliates to be accurate, there are no explicit or implicit warranties of accuracy or timeliness made by MultiBank Group or its affiliates and service providers regarding this information. Furthermore, in visiting this site and in opening an MultiBank Group or its affiliates Forex trading account you agree not to hold MultiBank Group or any of its affiliates and service providers liable for any decisions you may make based on the information you obtain on this website or websites we link to. It is recommended that you make your decisions only after you have reviewed information and collected opinions from several credible sources and have verified ALL facts you need to know about Forex trading from other independent sources. MultiBank Group and its web hosting providers and its affiliates shall in no event be liable for any damages and or loss resulting from interruption of website service or the inability to use our website. Unless stated otherwise, material on this site is copyright of MultiBank Group. MultibankFX is the trading name of Multibank FX International Corporation (BVI) Company No. 1377324.
  • Min Deposit
    $50
  • Tradable Instruments
    774
  • Fees
    Medium

Founded in 2005, MultiBank offers access to a diverse range of trading instruments, including forex pairs, indices, cryptocurrencies, commodities, and stocks. The broker is overseen by multiple regulators across the globe, including top-tier authorities such as BaFin, ASIC, and CySEC.

Regional Features:

  • Mexico-based clients can open an account with MultiBank FX International Corporation, regulated by FSC BVI.
  • Office in Mexico.
  • Max leverage: 1:500
  • Website available in Spanish.
  • Customer support available in Spanish.
  • MXN among trading pairs.
  • Mexican stocks.
  • Available platforms: MT4, MT5.

My research revealed that MultiBank offers an extensive array of tradable instruments, with a particularly strong emphasis on stocks. The broker provides access to 20,000 stock CFDs from various global exchanges, including a selection of Mexican stocks, presenting traders with a wide range of options.

MultiBank offers the popular MetaTrader 4 and MetaTrader 5 platforms. A standout feature of this broker is the delivery of comprehensive weekly market analysis updates via email — an offering that's fairly unusual but interesting. Additionally, MultiBank's customers can benefit from free VPS hosting and the FIX API, both highly valued by experienced traders.

In terms of fees, our tests showed that MultiBank features tight spreads, low commissions, and minimal swap fees. A swap-free Islamic Account is also available. During our assessment, the spreads were recorded at 1.9 for GBP/JPY and 0.05 for WTI oil. Notably, the broker doesn't charge deposit or withdrawal fees but does levy an inactivity fee.

Pros
  • Competitive fees.
  • Massive range of CFDs on shares.
  • Free VPS hosting.
  • Helpful educational courses and eBooks.
Cons
  • Inactivity fee.

Best MT4

4.1
Trading involves a risk of loss
  • Min Deposit
    $100
  • Tradable Instruments
    164
  • Fees
    Low

Founded in 2009 and headquartered in Cyprus, FBS is a reputable forex and CFD broker, regulated by CySEC, ASIC, FSCA, and IFSC Belize. The firm offers trading of over 150 trading instruments via renowned MetaTrader 4 and MetaTrader 5 platforms.

Regional Features:

  • Mexico-based traders can open accounts with FBS Markets Inc., which is regulated by the International FSC Belize.
  • Max leverage: up to 1:3000
  • Spanish version of the website.
  • Customer support in Spanish.
  • Available platforms: MetaTrader 4, MetaTrader 5
  • Introducing Broker program

Both MT4 and MT5 are available in desktop, web, and mobile versions. Additionally, FBS facilitates the use of MetaTrader 4 MultiTerminal, enabling the simultaneous management of multiple accounts. MultiTerminal features one-click trading and supports trading operations across all managed accounts.

Our research reveals that FBS provides robust educational resources, encompassing educational articles, platform tutorials, videos, a glossary, trading ideas, and comprehensive courses. These materials are categorized by skill level, ensuring both novice and experienced traders find relevant and enriching content. Furthermore, the broker's research support is bolstered by news and analysis from a dedicated team of in-house market experts.

Our evaluations found that FBS offers competitive spreads on major forex pairs. For instance, spreads for EUR/USD ranged between 0.8 and 1.1. Spreads for the Dow Jones Industrial Average fluctuated between 3.3 and 6.0, while WTI Oil spreads averaged at 0.05. According to our assessments, swap fees were on par with industry averages. Notably, FBS does not impose deposit or withdrawal fees and applies an inactivity fee of $5.

