Home to a population of more than five million people, the Republic of Ireland occupies most of the island of Ireland, off the coast of Wales and England. The country has one of the most stable economies in Europe, and owing to the authorities’ liberal approach to trading, such activities are thriving on the Emerald Isle. The online brokers that cater to the Irish market are abundant, and as a result of the brokers’ efforts to penetrate the market, the trading opportunities open up to traders even more. Besides, Dublin is home to the Irish Stock Exchange, which is among the biggest stock exchanges on a global scale.
Trading Forex and CFDs gets adequate oversight from the authorities in Ireland, and residents of the country can take part in such activities without violating the law. Yet, traders should take into account that there is a maximum requirement on the leverage retail clients can be offered. The protection measures that are introduced by the European Securities and Markets Authority are also worthy of note.
|Regulator||Central Bank of Ireland|
|Maximum Leverage of Forex||30:1|
|Maximum Leverage of Stocks||5:1|
|Maximum Leverage of CFDs||20:1|
Best Ireland Brokers
Due to the ever-growing popularity of trading, the brokers that have flooded the market are by the hundreds, and considering how wide the choice is, traders might easily get overwhelmed while being on the lookout for top-performing Irish-friendly brokers. All brokers that cater to the market seek traders’ patronage and give their best to provide them with a wide choice of assets, a variety of platforms, fast and reliable payment methods, low costs, and premium-quality customer care, among others.
We reviewed many brokers that operate in Ireland and narrowed the group down to ten worthwhile brokers traders might want to explore if they want to be provided with premium-quality services in all major departments.
- TRADE NOWREAD REVIEWRegulators
- Central Bank of Ireland (No.C53877)
- B.V.I Financial Services Commission (No. SIBA/L/13/1049)
- ASIC (No.406684)
- South African Financial Sector Conduct Authority (FSCA No.45984)
- Financial Services Agency (License No.: 1662
- Financial Regulatory Services Authority (FRSA) (No.190018)
- Cyprus Securities and Exchange Commission (No. 347/17)
- Israel Securities Authority (No. 514666577)
1. AvaTradeMin Deposit€100Fees
- MetaTrader 4
- MetaTrader 5
- Automated Trading - AvaSocial, DupliTrade, and Capitalise.ai
Deposit MethodsCommissionsNo commissionSpreadFrom 0.9 pipsWithdrawal MethodsLeverage EU30:1Leverage non-EU400:1InstrumentsForex, stocks, bonds and treasuries, ETFs, energies, precious metals, agriculture, indices, cryptocurrencies*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- €100 administration fee
- €50 inactivity fee
Boasting unrivaled success, AvaTrade is a broker that is regulated by nine authorities in six continents. The broker is increasingly popular with traders from Ireland and welcomes clients from the country under a stamp of approval from the Central Bank of Ireland. As soon as AvaTrade welcomes you to its family, you will be offered competitive spreads, a highly-regulated trading environment, and superior conditions.
The broker provides a range of industry-leading platforms that are suitable for seasoned traders and total novices alike, and on top, there are several automated trading platforms like DupliTrade and AvaSocial. To guide traders on the road to successful trading, the broker provides Technical Analysis, Fundamental Analysis, and Sentimental Analysis.
The broker is celebrated for the sheer variety of introduced instruments as its clients are given access to over 1,000 markets to trade. Additionally, 24/7 cryptocurrency trading is also on offer. Aside from the wide array of tradable instruments AvaTrade’s customers can make use of, the variety of advanced trading tools on offer are also worth mentioning.
AvaTrade promises that traders’ money will always be safe as fully segregated bank accounts are used. To ensure the protection of investors, the broker also offers negative balance protection and an investor compensation scheme. To offer even greater protection, the broker has introduced AvaProtect, which is a risk management tool exclusive to AvaTrade.
The broker offers a premium education pack that will allow them to expand their knowledge, using blog posts, webinars, daily market analysis videos, and trading tutorials, among others. There is also a team of experts who are always ready to answer all questions traders might have.
- Min Deposit€0FeesNo fees on depositsDeposit MethodsCommissions$4.50 USD equivalent per 1 standard lot (round turn) or equivalent ($4.50 per round turn)Spread
Withdrawal MethodsLeverage EU30:1Leverage non-EU
- Starts from 0.9 for Classic accounts
- Starts from 0.0 pips for Zero accounts
InstrumentsCommodities, Forex, energies, precious metals, equity indices, and share CFDs*All financial products involve risk and you should ensure you understand the risk involved as certain financial products may not be suitable for everyone. Trading in margin foreign exchange and derivatives carries a high level of risk and you may incur a loss that is far greater than the amount you invested. Past performance of any product described on this website is not a reliable indication of future performance. Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information or advice on this website, you should consider the appropriateness of it (And any relevant product) having regard to your circumstances and we recommend that you seek independent financial advice if necessary.
