4 Best Forex Brokers in Ireland for 2024

List of Top Forex Brokers and Trading Platforms in Ireland

Forex Trading in Ireland

In Ireland, forex and CFD brokers must be authorized and regulated by the Central Bank of Ireland (CBI). Brokers regulated by the CBI must meet several strict requirements, which include maintaining a minimum level of business capital and complying with anti-money laundering rules. Additionally, the CBI requires brokers to comply with the European Securities Market Authority (ESMA) and its Markets in Financial Instruments Directive II (MiFID II).

This directive requires forex and CFD brokers to separate client funds from their own, provide a negative balance protection policy for retail traders, and be part of the Investor Compensation Scheme (ICS), which protects clients up to a certain limit if a broker goes out of business.

How Did FX Empire Select the Best Brokers in Ireland?

• We only selected brokers with a high overall score from our proprietary rating system.
• We verified each broker is authorized to provide investment services in Ireland and is regulated by top-tier European regulators that comply with the rules set by the CBI.
• We tested each trading platform to assess the range of features and tools offered, as well as their user-friendliness.
• We investigated whether the broker has localized resources such as a physical office in Ireland and a website and customer support in Irish and English languages.
• We explored the different payment methods to identify if the broker allows deposits and withdrawals in euros (EUR).
• We assessed the number of tradable instruments to check whether a diverse range of markets is available, including access to Irish and UK markets.
• We opened a live trading account to evaluate the broker’s live spreads in terms of their competitiveness and transparency.
• We examined each broker’s educational content to see if there are any materials tailored toward traders in Ireland.

Using FX Empire’s comprehensive methodology, our team of experts has identified the best forex brokers in Indonesia for this year. Here’s how we test.

Now let’s explore the selected brokers.

How to Choose a Forex Broker in Ireland?

Here is a quick guide on how to choose the best forex broker in Ireland

1. Why is trading with a regulated broker important?

Trading with a broker regulated by an independent financial authority ensures adherence to strict rules and guidelines in fund management and trade execution. This regulatory oversight is crucial for confirming that your broker is acting in your best interest.

Unfortunately, there are now many brokers offering investment services that are unregulated and based offshore. During my years of trading experience, I would highly recommend avoiding unregulated brokers at all costs. If they decide to steal your money, you’ll have no recourse for recovery.

However, not all financial regulators provide the same level of investor protection. In our broker rating reviews, we categorize the regulators into three tiers:

• Tier-1 regulators operate from well-known financial centers and include the Central Bank of Ireland (CBI), the Cyprus Securities and Exchange Commission (CySEC), and others.
• Tier-2 regulators operate in well-known but smaller financial centers. Examples include the Financial Markets Authority (FMA) of New Zealand.
• Tier-3 regulators tend to operate in offshore countries. Examples include the Securities Commission of the Bahamas (SCB).

For residents in Ireland, it is wise to choose a broker authorized and licensed by a Tier-1 regulator as they provide the highest level of investor protection. For example, the CBI and CySEC require all of the brokers licensed by them to comply with the European Securities Market Authority (ESMA) and its Markets in Financial Instruments Directive II (MiFID II).

This directive legally requires brokers to:

1. Segregate client funds. This is to ensure the broker is not using your funds to run their business.

2. Provide negative balance protection. This ensures your account does not go below zero due to an adverse move in the market.

3. Offer access to the Investor Compensation Scheme (ICS). This scheme protects client accounts up to €20,000 in the event the broker becomes insolvent.

To verify the regulatory status and authorizations of your broker, read the broker’s legal terms and conditions carefully and search for them on the regulator’s online register.

Read more about best regulated forex brokers in our comprehensive guide.

2. What fees to consider when choosing a broker?

A broker’s fees have a significant impact on the profitability of your trading activity. Below are key fees to consider when choosing a broker:

• Spread. The difference between the buy price and the sell price. See our guides on the best zero spread and best lowest spread forex brokers.
• Commission. A trade execution fee (buy or sell).
• Overnight/swaps. The fee to hold a leveraged or margined position overnight.  Find the list of the lowest swap brokers in our detailed guide.
• Payments. Fees to deposit or withdraw funds.
• Inactivity. A fee due to no activity on an account.

To check the broker’s fees, view the fees section on their website, check the legal terms and conditions, and speak to customer support. If finding the information is difficult, or it is not clear and transparent, then the broker may be trying to hide something, which is a red flag. I’d recommend avoiding such brokers.

3. How to choose the best account type?

Some brokers may offer just one account type, while others can offer seven. While each account type may vary in terms of minimum deposit requirements and additional services, the main differences will be down to trading fees.

Trading accounts can be generally categorized into commission-free and commission-based accounts. What is the difference?

• A commission-free account will not charge for buying or selling. Most of the fees are incorporated into the spread, which is why these accounts typically feature wider spreads.
• A commission-based account does levy charges for buying or selling. These charges are typically in place because price quotes come directly from the broker’s own liquidity providers, resulting in lower spreads.

