Looking for the best Forex broker in Mexico? You've come to the right place! In this article, we will compare and review some of the top brokers in Mexico. Each broker has their own unique set of features, so it's important to choose one that fits your individual needs. We will go over everything from account types to customer service so that you can make an informed decision about which broker is right for you.
So, without further ado, let's get started.
How to Choose Forex Brokers in Mexico
When choosing a Forex Broker in Mexico it is important to:
-Check if the broker is regulated by reputable regulatory authorities of the world.
-Ensure that the broker has a minimum capital of $60,000 USD.
-That they maintain segregated client accounts.
-The broker offers an easy-to-use platform like MetaTrader or cTrader.
-The broker offers 24/hour customer support.
-Has low fees and transparent pricing. With these guidelines in mind, you will be able to find a reputable Forex Broker in Mexico that meets your needs.
Is Forex Trading Legal in Mexico?
Online forex trading is legal in Mexico. The country’s financial regulator, the Comisión Nacional Bancaria y de Valores (CNBV), oversees the forex market in Mexico. In order to trade forex, Mexican citizens must open an account with a broker that accpet Mexican citizens.
While there are many reputable brokers that are regulated by the CNBV, it is important to do your due diligence before selecting one. This includes reading reviews and comparing fees and features. Once you have selected a broker, you will need to open and fund your account before you can start trading.
When it comes to forex trading, it is important to remember that leverage can work both for and against you. While it can help you maximize your profits, it can also lead to heavy losses if the market moves against you. As such, it is important to use leverage wisely and always practice risk management.
If you are new to forex trading, there are a number of resources available that can help you learn the ropes. These include online courses, webinars, and books. Once you have a good understanding of how the forex market works, you can start developing your own trading strategy.
Mexican citizens who want to trade forex should make sure they choose a reputable broker that is regulated by the CNBV. It is also important to use leverage wisely and practice risk management. There are a number of resources available that can help you learn the ropes, including online courses, webinars, and books. Once you have a good understanding of how the forex market works, you can start developing your own trading strategy.
Best Forex Brokers in Mexico
If you are new to Forex trading, then the first thing you need to do is choose a broker. But with so many brokers out there, how do you know which one is right for you? Well, the best way to find out is by doing your research and reading reviews. And that's where we come in! In this blog post, we will give you an overview of the top Forex brokers in Mexico and provide our thoughts on each one.
The first broker on our list is XM. XM is a popular choice for Mexican traders because it offers a variety of account types and a wide range of tradable instruments. In 2009 XM Global Limited started its trading online service under the brand name XM. Today, they have more than 5,000,000 customers and 600 professionals working all over the world. XM has operations in more than 190 countries.
XM is a multi licensed and licensed broker that is licensed and regulated.
Cyprus: The firm is licensed, and is regulated by CySEC.
Australia: XM is regulated by the Australian Financial Services License by ASIC.
Belize: XM is licensed by IFSC.
XM provides Forex CFDs, Cryptocurrencies and Cryptocurrencies on Equity Indices, Stocks, Commodities, Precious Metals, Energies and Shares.
They offer different kinds of live accounts. Micro Account, Standard Account, XM Ultra Low Account, Shares Account, Islamic Account and Demo Account.
They can leverage you between 1:1 and 1:888.
XM provides 57 FX pairs. This includes major, minor and foreign currency exchange pairs.
They offer 31, Crypto into Fiat Currency pairs.
They have eight commodities available that comprise Cocoa, Soyabean, Coffee, Corn, Cotton, Sugar, Copper and Wheat.
When you trade stocks You have access to more than 1246 of the largest firms in the US and other stock markets. The trading of shares can be performed using CFDs.
You are also able to trade Indices. They offer 14+ Indices which include US500, US100, UK100, US30 and more.
You can also exchange silver, gold as well as Crude oil, Natural Gas and WTI oil on XM.
They also have accounts for trading shares. Through this account, you'll be able to purchase shares on US, UK and German stock exchanges.
