7 Best Forex Brokers in Ireland
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Updated 17/12/2024
Explore our carefully curated list of reputable Forex Brokers & Trading Platforms, each rigorously tested with real funds. All brokers are accessible to traders in Ireland.
Quick Answer: What is the best Forex Broker in Ireland?
In my opinion, eToro is the top choice for forex trading in Ireland. Whether you’re a seasoned trader or just starting out, eToro provides an incredibly user-friendly platform with features that make forex trading simple and approachable. Its copy trading function is a real standout — you can automatically replicate the strategies of top-performing traders, which is a huge advantage if you’re still learning or want to diversify your strategy.
eToro
- Copy Trading
- User Friendly Platform
- Regulated & Trusted
- 30 Million+ Users
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Here are the Top 7 Best Forex Brokers in Ireland:
- eToro – Best for beginners with easy-to-use copy trading.
- Saxo – Advanced tools for professional traders.
- SpreadEX – Simple, flexible platform for all levels.
- Pepperstone – Fast execution and wide forex pair access.
- IG – Versatile platform with strong trading tools.
- XTB – Competitive spreads and multi-asset trading.
- AvaTrade – Reliable with MetaTrader 4/5 support.
How Do These Forex Trading Platforms Compare?
| Broker | Rating | Fee Score | Platform Score | Account Opening Score | EUR/USD Spread | Withdrawal/Deposit Fee | Minimum Deposit | MT4 Available | Regulated | Number of Forex Pairs | Major Pairs | Minor Pairs | Exotic Pairs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| eToro | 4.7/5 | 4.1 | 4.8 | 4.7 | Varies | No | $0 | No | Yes | 60+ | Yes | Yes | Yes |
| Saxo | 4.5/5 | 4.2 | 4.9 | 4.5 | 0.6 | No | $0 | Yes | Yes | 180+ | Yes | Yes | Yes |
| SpreadEX | 4.5/5 | 4.1 | 4.8 | 5 | Varies | No | $0 | No | Yes | 50+ | Yes | Yes | Yes |
| Pepperstone | 4.5/5 | 4 | 4.8 | 5 | 0.1-0.2 | No | $0 | Yes | Yes | 70+ | Yes | Yes | Yes |
| IG | 4.3/5 | 4.1 | 5 | 5 | 1 | $5 | $0 | No | Yes | 80+ | Yes | Yes | No |
| XTB | 3.9/5 | 4.1 | 3.5 | 3.5 | 0.1+ | No | $0 | Yes | Yes | 60+ CFDs | Yes | Yes | Yes |
| AvaTrade | 3.9/5 | 3.9 | 4.9 | 4.8 | Varies | No | $100 | Yes | Yes | 80+ | Yes | Yes | Yes |
Broker Fee Comparison
| Platform | Stock Trade Fee (per $1,000) | Withdrawal Fee | Inactivity Fee |
|---|---|---|---|
| eToro | $0 | $5 | $10/month after 12 months |
| Pepperstone | $3 | Free | None |
| SpreadEX | Spread-based | Free | None |
| AvaTrade | Fixed spreads | Free | None |
| IG | $6 | Free | £12/month after 2 years |
| XTB | $0 (with conditions) | Free | None |
| Saxo | $10 | Free | None |
The 7 Forex Trading Platforms:
#1 eToro - Best for beginners with easy-to-use copy trading
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Why it’s Ranked #1:
eToro tops the list for Irish traders due to its easy-to-use platform and innovative copy trading feature. This makes it ideal for beginners who want to learn by replicating successful traders while gaining hands-on experience. eToro’s wide selection of forex pairs and commission-free structure also set it apart, giving traders excellent value and a stress-free experience.
What are the Fees?
eToro charges zero commissions but earns through spreads. EUR/USD spread starts from 1.0 pips. Withdrawal fee: $5.
Which Forex Pairs are Available?
Over 50 forex pairs, including major, minor, and exotic pairs.
How Safe is the Broker?
eToro is highly regulated, including by CySEC and the FCA. Funds are protected under top-tier safety protocols.
- User-friendly platform for beginners.
- Copy trading features to follow top traders.
- Limited advanced charting tools for professionals.
- High non-trading fees, such as withdrawal fees.
#2 Saxo: Advanced tools for professional traders.
Your capital is at risk.
Why it’s Ranked #2:
Saxo secures the second spot because of its exceptional tools, advanced analysis capabilities, and professional-grade platform. It’s particularly well-suited for experienced traders who demand precision and in-depth market insights. With over 180 forex pairs and competitive spreads, Saxo offers one of the most comprehensive forex trading environments in Ireland.
What are the Fees?
Tight spreads starting from 0.6 pips on EUR/USD. Commission applies for certain accounts.
Which Forex Pairs are Available?
