How to find the best online trading platforms in Mexico?

It is not easy to find a single way to describe the United States of Mexico – everything from the country’s location, the countries it borders with, its history, culture, and even the national economy is complex, yet fascinating nevertheless.

Located in the Southern part of North America, Mexico borders the USA, Belize, and Guatemala, and is still undergoing some tension with the former. The country’s overall territory makes up 1 972 550 square kilometers, and, with a population of a little over 128 million people, is considered the world’s 13th largest and 10th most populous country.

The national economy of Mexico is quite strong, although still regarded as developing. The local financial sector is stable, and the field of Forex trading is both legal and regulated, although not particularly popular.

In our guide, you will find some useful information on how to find the best Forex broker in Mexico, what are the perks of trading in the Mexican national economy, the main regulatory measures in the country, and more. Read it until the end to make sure that you possess all the knowledge necessary to make an informed decision about trading FX in Mexico.

Best Mexican Forex brokers – how to choose wisely

For the purpose of making this review more informative, we decided not to stop at just providing you with factual information about Forex trading in this country. Instead, we decided to help you navigate the variety of local brokers available at the market by compounding a complete list of the best ones. Below you will find a list of our top picks,  as well as some information on what makes them so efficient, safe, and potentially profitable.

XM Group

XM Group Forex Review

Minimum deposit

5 USD

Licences

CySEC, IFSC, ASIC

Maximum leverage

1:30*

US Clients

No

Exness

An in-depth review of Exness Forex broker

Minimum deposit

1 USD

Licences

CySEC, FCA, FSA

Maximum leverage

1:Unlimited

US Clients

No

IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD

Licences

CySEC

Maximum leverage

1:1000

US Clients

No

BlackBull Markets

BlackBull Markets Review – What Does This FX Broker Offer?

Minimum deposit

$200

Licences

FMA

Maximum leverage

1:500

US Clients

No

Forex.com

Forex.com Review

Minimum deposit

100 currency units

Licences

CIMA, FCA, NFA

Maximum leverage

1:200

US Clients

Yes

EagleFX

EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD

Licences

N/A

Maximum leverage

1:500

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

100 USD

Licences

CySEC

Maximum leverage

1:200

US Clients

No

Mexican national economy – an overview

We firmly believe that before getting straight into trading, one should possess some degree of understanding of the national economy, where the FX market is based. For that reason, we have conducted our own analysis of the main trends within the national economy of Mexico.

The country’s sustainable growth is well represented in its GDP reaching 1.15 trillion USD as of 2018 data. Consequently, this means that Mexico is home to the world’s 15th largest economies, and, according to some predictions, it might become the world’s 7th or even 5th largest economy.

The country is very rich in natural resources, with oil being the most prominent among them. On top of that, Mexico is a big exporter of automobiles and electronics, with the main trading partners being the neighboring United States and Canada.

One can definitely see how Forex trading in Mexico could be profitable, given both the strength of the national economy and a variety of country-specific trading assets to benefit from.

What is the national currency of Mexico?

The country’s national currency is the Mexican Peso, coded as MXN. Unlike many other currencies outside of the traditional USD, GBP, and EUR used in the most popular pairs, the MXN is actually quite popular in the FX market.

Ranked 8th in terms of its liquidity, the MXN options are widely offered by some of the top Forex brokers in Mexico, and the latter often both accepts payments in it and offer an opportunity to use it as a base currency.

Overall, although we usually suggest that the beginners resort to more traditional currency pairs such as GBP/USD and others, with the MXN we can definitely say that one can profit without risking too much.

Who can trade Forex in Mexico and is it free?

The legal age of maturity in Mexico is 18 years old, and, coincidentally, it is the legal threshold that one needs to meet in order to be eligible to trade Forex in Mexico. On top of that, it is likely that the best Forex broker in Mexico that you end up joining will have its own standards in place. Some of the most common ones, that you will have to meet are employment and the monthly income.

One can say that trading Forex in Mexico is free, but let us explain it a little more. You will definitely not be charged for finding a brokerage and signing up with one. That does not mean that trading FX requires no financial input at all – you will definitely need to make an initial deposit in order to access trading.

The size of the minimum allowed deposit will depend heavily on which brokerage you will end up joining. What you will find is that even on the list of best Forex brokers in Mexico the requirements for minimum deposits vary.

Our advice is not to take deposit requirements as an indicator of the broker’s reliability, and, rather look for the one that is most suitable for you. Ideally, you should always deposit no more than what you would be comfortable losing.

How is the Mexican FX market regulated?

There is not one, but two regulatory bodies that oversee the smooth functioning of the Forex market in Mexico – the Central Bank of Mexico ( Banxico) and the National Banking and Securities Commission ( CNBV).

If the broker wishes to offer their services in Mexico, they are obliged to obtain a license from either one of those bodies. Although their functioning does overlap a lot, the overarching goal of each body is different.

When it comes to the Central Bank, it mostly focuses on the country’s monetary policy, ensuring the stability and strength of the national currency and maintaining the inflation stable. On the other hand, the CNBV is responsible for monitoring and regulating the financial sector, facilitating its growth, and eradicating fraud schemes and illicit activities.