XM Trading Platforms
Let's look at their trading platforms. Customers of XM are able to start trading with MT4 and the MT5 platform, which is accessible on PCs as well as MAC as well as a variety of mobile devices. Customers can also enjoy a trading experience using the XM WebTrader, instantly accessible via your browser.
Costs of XM
XM doesn't charge any fees for withdrawals or deposits. It's totally free, but the minimum deposit required with XM is just $5, with the exception of share accounts. For Shares Accounts, the minimum amount to deposit can be as high as $10,000.
XM doesn't charge any commission , except for Shares Trading. They earn profit from spreading and swap fees.
Commission for Shares in the United States is 0.04 percent per share, with a minimum of $1 Commission per transaction. For UK Shares, It's 0.10 percent per share, with a minimal $9 of commission for each transaction. And for German Shares, It's 0.10 percent commission per transaction, and an average of $5 commission per transaction.
Customer Support XM
XM customer support is among the more enjoyable customer service experiences we've had in comparison to other forex brokers. XM offers live chat support 24 hours a day, as well as basic email and phone assistance.
We were able to chat via live chat very fast, that's an impressive achievement. In addition, the broker provides assistance to customers in 26 different languages.
Pros and Pros and XM
- A low stock CFD and withdrawal charges.
- Quick and simple process of account opening
- Customer support that is responsive
- Low minimum deposit
- Limited product portfolio
- Average stock index and forex CFD fee
If you want to give it a try with XM, you can use the link below:
Tickmill is a global provider of financial services with a prime focus on CFDs on Forex, Stock Indices, Commodities and Bonds as well as Futures and Options. Established in 2014 and holding licenses from reputed regulators in the forex industry, Tickmill provides first-class products and services in Mexico.
Tickmill is a multi licensed and regulated forex broker. The broker is regulated by many reputed regulated authorities.
United Kingdom: Tickmill UK is regulated by by the Financial Conduct Authority (FCA)
Europe: Tickmill Europe Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
Seychelles: Tickmill Ltd is regulated by the Seychelles Financial Services Authority (FSA).
Asia: Tickmill Asia Ltd is licensed and regulated by the Labuan Financial Services Authority.
South Africa: Tickmill South Africa Pty is regulated by the Financial Sector Conduct Authority of South Africa (FSCA).
Tickmill Trading Platforms
Tickmill trading platforms are designed for a variety of different types of traders. The Tickmill Web Trader platform is a simple and user-friendly platform that is perfect for beginners. Tickmill MetaTrader 4 and MetaTrader 5 are more advanced platform that is ideal for experienced traders.
Tickmill also offers mobile trading platforms for iPhone, iPad, and Android devices.
Tickmill clients can trade a wide range of instruments, including forex, CFDs, stocks, futures, and metals. Tickmill provides its clients with tight spreads, fast execution, and negative balance protection.
Tickmill offers 60+ currency pairs, it also offers 27+ Stock indices and oil. Tickmill also offers 8 Crypto pairs, 4 bonds and 3 metals to Mexican traders. On MT5, Tickmill offer stock CFDs.
Tickmill has Classic, Pro, VIP, Islamic and Demo Accounts.
Cost of Tickmill
Minimum deposit of classic and Pro is $100 but for VIP account, minimum balance should be $50,000.
For classic account, there is no commission and spreads start from 1.6 pips. For Pro account, commission is $2 per side per standard lot and for VIP account, commission is $1 per side per standard lot. For both Pro and VIP accounts spreads start from zero pips. All types of accounts have Islamic account option. Leverage for Forex trading is 1:500.
Deposit and withdrawal are free. Minimum deposit amount is $100 and minimum withdrawal amount is $25.
Tickmill Customer Support
Tickmill's customer support is available via email, live chat, and phone. We found the phone support to be fast and the answers relevant.
Tickmill's live chat service is moderately fast, however staff members are willing to assist. For instance they'll take pictures for you to help clarify things. Only thing we did not have was the availability of 24/7. Overall, we were satisfied with Tickmill's customer support.
