Best stock broker Ireland

Last updated: 17.05.2021
Dominic Hawker
Author:
Dominic Hawker
Adviser
CFD & Trading
Experience
> 30 years

Greetings, and welcome to our Nextmarkets guide to finding a stock broker in Ireland. After all,  we know everything there is to know about investing and finding brokers to meet your needs!.

In this guide, we navigate the world of choosing a suitable stock broker, answering all of the most common concerns and queries on the way. We also highlight common ‘red flags’ to look out for when choosing a broker. 

So, sit back, and read on to learn how to find the best stock broker in Ireland. Enjoy!

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nextmarkets investors

  • Finding a stock broker
  • How to find a stock broker in Ireland
  • Oversight and protection
  • Additional factors to look out for
  • Red flags with stock brokers
  • Final thoughts on choosing a broker

Finding a stock broker

When you are looking to make some money via investing, whether you are new to the idea or have been doing it for a few years, many people will advise you to seek out a stockbroker. 

Why? Because, in short, they know more about stocks and shares than even the savviest investor and can offer you tips and guidance on how to buy stocks in Ireland.

What is a stock broker?

Recent Hollywood movies have played up the stock brokers on Wall Street and other glitzy areas, but as we come back down to earth from the movies, many new investors need to know what a stock broker is and what they do. 

In short, a stock broker is a professional trader who buys and sells trades and shares on behalf of their clients. In Ireland, such a professional has to be registered with the QFA to trade. So, that’s one thing to keep in mind when you are looking!

How to find a stock broker in Ireland

When you are exploring how to buy stocks in Ireland, you will inevitably use the internet to narrow your search down. 

There are hundreds of stock brokers available to oversee your exchanges and trades in Ireland, so it’s not as though you will be short on choice! But do you know what to look for when choosing a stock broker?

Know your needs

First things first, when you decide to invest in any venture, you need to have a clear idea about what you are investing for and your level of knowledge. 

If you are new to investing, you will want to find a stockbroker who can help you to learn about trading, without blinding you with technical jargon. If you have a history of trading but are looking to invest more money, you may want to look for a stock broker who has a wider range of trading expertise and can offer more targeted advice to your requirements. 

In short, be honest with yourself and any potential brokers about your level of trading knowledge and whether you are looking to save for retirement, or are looking for a passive income. This will also help you to whittle down your choices when you are looking for a broker, as many specialise in certain areas and investing types. 

Regulations to check!

You wouldn’t hire any professional to handle your money without checking for their qualifications and regulations and that should be no different when it comes to shopping for a stock broker. 

A key authority that any Ireland-based stock broker should be registered with is the European Securities and Markets Authority or ESMA. They should also be registered with the Financial Conduct Authority or FCA. Brokers who trade in FOREX or foreign exchanges in Ireland have to be overseen by the FCA, so if you want to trade in foreign stocks and are looking for the best FOREX broker in Ireland,  this is something to keep an eye out for!

Best forex broker - Nextmarkets

Oversight and protection

When you are exploring how to buy stocks in Ireland, you will want to make sure that your money is safe in the hands of your chosen stock broker. Even if they are registered with the aforementioned authorities and have 20+ years of experience, that doesn’t necessarily mean that your money is protected. 

Fraud is always an issue with investing and so, when you are exploring how to buy stocks in Ireland you need to ask your broker about the fraud protection that they (or the regulatory bodies they are registered with) can offer you, should the worst happen. 

The FCA also offers investors a warning list, highlighting untrustworthy investors and companies, alongside describing the most common fraud types that they have noticed each year. This can go a long way towards protecting you from any illegal activity.

Additional factors to look out for

Current customer and reviews

By the time you come to your shortlist of potential brokers, you will probably want to look a little more at their customer service skills and previous reviews. 

While we would rarely advise using customer reviews to come to a decision in relation to stock broker apps, it is important when it comes to choosing a stockbroker in the flesh (so to speak!).

The majority of your interaction with this person is probably going to be online or via the telephone, so when you are conducting your preliminary interviews, it is worth glancing through their reviews. 