Over 180 forex pairs, including majors, minors, and exotics.
How Safe is the Broker?
Saxo is regulated by multiple authorities, including the Danish FSA. It is considered very safe with strong investor protections.
- Advanced tools and in-depth analysis for professionals.
- Competitive spreads on major forex pairs.
- High minimum deposit of €2,000.
- Complex platform for beginners.
#3 SpreadEX -Simple, flexible platform for all levels.
Your capital is at risk.
Why it’s Ranked #3:
SpreadEX earns its ranking by combining simplicity with flexibility, making it a great choice for traders of all levels. Its intuitive platform makes it easy for beginners to navigate, while its customizable trading options appeal to intermediates. SpreadEX’s focus on user-friendly execution without unnecessary complexity makes it a solid contender.
What are the Fees?
Spreads vary but remain competitive. No commissions on trades.
Which Forex Pairs are Available?
Over 50 forex pairs, including majors, minors, and exotics.
How Safe is the Broker?
SpreadEX is regulated by the FCA and adheres to top safety standards.
- Flexible trading options for all levels.
- Simple and intuitive platform.
- Limited advanced tools for experienced traders.
- Focuses mainly on CFDs and spread betting.
#4 Pepperstone: Fast execution and wide forex pair access
Your capital is at risk.
Why it’s Ranked #4:
Pepperstone stands out for its low spreads and lightning-fast execution speeds, making it perfect for active traders and scalpers. Its focus on offering raw spreads and reliable MT4/MT5 support ensures traders get the tools they need for efficient forex trading. The platform’s performance-driven approach justifies its spot in the top rankings.
What are the Fees?
Raw spread accounts offer spreads from 0.0 pips with a commission of €3.5 per lot.
Which Forex Pairs are Available?
Over 70 forex pairs, including majors, minors, and exotics.
How Safe is the Broker?
Pepperstone is regulated by the FCA and ASIC, ensuring high safety and security.
- Fast execution speeds for active traders.
- Low spreads starting from 0.0 pips on ECN accounts.
- Inactivity fees apply after 6 months.
- No proprietary platform, relies on MT4/MT5.
#5 IG: Versatile platform with strong trading tools.
Your capital is at risk.
Why it’s Ranked #5:
IG is ranked highly for its versatility and reliability, offering a platform that combines advanced tools with extensive educational resources. This makes IG ideal for intermediate traders who want to refine their skills while benefiting from excellent charting tools. IG’s strong reputation as an FCA-regulated broker adds to its appeal in Ireland.
What are the Fees?
EUR/USD spreads start from 0.6 pips. Standard account has no commissions.
Which Forex Pairs are Available?
Over 80 forex pairs, including major, minor, and exotic pairs.
How Safe is the Broker?
IG is FCA-regulated and listed on the London Stock Exchange, offering strong safety and transparency.
- Versatile trading platform with advanced tools
- Extensive educational resources for traders.
- High fees on some trades.
- Limited forex pairs compared to competitors.
#6 XTB: Competitive spreads and multi-asset trading.
Your capital is at risk.
Why it’s Ranked #6:
XTB shines for traders looking for multi-asset flexibility and competitive spreads. Its award-winning platform, xStation, is intuitive and easy to navigate, making it perfect for traders who want to manage multiple asset classes, including forex. Although it lacks some advanced forex tools, its competitive fees and simplicity earn it a strong position.
What are the Fees?
Spreads start at 0.1 pips for EUR/USD. Zero commissions on standard accounts.
Which Forex Pairs are Available?
Over 60 forex pairs, including major, minor, and exotic pairs.
How Safe is the Broker?
XTB is regulated by multiple authorities, including CySEC and FCA, ensuring a high level of safety.
- Competitive spreads on major pairs.
- Easy-to-navigate platform for multi-asset trading.
- Limited forex tools for advanced traders.
- Higher fees on exotic pairs.
#7 AvaTrade: Reliable with MetaTrader 4/5 support
Your capital is at risk.
Why it’s Ranked #7:
AvaTrade is ranked for its reliability and strong support for MT4 and MT5, making it a great choice for traders who value consistency and global access. Its fixed spreads offer predictable trading costs, which is a big advantage for those managing tight budgets. AvaTrade’s regulation by the Central Bank of Ireland ensures it’s a trusted and secure choice for Irish traders.
What are the Fees?
Fixed spreads start from 0.9 pips on EUR/USD. No commissions for standard accounts.
Which Forex Pairs are Available?
Over 80 forex pairs, including majors, minors, and exotics.
How Safe is the Broker?
AvaTrade is regulated by the Central Bank of Ireland, ensuring strong local oversight and client protection.
- Supports MT4 and MT5 for advanced traders.
- Fixed spreads for predictable trading costs.
- Inactivity fees after 3 months.
