Best FOREX Brokers in Ireland 2024

Editor: Richard Sine
Checker: Bahaa Khateeb
Last Update: 2024-11-22

With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.

As a new trader, you may want to find out about the best FOREX brokers in Ireland. With the number of FOREX brokers on the rise, it's becoming a much more competitive environment. The top FOREX brokers are all trying to improve their services to attract more users. For you, the user, this means more variety of choices, but this also means more complexity.
At Arincen, it's our mission to simplify the world of trading for you, our readers. For this reason, we will be listing the best FOREX brokers in Ireland today. This ranking is the result of a detailed review process carried out by our experts at Arincen. We will share our review methodology so you can understand why we chose the companies we did. 

Best FOREX Brokers in Ireland in 2024

Company NameICM Capital
Regulations

FCA

Minimum Deposit$500
Main BranchUnited Arab Emirates
Company NameTradeview
Regulations

FCA

Minimum Deposit$250
Main BranchUSA
Company NameXTB
Regulations

FCA

Minimum Deposit$500
Main BranchUK
Company NameIG
Regulations

FCA

Minimum Deposit$500
Main BranchUK

Top Tips for Choosing the Best FOREX brokers in Ireland

Several outstanding FOREX brokers are operating in Ireland. As always, it's important to safeguard your investments by partnering with a broker who has a proven history of success in this market. Undertaking thorough research is the key. Here are some of the most crucial elements to keep in mind when selecting a broker in Ireland:
• The broker must be supervised by a high-tier regulatory body, which could be a local Irish regulator or an international one
• The broker's fee structure must be competitive
• The broker must provide a broad range of financial assets for trading
• The broker must boast a customer service team that responds promptly and efficiently
• The broker should have a comprehensive package of research tools and educational resources available.

Best FOREX Brokers in Ireland in 2024

With so many choices out there, it's tough to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons:

  • ICM - Capital 91.10: Best Deposit and Withdrawal Broker

  • Tradeview: 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.

  • XTB - 85.55: Best Customer Service Broker

  • IG - 85.45: Best Regulations Broker plus Convenient Platform

  • Saxo Bank - 80.09: Excellent Private Trading Platform

  • CMC Markets - 80.07: More than 9,000 Assets

  • ThinkMarkets - 80.05: Aimed at the Audience of Traders

ICM Capital

ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.

Broker Evaluation8.11
Regulations
Minimum Deposit$500
Islamic AccountYes
Payment MethodsBank transfer, credit card, electronic payment providers, crypto
Main BranchUnited Kingdom
Customer Service24/5
Demo AccountYes
Trading PlatformsMT4, MT5, cTrader, Web Platform

Pros

  • Segregated client funds.
  • Regulated by the UK’s FCA.
  • Established in 2009.
  • More than 10,000 ICM Capital users and traders.
  • Reasonable minimum deposit from $500.
  • Decent funding options.
  • No swaps.
  • MetaTrader4 (MT4) desktop and mobile download.

Cons

  • Does not allow scalping.
  • Not ASIC-regulated.
  • Relatively limited range of instruments.
  • Slow live-chat service.
  • Relatively high trading fees.

Tradeview Markets

Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market​​​​. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.

Broker Evaluation7
Regulations
Minimum Deposit$450
Islamic AccountYes
Payment MethodsBank transfer, credit card, electronic payment providers, crypto
Main BranchCayman Islands
Customer Service24/5
Demo AccountYes
Trading PlatformsProprietary Platform, MT4, MT5, Web Platform

Pros

  • Established in 2004.
  • Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
  • Low minimum deposits.
  • Beginners and experienced traders looking to refine their strategies.
  • Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
  • Decent leverage levels of 1:400 available in some jurisdictions.
  • Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).

Cons

  • While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
  • Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
  • While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.

XTB

What distinguishes XTB from other brokers is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.

Broker Evaluation8.55
Regulations
Minimum Deposit$500
Islamic AccountYes
Payment MethodsBank transfer, credit card, electronic payment providers
Main BranchUnited Kingdom
Customer Service24/5
Demo AccountYes
Trading PlatformsMT4, MT5, Web Platform

Pros

  • Long history of operation.
  • Globally recognized, having won multiple awards.
  • Some of the lowest FOREX spreads in the market.
  • Regulated by the FCA (UK).
  • Offers protection for client accounts.
  • Emphasis on customer service.
  • Excellent support, learning and research tools.