Which account is more suitable? The suitability of a trading account depends on your style of trading. A beginner trader may prefer a commission-free account as the costs are included in the spread, resulting in fewer risk management decisions. A short-term trader may prefer a commission-based account to access lower spreads to execute trades are precise levels.

Read more about Best STP forex accounts and Best ECN forex accounts.

4. How much leverage should I use?

Leverage is why forex and CFD trading has grown significantly over time. It allows you to control a large position using a relatively small deposit, magnifying both winning and losing trades.

As an example, let’s say a broker offered 1:30 leverage. This allows you to control a position size of €30,000 with just €1,000 in your account, effectively letting you open a position that’s 30 times larger than your initial deposit.

While many offshore and unregulated brokers advertise very high leverage, sometimes up to 1:3000, you should be careful when trading with them. High leverage can increase your profit but also magnify your losses. Your profits and losses are calculated based on the entire trade size, not just the margin you’ve put down. If there is not enough capital in your account to control the larger position size, you could face a margin call. This is where your broker automatically closes your trades, which can cause unexpected losses.

For traders seeking high-leverage options, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

Tier-1 regulators such as the CBI, CySEC, FCA, IIROC, and others legally require brokers licensed by them to offer a maximum of 1:30 leverage to retail traders trading forex. This is to ensure a safe trading experience.

Explore Best CySEC-regulated brokers and Best FCA-regulated brokers.

5. How to choose the best trading platform?

A trading platform is your gateway to the global market. It allows you to view the live price data of a financial instrument and to send your trading orders to your broker. Here are a few considerations when choosing a platform:

• Is it available on desktop, web, and mobile?
• Does it provide free, real-time price data?
• Are there inbuilt drawing tools and technical indicators?
• Does the broker provide any tutorials on using the platform?
• Can you speak to customer support if you have any questions?
• Does the broker provide any third-party integrations?

Some of the most common trading platforms provided by brokers include:

• MetaTrader 4: A charting platform with excellent drawing tools and technical analysis indicators. Considered to be the ‘go-to’ forex platform worldwide.
• MetaTrader 5: An updated version of MT4 providing more indicators, timeframes, and markets.

Check out our dedicated guides on best MT4 brokers and best MT5 brokers.

• cTrader: A platform specifically designed for high-frequency traders and scalpers. Read more about best cTrader brokers.
• TradingView: A browser-based social trading platform with advanced research tools and access to global markets. See our detailed list of the best TradingView brokers.
• In-House Proprietary Software: Some brokers may invest in having their own proprietary trading software.

During my 15-year trading experience, I have always opted for brokers that provide a trading platform that I can access across multiple devices. I like the ability to be able to access my account from a desktop device or from my laptop and sometimes on my mobile.

Many brokers will offer the use of a demo trading account, which can be a good way to test the trading platforms across different devices to help identify the best one for you. You can also check out our dedicated guide on best forex trading platforms.

What to avoid when choosing a forex broker in Ireland?

Here are some things to avoid when choosing a forex broker in Ireland:

• Unregulated Brokers. If a broker is not required to follow strict rules and laws that govern the handling of your trading capital, there is no legal recourse to claim your money back if they decide to steal it.
• Lack of Transparency. If a broker does not clearly identify its regulatory status and trading fees, it is a major red flag. A good broker will want you to be aware of its competitive trading fees and regulatory safeguards.
• No Physical Presence. If your broker does not have offices in well-established regions or live customer support, it’s best to steer clear of them.
• Unrealistic Profit Promises. If a broker promises you big profits, they are not being honest and are likely unregulated.

How to avoid forex and CFD scams?

Unfortunately, there are a lot of forex and CFD scams aimed at Irish residents. Here are a few tips to avoid them:

• Only trade with a regulated broker and verify their license on the regulator’s official website.
• Perform a reputation check by searching for the broker online and checking any news articles with their name.
• Check the broker has a physical office in a well-established region with a live customer support team.
• Only trust payment methods that you have heard of before and avoid any unknown options.
• Read the terms and conditions thoroughly to ascertain the legal conditions you are accepting.

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

Our Methodology

We evaluate brokers using a proprietary rating system that involves analyzing 250 data points across nine core categories, which include:

• Trustworthiness: We check the authorization and licenses for each broker with the regulator of the country they operate in.
• Fees: We evaluate the broker’s trading fees by comparing them to the industry average by opening live trading accounts.
• Trading platform and tools: We trade on the broker’s trading platforms to examine the features they provide and test how user-friendly they are.
• Tradable instruments: We examine the number of tradable instruments to ensure there is a diverse range available.
• Customer support: We interact with the customer support team to test the ease of access, knowledge, and helpfulness.
• Payment methods: We explore the different deposit and withdrawal methods to identify their fees and processing times.
• Account types: We examine the features and benefits of each account type, including execution method, minimum deposits, and more.
• Research and education: We assess the quality of the broker’s research and educational materials.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

For this guide, we ensured each broker is authorized by leading European regulators that comply with the rules set out by the CBI. We examined the markets available to residents in Ireland and checked for localized features, including a website, office, and customer support center in Ireland. Additionally, we confirmed that each broker accepts deposits and withdrawals in euros.

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.

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