Best forex trading platform Ireland

‘Forex’ is an abbreviated term for the Foreign Exchange Market, and is a market where international currencies can be traded. ‘Forex trading’ is the actual activity of buying and selling currencies on the market. 

The currencies are bought and sold in pairs, meaning that the key to successful forex trades is accurately speculating the rise and fall in the prices of the pairs. Reading the Forex market well requires current and consistent knowledge of global economies and geopolitical factors. For example, if you were looking to trade GBPUSD, you’d predict the rise and fall of the prices of two respective currencies based on the political and economic factors affecting the UK and the United States. 

In the past, access to the forex market was largely restricted to professional traders, but that’s no longer the case. Thanks to the internet, anyone with a laptop and willingness to learn and study global economics and geopolitics can gain market access. The market is open 24 hours a day Monday to Friday, making it consistently accessible all over the world. That’s why we’re on hand to help you find the best forex broker Ireland has today.

If you’re completely new to it all, then trading can seem like quite an overwhelming thing to get into. However if you fall into the category of being a beginner trader, or even someone looking for a new trading avenue, then forex trading is a good first step – especially if you’re Irish.

Why does being an Ireland resident help? The island of Ireland has two active currencies, with Euros being used in the Republic and GBP in the north. Additionally, a great many Irish families have relatives in the UK, the US, Canada and beyond. 

Why is this relevant? Because the result of this is that almost all Irish adults have experience in exchanging currencies, whether that be for the purposes of business or travel. It’s a small step and you might not have considered it before, but as an Irish person you probably already know how to read and predict some currency pairs quite well. At the very least you’re probably up to date on the EUR-GBP rate. Forex trading gives you the chance to flip this knowledge into profit.

What we offer on our platform is the ability to trade forex currency pairs as CFDs, meaning that you never actually own either of the base currencies. Instead your price is settled based on the opening and closing prices of the currency pairs. When trading forex as CFDs the trick is in accurately speculating the price fluctuation of the currency pairs. Do this well and it can be profitable, however do it wrong and you can lose money. 

When it comes to trading forex as CFDs, knowledge is key, which is why we provide you with a vast amount of research tools and materials to help you get up to speed with the experts. As well as introductory tutorials for new traders, we also provide videos, case studies, forums and more so you can have an insight into the thinking of the experienced and professional trader.

Below we’ve provided you with a step by step guide to forex trading with the best platform that Ireland has to offer today. The first few steps are only relevant to beginner traders, so if you’re a more experienced trader, feel free to scroll down. 

1. Research

Learn as much as you can about forex trading before you actually go ahead and open an account. You can study basic level knowledge, theory and strategies right here without having to actually open an account. 

2. Open your account

Once you’re happy that you have at least some basic knowledge of how forex trading works, then you can go ahead and open up your account. If you’re a beginner trader don’t worry, as you don’t have to deposit any real money at this stage. The account opening process only takes five minutes, after which you can already take advantage of our expert trading tools and features.

3. Practice

Once your account has been opened, you can make use of a demo account, meaning that you can practice trading with virtual currency. There’s no real money deposit required in order to open an account, so everything at this stage is completely free. If you have some previous experience in trading forex currency pairs via another platform, then our tools might look familiar to you. However even for experienced traders we always recommend using our demo account first to get yourself acquainted with our trading platform, tools and features.

4. Download the trading app

As well as having a desktop platform, we also offer a cutting edge forex trading app, bringing the world of trading into your pocket. With the app, you can customise the platform and set alerts to ensure that you never miss an opportunity, no matter where you are. 

5. Fund your account

Once you’ve gained the confidence required to start trading with us for real, the time will come to take the important step of funding your account. We offer instant deposits with no fees and store your funds with Barclays, the world famous bank, so you can be sure your money is safe. If you’re new to forex trading, you might’ve heard rumours that you need a couple of thousand Euros to get you started, but that isn’t the case. If you want to start small, make a deposit and start trading within your means.

6. Start trading

Now the fun part starts, as you can start trading forex for real. Use a combination of our desktop platform and mobile trading app to start trading forex currency pairs as CFDs. The learning process never stops, as you can use our tools and materials to consistently analyse the global currency markets. With us you can trade USDJPY, EURUSD and more.

7. Withdraw your funds

When the time comes to withdraw your funds, the best trading platforms in Ireland always make things easy for you. As a top no fees, forex trading platform, you’ll find our withdrawal process is safe, secure and fair.

To summarise our ideas here, there has never been a better time to get into forex trading for Irish residents. For starters, Ireland has a great amount of access to various trading platforms, including nextmarkets. Secondly, there’s the fact that the Irish people already have a base of forex knowledge thanks to the island’s position on the border of the Eurozone and GBP. Lastly, our platform gives Ireland residents the chance to trade safely and securely with no commission fees whatsoever. 

If you’re interested in exploring other trading avenues in Ireland, you can check out our review of the best stock broker in Ireland here.