- For Pro accounts
- Forex & Metals: 500:1
- Index CFDs: 100:1
- Cryptocurrencies: 10:1
Even though Fusion Markets was set up in 2017, the brokerage started accommodating clients in 2019 and is now one of the most favored brokers in Ireland. It is a reputable and trusted broker, and this is anything but surprising, considering Fusion Markets has acquired licenses from the ASIC, FSA, and VFSC.
To ensure that Fusion Markets is the best choice for traders, the broker has not introduced a minimum account size. Additionally, no fees are charged on deposits and traders will face some of the lowest trading costs. If you are ready to start trading, you can go for a demo or live account, and if the latter option is what you prefer, you will be allowed to decide between a Zero and a Classic account.
After traders pick the account type that most suits their requirements, they will be able to trade 250 and counting products. Fusion Markets aims at giving clients the opportunity to access all the markets they might be interested in, and their customers can trade precious metals, Forex, cryptocurrencies, equity indices, share CFDs, and energy.
Traders can customize their strategies and maximize their potential, thanks to the advanced trading tools on offer. In an attempt to give its clients an edge in the market, the broker provides them with tools like analyst views, technical insight, and market buzz, among others.
The available platforms are also of crucial importance to traders, and the broker gives its clients the opportunity to decide between MetaTrader 4 and MetaTrader 5 for handheld and desktop devices, thus ensuring that they will never need to interrupt their trading experience no matter the time or the place. Copying the actions of other successful traders is also possible, thanks to Dupli Trade and Fusion+.
Fusion Markets takes the security and privacy of its clients seriously, and uses industry-standard encryption for deposits and cashouts.
- 3. IQ OptionMin Deposit€10Fees
Deposit MethodsCommissions2.9% for long currency positionsSpread0.9 pipsWithdrawal MethodsLeverage EU
- No fees on deposits and cashouts
- €10 Inactivity fee
Leverage non-EU1000:1InstrumentsStocks, cryptocurrencies, commodities, ETFs, indices, and Forex*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- 30:1 for retail clients
- 100:1 for professional clients
Licensed and overseen by the Cyprus Securities and Exchange Commission, IQ Option is a broker that has made a name for itself with its advanced platforms, lightning-fast payments, and a wide variety of tradable instruments on offer.
IQ Option ensures that there are enough markets and assets for traders to decide between, and depending on their trading goals, clients of the brokerage can pick from CFDs on crypto, Forex, and stocks. Trading EFTs, commodities, and indices is also possible. The minimum investment the broker requires is €1, while the maximum leverage traders will benefit from is 30:1.
The broker also allows its clients to give the services on offer for free after they create a demo account. The practice account comes with €10,000 in its balance, and the best thing is that the free account is refillable.
IQ Option gives its customers a choice of multiple payment systems when they want to top up their accounts or withdraw their funds securely and without delays. When moving funds to and from their trading accounts, clients of the brokerage can make use of payment methods like bank wire, PayPal, Mastercard, Skrill, Visa, and Neteller.
IQ Options offers quick and multilingual customer support around the clock to ensure that traders will get answers to all questions they might have.
- 4. easyMarketsMin Deposit
FeesNo account fees, no matter the account typeDeposit MethodsCommissionsNo commission for all account typesSpread
- No minimum deposit requirement for MT4
- €25 for MT5 and Premium accounts
- €10,000 for VIP accounts
Withdrawal MethodsLeverage EU30:1Leverage non-EUUp to 2000:1 or 400:1, depending on the account typeInstrumentsShares, cryptocurrencies, Forex, indices, metals, and commodities*Trade Responsibly: CFDs and Options are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Options work and whether you can afford to take the high risk of losing your money. Please refer to our full Risk Disclaimer. Easy Forex Trading Ltd (CySEC – License Number 079/07).
- Fixed spread for MT5
- Variable for all other accounts
Another broker traders from Ireland should consider if they are unsure of where to trade is easyMarkets. The broker has been pioneering the online trading market since 2001 and now, its name is associated with premium-quality trading services in multiple jurisdictions, including Ireland.
The broker wants to provide its clients with a simple and varied enough choice of options, and the markets offered by easyMarkets include cryptocurrencies, Forex, indices, commodities, shares, and metals. The broker offers some unique features like freeze rate, dealCancellation, and free guaranteed stop loss.