Pros
  • MetaTrader 4 MultiTerminal.
  • Extensive educational and research content.
  • Competitive spreads in major forex pairs.
  • Free deposits and withdrawals for bank wire.
Cons
  • Wide spreads in some instruments.

Best Trading Platform

Forex trading involves risks.
  • Min Deposit
    $10
  • Tradable Instruments
    12060
  • Fees
    Low

Founded in 2008, Exness offers trading in forex pairs, indices, cryptocurrencies, stocks, and commodities. The broker is authorized by multiple regulators, including the top-tier Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Regional Features:

  • Mexico-based clients can open an account with Exness (SC) Ltd, which is regulated by FSA Seychelles.
  • Max leverage: Unlimited.
  • Website available in Spanish.
  • Customer support available in Spanish.
  • Available platforms: Exness Terminal, MT4, MT5.
  • MXN among forex pairs.

Exness provides a well-rounded offering, which includes a wide choice of trading platforms, competitive fees, and a solid range of tradable instruments. Exness' clients benefit from access to the feature-rich and user-friendly Exness Terminal platform. The platform has a user-friendly interface and popular features like watchlists, 1-click trading, and trading from the chart. The platform also features a sentiment indicator that highlights the percentage of buy and sell orders recently opened by the broker’s clients. Additionally, traders have the option to utilize the widely-used MetaTrader 4 and MetaTrader 5 platforms.

The broker supports various deposit and withdrawal methods, including cryptocurrencies. An additional advantage for professional traders is the free access to VPS hosting. Traders will also benefit from trading signals by Trading Central, available in the personal area under “Analyst Views.”

Our live tests revealed that Exness offers competitive fees for their standard account. The spreads for the EUR/USD pair ranged between 0.8 and 1.0, while the spreads for the GBP/JPY pair were around 2.0.

Pros
  • Tight spreads on forex pairs and low fees.
  • Feature-rich proprietary Exness Terminal platform.
  • Free VPS.
  • 24/7 customer support.
Cons
  • Offshore entities have light regulatory oversight.

Best Low Spreads

This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
  • Min Deposit
    $100
  • Tradable Instruments
    844
  • Fees
    Medium

Established in 2005, FP Markets provides trading opportunities in forex pairs, commodities, stocks, indices, ETFs, and cryptocurrencies. The broker is regulated by CySEC, ASIC, and FSCA and also has an unregulated entity registered in St. Vincent & the Grenadines.

Regional Features:

  • Mexico-based clients can open accounts with FP Markets LLC, registered in St. Vincent & the Grenadines. The entity is unregulated.
  • Max leverage: up to 1:500.
  • Website available in Spanish.
  • Customer support available in Spanish.
  • Available platforms: MT4, MT5, cTrader.
  • MXN among forex pairs.
  • MXN is accepted for both deposit and withdrawal transactions.

Our live tests indicated that FP Markets offers mid-to-low spreads compared to the broader industry. For example, during our evaluation, the EUR/USD spreads varied between 1.0 and 1.2, while the GBP/JPY spreads hovered between 1.5 and 1.9. In the stock segment, we observed that the spreads for Apple stocks were at 0.06, and for Tesla, they were at 0.13. Notably, the broker does not impose deposit, withdrawal, or inactivity fees.

My research revealed that FP Markets offers a diverse array of tradable instruments, including 680+ stocks from Europe, the UK, the U.S., and Asia. The broker also provides VPS hosting, which is a valuable feature for algorithmic traders. Copy trading services include Signal Start and FP Markets Copy trading, so professional traders will have a choice of platforms to provide their trading signals.

Additionally, FP Markets offers a Traders Toolbox for MetaTrader 4. This is a set of 12 distinct tools, which includes Correlation Trader (compares correlations between two symbols), Sentiment Trader (gauges market sentiment), and Excel RTD (inserts account, ticket, and price data into Excel). Personally, I find correlation tools very handy for coming up with new trade ideas. FP Markets also offers other well-known analysis tools like Autochartist and Trading Central.

Pros
  • Competitive spreads.
  • Solid platform offering and VPS.
  • Selection of research tools.
  • A well-rounded tradable instruments offering.
Cons
  • The offshore entity is unregulated.