Pros and Cons of Tickmill
✓ Customer support is responsive, multilingual and 24/5.
✓ Payment options are good
✓ Secured deposit and fast withdrawal.
✓ Welcome account bonus
✓ Low spread & High leverage.
- Only a small selection of market options are available to trade.
- The pricing of Tickmill's Classic account isn't as the same as other competitors.
Want to trade with Tickmill? Open a live account with the broker:
You can also sign up with the following alternative Forex Brokers in Mexico.
Next up is AvaTrade. AvaTrade is another popular broker in Mexico, and it offers a variety of account types and a wide range of tradable instruments. AvaTrade was established in 2006. Avatrade has proven itself to be an industry leader in the financial sector online and has a long history of customer satisfaction.
AvaTrade has been licensed by and monitored by various regulatory authorities across the globe:
Ireland as well as Cyprus: Avatrade is regulated by the Central Bank of Ireland and Cyprus Securities and Exchange Commission in Europe.
Poland: AvaTrade is regulated by the Polish Financial Supervision Authority.
Australia: AvaTrade is regulated by ASIC in Australia.
The Global AvaTrade has been supervised by the British Virgin Islands Financial Services Commission for its global operations.
Japan: AvaTrade is regulated by the Financial Services Agency and Financial Futures Association of Japan in Japan.
Middle East: AvaTrade is subject to the supervision of Financial Regulatory Services Authority (FRSA) for the Middle East
Israel: AvaTrade is regulated by the Israel Securities Authority in Israel.
AvaTrade Trading Platforms
The broker provides a variety of trading platforms that are manual that include a well-known MetaTrader 4. MetaTrader 5 WebTrader, AvaOptions for options trading as well as AvaTradeGo for trading on the go.
Automated trading is supported by DulpiTrade as well as ZuluTrade.
They provide a range of over 55 Forex pairs, Options on 55 Forex pairs, 14 cryptocurrency, stocks CFDs of large corporations across the world, ETF, Bonds, Indices and Commodities. Spreads for brokers begin at zero and leverage could be as low as 1:400.
Costs of AvaTrade
AvaTrade is free of fees or charges on transactions or trades. Profits are earned through swaps and spreads derived in the trading itself.
The minimum deposit amount is 100 dollars in your base currency.
When you withdraw funds to credit cards or E-wallets, the minimum amount is one base currency for the account. When making a bank transfer withdrawal, the minimum amount is 100 base currencies.
AvaTrade Customer Support
The broker offers live chat support via chatbot and live agent. They also provide WhatsApp support and phone support available 24 hours a day. I've checked their chat live. They are extremely prompt in responding.
Pros and Pros and AvaTrade
- A broad range of instruments are offered that include Cryptocurrencies, Stocks, Commodities.
- Multi-platform trading platform including the highly acclaimed AvaTrade GO application.
- AvaTrade is a partner with EAs
- They are competitive in spreads and leverage
- The client's funds are stored in separate accounts for more security.
- AvaTrade is licensed in Europe, Australia, Japan, British Virgin Islands, UAE and South Africa.
- Customer support is very quick to respond.
- AvaTrade does not provide services to Belgium, Brazil, Democratic People's Republic of Korea (DPRK), New Zealand, Turkey, USA.
- Support by phone is not available 24/7.
If you'd like to use AvaTrade You can do so by clicking the following link:
eToro is a social trading platform made to cater to Mexican traders. The company has 10 million active users and is simple to start with thanks to their unique interface.
The powerful trading tools of eToro will assist you in finding the top brokers to replicate and then trade profitably.
eToro is regulated by different regulators from around the world:
Cyprus: eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC) with license number 109/10.
United Kingdom: eToro (UK) Ltd is authorized and regulated by Financial Conduct Authority (FCA) Company reference number 583263.