Cons

  • Does not accept US clients.
  • Non-FOREX spread costs are relatively high.
  • No GSLO.
  • No back-testing or automated trading capabilities.
  • Conditions vary according to regulation and entity.

IG

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
Broker Evaluation7.54
Regulations
Minimum Deposit$250
Islamic AccountYes
Payment MethodsBank transfer, credit card, electronic payment providers
Main BranchUnited Kingdom
Customer Service24/5
Demo AccountYes
Trading PlatformsProprietary Platform, MT4, Web Platform

Pros

  • Easy-to-navigate platform that is simple for beginners to master.
  • Margin rates are easy to understand and affordable.
  • Mobile and tablet platforms offer full functionality of the desktop version.
  • Accepts US clients.
  • Access to more than 100 currency pairs
  • Emphasis on education and research.
  • Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
  • Offers protection for UK/EU client accounts.

Cons

  • US traders can currently only trade FOREX.
  • No GSLO for US-based traders.
  • No account protection for US clients.
  • Relatively high share-CFD fees.
  • No copy trading or back-testing integration on IG platform.

Saxo Bank

Saxo Bank is considered one of the best investment banks in financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.

Broker Evaluation6.09
Regulations
Minimum Deposit$5000
Islamic AccountNo
Payment MethodsBank transfer, credit card
Main BranchCopenhagen, Denmark
Customer Service24/5
Demo AccountYes
Trading PlatformsSaxoTrader

Pros

  • Extensive range of offerings.
  • Regulated by the FCA (UK) and other top regulators.
  • Great trading platform.
  • Among the industry’s best research.
  • Superior user interface.
  • Offers protection for client accounts.

Cons

  • High bond, options and futures fees.
  • Confusing instrument fee structures.
  • High minimum deposit.
  • Does not accept US clients.
  • No MT4.
  • Lacks live chat.

CMC Markets

CMC Markets is a well-regarded broker offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds, and stocks. The company offers relatively low spreads, access to MT4, and fast customer service. It is most suited for traders looking for diversity in asset classes.

Broker Evaluation7.07
Regulations
Minimum Deposit$0
Islamic AccountNo
Payment MethodsBank transfer, credit card, electronic payment providers
Main BranchUnited Kingdom
Customer Service24/5
Demo AccountYes
Trading PlatformsProprietary Platform, MT4, Web Platform

Pros

  • Extensive range of offerings.
  • Regulated by the FCA (UK).
  • Low FOREX fees.
  • Emphasis on education and customer service.
  • Great Web and mobile platforms.
  • Offers protection for client accounts.
  • Research amenities are industry leading.

Cons

  • Does not accept US clients.
  • High stock CFD fees.
  • High CFD spreads for certain indices.
  • Differences between Next Generation and MT4.
  • Complicated account verification.
  • No back-testing or automated trading capabilities.

ThinkMarkets

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, ThinkMarkets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. ThinkMarkets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.

Broker Evaluation8.05
Regulations
Minimum Deposit$0
Islamic AccountYes
Payment MethodsBank transfer, credit card, electronic payment providers, crypto
Main BranchAustralia
Customer Service24/7
Demo AccountYes
Trading PlatformsProprietary Platform, Web Platform, MT4, MT5

Pros

  • Beginner assistance offered through 24/6 channels.
  • Spreads are as low as 0.0 pips.
  • 24/7 expert customer service.
  • CFD shares and indices come at no extra fee.
  • Zero broker fees for FOREX trading.
  • Technical analysis and quality market information.
  • Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.

Cons

  • Direct share trading is on a separate platform.
  • No binary options offered.
  • Commissions charged for two account types.
  • After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
  • No US, Canada, or Japan clients allowed.

There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.

What is FOREX and Why Do We Need a Broker to Trade?

The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders everywhere rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world with some six trillion dollars changing hands daily. FOREX brokers in Ireland play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile format. 

The Best FOREX Brokers in Ireland

How to Open a Trading Account to Start Trading FOREX?