Best for Beginners

Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

Founded in 2006, AvaTrade provides a broad range of financial instruments, including stocks, ETFs, forex pairs, options, indices, commodities, cryptocurrencies, and bonds. The broker is regulated by multiple authorities, including CySEC, ASIC, and the FSA of Japan.

Regional Features:

  • Mexico-based clients can open accounts with Ava Trade Markets Ltd., regulated by FSC BVI.
  • Max leverage: up to 1:400.
  • Website available in Spanish.
  • Customer support available in Spanish language.
  • Available platforms: MT4, MT5, AvaTrade Web platform, AvaTradeGO.
  • MXN among trading pairs.
  • 20% first deposit bonus.

AvaTrade provides a wide choice of trading platforms, including the popular MT4/MT5, the more user-friendly AvaTrade Web platform, and the AvaTradeGO app. The broker's offerings encompass various asset classes, including bonds and forex options, which are not commonly included in typical brokers' portfolios.

Traders have access to the popular Trading Central research tool. AvaTrade also provides AI-powered trading signals, which may help beginner traders start their trading journey and build their trading skills. Beginner traders will also benefit from the AvaProtect risk management tool, which allows them to protect trades against losses for a fee. The tool is available exclusively on AvaTrade platforms.

My hands-on examination revealed that AvaTrade's fees for forex and commodities are more competitive than the industry average. For instance, during the live testing, the spreads for the EUR/USD pair averaged around 0.9, while those for WTI oil were approximately 0.03. However, the spreads for indices and stocks were on the higher side, with the Dow Jones index ranging from 5 to 6 and Tesla shares at a spread of 1.98.

Pros
  • Wide range of account types.
  • 1,250+ tradable instruments.
  • A solid selection of trading platforms.
  • Strong research and educational offering.
Cons
  • Fees for stocks and stock indices are less competitive compared to the industry average.

How to Choose A Forex Broker In Mexico?

Use our guide to define the best forex broker in Mexico according to your trading goals.

How to choose a safe forex broker in Mexico?

The process of choosing a broker begins with learning where your potential broker is regulated. In our research, we divide regulators into three tiers: Tier-1, Tier-2, and Tier-3.

  • Tier-1 regulators have strict oversight and impose certain limits on services offered to retail clients (for example, the leverage for retail clients is usually limited at 1:30). Such regulators usually provide access to investor compensation schemes. They also demand that brokers provide negative balance protection and keep clients’ funds in segregated accounts. Tier-1 regulators include CySEC, ASIC, and UK FCA.
  • Tier-2 regulators also offer strict oversight but usually do not limit leverage for retail clients. In addition, investor compensation schemes are typically not available at Tier-2 regulators.
  • Tier-3 regulators are offshore regulators that do not impose limits on leverage for retail clients and do not provide access to compensation schemes. FSA Seychelles and FSC Mauritius are among Tier-3 regulators.
  • Unregulated brokers operate without oversight from any formal financial regulatory authority. Unlike regulated brokers, which have to comply with rules and guidelines set by financial bodies to ensure transparency and protection for traders, unregulated brokers are not bound by such requirements. Trading with an unregulated broker carries a high level of risk, including the potential for financial loss, fraud, or scams.

Traders should prioritize essential safeguards such as negative balance protection, segregated funds, and compensation funds, all of which offer reassurance in case of financial issues. It’s important to note that offshore regulators generally don’t enforce stringent leverage limits, offering traders access to high levels of leverage but with fewer protections. You should be aware that compensation schemes may not always be in place. Consequently, if a broker encounters financial difficulties, traders will likely have to navigate the situation on their own.

Read more about the best regulated forex brokers in our detailed guide.

The brokers featured in our list provide offshore-regulated entities for clients based in Mexico. These entities ensure negative balance protection and maintain segregated funds for client security. At the same time, they offer a high level of leverage.

What fees should you focus on when choosing the broker?

Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.

