| Updated: May 15, 2024Finding a reliable Ireland-friendly broker that corresponds to all your individual requirements can be a time-consuming process, especially for beginner traders. Having trouble doing all this research on your own? The members of our team have done all the heavy lifting on your behalf by conducting thorough research into the best online brokers that accept traders from Ireland.
We personally evaluated each broker’s performance across multiple parameters like regulatory compliance, trading costs, range of tradable products, trading platforms, order execution speed, and educational resources availability. The members of our team tested all brokers featured on our toplist with live accounts to adequately assess their services and ensure they uphold the high regulatory standards of local financial regulators.
Fusion Markets74-89% of retail CFD accounts lose money
Forex.com77.7% of retail investor accounts lose money
Markets.com74.2% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Libertex74.91% of retail investor accounts lose money
FxPro74% of retail investor accounts lose money
XTB80% of retail investor accounts lose money
FBS72.12% of retail investor accounts lose money
BlackBull Markets
Tickmill70% of retail investor accounts lose moneyIrelandian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. Forex.com | 1288 | 4.7 ⭐ |
| 3. Markets.com | 1165 | 4.7 ⭐ |
| 4. Global Prime | 100 | 4.1 ⭐ |
| 5. Libertex | 9328 | 4.0 ⭐ |
| 6. FxPro | 209 | 3.9 ⭐ |
| 7. XTB | 1044 | 3.7 ⭐ |
| 8. FBS | 546 | 3.6 ⭐ |
| 9. BlackBull Markets | 34 | 3.6 ⭐ |
| 10. Tickmill | 525 | 3.4 ⭐ |
Irelandian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Tickmill | 0.1 | 0.1 | 0.4 | 0.3 |
| 2. BlackBull Markets | 0.1 | 0.2 | 0.7 | 0.4 |
| 3. Libertex | 0.1 | 0.3 | 0.3 | 0.4 |
| 4. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 5. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 6. FxPro | 0.25 | 0.38 | 0.67 | 0.37 |
| 7. Markets.com | 0.6 | 0.7 | 0.9 | 0.9 |
| 8. FBS | 0.7 | 1.3 | 2.7 | 1.2 |
| 9. XTB | 0.9 | 14 | 1.3 | 2.2 |
| 10. Forex.com | 1 | 1.2 | 1.3 | 1.3 |
Irelandian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. XTB | $0 |
| 2. FBS | $0 |
| 3. Libertex | $0 |
| 4. Forex.com | $0 |
| 5. Markets.com | $0 |
| 6. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 7. Tickmill | $0 on Classic Account; $3 per side on Raw Account |
| 8. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 9. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 10. FxPro | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts |
Important Note: We recommend Irish traders to only open live accounts with CBI or EU-authorized brokerages. Such companies operate in full compliance with the regulatory requirements outlined in MiFID I and II (Markets in Financial Instruments Directives).
Top 10 FX Brokers in Ireland
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
XTB Broker Details Regulators FCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (N/A), FSCA (N/A), FSA (N/A) Min Deposit $0 Trading Platforms xStation 5, xStation Mobile Trustpilot Rating 3.7 out of 1044 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.9
USDJPY: 14
EURGBP: 1.3
GBPUSD: 2.2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Maestro, Mastercard, Bank Transfer, Neteller, Skrill, PayPal, Ecommpay, PayU Withdrawal Methods Bank Transfers, Visa, Mastercard, Skrill Established in 2002 under the name X-Trade, XTB is a broker of Polish origin that traders from across the globe gravitate towards thanks to its low fees, excellent reputation, and versatile selection of financial instruments that encompasses forex, stocks, ETFs, and more.
This broker’s operations are overseen by multiple regulatory entities, including but not limited to Poland’s Financial Supervision Authority (KNF) and the British Financial Conduct Authority (FCA). What is more, it also offers negative balance protection, which is an absolute must for many modern traders.
Although XTB does not support the familiar MT4, MT5, NinjaTrader, or cTrader platforms, the broker does offer its proprietary xStation 5 platform. It comes in several variants, the first one being the convenient web platform. There are also dedicated software applications for desktop computers and smartphone devices.