Finding a broker that meets your expectations might not be that simple, and because of this, easyMarkets gives its clients the chance to probe the offered services without risking their hard-earned money using the demo account. When they are sure that the broker offers all they are after, traders can go for a VIP or Premium account on MT4, MT5, or TradingView.
The broker also pays special attention to the needs and requirements of mobile traders, and easyMarket’s mobile apps give traders unlimited access to all available markets no matter the time or the place. One more reason why the broker is worth traders’ while is that its clients will not pay additional fees and will not face a commission.
Clients of the brokerage who want to trade cryptocurrencies are allowed to do so around the clock, no matter which of the supported platforms they will pick. The broker is fully regulated, and the stamp of approval from the CySEC should give traders the peace of mind that easyMarkets is worth their while. Traders should bear in mind that easyMarkets is fully compliant with all ESMA regulations, and because of this, the maximum leverage they will be offered is 30:1.
- 5. Global PrimeMin Deposit€0FeesNo deposit and withdrawal feesDeposit MethodsCommissions
- $3.5 for Raw accounts
- No commission for Standard accounts
Withdrawal MethodsLeverage EU30:1Leverage non-EU100:1 on Forex and metalsInstrumentsForex, indices, cryptocurrencies, bonds, and commodities*Trading derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Any Information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Past performance of any product described on this website is not a reliable indication of future performance. You should consider whether you’re part of our target market by reviewing our Target Market Determination, and read our PDS and other legal documents to ensure you fully understand the risks before you make any trading decisions. We encourage you to seek independent advice if necessary.
- From 0.9 Pips for Standard
- From 0.0 pips for Raw accounts
Founded in 2010, Global Prime was initially created in order to cater to the growing demand for Forex trading. Throughout the years, the broker has considerably expanded its list of offerings as today, its clients can also engage in trading bonds, commodities, cryptocurrencies, and indices.
The broker seeks to make a breeze for traders to access the world’s financial markets and allows them to decide between several account types that are designed to suit investors of all experience levels. Standard and Raw accounts are not the only options clients of the brokerage can go for, as seasoned traders who require higher leverage can sign up for a Professional account. A demo account is also on offer for clients of the brokerage who want to learn how to place trades, and the best thing is that the account offers unlimited virtual cash.
Global Prime goes out of its way to combine market-leading trading conditions with some of the most popular trading platforms in order to ensure the satisfaction of all its clients. Along with MetaTrader 4 and MetaTrader 5 that are two of the most used trading platforms, Global Prime has announced that cTrader and TradingView will also be made available soon. Together with these world-class trading platforms, clients of the brokerage can also use MyFXBook Autotrade. This social trading system allows traders to subscribe and copy other trading systems and use them in their accounts.
No matter which of the available platforms traders will go for, they will be offered access to the same range of assets and equally low costs.
There are multiple other benefits of trading with Global Prime, and traders might choose to join the community of the brokerage also because of its tight spreads, low latency, personalized support, and an array of offered trading tools.
Global Prime is friendly to traders from Ireland, and clients of the brokerage from that jurisdiction will not be required to pay conversion fees when making payments, as the euro is on the list of supported base account currencies. The broker has also taken the stress out of traders’ experience as the range of banking methods is wide enough, no extra fees are charged, and the processing times are up to scratch.
- 6. Markets.comMin Deposit€100Fees
Deposit MethodsCommissionsNo commissionSpreadDepends on the instrumentWithdrawal MethodsLeverage EU30:1Leverage non-EU300:1InstrumentsForex, shares, bonds, commodities, indices, ETFs, cryptocurrencies, IPO*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- €10 inactivity fee
- No deposit and withdrawal fees
Dedicated to offering everything its clients might need in order to trade effectively in one place, markets.com is a broker traders might already be familiar with. The broker has been in business since 2009, and today, it is among the highest-rated providers of trading services to clients from Ireland. The broker is regulated to operate on most major markets, including the UK and European ones.
The broker offers a range of customizable trading platforms tailored to live up to the requirements of traders, and the range of options includes MetaTrader 4 and MetaTrader 5. The featured platforms might be among the features traders pay the most attention to but the markets on offer might be among the biggest deal-breakers. Because of this, markets.com has made sure that its clients can get exposure to a vast variety of financial instruments like Forex, cryptocurrencies, indices, shares, commodities, ETFs, and bonds. An important thing to know is that the available assets can be traded through markets.com’s spread-betting and CFDs platforms.