  • Spread. It is the difference between the bid and the ask price. The higher the spread, the more you pay for the trade. In our rating system, we deem spreads below 1 pip for EUR/USD and 3 pips for GBP/JPY to be low. See our guides on the best zero spread and best lowest spread forex brokers.
  • Commission. It is a fixed cost of entering the trade. Accounts that charge commissions usually offer lower spreads. For example, commissions below $3 for forex pairs and gold are considered low.
  • Swap/rollover fee. It is charged when you hold a leveraged position overnight. Traders should pay extra attention to these fees if they plan to use swing trading strategies, which involve holding positions for several days or even weeks. A swap rate below 0.5 pips for forex pairs is considered favorable. Find the list of the lowest swap brokers in our detailed guide.
  • Inactivity fee. A broker imposes an inactivity fee when an account remains dormant for a specified period. In this case, a certain amount of money is charged on a monthly basis. An inactivity fee below $10 is considered to be low.

How to choose the right account for trading?

You should understand the differences between various types of accounts.

  • Demo accounts are used for practice without risking real money. Such accounts are highly recommended for novice traders making their first steps in trading. Read more about best forex demo accounts.
  • Spread-based accounts typically charge spreads and swap/rollover fees. These accounts usually represent a good choice for traders whose trading volume is expected to be relatively modest.
  • Commission-based accounts charge commissions in addition to spreads and swap/rollover fees. Typically, such accounts offer tighter spreads. They are suitable for traders who anticipate a high volume of trading.
  • On Islamic accounts, swap/rollover fees are not charged to ensure compliance with Sharia law. See our guide on the best Islamic forex accounts.
  • Professional accounts usually have a high minimum deposit and offer access to the high leverage that most professional traders are looking for.

How to choose a trading platform?

In today’s trading landscape, it’s common to find brokers offering platforms such as MetaTrader 4 and MetaTrader 5. While these platforms come equipped with a range of tools, they’re typically more appropriate for traders with some experience. Beginners may find these platforms challenging initially and might need time to familiarize themselves with the complexities. Find out more about each platform in our dedicated guides on best MT4 brokers and best MT5 brokers.

Alternatively, some brokers offer their own proprietary trading platforms, designed with a broader range of traders in mind. These in-house platforms usually stand out for their ease of use and intuitive navigation, making them a more welcoming option for those new to trading.

The choice of a trading platform should align with your trading style, experience, and personal preferences. In my view, if you’re just starting out, you’ll likely be better served by a broker’s proprietary, user-friendly platform or mobile app. On the other hand, seasoned traders often lean towards the advanced functionalities offered by platforms like MT4 or MT5. You can also check out our dedicated guide on best forex trading platforms.

What leverage is available for traders?

Leverage provides traders with the opportunity to boost their profits through the use of borrowed funds. The higher the leverage, the greater your potential profits may be. However, leverage acts as a double-edged sword, as it can also magnify your potential losses. Therefore, I recommend that beginner traders start with low levels of leverage to minimize the risk of substantial losses.

For those comfortable with these dynamics, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

Mexico-based traders can open accounts with offshore entities of the brokers, so they will get access to high levels of leverage, like 1:500 and even 1:unlimited.

What to avoid when choosing a broker?

Based on my trading experience, I have outlined the five things to avoid when choosing a broker:

  • Failing to verify regulatory compliance.
  • Overlooking broker fees, such as spreads, commissions, and swap rates.
  • Selecting an account type that does not match your requirements.
  • Neglecting to review the range of instruments provided by the broker.
  • Avoiding direct communication with the support team before opening an account.

How to avoid forex and CFD scams?

To safeguard yourself against forex scams, follow these essential guidelines:

  • Research and choose a reputable broker: Conduct thorough research to identify a broker with a solid reputation and a history of regulatory compliance. Verify its credentials and look for reviews or testimonials from reliable sources.
  • Check the regulatory status: Ensure that the broker you selected is regulated by a recognized financial authority. This oversight provides a decent level of protection and ensures adherence to industry standards.
  • Be cautious of unrealistic promises: Beware of brokers or investment schemes that promise guaranteed high returns or low-risk opportunities. Forex trading involves inherent risks, and legitimate brokers will not make unrealistic claims.
  • Avoid unregulated entities: Steer clear of unregulated brokers or those operating from offshore jurisdictions with weak regulations. Regulatory oversight helps protect your funds and ensures fair trading practices.
  • Understand the terms and conditions: Read and comprehend the broker’s terms and conditions, including fee structures, withdrawal policies, and any potential hidden costs. Beware of brokers that make it difficult to access or withdraw your funds.
  • Use secure payment methods: Choose reputable payment methods that offer additional security layers, such as bank transfers or established electronic payment systems. Avoid dealing with brokers that solely accept cryptocurrency or other non-traceable forms of payment.
  • Stay informed and educated: Continuously educate yourself about forex trading and stay updated on market trends and news. This knowledge will empower you to make informed decisions and identify potential scams.
  • Trust your instincts: If something seems too good to be true or raises suspicions, trust your gut instinct and exercise caution. Take the time to seek advice from trusted financial professionals or consult with experienced traders before making any decisions.