Opening a FOREX trading account is easy. Once you have chosen your preferred broker, you must start by filling out an application form as part of the “open account” process. It is normal that you will be asked to provide two documents. These are usually your national identity document and proof of address. This is part of Know Your Customer (KYC) regulations. Remember that some brokers have slightly different requirements than others.

Once your account has been approved, normally one to two days after you make the application, you will be able to fund your account by making the first deposit. After your account is funded, you can start to trade.

How Much Should Beginners Trade With?

You don’t need much to get started. Some of the best FOREX brokers for beginners allow you to start trading with as little as $1. Of course, you need to capitalize your account with at least some money that will allow you to place trades. The amount is really up to you. However, it is recommended that you start by placing small trades to get to grips with the practice of trading as well as your broker’s Website before you move on to placing trades with more money.

How to Start Learning About FOREX Trading

A trading Website like en.Arincen.com is a great place to start. We have a large list of curated articles that can give you all the information you need on common FOREX trading terms, like pips, spreads, leverage and support and resistance. We have also taken the time to prepare detailed articles on important topics, such as FOREX trading strategies. Additionally, once on our Website, you will find helpful video courses that cover the basics of FOREX trading. With this range of knowledge, you will be well on your way to trading success.

Remember also that your broker will normally have developed a detailed education and research repository themselves. That is also a good place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their own platform and resources, which makes it doubly useful.

Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.

Can You Trade Without Prior Experience?

It is always advisable to keep expanding your experience in the world of trading. The Arincen network was created for those who don’t have enough experience to trade on their own. This is because you can follow the experts on our network and apply their signals and strategies in your trading account with ease, and you can review the statistics of the experts and review their history to ensure they are good for trading the assets you want. For example, if you prefer to trade only in gold or any other group of assets, you can review the best gold experts and traders in the network.

Tip for those who have no experience
Every successful trader begins with a solid foundation in education and research. We've meticulously curated a suite of resources for you. Dive into our comprehensive articles to grasp the basics, watch our videos to learn from industry experts, and stay updated with our newsfeed. Moreover, our expert signals and sophisticated analytics are at your fingertips to guide your every decision.

How Do I Choose the Best FOREX Broker in Ireland 2024?

The vibrant Irish economy includes key sectors, including services, manufacturing, and construction. It has undergone significant transformation over the past few decades, evolving from a predominantly agricultural economy to one that is more diversified, modern and trade-oriented.

The service sector represents the largest portion of Ireland's economy, contributing more than 70% of the GDP. Key services include IT, financial services, and tourism. Dublin, the capital, is a global hub for technology companies and home to many major multinational corporations, such as Google and Facebook. Ireland's favorable corporate tax policies have attracted numerous foreign direct investments.

In Ireland, the primary body responsible for regulating retail FOREX brokers is the Central Bank of Ireland (CBI). The CBI regulates all financial services firms operating in the country, including FOREX brokers, to ensure financial stability and consumer protection.

The CBI is a part of the European System of Central Banks (ESCB) and follows the regulatory standards set by the European Securities and Markets Authority (ESMA). In addition to the Central Bank's domestic regulation, since Ireland is part of the European Union, brokers must also comply with EU-wide financial regulations, like the Markets in Financial Instruments Directive (MiFID) and its revision, MiFID II.

Regulation and Licensing in Ireland

FOREX brokers who offer their services to Irish citizens must be regulated by the CBI, which regulates all financial services firms operating in the country, including FOREX brokers, to ensure financial stability and consumer protection. The CBI works in concert with ESMA, which acts as an EU-wide financial market regulator.

It is always a good sign if your broker is active in other countries and has been regulated by other tier-1 bodies, like the FCA in the UK and FINMA in Switzerland, which are considered to be two of the best regulators in the world.

The regulators that oversee FOREX trading also regulate other financial assets, such as crypto, commodities, and indices. If you want to learn more about some of the best-regarded regulators, read our article on regulation here. Remember that you do not have to use a broker with international regulation if your local broker is regulated by a solid local regulator.

To ensure that your broker is legit, you can follow these steps:

  • Ask if the broker is licensed to sell you FOREX

  • Check if the broker is registered with a top-tier regulator or at least the applicable regulator in your area

  • Ask if your broker is part of a compensation scheme

  • Check your statements regularly to ensure that everything is in order

Remember that it's important to comply with all applicable requirements, including any self-regulatory organizations to which brokers belong, and not just those mentioned here.