Clients of the brokerage can get unlimited access to all the offered markets everywhere they go after they download and install the dedicated apps designed for devices running on Android or iOS.
In order to improve their chances of seeing great success, traders are allowed to take full advantage of professional tools like market sentiment analysis, buy and sell alerts, and risk management, among others.
Clients of the brokerage who feel that they need to sharpen their skills and knowledge are given that opportunity, thanks to the comprehensive educational materials markets.com provides. Getting assistance is made a walk in the park for all clients of the brokerage, and whenever they need help, traders can contact the support hosts via email, phone, or using the live chat.
- 7. XMMin Deposit€5 for all account typesFeesNo deposit and withdrawal feesDeposit MethodsCommissions
- Commission for XM Zero Account
- No commission for XM Ultra Low Micro Account and XM Ultra Low Standard Account
Withdrawal MethodsLeverage EU30:1Leverage non-EU1000:1InstrumentsShares, Forex, energies, precious metals, stocks, equity indices*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please consider our Risk Disclosure.
- As low as 0.0 pips for XM Zero Account
- As low as 0.6 pips for XM Ultra Low Standard Account and XM Ultra Low Micro Account
XM is an award-winning Ireland-friendly broker that has developed into a well-established international investment firm with presence in 190 countries.
It is easy to see why the broker is renowned globally, as the services XM offers are focused on its clients. Because of this, the broker offers three account types and a slew of instruments. It should be easy for traders to find an account type that hits the spot, as is a Zero Account, Ultra Low Standard Account, and Ultra Low Micro Account. A commission is only charged if traders opt for Zero Account, while the spread on all majors for such accounts is as low as 0.0 pips. For the other two account types, the spread on all majors is as low as 0.6 pips.
Another reason why XM has become a true industry leader is that the broker ensures lightning-fast payments to and from traders’ accounts with zero fees. EUR is on the list of base account currencies, so traders from Ireland can make payments using their local currency.
The protection of their clients’ funds is a top priority for the broker and because of this, XM uses segregated bank accounts and offers insurance of retail clients’ funds of up to €20,000 by the Investor Compensation Fund. Clients of the brokerage can learn at their own pace while using the materials that are readily available in the education center.
- 8. IC MarketsMin Deposit€200 for all account typesFees
- No deposit and withdrawal fees
- No inactivity fee
SpreadFrom 0.0 pipsWithdrawal MethodsLeverage EU30:1Leverage non-EU500:1InstrumentsCommodities, Forex, stocks, bonds, futures, indices*Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.30% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- No commission for Standard accounts
- 3.5 for Raw Spread accounts
- 3.0 for Raw Spread accounts (cTrader)
IC Markets is a well-regulated provider of trading services to clients from multiple jurisdictions among which is Ireland. The broker has a seal of approval from the Cyprus Securities and Exchange Commission and is many traders’ first choice because it offers its numerous clients superior liquidity, cutting-edge trading platforms, and low latency connectivity.
The broker was founded in 2018 by a team of trading professionals, and the aim its founders have set is to provide traders with a transparent trading environment that responds to the requirements of institutional and retail clients alike.
The range of products brokers offer is of paramount importance to their clients, and because of this, IC Markets has carefully selected the securities on offer. The broker gives its clients access to some of the most liquid and popular markets across the world, and as IC Markets’ customers, traders can get exposure to over 60 Forex pairs, 25 indices to trade from across the globe, more than 28 commodities, over 2,100 stocks from American and European Exchanges, 13 of the most popular cryptocurrencies, bonds, and future indices.
One of the best things about the bigger product offering is that it is included in all account types IC Markets has on offer. When they are ready to get started, traders should only pick the account type and pricing model that fits best to their requirements and experience level. Raw and Standard account types are both on offer, and the former are preferred because of their incredibly low spreads.
Traders from Ireland might pick IC Markets for their experience also because of the flexible and secure funding options the broker offers. Payments to and from the brokerage can be executed using digital wallets, credit/debit cards, and bank transfers using multiple base account currencies, including EUR.
- Min Deposit
FeesNo deposit and withdrawal feesDeposit MethodsCommissions
- $50 for Standard accounts
- $200 for ProZero accounts
- $10,000 for Bespoke accounts
- Zero for Standard accounts
- From $3/Lot Per Side for ProZero accounts
- From $2.5/Lot Per Side for Bespoke accounts
Withdrawal MethodsLeverage EU30:1Leverage non-EU500:1InstrumentsShares indices, Forex, precious metals, commodities, spreads, ETFs*Foreign exchange and derivatives trading carries significant risk and is not suitable for all investors. You do not own, or have any interest in, the underlying assets. Before you decide to trade foreign exchange and derivatives, we encourage you to consider your investment objectives, your risk tolerance and trading experience. ACY Capital Australia Limited (VFSC: 012868) provides general advice that does not consider your objectives, financial situation or needs. The content of this website must not be construed as personal advice; please seek advice from an independent financial or tax advisor if you have any questions.