Key Pros
- Bears the seal of approval of both the FCA and the KNF, along with other regulators
- Mobile-friendly platform
- Offers negative balance protection
- Standard users are not charged commission when it comes to forex
- Low fees
Key Cons
- Traders from the US cannot register and trade at XTB
- No support for MT5 and other popular platforms
- Withdrawals under certain thresholds are accompanied by fees
FBS Broker Details Regulators CySEC (No. 331/17), FSC (No. 000102/6), ASIC (No. 426359) Min Deposit Standard accounts: $100
Cent accounts: $10Trading Platforms MT5 Desktop, MT5 WebTrader Trustpilot Rating 3.6 out of 546 reviews Number of Forex Pairs to Trade 28 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.7
USDJPY: 1.3
EURGBP: 2.7
GBPUSD: 1.2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Maestro, Skrill, Bank Transfer, Neteller, EFT, Sticpay, Perfect Money, Fasapay, AstroPay, Pix Withdrawal Methods Visa, Mastercard, Maestro, Perfect Money, Neteller, Sticpay, EFT, Bank Transfer, Skrill, AstroPay, Pix, Fasapay FBS is a global forex broker with over a decade of experience in providing low-cost trading services. Regulated by CySEC, ASIC, and Belize’s FSC, the company has a whopping 23 million customers across more than 150 countries. FBS clients have access to over 40 currency pairs, indices, hard commodities, and major US stocks, available for trading with floating spreads that start from zero pips in some cases.
The brokerage has many upsides going for it, including 24/7 client support, reasonable pricing, and a great collection of learning materials for customers looking to hone their skills. Its detailed Guidebook for FX trading features chapters for beginner, elementary, intermediate, and experienced traders. Two main account types are on offer, Standard and Cent, with minimum initial deposits starting at $100 and $10, respectively. The broker offers demo versions of both account types.
FBS is ideal for customers with a high risk tolerance and large appetites for rewards, allowing them to leverage their positions at ratios of up to 3000:1. As generous as it is, this leverage cap applies only to clients registering through the Belize-licensed version of the website. Various funding methods are supported, although availability largely depends on region.
Key Pros
- Leverage of up to 3000:1 on FX majors (non-EU)
- Excellent learning content
- Novice FX traders can set up cent accounts
- Market execution speed averages 0.3 seconds
- Great Guidebook for FX trading
Key Cons
- Facilitates trading via MT5 only
- Below-average range of tradable products
- Lacks FCA authorization
FxPro Broker Details Regulators FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052) Min Deposit $100 Trading Platforms MT4, MT5, cTrader, FxPro Edge (proprietary) Trustpilot Rating 3.9 out of 209 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.25
USDJPY: 0.38
EURGBP: 0.67
GBPUSD: 0.37Forex Commission per Lot per Trade $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts Deposit Methods Visa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay Withdrawal Methods Bank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller Founded in 2006, FxPro is a multi-award-winning broker that provides online trading services with licenses granted by the financial regulators of the UK, Cyprus, and the Bahamas. Over 2,100 instruments are tradable at FxPro via a variety of platforms, including MT5, MT4, cTrader, and proprietary software. Customers can dip their toes into forex, commodity, index, stock, and cryptocurrency trading at FxPro.
Forex traders, in particular, will benefit from over 70 major, minor, and exotic currency pairs tradable with fixed or marked-up floating spreads, depending on the platform and account type. Orders are filled at ultra-low latency, ensuring lightning-fast execution of under 13 milliseconds. FxPro stores the money of its clients in segregated accounts at major international banks and offers negative balance protection to all retail customers, regardless of their trading volume and country.
Minimum deposits at FxPro align with industry standards at $100, although new customers are generally recommended to start with at least $1,000 in their live accounts. Deposits and withdrawals incur no additional transaction fees at FxPro. Cards, bank transfers, and e-wallets are all viable funding options for clients with live accounts.
Key Pros
- Over 2,100 CFDs across six asset classes
- Zero fees on deposits and withdrawals
- Floating spreads with no commissions on MT4 FX trades
- Winner of over 100 industry awards
- Fills orders within less than 13 milliseconds
Key Cons
- FX spreads are slightly higher than industry averages
- Charges maintenance fees after six months of inactivity
Tickmill Broker Details Regulators CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, ZuluTrade Trustpilot Rating 3.4 out of 525 reviews Number of Forex Pairs to Trade 62 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 0.1
EURGBP: 0.4
GBPUSD: 0.3Forex Commission per Lot per Trade $0 on Classic Account; $3 per side on Raw Account Deposit Methods Bank Transfer, Skrill, Mastercard, Visa, PayPal, Przelewy24, Neteller, Trustly Withdrawal Methods Mastercard, Visa, Skrill, Neteller, Przelewy24, PayPal, Bank Transfer ickmill is a multi-licensed broker with over 780,000 registered customers worldwide. It provides low-cost trading with over 180 financial instruments, including currency pairs, equity indices, commodities, cryptocurrencies, bonds, and stocks. Raw spreads start at zero pips for FX majors, with nominal commissions on Raw accounts. It is also worth mentioning that Tickmill is one of the few online brokers to issue no requotes. It receives heaps of praise for delivering some of the fastest execution times in the industry, filling client orders within 0.20 seconds on average.