The regulatory environment in Mexico is very efficient and attracts a lot of traders and brokers alike. However, does it does not mean that every brokerage is automatically reliable. Here are some tips on how to seek the regulated Forex brokers in Mexico, and what first to look out for.

How to find a Mexican broker that is right for you?

First of all, we suggest that you only consider brokerages that possess an official license from a reliable regulatory body. What this means is that the broker is constantly monitored, and no illicit activities can occur without the broker’s respective regulatory entity knowing about it. Moreover, an official license means that the broker is sufficiently qualified to offer their services.

Secondly, do not blindly trust a broker if they claim to possess an official license. Whether or not they are being sincere is very easy to check by simply contacting the regulatory body and inquiring about whether or not a certain broker has obtained a license from them.

Thirdly, you may find that the best trading platform in Mexico for you is actually neither physically-based nor licensed locally. This is not a reason to refuse it, especially if it is licensed by a reputable body, such as the CySEC or the FCA.

Finally, there are many safety measures that the broker can take to ensure the additional layer of security for its traders. Here is the shortlist of some of the most popular ones:

  • Segregation of funds, which means that the broker will never misuse your money or have them lost completely.
  • Negative balance protection will be especially useful to those trading with leverage. as they will never lose more than they have invested.
  • The investor compensation fund is bound to give you some extra peace of mind, as it will be used to compensate for your losses in case your broker goes bankrupt.

The provision of such measures is a great indicator of the broker’s dedication to customer protection, and a sign of its trustworthiness.

Provision of bonuses and promotions in Mexico

It is not a surprise that when looking for the brokerage to join, both the beginners and the experienced traders alike are searching for the highest safety and the most benefits for their consequent trading. Thus, the availability of bonuses and promotions are often a deciding factor when choosing between two equally qualified brokerages.

What are the bonuses, in a nutshell? They are financial tokens of a kind, that the trader can use to boost their trading and increase the potential for higher profits. There are two main kinds of bonuses – refill and welcome ones.

  • Welcome bonuses are usually gifted to the traders who have only just signed up with a brokerage. Among the welcome bonuses, there are two main types that you can come across. The first-time deposit bonus is pretty self-explanatory, as it is given out when the initial deposit is made. A no-deposit welcome bonus is available immediately after the new player joins the brokerage, and it is, without a doubt, a nice encouragement for the traders. One should note that none of the aforementioned bonuses can be withdrawn, only the profits made using them.
  • Refill bonuses are issued to the returning traders as a sign of appreciation of their loyalty. Such bonuses are usually available periodically and are announced by the broker in advance. Another common practice with the refill bonuses is increasing them depending on how high the refill deposit is.

If you are actively seeking the provision of such bonuses, we definitely have some good news for you. Unlike in many other countries in the world,  top brokers in Mexico do provide them – which is yet another reason to seriously consider joining the local FX market.

Payment methods and trading software in Mexico

Both the payment methods and the trading software that the broker has to offer are imperative to the profitability of your trading.

The former will directly determine whether you will be losing more money on the commission fees than you have actually earned or deposited, which is something that anyone wants to avoid. In turn, the trading software is the factor that decides how many currency pairs you will have access too, and how diverse and resistant to market fluctuations is your portfolio.

What payment methods do Mexican brokers offer?

The pleasant factor about trading Forex in Mexico is that the country is strong on digital development, and, consequently, e-commerce. Thus, the payment methods that you will have access to range from credit/debit cards, and wire transfers to e-wallets and major payment systems such as PayPal.

Unfortunately, the local cards do no support payments in foreign currencies, and the commission fees are high, which is why most of the local traders tend to choose alternative methods of making their deposits and withdrawing their funds.

As always, we strongly recommend that you do your due research and find the Mexican Forex brokers 2020 that offer the methods that are best suited for you.

What are the trading software options available?

When it comes to the software offered by the Mexican brokers, the options are, once again, plentiful. Once again, you should only choose what works best for you, and, if possible – software that is also accessible in Spanish.

The most popular ones are the cTrader, MetaTrader4, and MetaTrader5, with the latter two being used especially extensively. Ever since MT4 was first introduced by the Russian developer MetaQuotes, it continued its victorious march across the FX markets worldwide.

As of today, it has been reported that more than 90% of the top Forex brokers list is actively using this software, or the newest, MT5 version.

So, should I start trading Forex in Mexico?

The short answer would be yes – if you are a citizen of Mexico with a strong interest in the Forex market, we would easily recommend exploring the opportunities of local trading.

To recap, let us remind you that the Mexican national economy is one of the strongest in the region, and has a vast variety of assets for traders to profit from. Moreover, FX trading is legal in Mexico, which means that is also properly regulated by two separate entities.

On top of that, being home to one of the strongest digital industries in the world, Mexico can offer some of the most efficient solutions that will ultimately elevate your overall trading experience, and make it both efficient and hassle-free.

Finally, you will find that some of the best Forex platforms in the country offer bonuses and promotions, that are often unavailable in other countries. With those in hand, you will be much more likely to secure some lucrative profits.