Best Forex Brokers in Ireland 2021

As one of the world’s fastest-developing economies, Ireland has attracted foreign investors in the last decades. Forex trading is not an exception, with many platforms emerging in the country following the recognition of the practice by the country’s authorities.

Be as it may, such rapid growth has its downsides. A saturated market is always a mixed bag, and telling a responsible broker from a shady one may not be easy for a newcomer. Our team has compiled a list of the most important factors to be on a lookout for when choosing the best forex broker.

Best Forex Brokers in Ireland

Best Brokers For Beginner Currency Traders

Choosing a forex broker in Ireland often starts with the question of regulation. Governments and financial authorities around the world are increasingly interested in currency trading. In this case, the main authority in the field is the Central Bank of Ireland, or CBI. As a part of compliance with CBI’s regulations, any forex broker is supposed to be prepared to provide price stability and protect its clients. 

Traders that choose Irish brokers also enjoy an additional level of transparency. Instead of relying on outside sources, consumers can check the platform’s authorization for trade by going to CBI’s register. Such openness instantly makes every Irish forex broker an attractive option both for small-scale traders and institutions. 

Best Forex Trading Platforms

Another core aspect of currency trading is the technical side of the process. This is a rather broad category that includes anything from the functionality of the platform to the availability of analytical tools. Naturally, these criteria will differ depending on how familiar a trader is with the broker forex world. 

Beginner users will probably look for features that provide guidance and advice, such as the ability to follow seasoned traders and receive recommendations based on market patterns. Professional investors, on the other hand, will be more interested in the selection of technical indicators like the relative strength index, SMA, and stochastic oscillators. Other factors, like the selection of currency pairs and the reliability of news and insights, will be equally important for everyone looking for the best forex broker. 

Best Forex Brokers For Low Costs

Once we are through with the legal and technical stuff, it is time to consider the question of cost. A typical forex broker charges the clients based on spread – the difference between buying and selling prices. In this sense, Ireland is similar to the rest of the world. Almost every Irish forex broker sticks to the trusted formula of lower spreads for popular pairs.

The main thing to keep in mind here is whether the spread is fixed or variable. As a rule, fixed spreads are higher, reaching 5 pips on popular pairs and going all the way up to 20 pips for less liquid ones. Variable spreads are a bit trickier. On average, they are several times lower than fixed ones, which may seem like a lucrative opportunity. Nevertheless, even the best Forex broker in Ireland is not immune to market fluctuations, so be prepared to see massive spikes in commissions during periods of high volatility. 

Best International Offering

Openness to international traders is another important trait of the best forex brokers. Fortunately, the Irish regulatory framework is exceptionally favorable to the global market. First off, every authorized forex broker Ireland is required to provide a selection of payment options for funding customer accounts. These include debit and credit cards of the usual variety, including those from the U.S., digital payment services like PayPal, and bank transfers. 

You should keep in mind, nonetheless, that these options vary widely in the time of execution, so take that into account when looking for a quick trade. Another advantage is the fact that Irish brokers use EUR as their base currency. For international customers, this means they do not need to lose money on a currency conversion, minimizes losses on conversion, and streamlines the process for those who live in Europe. 

Best For Day Trading 

Day trading is an approach where deals are closed within a single day. This method is used by people who can detect the slightest changes in the market and capitalize on high volatility periods. Understandably, it also requires an extra level of technological proficiency and legal compliance. 

Fortunately, virtually every Irish forex broker can offer both. The regulations of CBI do not restrict day trading practices in any way. As a rule, the platform will offer all the necessary indicators for analysis, either in the raw format or processed and visualized. In other words, finding the best broker for Forex will likely also be the best one for day trading. 

How To Choose A Forex Broker

By this point, the process of selecting the best Forex broker probably seems like a tangled mess. You may find that there are simply too many things to keep track of, from regulatory compliance to the subtleties of pricing. In reality, however, the process can be boiled down to three simple steps.

Be aware, though, that the Internet does is not exactly an impeccable source of information, so if you notice any red flags, there is a good reason to stay alert.

How We Rate Forex Brokers

That said, some of you will find even these steps prohibitively complex or time-consuming. Fortunately, we’ve already done most of the work for you. Our team has devised a comprehensive analytical framework that makes it possible to find the best forex broker in Ireland. 

The analysis accounts for a multitude of factors, from friendliness to international traders to ease of use and reliability of security mechanisms. These factors are expressed in numerical values, which are used to calculate what we call a universal trust index. We also regularly update the information to make sure the index stays as accurate and up-to-date as possible. 

Best Forex Broker Summary

Threading the rapidly growing market of forex trading may seem like a challenge even in a tightly-regulated country like Ireland. Try to track all the relevant points like fees, tools functionality, and currency pairs availability – and you may well find your head spinning. Some traders also find it unacceptable to waste their effort on consumer research, preferring to focus on trading, or simply having no luxury of spare time. Others prefer to do their own research, going through every review they can find. Our list of the best forex brokers will serve as a handy shortcut for the former and an additional credible source for the latter.