Notwithstanding local regulations, it is always important to check if your broker happens to be regulated by overseas tier-1 regulators. In this context, we present the five most important FOREX market regulatory bodies from around the world.

1. The FCA, UK;

2. The Swiss Financial Market Supervisory Authority (FINMA);

3. The Australian Securities and Investments Commission (ASIC);

4. The Financial Markets Authority, New Zealand; and

5. The National Futures Association (NFA), US.

While FOREX market regulatory bodies exist in almost every country, these five key regulators also happen to be some of the strictest. To learn more about other regulatory bodies, please visit en.arincen.com, where you will find a comprehensive global database.

Make sure your broker is regulated by a reputable authority. Not all brokers are regulated by tier-one regulators, but you can still rest easy if your broker works with the regulator in your area. To verify if your broker is registered with a regulator, navigate to the regulator’s official website.

Leverage

There are many noteworthy regulators around the world. The leverage rules you encounter will depend on how your broker works within those rules. Many of these major regulators have guidelines in place to look out for individual traders.

Besides being regulated by the CBI, brokers in Ireland must fall in line with the European Securities and Markets Authority (ESMA) guidelines and the Markets in Financial Instruments Regulation (MiFIR). Let's take a look at selected leverage rules around the world:

The CBI in Ireland:

30:1 for major currency pairs 

20:1 for non-major currency pairs

2:1 for cryptocurrencies 

FINMA in Switzerland:

FINMA doesn't specify leverage limits like ASIC. However, Swiss brokers must strictly adhere to robust capital and risk management requirements, ensuring they do not offer excessively high leverage that could endanger their financial stability or their clients' funds.

The FCA in the UK:

30:1 for major currency pairs

20:1 for non-major currency pairs

2:1 for cryptocurrencies

These leverage limits apply to retail investors. Professional clients may have access to higher leverage, but they do not receive the same level of protection as do retail clients. As you can tell, diligent regulators keep a close eye on how much leverage is allowed. Nevertheless, you can still use a regulator from your own country, even if it doesn't fall under the category of a top-tier regulator.

High leverage can amplify potential profits, but it equally magnifies potential losses. It can put a stop to your trading career if not used carefully. The allure of high returns is tempting, but the risk associated with such strategies is highly dangerous. We strongly urge traders to approach leverage with caution, fully grasping its mechanics and implications.

Stop Out and Margin

In retail FOREX trading, a stop out is a process where a broker automatically closes one or all of a trader's open positions when their margin level falls to a specific percentage level. The stop-out level is similar to the margin call level, except that it’s much worse

Margin refers to the amount of money that a trader needs to deposit with their broker to open and maintain a trading position. It is a percentage of the total value of the position, and it acts as collateral for the broker. The margin is calculated based on the leverage that the trader is using, which is the ratio of the trader's own funds to the amount of money that they are borrowing from the broker. The higher the leverage, the lower the margin requirement, and vice versa. 

The stop-out level is when the equity is lower than a specific percentage of the used margin. What does this mean to me? Stop out and margin levels are the points at which a broker starts liquidating existing positions, so you need to pay close attention to how you are trading. 

There are three levels of stop outs in retail FOREX trading:

0% Stop Out

This means that a trader's positions will not be automatically closed by the broker, even if their Margin Level falls to 0%. This is the most favorable stop out level for traders, but it is rare.

50% Stop Out

This is the most common stop out level in retail FOREX trading. If a trader's margin level falls below 50%, the broker will start closing their positions automatically until the margin level goes above 50%.

100% Stop Out

This means that a trader's positions will be automatically closed by the broker if their margin level falls to 100%. This is the most unfavorable stop out level for traders.

Here's an example of a Stop-Out Level at 50%:

Let's say a FOREX broker has a stop out level at 50%. If your margin level falls below 50%, the broker will start closing your positions automatically until the margin level goes above 50%. It's important to note that once the liquidation process has started, it is usually not possible to stop it since the process is automated. 