Have they been heralded for their honesty with clients? This is particularly important if your stock broker has marketed themselves as being suitable for those who are new to investing; do they use jargon-free language and try to educate you? Or, do they make you feel more overwhelmed and unsure during those initial conversations? If you feel at all uneasy, move on!

Availability

Many stock brokers that you will encounter during your search for a stockbroker will work for a firm.

Does this firm have good customer service? Are you aware of their hours of availability? Everything from dedicated phone lines for certain issues to a list of contact email addresses are important for investors, especially those who are just learning the ropes. Be sure that all the services you need are provided to you before you invest all your faith in any broker firm.

Red flags with stock brokers

From the above list, you should have a pretty clear idea of what to avoid when looking for a stock broker in Ireland.

Just to be sure that you have all the information you need going forward, here are a few things we would avoid when searching for one. 

Guarantees: When you are looking to buy Tesla stock for instance, you should know that nothing is guaranteed. If when you conduct initial meetings/interviews with stock brokers they promise you large financial returns, that is a red flag. 

Look for a broker who is more informative and offers advice when you buy Google stock  for instance, rather than offering you Ponzi-like guarantees!

Vagueness: When you are researching/interviewing your broker, you will have questions. Remember, you are looking for someone who you can place a high level of confidence in and vague answers related to investments or qualifications is a bad sign in any area.

Lack of diversification: A good stock broker in Ireland will aim to help you diversify your portfolio; over investing in one area can cause large losses and so, whether you want to buy Apple stock or buy Netflix stock, your broker should aim to help you diversify.

Final thoughts on choosing a broker

When you are looking for a stock broker in Ireland  to place your trust in, you must first ensure that they are registered and that your investments will be protected in the event of fraud. 

Look for someone who answers queries directly, has reasonable hours of contact and, of course, helps you to make diverse investments in line with your investment plan and your level of knowledge.

If you feel they are pressuring you, they have bad reviews or a history of shady tactics, it is rarely worth the hassle- move on to your second choice broker! You’ll now be able to buy Amazon stock and plenty of other Fortune 500 company stocks.

Stock broker Ireland FAQ

✋Do all stock broker charge fees?

In a word, yes; there is no such thing as a fee free stockbroker!

But it is worth remembering that with that fee comes the advice and knowledge that your stock broker has, and if you can find a stock broker who regularly makes you money while diversifying your portfolio, that can be worth its weight in gold. 

If you are new to trading and don’t want to spend a fortune in fees, head over to our website at Nextmarkets  for a comprehensive look at the most affordable stock brokers for new traders in Ireland. We have also reviewed the best traders based on different investment plans, so we have something for everyone to look through!

👀Is an independent broker better than one linked to a firm?

Simple put, no they aren’t. The only difference between the 2 is that a firm-linked broker will also be bound by the regulations of the firm that they work for, whereas an independent broker is more likely to operate under general trading regulations. Also, a firm based broker is more likely to charge fees as set down by their firm, but an independent broker may charge more. 

If you need help deciding whether to choose a firm linked stock broker or an independent professional, visit our site for a comparison of the 2 types and a compare and contrast of the advantages and disadvantages of both professionals.

🙏Is an app better than a stock broker?

Apps have the advantage of being downloadable to your phone and being accessible at any time of the day. Depending on the type of investment you want to make and the level of experience that you have, you may or may not have better luck with a real life broker. They can offer more targeted advice than even the best apps based around investing and will obviously work with you more personally to reach your investing goals. If you aren’t sure whether or not to try investing with an A.I./ app or to contact an actual broker, head on over to Nextmarkets.com for a look at the advantages of both and which investment types they are best suited to.

❓What investment type is the best one for me?

As before, the investment type that you make should be based around your reasons for investing (passive income, or retirement fund) and your level of experience. This is where a brief chat with a stock broker can prove invaluable to helping you determine your goals. If you need some help narrowing down what your investment plan is, why not visit our site for more information? On our site, we explore the different types of investment plans which are common in Ireland and whether or not they are best suited to an app or a stock broker/firm. Perfect!

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