Forex trading is one of the most popular areas of the financial market for retail traders, enabling people to generate market-beating returns from the comfort of their own homes. However, it’s not as simple as just picking a currency and trading it – you’ll have to make sure to choose a suitable broker that can facilitate your trades safely and cost-effectively.
In this guide, we discuss the Best Forex Broker Ireland in detail. We’ll review the best forex brokers and highlight their benefits before showing you how to begin trading with a forex broker in Ireland today – with 0% commissions!
Best Forex Brokers Ireland – Top 5 Forex Brokers in Ireland List
Throughout this guide, we’ll cover the best trading apps Ireland for forex trading, ensuring you have all the information you need to make an appropriate decision. However, if you’re simply looking for a brief overview, then our top five picks are listed below:
2. Capital.com – Best Forex Broker Ireland with Low Fees
3. AvaTrade – Best Forex Broker Ireland with MT4 Support
4. Libertex – Best Forex Broker Ireland with ZERO Spreads
5. IG – Best Forex Broker Ireland for Experienced Traders
What is a Forex Broker?
A forex broker is essentially the middleman between traders and the currency market. Forex brokers act like stock brokers in the sense that they pair buyers and sellers together to facilitate the positions they’d like to take. This whole process is completed online these days, with traders needing to create an account and have an internet connection to begin trading.
In return for their service, forex brokers will receive a fee from traders. This fee will either be a commission for placing a trade or a spread. The spread refers to the difference between the quoted bid and ask prices on a currency and essentially amounts to the brokers ‘cut’ of the trade. Spreads can fluctuate depending on various factors, which can sometimes make them higher or lower than commission-based fee structures.
Finally, forex brokers also offer clients numerous other services, such as charting features, demo accounts, educational materials, and copy-trading features. This holistic approach has made forex brokers incredibly accessible for beginner traders, with most even offering a smartphone app. This accessibility and user-friendliness have helped forex trading become incredibly popular in the modern era.
How do Forex Brokers Work?
If you are interested in forex trading in Ireland, you’ll probably want to know how these brokers work. As noted above, forex brokers pair buyers and sellers together. However, many brokers will use a ‘market maker’ model, which means they’ll take the opposite side of the trade to you. For example, if you want to buy GBP/USD, market maker brokers would sell GBP/USD.
This structure has its pros and cons, although it is excellent for providing liquidity. As the broker will always take the opposite side of the trade, you’ll be confident in knowing that your position will likely be filled. Alternatively, brokers may employ straight-through processing (STP), where you will be trading against other market participants and not your broker. So, instead of making money when you lose, like in a market maker model, STP brokers solely make money from the spread.
Best Forex Brokers Ireland – Full Reviews
Now that you have an idea of what forex brokers are and how they work, let’s discuss the best forex brokers Ireland in detail. Much like when you buy stocks Ireland, it’s crucial to choose a trading platform that can facilitate your trades seamlessly and cost-effectively. With that in mind, let’s dive into the top Irish forex brokers this year and see what they’ve got to offer!
1. eToro – Overall Best Forex Broker Ireland
Our number one pick when it comes to the best forex broker Ireland is eToro. eToro has a stellar reputation within the currency market due to being regulated by the FCA, ASIC, and CySEC. What’s more, eToro has over 23 million users worldwide, adding a considerable level of credibility to the platform.
The great thing about eToro is that this platform employs a 0% commission model, which means that you won’t have to pay any fees when you place a trade. All eToro’s fees are incorporated into the spread – which can be as low as one pip for major pairs. eToro currently offers 49 currency pairs, with a blend of majors, minors, and exotics.
Deposits at eToro are free to make, although the platform is denominated in USD, so if you were to deposit in Euro or GBP, there would be a small 0.5% currency conversion fee. eToro accepts various payment methods, including credit/debit cards, bank transfers, and e-wallets. Notably, eToro has full support for PayPal and Neteller, making it easy to fund your account.