Your broker's customer support team will not be able to help you reverse the process.  As such, using protective measures, like stop-loss orders and not over-leveraging, is always a good idea. Additionally, the specific percentage and the order in which positions are closed can vary among brokers, so traders need to be aware of their broker's policy on stop-out levels.

Commissions and Fees

Here are the explanations of some of the most common fees and costs associated with retail FOREX trading:

Spreads:

  • The spread is the difference between the bid price and the ask price of a currency pair

  • Brokers can offer either fixed or variable spreads

  • Fixed spreads remain the same regardless of market conditions, while variable spreads can change depending on market volatility

  • Spreads are the primary way that brokers make money from trades on standard accounts

Commissions:

  • Some brokers charge a commission on trades in addition to the spread.

  • The commission can be a fixed amount per lot or a percentage of the spread.

  • Commission-based accounts are typically used by professional traders who require tighter spreads.

Rollover Fees:

  • Rollover fees, also known as swap rates, are charged when a trader holds a position overnight

  • The fee is based on the interest rate differential between the two currencies in the pair

  • Rollover fees can be positive or negative, depending on the direction of the trade and the interest rate differential

Withdrawal and Deposit Fees:

  • Some brokers charge fees for deposits and withdrawals

  • The fees can vary depending on the payment method used

  • Some brokers offer free deposits and withdrawals, while others charge a flat fee or a percentage of the transaction amount

Inactivity Fees:

  • Inactivity fees are charged by some brokers if you do not make any trades for a certain period

  • The fee can be a fixed amount or a percentage of the account balance

  • Inactivity fees can be avoided by making at least one trade within the specified period

It's important to note that different brokers have different fee structures, and you should carefully review the fee schedule of any broker you are considering. Additionally, always consider the total cost of trading, including spreads, commissions, and other fees, when evaluating the profitability of your trades.

ICM Capital
Tradeview
XTB
IG
Saxo Bank
CMC Markets
Think Markets
SpreadCommission SwapIslamic Account
CurrenciesStarting from 1.3 Pips0$NoAvailable
StocksStarting from 18 Pips0$YesUnavailable
CommoditiesStarting from 2.3 Pips0$NoAvailable
IndicesStarting from 4 Pips0$YesUnavailable

Tradable Assets and Instruments

FOREX trading remains popular among Irish traders, even though they work within a restrictive regulatory environment. The instruments that brokers can offer are impacted by the stringent rules put in place by Irish authorities. As we have mentioned, these include guaranteed stop losses, negative balance protection, and tightly controlled leverage.
Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments to which you should have access:
FOREX
With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.
Cryptocurrencies
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
Bonds
These debt securities offer periodic interest to holders and return the principal amount at maturity. Bonds are best for those interested in fixed returns.
Commodities
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies.
CFDs
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies, and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease.
Equities or Stocks
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.
Indices
These are baskets of stocks representing a particular market or sector, exposing traders to broader market movements.
Options and Futures
These derivative products allow traders to hedge against potential losses or speculate on price movements without owning the underlying asset.
BrokersCurrency pairsStocksIndicesCommoditiesCryptoETFs
ICM Capital 67 Pairs89 Shares17 Indices12 Commodity6 CoinsUnavailable
Tradview80 Pairs5000 Shares10 Indices10 Commodity30 CoinsUnavailable
XTB57 Pairs1848 Shares36 Indices22 Commodity22 Coins135 ETFs
IG 81 Pairs21714 Shares49 Indices39 Commodity11 Coins12858 ETFs
Saxo Bank 320 Pairs22000 Shares49 Indices39 Commodity9 Coins6700 ETFs
CMC Markets330 Pairs8000 Shares80 Indices100 Commodity18 Coins 200 ETFs
Think Markets46 Pairs 3750 Shares15 Indices11 Commodity21 Coins 350 ETFs