The brokerage supports trading via the robust MT4 and MT5 platforms, with customers facing a choice from their downloadable and web-based versions. Clients interested in dipping their toes in copy trading can conveniently connect their Tickmill accounts to the ZuluTrade platform. Tickmill keeps client funds in segregated accounts and maintains insurance against insolvency with Lloyds Bank despite boasting sufficient liquidity to weather hard times. On the downside, bank-transfer deposits incur additional fees when below the $5,000 threshold.
Key Pros
- Offers swap-free accounts for Islamic customers
- No commissions on FX trades via Classic accounts
- Global presence in over 180 countries
- FX spreads from zero pips on Raw accounts
- Swift order execution with no requotes
Key Cons
- Could use more base account currencies
- Bank-transfer deposits below $5,000 incur extra fees
Libertex Broker Details Regulators CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686) Min Deposit $10 Trading Platforms Libretex Trading Platform, MT4, MT5 Trustpilot Rating 4.0 out of 9328 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 0.3
EURGBP: 0.3
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Deposit Methods PayPal, Visa, Mastercard, Sofort, iDeal, Trustly, Skrill, Giropay, Sepa International Bank Wire, Multibanco, P24, BLIK, eService, Neteller Withdrawal Methods SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller Libertex’s roots date back to 1997, making it a broker with nearly three decades of experience in the field of trading. Forex, cryptocurrencies, ETFs, and bonds are a few examples of what markets are available, and cost-effectiveness is one of the broker’s key characteristics thanks to tight spreads and a lack of commissions when it comes to some assets.
Traders are presented with several options in terms of platforms, the first one being Libertex’s own. If you wish to trade on the go, the said platform can be downloaded from the App Store or Google Play. Both MT4 and MT5 are available as well.
Libertex’s efforts to provide traders with an excellent experience have paid off, resulting in the broker earning a 4.0 score on Trust Pilot and a range of accolades, including the one dubbed “Best Trading Experience” granted by the Ultimate Fintech Awards.
In the event that something goes wrong or you need to find a piece of information about Libertex, the broker’s Help Desk Portal can be of great help. You may also reach out to the customer support team via live chat when necessary.
Key Pros
- Great variety in terms of markets
- Users have a range of deposit and cashout solutions to pick from
- Available in English, Spanish, French, Portuguese, and other languages
- Negative balance protection
- Traders can contact the customer support staff via live chat
Key Cons
- No longer available for UK traders
- Does not accept traders from the US
- Somewhat lacking in terms of educational resources
Forex.com Broker Details Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC , MiFID, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader Trustpilot Rating 4.7 out of 1288 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1
USDJPY: 1.2
EURGBP: 1.3
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Launched in 2001, Forex.com has been offering innovative trading solutions for over two decades. Traders will have the chance to trade more than 80 currency pairs or choose from numerous shares and commodities trading options. Advanced trading tools are definitely among the strengths of the broker, offering multiple platforms and even AI tools that allow easier analysis.
Whether you trade on your desktop device or wish to trade on the go, Forex.com offers a wide selection of platforms that enable smooth trading experiences on any type of device. MetaTrader 4 and 5, Web Trader, and the Forex.com mobile app will offer you access to a number of instruments that can make trading more intuitive and easy. Members of Forex.com can also use the TradingView platform, allowing them to handle their trades using a handful of exclusive trading tools.
Among the numerous reasons why many traders have decided to trust Forex.com, tight spreads are definitely a key factor. Execution speed is also one of the broker’s strongest suits, with about 99.79% of trades executed in under one second and an average execution speed for Forex trades of 0.03 seconds. While trading with Forex.com, you can be sure that your funds are always protected via industry-standard security tools, with the broker following guidelines imposed by major regulators. StoneX, which is Forex.com’s parent company, is regulated by ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, and MiFID in the EU market.
