Top Best and Trusted Forex Brokers in Ireland

Republic of Ireland, better known as Ireland, is an island that lies to the northwest of Europe. Ireland is separated from Great Britain by the North Channel, the Irish Sea, and St George’s Channel. Dublin, the capital of Ireland, is considered to be a financial hub and financial companies located in the country enjoy several privileges. Further, Ireland is part of the European Economic Area (EEA) agreement and a member of the European Union (EU). As a result, companies that are incorporated in Ireland are free to carry out business activities in all of the EU regions. This has encouraged many financial institutions to set up operations in Ireland.

Top and the best Ireland Forex brokersWhen it comes to forex trading in Ireland, wherever you are be located, you must know as to how the market is regulated in the country. Further, you should pick a forex broker that has been licensed as well as regulated by the authorized body in the country. If you are located in Ireland, the forex brokers in the country are regulated by the Central Bank of Ireland Commission. Until 2010, the financial institutions in Ireland were under the regulatory control of the Irish Financial Services Regulatory Authority. The Central Bank of Ireland Commission took over as the regulator from 2011 onwards.

Apart from issuing licenses to forex brokers, the Central Bank of Ireland Commission has an important role to play in regulating the forex market in the country. It regulates the activities of:

#1: Investment intermediaries, financial exchanges, stock brokers, credit institutions, collective investment schemes, compensation of investors, funds and other related issues.
#2: Insurance, including both life and general insurance, and related consumer issues.
#3: Mortgage as well as credit providers, moneylenders, monitors customer charges imposed by these companies and other related consumer issues.
#4: Credit unions.

The Irish Financial Services Regulatory Authority created in 2003 by the Central Bank of Ireland was dissolved as the European Central Bank intervened into the operations of all of the central banks in the EU for the purpose of minimizing the impact of the 2008 financial crisis. Currently, CBI regulated brokers operate as per the MiFID guidelines. All the Ireland forex brokers are also required to conform to the regulatory guidelines set by the EU and the CBI.

The CBI exercises control by issuing circulars to forex brokers and ensuring that they comply with the guidelines of the MiFID and ECB. This is to ensure that the European economy is not impacted in any way by the financial crimes or investor abuse that happen in the country. In fact, the CBI works proactively with the members on the following aspects related to regulations:

#1: Financial Stability

Forex brokers that are regulated by the CBI must ensure financial stability by holding a capital amount that is directly proportional to the trading capital held in client accounts for safeguarding traders’ interests.

#2: Pricing

Regulated forex brokers are required to be highly transparent in their pricing structure. This is to say that the forex brokers should always make sure that the traders receive accurate pricing feeds from the Interbank markets and platforms. In addition, the trading environment should free from any kind of manipulation.

#3: Consumer Protection

The ECB and MiFID have issued instructions to all of the EU brokers that they should hold their clients’ funds in segregated accounts. This means regulated forex brokers in Ireland are also required to keep their customers’ funds in separate accounts with the top European financial institutions. Additionally, CBI regulated forex brokers are supposed to access the clients’ funds only to maintain their positions in the market and not for any other purposes.

Having discussed the regulatory environment in detail, here are some of the top forex brokers in Ireland:

#1: Avatrade

ava trade best forex broker

AvaTrade is a pioneer in online forex trading. Started in 2006 for the purpose of ensuring great online trading experience to retail traders, AvaTrade today has over 20,000 registered customers around the globe and they execute more than 2 million trades in a month. The total value of trades exceeds $60 billion in a month.

Broker Type – Market Maker
Regulation – AVA Trade EU Ltd., incorporated in Ireland, is regulated by the Central Bank of Ireland (CBI). Avatrade is also regulated by Markets in Financial Instruments Directive (MiFID), EU; Australian Securities and Investments Commission (ASIC); Central Bank of Ireland; Financial Futures Association, Japan; Financial Services Board (FSB), South Africa and Israel Securities Authority (ISA)
Platforms – MetaTrader 4, AvaTrader
Minimum Deposit – $100
Deposit Options – Bank Wire, PayPal, WebMoney, Skrill, Credit Card, Neteller, Prepaid Master Card, etc.
Maximum Leverage – 400
Minimum Lot Size – 0.05
Spreads – Fixed
Lowest Spreads for EUR/USD – 3

#2: XM

xm best forex broker

XM.com, a trade name of Trading Point Holdings Ltd, is owned as well as operated by Trading Point of Financial Instruments Ltd, which is regulated by CySEC. It is also European Union-registered forex broker. XM has its headquarters in Limassol, Cyprus. UK’s Financial Conduct Authority (FCA) has also authorized XM to provide regulated products and services throughout Europe.

Broker Type – DMA/STP, MM
Minimum Deposit – $5
Deposit Options: Bank Wire, Neteller, Skrill, WebMoney, Credit Card, WesternUnion, MoneyGram, SOFORT, UnionPay (China), etc.
Maximum Leverage – 888:1
Minimum Lot Size – 0.01
Spreads – Variable
Lowest Spreads for EUR/USD – more than 1

#3: FBS

FBS Markets Inc forex broker

FBS, an international forex broker, has presence in over 120 countries. The online forex company boasts of 2,000,000 traders (clients) and 130,000 partners. For Muslim traders, the broker provides swap-free or Islamic accounts. FBS was founded in 2009 and they do not offer financial services to people in the USA, Belize and Japan. FBS is regulated by IFSC Belize (IFSC/60/292/TS/15)

Broker Type – ECN/STP, DMA/STP, MM
Minimum Deposit – $5
Deposit Options: Visa/Master Card, Neteller, Skrill (7.5% commmission), Webmoney, Perfectmoney, OKPAY, FBS Exchanger, Wire Transfer, YuuPay (3% commission), etc.
Maximum Leverage – 500:1
Minimum Lot Size – 0.01
Spreads – Fixed and variable
Lowest Spreads for EUR/USD – 2 pips for Mini accounts and 1 – 2 for Standard accounts

#4: Plus500

plus500 best forex broker review

Plus500 forex trading platform is provided by Plus500CY Ltd., which is a company based in Cyprus and the headquarters in Limassol. This broker is authorized as well as regulated by the Cyprus Securities and Exchange Commission.

Broker Type – Market Maker
Regulation – Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)
Platforms – Windows Trader, WebTrader
Minimum Deposit – $100
Deposit Options: Bank Wire, PayPal, Credit Card, Skrill, etc.
Maximum Leverage – 50:1
Minimum Lot Size – 0.01
Spreads – Fixed
Lowest Spreads for EUR/USD – 2

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