Finally, eToro also offers a whole host of useful features – most notably their ‘CopyTrader’ feature. This social trading feature allows users to copy the trades placed by other eToro users automatically. There is no extra fee to use this service, which means you can browse all of the traders on offer and see which appeals to you without worrying about being charged hefty amounts!
67% of retail investor accounts lose money when trading CFDs with this provider.
2. Capital.com – Best Forex Broker Ireland with Low Fees
If you’re looking for an alternative to eToro, we’d also recommend Capital.com. Capital.com was launched in 2016 and has become a firm favourite with Irish forex traders, thanks to regulation from the FCA, ASIC, CySEC, and MiFiD. Furthermore, due to Capital.com’s user-friendly platform and low fees, they are an ideal broker if you are a total beginner to the market.
Much like eToro, Capital.com does not charge any commissions when you place a trade. Spreads are incredibly tight and range around one pip for majors such as GBP/USD. Notably, Capital.com offers up to 1:30 leverage for European traders, allowing users to boost potential profits (and potential losses) by up to 30x.
Capital.com is one of the best CFD brokers for currency trading, as users can choose from a selection of 138 different currency pairs. These pairs include majors, minors, and even niche exotics such as EUR/TRY and USD/HKD. In terms of deposits, Capital.com accepts all of the major credit/debit cards, along with bank transfers and various e-wallets.
Finally, Capital.com comes highly recommended because the platform offers a vast range of educational materials for traders. These include tutorials, guides, glossaries, videos, and even a free demo account. This selection ensures that new traders are fully informed before entering the market for the first time.
67% of all retail investor accounts lose money when trading CFDs with this provider.
3. AvaTrade – Best Forex Broker Ireland with MT4 Support
AvaTrade is one of the best MT4 brokers in Ireland for a variety of reasons. Firstly, AvaTrade has been around for 15 years and is regulated by numerous authorities – including the Central Bank of Ireland. The account opening process with AvaTrade is straightforward and can be completed on your computer, smartphone, or tablet.
AvaTrade offers 55 different currency pairs to trade, ensuring there’s always an investment opportunity for traders. No commission is charged by AvaTrade, with spreads being as low as 0.9 pips for EUR/USD. Much like other forex brokers, AvaTrade offers up to 30:1 leverage when trading currencies, which is ideal if you’re looking to generate more significant profits.
The great thing about AvaTrade is that the platform offers full support for MetaTrader 4 and MetaTrader 5. This is a massive plus for forex traders as it enables fast execution speeds and a high level of customisation. If you were to use AvaTrade’s proprietary app instead, you could also benefit from being able to set price alerts for when the price reaches a certain level.
Finally, AvaTrade’s minimum deposit is €100 and can be made via credit/debit card, bank transfer, and various e-wallets. There is no deposit fee, and AvaTrade accepts EUR, which is great for Irish traders. Finally, AvaTrade also doesn’t charge any withdrawal fees, with these withdrawals usually being completed in around three business days.
67% of all retail investor accounts lose money when trading CFDs with this provider.
4. Libertex – Best Forex Broker Ireland with ZERO Spreads
One of the best low spread brokers in the industry is Libertex. Libertex is regulated by CySEC and has over 2.9m clients worldwide. Furthermore, Libertex has been in operation since 1997 and has won over 40 trading industry awards.
The main selling point for Libertex is that this platform does not charge any spreads whatsoever. This is a unique stance to take in the currency market, as most brokers will use a spread-based structure. Instead of a spread, Libertex charges a commission when you place a trade. This commission does vary depending on the currency pair, although it tends to range between 0.1% to 0.5%.
Libertex offers over 50 currency pairs to trade, along with a selection of stocks, ETFs, commodities, and cryptocurrencies if you’re looking to diversify into other asset classes. Notably, Libertex offers full support for MT4, which is ideal for forex traders. If you don’t wish to use MT4, you can still use Libertex’ native platform on your laptop or smartphone.