Key Pros
- Supports a great selection of trading platforms
- Enables easy mobile trading
- Offers over 80 currency pairs
- Provides a vast variety of products
- Forex spreads can be very competitive
Key Cons
- Navigating platforms can be difficult for beginners
- Instruments on MT4 platforms are significantly fewer than other platforms
- Charges monthly fee after 12 months of inactivity
Markets.com Broker Details Regulators ASIC (license no. 424008), FCA (license no. 481853), CySEC (license no. 092/08), FSCA (license no. 46860), FSC (license no. SIBA/L/14/1067), FSA (license no. 27030 BC 2023) Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, Mobile App Trustpilot Rating 4.7 out of 1165 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20;1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 0.7
EURGBP: 0.9
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer When it comes to online trading, it is always recommended to trust only reliable brokers that are capable of offering great trading conditions to their clients. Luckily for you, Markets.com is one of the most reputable trading brands, operating since 2008 and offering traders a wide selection of markets. Whether you are an expert in trading or you are a beginner, at Markets.com, you can find plenty of tools to help you improve your trading sessions.
Security is one of the broker’s strongest suits, with major regulators like ASIC, FCA, CySEC, and many more overlooking the operations of Markets.com. To make the trading process smoother and more intuitive, the brand supports popular platforms like MetaTrader 4 and 5 as well as WebTrader. The dedicated Markets.com app will also allow a seamless transition to mobile trading, with both MT4 and MT5 adapted for mobile trading.
When it comes to managing your deposits and withdrawals at Markets.com, you will be able to choose from several convenient methods, including bank cards, popular e-wallets, and bank transfers. Withdrawals are also possible via the same selection of methods, enabling easy bankroll management for members of the broker.
Key Pros
- Offers tight spreads and low fees for FX traders
- Traders can choose from over 50 currency pairs
- Supports a wide range of payment methods
- Mobile trading available through dedicated app
- Supports popular trading platforms
Key Cons
- Offers only CFD and FX products
- Charges inactivity fee
- No dedicated platform for copy trading
BlackBull Markets Broker Details Regulators SFSA (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade Trustpilot Rating 3.6 out of 34 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 500:1
Index CFDs: 500:1
Cryptocurrencies: 500:1Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at BlackBull Markets.
The Seychelles-licensed broker offers relatively reasonable trading conditions, although the exact trading costs largely depend on what type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
Is Forex Trading Legal in Ireland?
Forex trading is perfectly legal in Ireland but brokers interested in servicing local traders must first obtain authorization from the Central Bank of Ireland (CBI) or another top-tier financial regulator that adheres to the high standards set out in MiFID. MiFID-compliant brokers are well-capitalized and ensure enhanced retail client protection through investor compensation schemes, maximum leverage caps, and various risk management tools like negative balance protection.
Residents of the country can legally trade on the spot forex markets or speculate on currency price movements through derivative instruments like contracts for difference (CFDs). Spread betting and vanilla options on currency pairs are also legal in Ireland as long as local traders invest in them at regulated brokers. However, the Central Bank of Ireland prohibits brokers from offering binary options to traders from the country.
Central Bank of Ireland and Trading Regulations
Forex brokers and other financial services providers operating on the Emerald Isle fall under the regulatory scope of the Central Bank of Ireland (CBI). The CBI ensures that brokerages serving local traders comply with legal standards and implement all necessary measures to prevent market manipulation and money laundering. Brokers must be sufficiently capitalized to gain authorization. The CBI consistently monitors them for insolvency and compliance with minimum fiscal requirements.
With this in mind, Ireland is a member state of the European Union and as such, abides by the Markets in Financial Instruments Directives 1 and 2 (MiFID I and MiFID II), applicable in all EU and EEA countries. These directives aim to standardize financial and trading regulations across all member states, improve transparency, and instill confidence in the financial markets. Brokers licensed in other EU and EEA countries can legally service Irish customers without specifically applying for licenses from the CBI.
Many Ireland-friendly brokers service the local market with authorization from other tier-one EU regulators like the Cyprus Security and Exchange Commission (CySEC) and the UK Financial Conduct Authority. These watchdogs have a reputation for being incredibly strict and highly effective when it comes to financial regulatory enforcement. Given their stringent requirements, it is hardly surprising their licensees have excellent track records.