- Variable for Standard accounts
- From 0.0 pips for Bespoke and ProZero accounts
Friendly to traders from Ireland, ACY Securities was founded in 2013 and is now many traders’ first choice. The broker has the approval of the Vanuatu Financial Services Commission and the Australian Securities and Investments Commission and as a result, its services are available to traders from a wide array of territories.
The broker goes out of its way to provide its clients with the needed cutting-edge technologies in order to make it easier for traders to navigate the global financial markets. The broker spares no effort to provide its clients with services of the first water, and because of this has invested in some of the most used and advanced trading platforms MetaTrader 4 and MetaTrader 5. The broker is also preferred because the company offers low-cost trading as spreads start from 0.0 pips.
Traders who insist on a greater variety might pick the broker over its rivals, as ACY Securities offers over 2,200 instruments. The award-winning broker allows its clients to get exposure to markets like spreads, ETFs, Forex, commodities, precious metals, indices, and shares. While trading with ACY Securities, traders are given a choice from three account types, including Standard, Bespoke, and ProZero. If they prefer, traders can also practice on MetaTrader 4 and MetaTrader 5 after they register for a demo account and sharpen up their skills using the $100,00 in virtual funds that will be added to their balance.
Another advantage of trading with ACY Securities is that the broker has ensured that the minimum deposit amount will meet the requirements of all traders, as the least amount they can transfer to their accounts is €10. The variety of accepted deposit and cashout methods is also worthy of attention, and when transferring funds to and from their accounts, traders can go for Mastercard, Neteller, Visa, Skrill, bank transfer, Perfect Money, and Trustly, among others.
- Min Deposit
FeesNo fees on deposits and cashoutsDeposit MethodsCommissions
- No minimum deposit for Standard accounts
- $2,000 for Prime accounts
- $20,000 for Institutional accounts
- No commission for Standard accounts
- US$6 per lot for Prime accounts
- US$4 per lot for Institutional accounts
Withdrawal MethodsLeverage EU30:1Leverage non-EU500:1InstrumentsShares, commodities, Forex, futures, and cryptocurrencies*Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.
- From 0.0 pips for Institutional accounts
- From 0.8 pips for Standard accounts
- From 0.1 pips for Prime
BlackBull Markets is an award-winning broker that is preferred because of its low spreads and leverage that reaches up to 500:1. The New Zealand-based broker offers institutional-grade trading conditions and gives its clients access to all major world markets.
BlackBull Markets provides its clients with access to a diverse range of markets on all the offered account types. Users of the brokerage can immerse themselves in trading Forex, shares, cryptocurrencies, futures, indices, and commodities. The broker seeks to provide its clients with cutting-edge technology to assist them when they want to assess the world’s markets, and because of this, offers them a choice of two of the most powerful trading platforms MetaTrader 4 and MetaTrader 5.
If traders want to learn how to trade Forex or commodities, for example, they can explore the offered tutorials, videos, or webinars. BlackBull Markets also offers several trading tools to assist traders, and some such are Zulu Trade and Myfxbook.
BlackBull Markets stands out from the crowd because the broker gives its clients access to over 26,000 tradable instruments across the offered platforms. One of the best things about the broker is that its clients can start trading in less than 5 minutes and there is no minimum deposit requirement. Among the other benefits of registering for an account with BlackBull Markets include its competitive costs and superior execution speed.
BlackBull Markets knows that it is good to have someone to rely on when you encounter difficulties, and because of this, the broker offers around-the-clock assistance by phone, live chat, and email.
Trading Regulation in Ireland
Trading activities are thriving in Ireland, and their growing popularity among residents of the country can mainly be ascribed to the hospitable legislation. Investors from the jurisdiction can partake in trading various financial instruments like CFDs and Forex without violating the laws, and the best thing is that the brokers that are entitled to offer their services to traders from Ireland are by the bucketful.
Currently, the Central Bank of Ireland oversees the operations of all providers of trading services in Ireland, but from 2003 to 2010, the single regulator of all financial institutions in Ireland has been the Irish Financial Services Regulatory Authority. It was a constituent part of the Central Bank of Ireland, but in 2010, the regulatory agency was reunified with the bank.