The minimum deposit at Libertex is €100, which is entirely free to make. Libertex accepts credit/debit cards, bank transfers, and e-wallet deposits – with support for Skrill, Neteller, Rapid Transfer, and Trustly. Finally, Libertex even offers a free demo account with €50,000 in virtual money to practice with, which is great for beginner traders looking to gain risk-free experience in the market.
67% of all retail investor accounts lose money when trading CFDs with this provider.
5. IG – Best Forex Broker Ireland for Experienced Traders
Rounding off our list of the best forex brokers in Ireland is IG. IG was launched back in 1974 and is regulated by entities such as the FCA and BaFin. Furthermore, IG is even listed on the London Stock Exchange, which adds considerable credibility to the broker’s operations.
IG has one of the largest asset selections in the industry, with over 205 currency pairs to choose from. This selection includes all of the majors and minors that you’d expect, along with a diverse selection of exotics. Much like eToro and Capital.com, IG doesn’t charge any commissions when you place a trade. Furthermore, the average spreads are incredibly tight, with EUR/USD trades averaging at 0.85 pips.
Additionally, IG offers up to 1:30 leverage on the major currency pairs and 1:20 on the minor and exotic pairs. In terms of deposits, IG accepts all of the major payment methods that you’d expect and even allows deposits denominated in EUR. Deposits are free to make – and withdrawals do not accrue a fee either!
Finally, IG’s web-trading platform is incredibly user-friendly and offers many order types, including some rare ones. You can set up numerous alert types on the trading platform and can even use IG’s handy smartphone app to trade on the go. Finally, IG even offers support for MT4 if you’d prefer to trade using that platform.
67% of all retail investor accounts lose money when trading CFDs with this provider.
How to Compare Forex Brokers
Now that you have an idea of what the best trading platforms in Ireland are for forex trading, let’s turn our attention to the factors you need to consider when making your decision. As you can imagine, the platform you decide to partner with can make all of the difference in your trading journey. To help ensure you choose effectively, found below are some of the main elements to research when choosing a forex broker in Ireland:
Regulation
Top of your list of priorities should be regulation. Whether you’re looking to invest $1000 or any other amount, you must partner with a regulated and licensed broker for your trading activities. Brokers that are regulated must abide by strict security protocols that are designed to protect clients. If you were to use a broker that was not regulated or licensed, you would not be afforded much (if any) investor protection – meaning your capital and personal details would be at risk.
The best forex brokers in Ireland are supervised by top regulatory bodies such as the Financial Conduct Authority (FCA) or the Central Bank of Ireland. Other entities to look out for include CySEC, ASIC, BaFin, and MiFID. By partnering with one of the regulated brokers we’ve mentioned earlier, you’ll be able to trade a variety of financial instruments confidently, knowing that you’re protected.
Currency Pairs
Another element to consider is the selection of tradeable currency pairs offered by the broker. Forex can be one of the best investments UK, yet much of this hinges on the opportunities presented in the market. Thus, you’ll need a broker that offers a good selection of pairs to trade so that you never miss a viable investment opportunity.
Most brokers will offer the majors (like USD/JPY and EUR/USD) along with a selection of minors, which are currency pairs that are less traded and have lower liquidity. Some brokers may even offer exotics, which tend to come from emerging markets. These currency pairs are highly illiquid and volatile – so it’s wise to stick to majors and minors if you are a beginner to the forex market.
Fees & Commissions
Understandably, fees and commissions should be near the top of your list regarding factors that affect your brokerage decision. Most forex brokers (such as eToro) will offer commission-free trading, which does exactly as the name suggests. However, as these brokers must somehow make their ‘cut’, they’ll typically charge a spread, which is the difference between the bid and ask price. This spread will either be variable (fluctuates depending on market conditions) or fixed.
Aside from commissions and spreads, it’s always wise to consider non-trading fees, as these can also add up. Typical non-trading costs include deposit fees, withdrawal fees, monthly account fees, and inactivity fees. Furthermore, most brokers will have their designated base currencies – which means that if you don’t deposit in the base currency, you’ll have to pay a small currency conversion fee.