How to Identify Authorized Brokers in Ireland
The easiest way to find reliable brokers authorized in Ireland is to browse our toplist where we feature only MiFID-compliant entities. However, you should not forget that the onus of research is also on you, so do your homework and check what other traders have to say about your chosen broker before you open a live account.
The easiest way to determine whether a given trading company can legally service Irish customers is to peruse the regulatory information in the footer of its website. All authorized brokers publish their license numbers and link them directly to the licensee registers of the respective financial watchdogs.
Look for seals of approval from the CBI, FCA, CySEC, or other respected EU regulators. Another option is to directly browse the licensee registers of these watchdogs. If your chosen broker indeed has authorization, its brand name will come up in the search results.
Beware of clone firms run by scammers that take on the identities of authorized brokers, leaving prospective clients with the impression they are dealing with regulated companies. You can always check the CBI’s blacklist of unlicensed firms upon suspicion a given company is targeting Irish traders without proper authorization.
Ireland Brokers Security
Brokers authorized to serve Irish customers uphold some of the world’s highest standards of consumer protection. They ensure bank-level security by implementing state-of-the-art encryptions to safeguard all sensitive financial and personal information transmitted to and from their platforms. However, consumer protection extends ways beyond the use of encrypting technologies.
- Minimum Capital Requirements and Transparent Pricing
Various requirements are in place to prevent investor abuse and ensure a safe trading environment for Irish traders. EU regulations require brokers to satisfy specific minimum capital requirements and ensure they have sufficient liquidity to maintain the positions of their clients during periods of high market volatility.
Pricing structures should be transparent and accurate so that traders always have access to up-to-date price feeds. Brokers cannot offer bonuses and similar rewards to incentivize Irish retail customers to participate in trading.
- Retail Leverage Caps
EU-regulated brokerages that offer margin trading must impose caps on the maximum leverage available to retail customers. The exact ceiling depends on the volatility inherent to the specific financial instrument. The more volatile a given market is, the lower the leverage retail clients can legally use. Major currency pairs, being less volatile, are tradable with a maximum leverage of 30:1 in Ireland and other EU member states.
- Standardized Risk Disclaimers
The brokers must additionally post standardized risk disclaimers on their websites, warning customers about the high risk of losing money when trading on margin with leverage. Said disclaimers must also include information about the percentage of retail customers who have lost their balance when trading with complex derivative instruments like contracts for difference (CFDs). Loss disclaimers should be updated every three months.
- Fund Segregation
MiFID requires all brokers regulated in the EU to store their clients’ funds in segregated accounts, preferably at first-tier local banking institutions. Licensed brokers must keep customer money separately from their corporate or operational capital as commingling of funds is strictly prohibited. This prevents financially struggling companies from misusing their clients’ money.
- Investor Compensation Schemes
Additionally, all regulated brokers catering to Irish traders must participate in investor compensation schemes to ensure retail clients get their money back should a company declare insolvency. Each retail customer is entitled to €20,000 in maximum compensation in the event of broker bankruptcy. Negative balance protection should also be in place, preventing retail traders from slipping into debt when using leverage, but more on this in the next section.
Negative Balance Protection at Ireland Brokers
Brokers falling under the regulatory scope of the CBI and MiFID must provide negative balance protection to all retail traders from Ireland. This prevents inexperienced retail clients from slipping into debt in the event of rapid market movements against their trades.
Authorized brokers implement automated margin calls on retail accounts when their balance drops below 50%. With this backstop in place, retail traders can better manage their volatility and trade larger volumes without worrying about racking up losses exceeding their investment capital.
Taxes on Forex Trading in Ireland
Spread betting on forex enjoys high popularity in both Ireland and the UK, largely because profits generated this way are exempt from taxation. The reasoning behind this tax exemption is that spread betting shares some similarities with gambling, so profits derived from it are not considered taxable income. No income, capital gains, and stamp duty taxes are levied on proceeds from spread bets since this form of trading does not require traders to own the underlying assets.
However, profits derived from trading currency pairs on the spot market are subject to capital gains taxes. The standard capital gains tax in Ireland is set at 33%, although the rates can fluctuate based on factors, such as a trader’s overall income and their other financial gains.
Leverage Comparison at Locally Regulated and Offshore Brokers
CBI and MiFID-compliant brokerages must cap the maximum leverage accessible by retail traders at specific ratios, depending on the inherent volatility of the financial instruments their customers are trading with. Highly volatile asset classes like cryptocurrencies have the lowest maximum leverage caps.
