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Ireland provides a very serious and legitimate framework within which online Forex trading takes place. The main governmental body charged with the oversight of foreign exchange is the Central Bank of Ireland (CBI) which issues and revokes licenses to Forex brokerages.
Among the requirements that firms have to meet in order to operate legally in the country are segregated accounts, transparent pricing and a minimum starting capital. The CBI itself is very transparent and its website very informative and easy to navigate. There is a register of regulated entities which traders/clients may visit freely and make sure their broker is properly licensed.
Presiding over serious losses by retail investors for a couple of years, the Central Bank in March 2017 decided it was time further action be taken in order to limit the risks involved in online margin trading. Of course, the measures adopted correspond to the ESMA’s guidelines and rules set by other European Regulators.
The measures included the introduction of negative balance protection and most importantly – a new limit on the maximum allowed leverage. Brokerages licensed by CBI may provide clients with a leverage of up to only 1:30.
There are many Forex brokerages in Ireland which are under the regulatory oversight of different EU-countries but still target Irish traders and have offices set up in the country.
The most popular payment methods in Ireland are the standard Visa and MasterCard. E-wallets such as PayPal and Skrill are also among the preferred gateways
Irish forex news
The Central Bank of Ireland warns against 8888Markets – an unregulated forex and CFD broker, that has been illegally providing financial services