And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.

Our Methodology

FX Empire, with a history dating back to 2011, has established itself as a reputable authority in broker reviews. Our extensive experience in evaluating CFD brokers, spanning over a decade, has led us to develop a meticulous and comprehensive review strategy. Adhering to stringent guidelines for editorial integrity, we consistently uphold our commitment to deliver unbiased evaluations.

We follow a diligent protocol for our review process, integrating objective criteria and quantifiable data. This methodical approach allows us to generate a justified score that accurately reflects the performance of a broker. Our mission is to provide traders with thorough and unbiased reviews, empowering you to make well-informed decisions aligned with your specific needs.

To choose the best brokers for you, we rate them across nine categories and calculate a score that reflects their performance. The categories include:

  • Trust and Stability
  • Fees
  • Platform and Tools
  • Tradable Instruments
  • Account Types
  • Deposit and Withdrawal
  • Research
  • Customer Support
  • Education

We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as possible for each broker. Overall, we evaluate brokers based on more than 250 distinct data points. Every category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.

For this guide, I focused on forex brokers that are best suited for traders based in Mexico. I have given priority to brokers offering specific features, such as customer support and website accessibility in the Spanish language, the availability of local deposit and withdrawal methods, as well as bonuses and promotions tailored to Mexican clients.

We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.

Meet our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Yes, forex trading is legal in Mexico.
Mexico-based traders can open accounts with offshore entities of global brokers.
Forex trading in Mexico is regulated by the Central Bank of Mexico. There are no special regulations for CFD brokers.
Our research showed that Vantage, Exness, FP Markets, MultiBank, and AvaTrade are the top forex brokers in Mexico.
AvaTrade is suggested for beginners in Mexico. The broker offers a user-friendly trading platform, solid educational support, and an innovative risk management tool.
MultiBank is suggested for professional traders in Mexico. The broker offers a wide range of tradable instruments, free VPS hosting, and has an office in Mexico.
Exness provides the best forex trading platform in Mexico. The platform has a user-friendly interface and popular features like watchlists, 1-click trading, and trading from the chart. In addition, it features a sentiment indicator.
Forex trading is taxable in Mexico. Note that forex trading can be a complex and risky investment. It is important to understand the tax implications of forex trading and to consult with a tax advisor.
Yes, crypto trading is available in Mexico.
Negative balance protection is a feature offered by some brokers that protects traders from incurring a negative account balance. With negative balance protection, the broker guarantees that the trader's account balance will never go below zero, even in the event of a sudden and significant market move that results in a large loss.
To verify whether your broker has negative balance protection, you can review the terms and conditions of your account agreement, which should outline the broker's policy on negative balance protection. This information is usually available on the broker's website or can be obtained by contacting their customer support team.
A compensation scheme is a type of investor protection program that provides financial compensation to investors who have suffered losses as a result of a broker's insolvency, fraud, or other misconduct. In most countries, compensation schemes are established and regulated by the government or financial regulatory agencies. These schemes typically have specific eligibility requirements, such as a maximum level of compensation per investor or per claim, and may only cover certain types of financial instruments or transactions.
You can check their regulatory status and the terms and conditions of your account agreement. You can also check the website of the compensation scheme in your country or region to see if your broker is listed as a member.
A segregated fund refers to the practice where brokers hold their clients' funds separate from their own operational funds. This is done to protect clients' funds in the event of the broker's bankruptcy or other financial difficulties.
To verify if a broker offers segregated funds, you can check their website, contact them directly, review their regulatory filings, look for independent reviews, or consult with a financial advisor.

About the Author

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.