Payments, Deposits and Withdrawals in Ireland

In general, the payment deposit and withdrawal process in Ireland is relatively straightforward and convenient. Traders in Ireland can typically make deposits using a variety of methods, including credit/debit cards, bank transfers, and e-wallets. They can also generally withdraw their funds using the same payment methods that were used for deposits. Withdrawal processing times can vary, depending on the broker and the payment method used, but typically range from a few hours to a few days. The process is mostly trouble-free, but you should always check with your broker to understand the specific requirements and fees associated with the payment process. It should be noted, however, that for Irish FOREX traders, you must be resident in the country to trade with an Ireland-registered broker, and you must also have an Irish bank account.
ICM Capital
Tradeview
XTB
IG
Saxo Bank
CMC Markets
Think Markets
MethodCredit CardWire TransferSkrillNetellerCryptocurrencyPayPal
Deposit fee0$$0 + Bank commission1.9% 2.5%Unavailable3.75%
Withdrawal fee0$$151%$0Unavailable2%

FOREX Trading Customer Service

As timing is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast and polite, which will spare you having to worry about problems down the road.
ICM Capital
Tradeview
XTB
IG
Saxo Bank
CMC Markets
Think Markets
EmailLive ChatPhoneWhatsApp
AvailableAvailableAvailableAvailableAvailable
Quick responseVery FastVery FastVery FastVery Fast

Ask Other Traders on Our Network

Arincen has gone to extensive lengths to create an enabling environment of networks, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our website provides an unrivalled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other.

Technical Aspects of the Broker’s Website

When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always look out for SSL certification and two-factor authentication (especially when registering with a new site).    

Trading Platforms, Tools, and Features

FOREX brokers in Ireland offer a range of tools that are available in any developed market. The best brokers offer advanced algorithmic trading that can handle large volumes of trades with high uptime and minimal lag. Brokers can also offer electronic assistance (EA) and high-end market analysis and insights.

When choosing a trading platform, it's important to consider what works for both beginners and experienced traders. Here are some things to ponder:

Platform Accessibility

A good platform should give you options to trade at your convenience any time, on any device, whether its web-based or downloadable.

Technical Analysis Tools:

Look for a platform that has solid technical indicators. They are useful for making smart trading decisions.

Risk Management Tools

A top-notch platform should allow you to set stop-losses and take-profits to manage those risks.

Customization and User-Friendliness

You should be able to tweak the platform to match your style. Within the MetaTrader product family, both MT4 and MT5 are known for their excellent customization features.

Performance and Reliability

As a newcomer, you should be looking for a platform that runs smoothly when called upon.

Learning and Help Resources

It's a bonus if the platform comes with guides and support to help you when you're stuck.

To choose the perfect trading platform, here's what you can do:

  • Determine your trading style and needs

  • Research different platforms and compare their features

  • Test the platforms with a demo account to see which one suits you best

  • Choose a platform that offers the features you need and is user-friendly

  • Ensure that the platform is reliable and has a good reputation in the industry

Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely. Additionally, traders should be aware of the fees and costs associated with retail FOREX trading, including spreads, commissions, rollover fees, withdrawal and deposit fees, and inactivity fees. Different brokers may have different fee structures, so traders should carefully review the fee schedule of any broker they are considering.

Which Irish FOREX Broker Has the Best Platform?

Many FOREX traders around the world have become used to MetaTrader’s strong and dependable MT4 platform, which is well-liked with good cause. However, if you are interested in trying something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. In this case, we would encourage you to try Saxo Bank for its advanced trading features and high-performance tools with extensive market analysis.

Which Irish FOREX Broker Charges the Lowest Fees?

Our research shows that ICM’s ECN account offers the lowest fees for entry level and elite traders alike.

Which is The Best Irish FOREX Broker for Most CFDs?

CMC Markets and IG offer comprehensive CFD selections. We can confirm that these two brokers offer the most CFDs of the ones we have studied.

Which is The Best Irish FOREX Broker with the Most Assets?

According to Arincen’s research, the FOREX brokers that offer the widest and most comprehensive range of financial assets are CMC Markets and IG.

Which Is the Best Irish Broker for Professionals?

Professional traders are mostly clear about their requirements. They normally won’t settle for a sub-standard platform or experience. Professional traders are also searching for a platform that features in-depth market analysis that comes with advanced indicators that help them make better decisions. In this case, you should look to brokers that use MT4, an industry stalwart that offers all of the above.

FOREX Trading Scams and How to Avoid Them

The CBI has issued several warnings about retail online trading scams in the past. The central bank proactively works to protect consumers and raise awareness about possible scams. It regularly issues public warnings and alerts about unauthorized firms and known scams. These are posted on its official website, in the “News” or “Warnings” sections.