Leverage
Much like when you invest in stocks, you may wish to employ leverage to boost potential profits. In essence, leverage refers to the process of borrowing money from your broker to magnify your position – without having to deposit additional funds. Leverage is expressed in a ratio such as 1:20 or 1:30, meaning you can boost your position size by 20x or 30x, respectively.
Obviously, the process of magnifying your position size will also increase your potential profits, which is why leverage is so popular. However, it can also increase potential losses, so it’s wise only to use higher leverage if you are comfortable with trading and the potential for loss. Most Irish brokers will offer up to 1:30 leverage on major pairs to fall in line with the regulations imposed in the EU.
User-Friendliness
It’s also worth giving some consideration to how user-friendly the trading platform is. This is a crucial factor to review, especially if you are a beginner trader, as using a complex platform can result in trading mistakes. On the other hand, if you use a clean and straightforward platform, you’ll be more likely to trade effectively.
Another element of user-friendliness is the platforms on offer. Most forex brokers in Ireland will offer a web-based platform and a smartphone app, ensuring you can trade wherever you are. Furthermore, many forex brokers will also support MT4 and MT5, which are two third-party platforms that are super popular with forex traders.
Charting Tools
Much of a forex trader’s success is derived from analysing the price chart of a currency pair – which is why charting tools are so beneficial. These tools include the ability to place trendlines on the chart, along with the ability to use indicators such as RSI, Bollinger Bands, and EMAs.
Although you can conduct technical analysis on a wide range of third-party websites, it’s much more streamlined to do your research on the same platform that you place trades. This is because forex is inherently volatile and fast-moving – so those extra few seconds can make all the difference in your trading success.
Payment Methods
You’ll want to use a forex broker that accepts most major credit/debit cards, along with bank transfers and e-wallets, as this will ensure funding your account is as simple as possible. Many brokers these days (such as eToro) even support PayPal, meaning you can make instant deposits into your trading account from your PayPal balance. Furthermore, you’re often allowed to withdraw back to the method you used to make the payment – making PayPal deposits and withdrawals a viable option with many top brokers.
Customer Support
Finally, the level of customer service offered by a forex broker is essential to consider. Forex trading can be stressful, which is why using a broker with a live chat feature or 24/7 support can make all the difference in your trading journey. If this isn’t an option, at the very least, you should keep an eye out for brokers with an extensive FAQs section or a contact form, as this will ensure you can receive the help you need.
Best Forex Brokers Ireland for Beginners
Similar to when we discussed the best stock brokers Ireland, you must also choose a forex broker that suits your experience level. If you are a total beginner, there’s no point signing up with a broker designed for experienced traders, as the tools and features on offer probably won’t appeal to you. That’s why it’s best to choose a broker that is user-friendly, offers a good selection of educational materials, and doesn’t seem too overbearing.
Due to these factors, the broker we’d recommend if you are a beginner forex trader in Ireland is eToro. As we mentioned earlier, eToro is our pick for the best forex broker Ireland due to the platform’s user-friendliness and low fees. Furthermore, eToro offers an online trading academy that is exclusively designed for newcomers to the market. This academy provides a selection of free trading courses that take you from complete novice to adept at trading. By using these educational materials, you’ll give yourself the best chance at trading success.
How to Get Started with the Best Forex Broker in Ireland
Before we round off this guide on the best forex brokers in Ireland, it’s essential to discuss the exact process you need to follow when trading. As you’ll no doubt be aware by now, we recommend using eToro if you’re looking to trade the FX market in Ireland, as you’ll avoid hefty commissions and will be able to trade a huge selection of currency pairs. With that in mind, let’s discuss the five short steps you need to take to begin trading FX with eToro.
Step 1 – Create an eToro Account
The first thing to do is head over to eToro’s website and click the ‘Join Now’ button. You’ll then be asked to enter a valid email address and choose a username and a password to create your trading account.