- Limited account customization.
What is Forex Trading?
Forex trading, or foreign exchange trading, involves buying and selling currencies to profit from changes in exchange rates. It’s the largest financial market in the world, with over $6 trillion traded daily, operating 24 hours a day, five days a week.
Traders exchange currencies in pairs, like EUR/USD (Euro vs. US Dollar), where the price shows how much of one currency is needed to buy the other. Exchange rates fluctuate due to factors such as economic data, political events, and market sentiment.
While forex offers great profit opportunities, it also carries risks. When I started, I quickly learned the importance of a solid strategy and risk management tools like stop-loss orders. Whether you’re new or experienced, choosing a reliable broker like eToro can simplify trading with its user-friendly platform and resources.
Additional Considerations for Irish Traders
When trading forex in Ireland, there are several key factors to consider that can influence your trading experience and financial outcomes. These include taxation, the regulatory environment, and trading costs. Understanding these aspects will help you trade confidently and stay compliant with local laws.
Taxation
In Ireland, forex trading profits are subject to taxation based on the nature of your trading activity:
- Capital Gains Tax (CGT): If your trading is occasional or speculative, profits may fall under CGT. The current annual exemption is €1,270, with a standard rate of 33% applied to gains exceeding this amount.
- Income Tax: If forex trading is your primary income or you trade frequently, profits are considered income and taxed at rates of 20% (standard) or 40% (higher band), depending on your total income.
It’s crucial to keep detailed records of your trades, including dates, amounts, and profits, for accurate reporting to the Revenue Commissioners. Consulting a tax professional can provide clarity specific to your situation.
Regulation
The forex market in Ireland is overseen by the Central Bank of Ireland (CBI), which ensures brokers operate safely and transparently.
- Broker Regulation: Choose brokers regulated by the CBI or trusted European bodies like CySEC. Brokers adhering to MiFID II (EU regulations) provide key protections, including negative balance protection and segregated client funds.
- AML and KYC Policies: Brokers must follow anti-money laundering (AML) and know your customer (KYC) rules, requiring ID verification to ensure secure trading.
Trading Costs and Fees
Beyond spreads and commissions, Irish traders should watch for additional costs:
- Inactivity Fees: Some brokers charge for dormant accounts after a certain period.
- Withdrawal Fees: Check if your broker charges for withdrawals and review any limits.
- Conversion Fees: If trading non-euro pairs, conversion fees may apply.
Currency Volatility
Currency pairs involving the euro (EUR/USD, EUR/GBP) can experience fluctuations based on economic data, European Central Bank (ECB) decisions, and global events. Having a strategy for managing volatility is key to protecting your trades.
Summary and Key Takeaways
Selecting the right forex broker in Ireland is vital to your trading success. Factors like regulation, fees, trading tools, and customer support should be top priorities.
For Irish traders:
- eToro is ideal for beginners with its easy-to-use platform and copy trading features.
- Saxo suits pros looking for advanced tools and deep market analysis.
- SpreadEX offers a flexible platform perfect for traders at all levels.
- Pepperstone impresses with competitive spreads and fast execution.
- IG stands out with versatile tools and educational resources.
- XTB provides a user-friendly experience with competitive spreads.
- AvaTrade is reliable, with MT4/MT5 support for predictable trading environments.
Understanding taxation, regulations, and trading costs in Ireland will help you trade with confidence. Always do your research and choose a broker that aligns with your trading style and goals.
FAQs
Yes, forex trading is completely legal in Ireland and regulated by the Central Bank of Ireland (CBI). Traders can access reputable brokers regulated by CBI or other EU authorities under MiFID II regulations.
Forex profits in Ireland are subject to Capital Gains Tax (CGT) at 33% for occasional trading, with an annual exemption of €1,270. If forex is your primary income, profits are taxed under income tax rates of 20% or 40%, depending on your total earnings.
eToro is often the best choice for beginners due to its user-friendly interface and copy trading feature, which allows new traders to replicate the strategies of experienced traders.
The most popular pairs for Irish traders include EUR/USD (Euro/US Dollar) and EUR/GBP (Euro/British Pound) due to their liquidity and relevance to the Irish economy.
Check if the broker is regulated by the Central Bank of Ireland (CBI) or other trusted authorities like CySEC or the FCA. Look for safety features like segregated client funds, negative balance protection, and strong user reviews.
Top 5 FX Brokers
1
eToro
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
2
Saxo
Your capital is at risk.
3
SpreadEX
Your capital is at risk.
4
Pepperstone
The inclusion of Interactive Brokers’ (IBKR) name, logo or weblinks is present pursuant to an advertising
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is not responsible for the accuracy of any products or services discussed.
5
IG
Your capital is at risk.
Our #1 Forex Trading Platform
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