The Markets in Financial Instruments Directive 2014 (2014/65/EU), which is also known as MiFID 2 is a legal act of the European Union used to define the rules according to which trading activities take place. It was implemented to replace MiFID 1, which was a keystone in The Financial Services Action Plan (FSAP) of the EU, the aim of which was to bring in changes to the way financial service markets must operate within the EU.
Under the provisions of MiFID 2, investment firms are only allowed to operate in the EU, provided that they are authorized by a national competent authority (NCA) in the EU. The directive also requires financial services providers to comply with special rules regarding the conduct of business, transaction reporting, trade transparency, and operating conditions.
The MiFID 2 regulated virtually all forms of assets and oversees off-exchange and over-the-counter (OTC) trading. The directive requires all financial firms to assess whether their clients are able to bear the losses incurred from a product. Brokers also need to make sure that their clients fully understand financial products.
Traders from Ireland are not given access to binary options because trading such is considered too risky by the Central Bank of Ireland.
Forex Trading Regulation in Ireland
Forex trading has skyrocketed in Ireland, and because of the liberal regulatory framework in the country, more and more brokers seek to penetrate the market. The primary regulator of all trading activities in Ireland, including Forex, is the Central Bank of Ireland, and in order for brokers to accommodate clients from the jurisdiction, they must have its approval.
An important thing to keep in mind is that there is a limit on the maximum leverage retail clients can be offered. When Forex trading is concerned, the maximum leverage retail clients can be offered on major currency pairs cannot go above 30:1. Yet, professional traders who qualify can be offered higher leverage. Non-major Forex pairs, on the other hand, cannot have leverage higher than 10:1. Thus, the leverage for tradable assets that bear greater risk is considerably reduced.
An important thing to note is that under the provisions of MiFID 2, brokers are required to keep records pertaining to a trade or transaction. The European Securities and Markets Authority (ESMA) is one more regulatory body that has a key role when it comes to the regulation and legislation of financial markets in Europe. It is an independent European Union Authority that must improve the way financial markets function in the EU and strengthen investor protection. Strengthening the cooperation between national competent authorities is yet another goal of the regulatory body.
Negative balance protection must also be among the measures Ireland-facing brokers must offer. In this way, traders can rest assured that they will not lose more money than the one they started trading with.
Stocks Trading Regulation in Ireland
In addition to trading Forex and CFDs, residents of Ireland can also legally trade stocks. The country is home to the Irish Stock Exchange, which has been in existence since 1793. The stock exchange has been part of Euronext since 2018 and gives Irish and international companies the opportunity to access European capital markets. In Ireland, Euronext Dublin operated by the Irish Stock Exchange is the sole regulated market.
Euronext Dublin complies with various directives by the EU, including the MiFID regarding the securities that are listed and are admitted to trading. The securities admitted to trading on Euronext Dublin include specialist securities, exchange-traded funds, investment funds, equities, corporate bonds, and government bonds.
Trading as Euronext Dublin, the Irish Stock Exchange is authorized to operate four securities markets, including the Atlantic Securities Market (ASM), Euronext Growth, the Global Exchange Market (GEM), and Euronext Dublin. The international member base of the stock exchange continues to expand and this is understandable considering that it is the leading exchange globally for listing bonds and investment funds.
CFDs Trading Regulation in Ireland
Residents of the Emerald Isle are now given access to more brokers and trading platforms than ever before, and much like Forex, trading CFDs is also regulated and overseen by the Central Bank of Ireland.
In 2019, the authorities announced their intentions to stop the sale of binary options and impose restrictions on the sale of CFDs. After the measures were introduced, the sale, marketing, or distribution of binary options was prohibited, while the distribution of contracts for difference (CFDs) to retail investors can only be offered under specific rules.
A standardized risk warning is also required and while offering CFDs to traders from Ireland, brokers are required to report and display the number of trades that do not bring profits through disclaimers. The maximum leverage that can be offered on precious metals is 10:1, while the leverage offered on cryptocurrencies is 2:1. Gold can be subject to a maximum leverage of 20:1, while individual equities cannot be subject to leverage greater than 5:1.
These measures were introduced after reviews carried out by the EU’s competent authorities found out that between 74% and 87% of retail clients incur losses after putting money into binary options. As for CFDs, the reviews found out that in 2015, around 75% of traders lost money. Back then, the average loss was €6,900.