Conversely, less risky instruments like major currency pairs give you access to considerably higher leverage limits. You will find the leverage caps on all asset classes in the table below. These overlap across all brokerages licensed to operate in the EU whether they are regulated by the CBI, CySEC, BaFIN, or FCA.
Important Note! Professional traders from Ireland will benefit from considerably higher leverage, capped at 400: 1 for assets with the lowest underlying volatility. Their margin close-out levels are considerably higher than those on retail accounts (up to 90% in some cases). Professional accounts are not entitled to negative balance protection.
| Side-by-Side Comparison of Leverage Caps at EU and Offshore FX Brokers | ||
|---|---|---|
| Asset Class | EU Leverage Cap | Offshore Broker Leverage Cap* |
| Major FX pairs | 30:1 | 500:1 |
| Minor and exotic FX pairs, major indices, gold | 20:1 | 500:1 |
| Other commodities and indices | 10:1 | 100:1 |
| Stocks | 5:1 | 20:1 |
| Cryptocurrencies | 2:1 | 10:1 |
*The example uses leverage caps from the VFSC-licensed broker Fusion Markets.
Jurisdictions like Vanuatu, Belize, and the Seychelles typically have laxer financial regulatory frameworks, with lower levels of retail consumer protection. As a result, offshore brokers within their regulatory scope often offer considerably higher leverage to retail customers.
Caps usually range from 500:1 in the case of the VFSC-licensed Fusion Markets to 2000:1 at the Belzie-regulated RoboForex. Keep in mind leverage is a double-edged sword. Higher leverage increases your market exposure but can also significantly magnify your losses if the markets move rapidly against you.
Professional Trader Requirements in Ireland
Irish traders must fulfill certain regulatory requirements to qualify for professional trading accounts at MiFID-compliant brokers. The process starts by filling out an application form and completing a questionnaire by providing information about your trading volume, investment portfolio, and experience level.
Applicants for professional accounts must have extensive knowledge of trading with leveraged derivatives. By rule of thumb, most brokers require Irish customers to have portfolios of at least €500,000 in assets and cash savings.
Clients must additionally have sufficient trading activity within the last year. Most EU-regulated brokers require applicants for professional accounts to have carried out 10 or more large-volume trades per quarter over the last 12 months. Last but not least, customers must have at least one year of experience in the financial industry at a professional position.
To prove this, each applicant must submit a letter from a current or former employer in the financial sector. The table below gives you a glimpse at the margin closeouts and leverage caps Irish traders have access to if they qualify for professional accounts.
| Asset Class | Retail Margin | Margin on Professional Accounts | Leverage on Professional Accounts |
|---|---|---|---|
| Major FX pairs | 3.33% | 0.25% | 400:1 |
| Minor and exotic FX pairs, major indices, gold | 5% | 0.25% | 400:1 |
| Commodities | 10% | 0.50% | 200:1 |
| Stocks | 20% | 3% | 33:1 |
| Cryptocurrencies | 5% | – | 10:1 |
Trading Platforms at Ireland Brokers
Some Ireland-friendly brokers implement proprietary software, while others give traders more flexibility by providing them with additional third-party platforms they can connect their existing trading accounts to. Your choice of forex broker and platform should be governed by your experience level and trading style.
Novice traders from Ireland are commonly looking for intuitive platforms with straightforward functionalities and uncluttered design. MetaTrader 4 (MT4) is a suitable choice for rookie forex traders from Ireland thanks to its simple and user-friendly interface.On the other hand, seasoned traders prone to performing exhaustive technical or fundamental analysis usually prefer platforms with improved charting capabilities and more technical and economic indicators. Using MetaTrader 5 is recommended in this case as it offers more advanced features compared to its predecessor.
TradingView is another great option for well-versed traders focused on long-term trends. Ideal for active traders, the platform is highly customizable and packed full of advanced drawing and annotation tools, economic calendars, and charts.
TradingView doubles as a social network encompassing 50 million users worldwide and facilitates copy trading, the practice of following other investors and replicating their positions into one’s own portfolio. Another third-party platform with powerful copy trading capabilities is cTrader whose users benefit from improved charting tools, advanced order types, and algorithmic trading.
Below you can find some useful references with links to organisations that monitor the forex market in Ireland.
- CBI, FCA, CySEC
- CBI’s blacklist of unlicensed firms