| Updated: December 2, 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
Global Prime74-89% of retail CFD accounts lose money
Forex.com77.7% of retail investor accounts lose money
BlackBull Markets
Markets.com74.2% of retail investor accounts lose money
FBS72.12% of retail investor accounts lose money
FxPro74% of retail investor accounts lose money
Libertex74.91% of retail investor accounts lose money
XTB80% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose moneyIrish Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,862 | 4.9 ⭐ |
| 2. Forex.com | 1,668 | 4.5 ⭐ |
| 3. Global Prime | 161 | 4.5 ⭐ |
| 4. BlackBull Markets | 808 | 4.5 ⭐ |
| 5. Markets.com | 1,198 | 4.4 ⭐ |
| 6. FBS | 2,926 | 4.3 ⭐ |
| 7. Libertex | 9,456 | 4.0 ⭐ |
| 8. FxPro | 434 | 4.0 ⭐ |
| 9. XTB | 1,311 | 3.7 ⭐ |
| 10. Tickmill | 835 | 3.7 ⭐ |
Irish 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 | 0.07 | 0.13 | 0.23 | 1.01 |
| 5. Global Prime | 0.13 | 0.28 | 0.28 | 1.11 |
| 6. FxPro | 0.25 | 0.38 |
| 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 |
Irish 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 for Standard accounts; $5 per standard lot per side for Raw accounts |
| 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 Supports English Yes Ireland Currency (EUR) Yes Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView Trustpilot Rating 4.9 out of 1,862 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30 (1:500 for forex and metals via VFSC)
Index CFDs: 1:5
Cryptocurrencie CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.07
USDJPY: 0.13
EURGBP: 0.23
GBPUSD: 1.01Forex 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, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay 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
- Has no FCA license
Global Prime Broker Details Supports English Yes Ireland Currency (EUR) Yes Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.5 out of 161 reviews Number of CFD Forex Pairs to Trade 56 Leverage Forex & Metals CFDs: 1:500 (1:30 for ASIC entity)
Index CFDs: 1:100 (1:20 for ASIC entity)
Cryptocurrencie CFDs: Up to 1:2 (ASIC); Up to 1:5 (Pro and VFSC)Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 1.11Forex 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
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 Supports English Yes Ireland Currency (EUR) Yes 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 (registered), FSCA (N/A), FSA Norway (registration ID - FT00118162) Min Deposit $250 Trading Platforms xStation 5, xStation Mobile Trustpilot Rating 3.7 out of 1,311 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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 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 Supports English Yes Ireland Currency (EUR) Yes 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, MT4 Trustpilot Rating 4.3 out of 2,926 reviews Number of CFD Forex Pairs to Trade 35+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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, JCB, BitWallet Withdrawal Methods Visa, Mastercard, Maestro, Skrill, Bank Transfer, Neteller, EFT, Sticpay, Perfect Money, Fasapay, AstroPay, Pix, JCB, BitWallet Key Pros
- Leverage of up to 1:3000 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 Supports English Yes Ireland Currency (EUR) Yes 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 4.0 out of 434 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.25
USDJPY: 0.38
EURGBP:- 0.1 (MT4)
- 1.3 (MT5)
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 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 Supports English Yes Ireland Currency (EUR) Yes 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), DFSA (F007663) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, ZuluTrade Trustpilot Rating 3.7 out of 835 reviews Number of CFD Forex Pairs to Trade 62 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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 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 Supports English Yes Ireland Currency (EUR) Yes 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 9,456 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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, Eps, Neteller Withdrawal Methods SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller 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 Supports English Yes Ireland Currency (EUR) Yes Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, CIMA, SFC, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader, NinjaTrader Trustpilot Rating 4.5 out of 1,668 reviews Number of CFD Forex Pairs to Trade 80+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 1
USDJPY: 1.2
EURGBP: 1.3
GBPUSD: 1.3Forex Commission per Lot per Trade $0 for Standard accounts; $5 per standard lot per side for Raw accounts Deposit Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer 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 Supports English Yes Ireland Currency (EUR) Yes 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, TradingView Trustpilot Rating 4.4 out of 1,198 reviews Number of CFD Forex Pairs to Trade 54 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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 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 Supports English Yes Ireland Currency (EUR) Yes Regulators SFSA (No. SD045), FMA (No. FSP403326), FSA Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade Trustpilot Rating 4.5 out of 808 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:500
Index CFDs: 1:500
Cryptocurrencie CFDs: 1:500Spread 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 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.
In the unlikely event of experiencing issues with a CBI licensee, Irish traders can file a complaint against the broker. It is important to mention consumers must first try and resolve their issues with the brokerage firms themselves. If they fail to reach an agreement with the broker or are dissatisfied with the solution, they can submit a complaint to the Financial Services and Pensions Ombudsman (FSPO). This independent entity acts as a mediator in resolving issues with financial services providers, licensed by the CBI. Keep in mind that CBI itself does not deal with the complaints of individual traders and investors.
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 1:30 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 1:400 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 | 1:30 | 1:500 |
| Minor and exotic FX pairs, major indices, gold | 1:20 | 1:500 |
| Other commodities and indices | 1:10 | 1:100 |
| Stocks | 1:5 | 1:20 |
| Cryptocurrencies | 1:2 | 1:10 |
*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 1:500 in the case of the VFSC-licensed Fusion Markets to 1:2000 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% | 1:400 |
| Minor and exotic FX pairs, major indices, gold | 5% | 0.25% | 1:400 |
| Commodities | 10% | 0.50% | 1:200 |
| Stocks | 20% | 3% | 1:33 |
| Cryptocurrencies | 5% | – | 1:10 |
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.
Whenever forex traders need to verify the validity of a broker’s license or they seek help with a trading issue they are having, they can check the official websites of the following organizations:
- Central Bank of Ireland (CBI): The main regulatory body responsible for monitoring and authorizing operations of forex brokers in Ireland. Traders can check the official CBI financial service provider register and the validity of brokers’ licenses.
- FCA and CySEC are the other two major regulators issuing licenses that enable forex brokers to offer financial services to Irish traders. Both organizations have official registers where you can look for a company and verify the validity of its license.
- Irish forex brokers must also abide by the MiFID II directives that ensure fair trading conditions for traders from the EU and countries within the EEA.
- CBI’s blacklist of unlicensed firms: This link provides a full list of companies unauthorized to operate in Ireland, helping traders indicate brokers they must avoid.
- File a complaint against CBI licensed brokers with the FSPO here.