67% of retail investor accounts lose money when trading CFDs with this provider.
Step 2 – Verify your eToro Account
Due to anti-money laundering regulations, new eToro users must verify themselves before being able to trade. Luckily this is easy to do and can be done online. Click the ‘Complete Profile’ button on your account dashboard and enter the personal details required for the KYC checks. You’ll then be asked to upload proof of ID (a copy of your passport or driver’s license) and proof of address (a copy of a bank statement or utility bill). eToro will then check these documents, which usually only takes a few minutes.
Step 3 – Make a Deposit
Once verified, you can proceed to make a deposit. eToro requires a minimum deposit of only $50 (€43), although there will be a 0.5% currency conversion fee if you deposit in a non-USD currency. In terms of payment methods, eToro accepts the following for Irish clients:
Credit card
Debit card
Bank transfer
Rapid transfer
PayPal
Skrill
Neteller
Trustly
Step 4 – Search for Currency Pair
Click into the search bar at the top of the screen and type in the name of the currency pair you’d like to trade. For the purposes of this walkthrough, we’re looking to trade EUR/USD. Once the pair appears, click ‘Trade’.
Step 5 – Trade Forex Ireland
An order box will then appear, much like the one below. In this box, you can decide whether you’re looking to buy or sell the pair, along with choosing your position size and placing a stop loss or take profit level. Once you are happy with everything, click ‘Open Trade’.
And that’s it! You’ve just placed your first FX trade with eToro – totally commission-free!
Best Forex Brokers Ireland – Conclusion
In summary, this guide has covered the best forex brokers Ireland in detail, highlighting their advantages and explaining the factors you need to consider when making your decision. Choosing a suitable forex broker can make all the difference in your trading journey, so it’s essential to dedicate the time to research your options and choose the right one. Using our list of online brokers noted earlier, you’ll have a good idea of which brokers are the best to use in Ireland this year.
If you’re looking to begin trading right away, we’d recommend using eToro. eToro is our number one broker as it offers a seamless trading experience that is ideal for beginner traders. What’s more, eToro is completely commission-free and allows deposits from as little as $50 (€43).
All the online brokers we have mentioned allow you to create an account for free and begin trading the same day. However, each broker will have its own fee structure, either charging a commission per trade or a spread.
Are forex brokers in Ireland safe?
The brokers that we’ve mentioned in this guide are all licensed and regulated by top governing bodies. Due to this, each broker must abide by strict security policies designed to protect traders and their capital.
What is the best forex broker in Ireland for beginners?
We’d recommend eToro if you are a complete beginner, as the platform is very user-friendly and will allow you to trade commission-free. What’s more, eToro even offers a vast selection of free trading courses designed to improve beginners’ skill levels.
How do forex brokers in Ireland make money?
Most brokers make money by charging either a commission or a spread. In addition, many brokers will charge non-trading fees such as deposit, withdrawal, or inactivity fees, so make sure to keep an eye out for these.
How long does it take to create an account with a forex broker in Ireland?
Most Irish forex brokers (including eToro) will allow you to create an account in minutes and all from the comfort of your own home. Furthermore, verification usually involves uploading a copy of certain documents, which can also be done via your laptop or smartphone.
About Connor Brooke PRO INVESTOR
Connor is a Scottish financial expert, specialising in wealth management and equity investing. Based in Glasgow, Connor writes full-time for a wide selection of financial websites, whilst also providing startup consulting to small businesses. Holding a Bachelor’s degree in Finance, and a Master’s degree in Investment Fund Management, Connor has extensive knowledge in the investing space, and has also written two theses on mutual funds and the UK market.
REGULATION & HIGH RISK INVESTMENT WARNING: Trading Forex, CFDs and Cryptocurrencies is highly speculative, carries a level of risk and may not be suitable for all investors. You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose.
The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk.
Please note that we do receive advertising fees for directing users to open an account with the brokers/advertisers and/or for driving traffic to the advertiser website.