Two years later, a follow-up review that was carried out among some of the biggest CFD providers in the jurisdiction found that the average loss of retail clients was reduced by half. Yet, the share of traders who incurred losses has remained almost unchanged as their percentage was 74%.
The legislative changes that were introduced by the European Securities and Markets Authority (ESMA) resulted in certain changes in the trading conditions not only for retail traders but for professional ones as well. Although professional traders will benefit from increased leverage, they are not offered the same protection as retail clients of the Ireland-friendly brokers.
In order to be classified as a professional trader, you will need to meet certain requirements regarding your trade volume, portfolio size, and professional experience. The value of traders’ investment portfolios must exceed €500,000. To qualify as a professional trader, you also must have carried out an average of 10 trades per quarter on the relevant market.
Lastly, you need to work or have worked in the financial sector for at least one year. Traders do not need to meet all three criteria, and fulfilling just two of them is enough to be qualified as a Professional Trader.
Ireland Trading Regulation FAQ
1. Can I register for an account with brokers that are not licensed by the Central Bank of Ireland?
2. What are the requirements regarding the maximum leverage Ireland-friendly brokers need to abide by?
3. How Can I be sure that the broker I am about to start using is approved by the Central Bank of Ireland?
4. Is trading tax-free in Ireland?
5. How low are spreads in Ireland?
Funding and Withdrawing from Ireland Trading Account
One of the distinctive traits of worthwhile Ireland-friendly brokers is that they ensure that depositing and withdrawing funds is as easy and straightforward as possible. The brokers are well aware that their clients have different needs and preferences, and because of this, tend to give them a choice from multiple methods to fund their accounts and execute their cashouts. Be it credit/debit cards, digital wallets, or bank transfers, traders can be sure that they will have these all at their disposal.
Ireland adopted the euro as its currency more than twenty years ago, and because of this, it is not surprising that most brokers that are friendly to traders from the jurisdiction offer EUR as a base account currency. Going for a broker that allows payments in EUR is what Irish traders insist on, which is not surprising, considering that thus they will save on currency conversion fees.
Depositing at Ireland Trading Accounts
Most brokers that cater to traders from Ireland boast a near-instant deposit policy, which makes it possible for their clients to start trading in just a few minutes. The range of accepted deposit methods is not the same for all Ireland-oriented brokers, but typically, traders are allowed to fund their accounts using their credit/debit cards or through digital wallets.
These payment solutions are mainly preferred because of their time efficiency, especially when compared to bank transfers. Brokers rarely charge extra fees on deposits but this might not be the case with bank transfers.
As for the deposit minimums, this only depends on the brokerage Irish traders have decided to trade with. The bare minimum for deposits is also determined by the account type investors have decided to go for.
The account types that are tailor-made for seasoned traders normally have considerably higher initial investments, while account types that are more suitable for beginners typically have lower deposit limits. Some brokerages that welcome Irish traders do not impose a minimum deposit amount, thus making their services all the more accessible.
Another important thing to keep in mind is that traders from all European countries are first required to verify their accounts before they are allowed to make deposits.
|Common Deposit Methods Offered by Ireland Brokers|
|Payment Method||Usual Deposit Limits||Usual Deposit Timeframes||Usual Fees|
|Neteller||€100-€500 minimum deposit amount||Instant||Free of charge|
|Visa||€100-€500 minimum deposit amount||Instant||Free of charge|
|Mastercard||€100-€500 minimum deposit amount||Instant||Free of charge|
|Maestro||€100-€500 minimum deposit amount||Instant||Free of charge|
|Skrill||€100-€500 minimum deposit amount||Instant||Free of charge|
|Bank transfer||€100-€500 minimum deposit amount||2 to 5 days||Varies between brokers|
|PayPal||€100-€500 minimum deposit amount||Instant||Free of charge|
|WebMoney||€100-€500 minimum deposit amount||Instant||Free of charge|
Withdrawing from Ireland Trading Accounts
Depending on their broker of choice, traders’ cashout requests might be processed within up to 24 or 48 hours. After their request is approved, traders might be able to access their funds within 2 to 5 days, depending on the chosen payment processor. Naturally, withdrawals executed through bank transfers take more time to clear, and traders’ funds might reach the balance of their accounts within up to 5 days. If traders are on the lookout for a more time-efficient payment method, they should check if the brokerage allows cashouts via digital wallets.
Traders should keep in mind that most brokers do not charge additional fees on cashouts, but extra charges might be applied by the remitting banks or payment system provider. Another crucial aspect of cashouts to bear in mind is that traders will not be able to withdraw more money than they have added to their accounts using their credit or debit card.
