Best forex broker Ireland 2023

The forex, or Foreign Exchange Market, is an over-the-counter market place where global currencies are bought and sold in pairs. Successful forex trading relies on accurate market speculation, as it essentially involves the value of one currency increasing or dropping against another. Get it right, and it can be a very profitable form of investment. 

To get good at forex trading, keeping up to date with the geopolitical and economic factors that  can influence a currency’s value is key. For example, if you’re looking to trade USDJPY, you’d want to keep a close eye on economic and political factors affecting the USA, Japan and their relations.

All financial activities in Ireland are regulated by the Central Bank of Ireland. However it’s not an obligatory requirement for a forex broker to have a Central Bank of Ireland license in order to offer its services to Irish residents. As a result, traders in Ireland have access to licensed and regulated forex brokers online that are based overseas. 

This means that Irish residents have a lot more choice than most when it comes to finding a good forex broker online. However, too much choice can often be overwhelming – and there’s also the aspect of knowing the good foreign regulators from the bad. Here at Nexmarkets, we’re able to offer you the top forex broker Ireland has available in 2023. If you’re over the other side of the Irish sea or north of the border, then check out the best forex broker UK.

Forex brokers are financial service companies that provide you with a platform that can be used to trade forex currency pairs. In days gone by, forex brokerages and other such financial trading services could only be accessed at large by trading and finance professionals. Nowadays, thanks to the internet, forex trading is now open to anyone with a willingness to invest and learn. 

It’s not all hunky-dory with online forex brokerages though – and so the trick is to find one that’s safe, unregulated and offers you the best possible service. nextmarkets is a brokerage that offers Ireland residents safe and secure forex trading on a commission free basis. Find out how to trade USDJPY.

There are a number of reasons why our platform can currently claim to be the best forex broker available to Irish traders in 2023. For starters, if you’re completely new to trading, you can open a forex demo account to get you started. This allows you to practice trading forex currency pairs with virtual mock currency, meaning you can get to grips before investing and risking any of your own capital. 

When it comes to making your first real money deposit, we offer a selection of secure and instant payment methods with no fees, including debit and credit cards. Additionally, we store your money with the reputable bank Barclays, so you can be sure your funds are safe at all times. When it comes to the actual trading side of things, we offer you commission-free forex trading with no third party fees or hidden costs. 

Research tools

When it comes to trading with a forex broker in Ireland, or anywhere else in the world, it’s not only beginner traders that have to take notice. While we do provide a range of excellent tutorials, search and expert videos to help novice traders get to grips, our tools also exist to help forex traders of all experience levels. Just like with all forms of trading in the financial world, the learning process is never finished when it comes to trading with a forex broker. 

As well as case studies, relevant news and a forum where traders pool and share ideas, you’ll also find a range of other tools and features to help you better trade GBPUSD and other currency pairs. Our dedicated downloadable forex signals app can help you to keep on top of market activity and to manage your leverage.

All customers have the choice between trading forex and/or CFDs with our brokerage. As a result, when opening an account with us you have the choice between opening a forex demo account or a CFD trading account when registering with us. 

The similarities

CFD and Forex trading go hand in hand in many ways because of the striking similarities – including the fact that they can both be traded on the same platform. Accordingly, you’ll find that most forex brokers in Ireland will also offer CFD trading. Both forex and CFDs are bought and sold on the over the counter (OTC) market and involve price speculation. As a result, you never actually own the underlying assets when trading in either forex or CFDs with any broker. For example, if you trade EURGBP, you don’t at any point own either of the two currencies, you’re merely speculating on the exchange rate movement in order to try and make a profit.

The differences

The main difference between the two is that CFDs are more complex and are therefore riskier for newer traders. The term CFD refers to Contracts For Difference, and these contracts can cover a range of financial markets, from stock indices to metals and more. Forex trading solely involves speculating on the exchange rate of two currency pairs, and while there’s still risk involved, there’s a lot less for new traders to get their heads around.

1. Research

Key for traders new and old before using a new forex broker is doing your research and using the demo account to get to grips. Learn how to read the fore signals and use other features with the broker as well as making use of the research materials to get to know the market.

2. Budget and risk minimisation 

It’s a common myth that you need thousands of Euros to start trading with a forex broker. These days, online brokers like us cater to the casual trader as well. You can therefore get started with a fairly modest budget. Just remember that with forex trading there is also a risk of losing money, so as well as setting a deposit budget, you do also need to have a figure in mind you’re prepared to lose in the worst case. 

3. Managing leverage

Managing leverage is a key factor in forex trading for brokers both new and experienced. Downloading a good forex signals app can help you keep on top of this. 

4. Economics and geopolitics

When trading with a forex broker, you’re speculating on the exchange rate fluctuation between two global currencies. The best way speculate on the market is to keep a very close eye on the economic and political factors affecting the two countries in question. For example, when trading GBPUSD, you’ll want to know what’s influencing the markets and politics in the UK and US respectively. 

5. Don’t move too fast

As you gain experience when trading with a forex broker, a common mistake is moving too fast. There are risks involved with forex trading, so no matter how well you’re doing, move forward in baby steps and not giant leaps. 

When it comes to forex trading in Ireland, we’ve learned that there are a number of brokers to choose from thanks to the open access the country enjoys. We’d like to finish off by summarising the key reasons why nextmarkets is your best bet when it comes to choosing a forex broker in Ireland. For starters, we offer a forex demo account to help you get to grips with our platform for free. Secondly, and perhaps most crucially, we offer commission free forex trades with more hidden costs. Lastly, our tools and apps will help enhance your forex trading journey, no matter what experience level you’re currently at.