Trading with the best Forex brokers in Ireland

The birthplace of fiery tunes, beer, and whiskey, Ireland is a small island with a population of just over 7 million people and impressive economic growth. What this country has managed to do in recent years is beyond impressive. Ireland has managed to attract investment from all-over the world by creating friendly environment for the investors. As a result, more and more people get interested in investing financial assets. In addition, trading Forex and CFDs (Contracts for Difference) is also becoming highly popular, due to advancements in technology and improved accessibility. In this guide, we’ll discuss Forex trading regulation, we’ll share our top list of Forex and CFD brokers, and more.

List of top brokers in Ireland

Finding the broker that best suits your needs is difficult. First, you need to make a list of your priorities. For instance, if you are a day trader, it’s best to look for a broker with low spreads. If you are a swing trader, you should look for a broker with low commissions. In addition, traders need to take into consideration regulations, fees, account types, customer service, and available assets. To make the selection process easier for you, we’ve created the top list.

Forex trading regulations in Ireland

The Banc Ceannais na hÉireann, or the Central Bank of Ireland (CBI) was first created on the 1st of February 1946, and its original functions were mainly focused on operating as the currency board. Ever since then, the body has made a long journey to becoming one of the countries’ most important financial institutions. The CBI’s areas of responsibility have increased rapidly after the adoption of the euro as the national currency in 2002. As of now, the Central Bank of Ireland is responsible for the supervision of price and financial stability, consumer protection, timely issue of the regulatory policy measures, and overseeing the proper functioning and development of various segments of the national economy, which, of course, includes the Forex trading in Ireland. Simultaneously with the Irish economy, the CBI too has been hit hard by the global financial crisis, however, as it was the case with the national economy. It has managed to make a swift recovery. It is now evident that this body is performing its functions extremely well, leaving no doubt about its competence in regulating and enhancing the Irish FX market and maintaining the high reputation of the Forex trading brokers in Ireland.

The maximum available leverage that brokers can offer residents of the country is 400:1. High leverage can be dangerous for beginner traders as it amplifies losses, can lead to blown up accounts. Leverage limitations are even stricter in some European countries, up to 30:1 for example. Limiting high leverage can help traders use risk management strategies and protect their capital from sudden market moves.

Moreover, brokers in Ireland are required to be part of Investor Compensation Scheme (ISC), or, as it is commonly known outside of Ireland – Investor Compensation Fund. The ISC settles disputes between traders and brokers and compensates money to traders when required. This is just an additional layer of security that shows that the CBI and its licensed Forex training brokers in Ireland are prepared to go the extra mile to maintain the safety of the traders. A similar incentive is behind the implementation of the segregation of funds regulatory measures. What this means is that the broker is required to keep their operational funds separately from the funds of its traders in order to avoid the latter being frozen or lost in the unfortunate event of the broker becoming bankrupt.

Popular trading platforms in Ireland

Choosing the right trading platform is important for every trader. Platforms help automate trading, copy trade, conduct technical analysis, and execute various order types. Some brokers offer custom-made software, while the majority of the brokers offer the most popular MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader platforms. MT4 and cTrader are best suited for trading Forex, indices, commodities, and crypto derivatives. While, MT5 is a multi-asset platform.

Summary

As a final word, we can say that financial trading is well-regulated in Ireland. When searching for a broker, traders need to take into account various factors, such as fees, platforms, assets, customer support, and regulations. In list of top brokers, you will find regulated and reputable brokers that offer great trading conditions to the residents of Ireland, such as: XM, exness, Tickmill, and others.

FAQs on trading with the best Forex brokers in Ireland