As for the cancellation of cashout requests, some brokers offer this opportunity, but this is only broker-specific. Investors should remember that withdrawal requests can only be canceled in the event that they are not yet approved by the brokerage.
|Common Withdrawal Methods Offered by Australia Brokers|
|Payment Method||Usual Withdrawal Limits||Usual Withdrawal Timeframes||Usual Fees|
|Wire transfer||€100- no maximum withdrawal||Up to 10 days||Depends on the broker and the bank|
|Visa||€10- no maximum withdrawal||Up to 5 days||Depends on the broker|
|Mastercard||€10- no maximum withdrawal||Up to 5 days||Depends on the broker|
|Neteller||€10 – no maximum withdrawal||Up to 1 day||No extra fees|
|Skrill||€10 -no maximum withdrawal||Up to 1 day||No extra fees|
|PayPal||€5 – no maximum withdrawal||Up to 1 day||No extra fees|
Ireland Trading Platforms
The brokers that cater to traders from Ireland are in the habit of offering various ways to trade to their clients via desktop and portable devices. The choice of trading platform clients of the brokerages are given is rarely the same, and traders’ preferences for tradable assets and experience levels might be what will determine their decisions in terms of which platform to go for.
While looking for an Ireland-facing broker, traders might also stumble upon brokerages that have come up with their own platform software suites. That being said, some platforms like MetaTrader 4 and MetaTrader 5 are almost invariably part of the platform offering of most brokers.
One of the most frequently offered trading platforms by the brokerages that operate in the jurisdiction is cTrader. When compared to the MetaQuotes’ platforms, cTrader is a relatively newer platform that boasts an incredibly user-friendly user interface and advanced take profit and stop loss systems.
It is a multi-asset CFD and Forex trading platform that is preferred because it offers complete trading solutions, especially by traders with less experience.
The platform is packed with various features to cater to every investment requirement and is preferred because of its fast execution and entry times. Another great benefit of using cTrader is that the platform offers advanced order types and level II pricing. The rich charting tools on offer are also worth mentioning.
Unlike the version available for desktop devices that must be pre-installed, the web version works seamlessly at all times, given that the device has an HTML5-compatible web browser.
Trading while being out and about is also possible while using the native cTrader apps for devices running on Android and iOS. Both apps enable effective on-the-go trading and support light and dark modes.
MetaTrader 4 and MetaTrader 5
Also known as MT4, MetaTrader 4 is without a doubt among the most widely used platforms by online retail traders. It was introduced in 2005 by MetaQuotes Software and offers a flexible trading system and technical analysis options. MetaTrader 4 provides everything you might need while trading Forex and allows traders to implement strategies of any complexity.
While using the platform, traders are given access to a number of tools like a tick chart and trading history, stop orders and trailing stop, and trading from a chart. Instant order execution and pending orders are also among the benefits of using the trading platform. Another of MT4’s strongest points is its Analytical functions. Free and paid signals will also be at the fingertips of traders, together with copy trading.
Traders can prepare for unexpected price movements thanks to the financial news and alerts available on the platform.
Much like MT4, MT5 also has a desktop, web, and mobile version. Besides, the platform offers a range of superior analytical tools traders can use in order to improve their chances of seeing success. While using the platform, traders can open a maximum of 100 charts of currency and stock quotes at a time, pick from 21 timeframes, and benefit from 80 technical indicators.
Trusted by 50 million traders, TradingView is one of the most frequently employed platforms by Irish traders. It gives traders access to a range of assets like indices, Forex, stocks, bonds, and futures. Traders might opt for the platform, no matter if they prefer to analyze price patterns using lengthy scripts or simply want to look up the latest stock prices. The platform gives traders direct access to over 50 of the most popular crypto exchanges, over 100 financial metrics, and more than 150 exchanges from various corners of the globe.
TradingView is preferred also because of the unmissable alerts the platform offers. The trading alerts are incredibly easy to use, flexible, and powerful, and the best thing is that they are within reach on every device. There are 12 alert conditions and technical alerts for indicators, strategies, and drawings. The platform is many traders’ first choice also because of the extensive volume of fundamental data for all major stock exchanges it provides. Traders are offered comprehensive financial analysis through more than 100 fundamental fields and ratios, financial statements, and historical data that can be used right on the chart.
The platform allows traders to test their strategies right on the chart, no matter if they will choose to use self-written or ready-made strategies in real time. Traders will get detailed reports on their strategy performance and can share them with other users. Traders will never miss a pivotal global event as TradingView also comes with an economic calendar.