The CBI also provides comprehensive information and advice to consumers on how to avoid scams and protect their money. This includes guides on how to recognize a scam, the importance of dealing with authorized firms and what to do if scammed.

It's crucial for consumers to regularly check the CBI's official website and follow its social media accounts to stay updated on the latest warnings and advice. If a consumer suspects a scam, they should contact the CBI to verify the information.

The choice of a regulated broker isn't merely a matter of preference—it's a protective measure. When a broker is regulated, it undergoes stringent assessments to ensure transparency, fair trading practices, and your financial security. Opting for an unregulated broker brings with it significant risks. For a list of the best regulators, read our article here.

The Dos and Don’ts of FOREX Brokers

One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do. 
There are seven things brokerage firms cannot do:
  1. The FOREX brokerage firm cannot recommend a buy or sell;
  2. The FOREX brokerage firm must not provide price or market expectations (rise/fall); 
  3. The FOREX firm cannot control your financial dealings (deposit/withdrawal);
  4. The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
  5. The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it beforehand.
  6. The brokerage firm must not use bank accounts not under its name; and
  7. FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert website like Arincen, something we will delve into toward the end of this article.

Who is Arincen and What Do We Do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.            
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.  

Conclusion

Any new trader entering the FOREX market is heading into a space that is much more vibrant, competitive, and safe than at any time in our history. It's an exciting time to be starting out this adventure. Like any such enterprise, you must make sure you are safe from pitfalls. That's why we will always reiterate our key message which is that any of the best FOREX brokers in Ireland you pick must be legally licensed and well-regulated.
Next, be sure to vet the broker's tools, platforms, and reputation. Make sure that you can get customer service whenever you need it. Also, the best trading platforms should give you access to curated research and education articles. If at any stage you are unsure about what steps to take when vetting the best online brokers in Ireland, you can always refer back to this article.

Arincen’s Review Methodology

The expert team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:

  1.  Companies’ Websites.

  2.  Other Websites that have ranked FOREX companies.

  3. A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.     

Afterwards, we validated the data by:

  1.  Registering with FOREX companies as a secret shopper and/or as Arincen.

  2.  Survey number “2,” in which we asked these companies’ customers for important feedback and experience.

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%.  To learn more about how we came up with the evaluation, please click here.

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

FAQ

Is FOREX trading legal in Ireland?

Yes, trading FOREX trading is legal in Ireland. FOREX trading is considered to be an activity that can lead to gainful profits and as such it is highly regulated, making it easy to keep it legal.

What is FOREX?

The FOREX market is a place where global currencies are bought and sold. It is a large and active marketplace that requires technologically superior tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

What is FOREX trading?

FOREX trading involves buying and selling different worldwide currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for the right moment to make a sale for a profit.

Can I withdraw funds in other currencies?

No. As you are domiciled in Ireland, and your broker is registered to operate in Ireland, your account is designated in Irish Real. Even though as a FOREX broker you are trading in global currencies, you can only withdraw your earnings in the local currency, the Real.

Does my broker offer services in Gaelic?

While English is predominantly used for business and commerce in Ireland, Gaelic is still an important part of Irish culture and identity. However, for private financial service firms, there's no legal obligation to offer services in Gaelic. Many firms choose to provide their services primarily in English, given its widespread use. While it's not mandated for financial services firms to offer services in Gaelic, it is certainly possible and there are instances where this is the case.

What costs and commissions are associated with FOREX trading?

FOREX brokers charge any combination of commissions, spreads, and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market rate spread and levy a commission per trade outside the spread. Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time.

How important is good customer service in FOREX trading?

Good customer service is vital to FOREX trading as it is fast-moving marketplace where traders can lose money if their account is non-functional or deactivated for any length of time. As such, you must select a broker that can offer excellent customer support whenever you need it. Company staff must be accessible and knowledgeable enough to be useful in times of difficulty.

Is FOREX trading taxable in Ireland?

Yes, retail FOREX trading is taxable in Ireland. It is typically known as capital gains tax. You are advised to keep accurate records of your trades and report any income timeously. As always, be sure to consult a tax expert to get the best advice in this area.
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