Australia: eToro AUS Capital Pty Ltd is licensed by the Australian Securities and Investments Commission (ASIC) to offer finance services in accordance with the Australian Financial Services License, license number 491139.
USA: eToro USA is operated by eToro USA LLC, registered with FinCEN.
They include 49 Currency pairs They have 32 Commodities 13 Indices, 2711 stocks, 264 EFTs and 51 Cryptocurrencies. They have symbols that can be traded (Total) 3056.
eToro Trading Platforms
They don't possess MT4 and MT5 but they have a private Platform along with a Web platform and mobile application.
Best Forex Brokers in Mexico 2023
Cost of eToro
The minimum deposit for eToro could be between $100 to $200.
eToro doesn't charge any fees for deposits. However, fees for withdrawals are $5. If you withdraw funds in other currencies than USD the customer is susceptible to conversion fees. In the case of wire transfers, eToro deposits are instant. The time required for withdrawals varies based on the payment method that is used.
The spreads can start at just 1 pip. In Mexico, they offer leverage of 1:30 on forex pairs.
eToro Customer Support
They provide outstanding customer support through email, phone or call-back in addition to live chat via the internet.
Pros and Cons of eToro
√ Trade in ETFs or stocks can be absolutely free.
√ Opening a new account effortlessly
√ One of the top social trading platforms
√ A minimum amount is required to open an account and begin investing.
- The quality of customer service has to be enhanced.
- The base currency of the account is not the only one.
- Costly non-trading fees
If you want to give it a try with eToro, you can use the link below:
OctaFX is under the brand name of Octa Markets Incorporated and has been operating since 2011. OctaFx currently offers services to 150+ counties. They have 10 million+ Forex accounts opened. The company Headquarter is in St. Ben cent and Grenadines.
OctaFX activity is supervised and regulated by the authorities of St. Vincent and the Grenadines under the International Business Companies Amendment and Consolidation Act.
OctaFx is also regulated by CySEC in Cyprus.
OctaFx Trading Platforms
They have Proprietary mobile apps for Android, iOS. They also have the industry standard MT4 and MT5 trading platform for desktop and mobile.
In Mexico, OctaFx offers 35+ FX pairs, this includes major, minor, and exotic currency pairs.
On OctaFx, you can profit from the 10 most popular CFDs on indices, including Dow Jones, NASDAQ, Nikkei and Euro Stoxx 50.
They also offer Gold, Silver, Crude oil and Natural Gas. They also have 30+ fiat Crypto pairs.
Traders can also take advantage of the OctaFX Copy Trading feature.
Cost of OctaFx
For Mexican traders, OctaFx doesn't have any deposit and withdrawal fee except Perfect Money. Perfect Money charges 0.5% for Deposit. The minimum deposit with OctaFx is $25. The deposit is instant.
Both MT4 and MT5 accounts are commission free. They make money from spreads and swap fees.
OctaFx Customer Support
OctaFx has a team of skilled support personnel that can be reached via live chat, social media and email by filling a form on their website. I have checked their live chat. They are quick to respond. Live chat is available 24/7.
Pros and Cons of OctaFx
√ Unlimited demo account
√ Forex and CFDs are offered
√ More than 30 pairs of FX to trade
√ Deposits and withdrawal are free
- Very few Crypto assets
- No VPS
- Support via phone is not available 24/7.
- There are no clients from the USA, Canada, Belgium or other countries that are not part of the EU
If you want to give it a try with OctaFx, you can use the link below:
So, there you have it! These are just a few of the best Forex brokers in Mexico. Be sure to do your own research before choosing a broker, and always remember to trade responsibly.
It is important to keep in mind that each person’s needs vary, and what works for one trader may not work for another. With that said, we would love to hear about your experiences with the brokers listed above – or any others you have tried – in the comment section below. Have you had a positive experience with any of these brokers? What do you think makes them stand out from the competition? Let us know your thoughts, and be sure to share this article with your friends and followers who are also interested in Forex trading.
Best Forex Brokers in Mexico 2023
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