Best Forex Brokers in Mexico
The Best Forex Broker in Mexico - RoboForex
Forex brokers in Mexico:
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RoboForex - low minimum deposit, copy trading, welcome bonus
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IC Markets - 2,100+ trading assets, high-speed orders, narrow spreads
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FxPro - Fast sign-up. mobile trading on Android and iOS, copying, and automated trading
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Octa - interest rate tracker, no commission on deposit and withdrawal, negative balance protection
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XM Broker - mobile app, low stock CFD and withdrawal fees, quick order executions
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Admiral Markets - excellent investor education, biometric authentication, advanced MetaTrader tools
Mexicans have equal chances of earning from trading currency pairs, notwithstanding their trading experience. What they require is a thorough manual on selecting a Forex broker and guidelines to follow before registering with a Forex broker in Mexico.
The presence of several online Forex brokers has made finding the best Forex brokers complicated, especially for beginners. But a review article like the one you are reading now makes the process of finding Forex brokers in Mexico straightforward.
This article will introduce traders to:
The best brokers for Forex trading in Mexico
How to choose a Forex broker
The best time to trade Forex in Mexico
The best Forex brokers for beginners
And the tax applicable to Forex trading in Mexico
The best brokers for Forex trading in Mexico compared
Mexican investors have easy access to the foreign exchange market because it is entirely legal to trade Forex pairs. Foreign brokerage firms that offer CFD and FX trading can accept registrations from Mexican traders and are free to operate within the nation. Before deciding which foreign Forex trading app to trade with, it is necessary to compare their services. Below is a comparison table of the top Forex brokers in Mexico.
| Position | Rating score | Minimum Deposit | Regulation | Bonus For Deposit | Leverage | Open an account |
|---|---|---|---|---|---|---|
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Minimum Deposit: $10 | Regulation: IFSC, CySEC | Bonus For Deposit: 120% | Leverage: from 1:1 to 1:2000 |
Open an Account
STUDY REVIEW
Your capital is at risk.
58.42% of retail investor accounts lose money when trading CFDs with this provider. |
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Minimum Deposit: $200 | Regulation: SFSA, ASIC, CySEC | Bonus For Deposit: 0% | Leverage: from 1:1 to 1:500 |
Open an Account
STUDY REVIEW
Your capital is at risk.
75.93% of retail investor accounts lose money when trading CFDs with this provider. |
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Minimum Deposit: 100$ | Bonus For Deposit: 0% | Leverage: from 1:1 to 1:200 | Regulation: FCA, CYSEC, FSCA, SCB |
Open an Account
STUDY REVIEW
Your capital is at risk.
79.27% of retail investor accounts lose money when trading CFDs with this provider. |
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4
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Minimum Deposit: $25 | Regulation: CySEC | Bonus For Deposit: 50% | Leverage: from 1:1 to 1:500 |
Open an Account
STUDY REVIEW
Your capital is at risk.
|
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5
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Minimum Deposit: from $5 | Regulation: ASIC, FSC, CySEC, DFSA | Bonus For Deposit: 0% | Leverage: from 1:1 to 1:30 |
Open an Account
STUDY REVIEW
Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider. |
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6
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Minimum Deposit: $100 | Regulation: FCA, CySEC, ASIC, JSC, CIPC | Bonus For Deposit: 100% | Leverage: from 1:1 to 1:30 |
Open an Account
STUDY REVIEW
Your capital is at risk.
|
Remark: The free demo accounts that most of these brokers offer allow you to test the brokers and their platforms with virtual money. Before using your real trading account to make trades, use the demo account to trade and learn more about the broker's services.
RoboForex
Beginners and professional traders can get started with Forex trading using RoboForex, a top Forex broker in Mexico. This broker steals the spotlight when compared with other brokers for several reasons. They are among the best online brokers in Mexico, providing traders with optimistic trading conditions, low commissions, and minimal spreads.
It is a reputable broker with more than 9,400 trading instruments and excellent learning materials for novice traders. They are among the best Forex trading platforms, having won numerous important awards. You may also be interested in reviews about RoboForex from clients in Mexico.
Extra features
Regulators: IFSC
Minimum deposit: $10
Free VPS server: Yes
Trading platforms: MT4, MT5, cTrader, R StocksTrader, R MobileTrader, and R WebTrader
Leverage: 1:2000
Demo accounts: Yes
Instruments:
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Forex (currency pairs)
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index CFDs
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ETFs
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Cryptocurrency CFDs
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Oil CFDs
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Real securities
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CFD on European and U.S. stocks
👍 Pros
•Among the many beneficial aspects that contribute to RoboForex's popularity are low commissions and spreads.
•They provide instant cash withdrawals and a low minimum deposit.
•They offer a large range of trading platforms in addition to trading assets on their Pro-Cent, Pro-Standard, and RAMM live accounts.
•A $30 welcome bonus is available at RoboForex.
👎 Cons
•The R StocksTrader platform lacks cryptocurrency trading tools.
IC Markets
Potential scalping enthusiasts, automated trading lovers, and beginner Forex traders should consider IC Markets. They are among the top Forex brokers in Mexico that provide access to financial markets globally. This regulated broker is ideal for traders who want to engage in scalping and hedging, and there are provisions for Islamic accounts.
Extra features
Regulators: CySEC, SFSA, and ASIC
Advanced copy trading platform: Yes
Minimum deposit: $200
Free VPS server: Yes
Trading platforms: MT4, MT5, cTrader
Leverages: from 1:1 to 1:500
Demo accounts: Yes
Instruments:
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60+ currency pairs
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2,100+ stocks
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CFDs on futures
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indices
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Bonds
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Commodities
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Metals
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Cryptocurrencies
👍 Pros
•With over 2,100 trading assets, traders have a wide selection of working instruments and favorable trading conditions.
•Fast order fulfillment and first-rate customer service.
•An analytical training library and mobile trading capabilities are available to novices.
•Trading advisor use is permitted.
•Spread monitoring, risk depth, risk calculator, and other helpful resources are available.
👎 Cons
•There are no extra rewards or competitions for traders.
FxPro
FxPro is another top Forex broker in Mexico that traders interested in trading Forex and CFDs on commodities, stocks, and cryptocurrencies can trust. With over 100 industry awards, including "Best Forex Provider," FxPro is a reliable broker.
The trading environment on FxPro is more convenient, and traders can profit from trades with the help of advanced technology and tools. Furthermore, real-time news is available with both fixed and variable spread accounts.
Extra features
Advanced copy trading platform: Yes
Minimum deposit: $100
Free VPS server: Yes
Trading platforms:cTrader, MetaTrader, MetaTrader 5, and FxPro Edge
Leverages: Up to 1:200
Demo accounts: Yes
Instruments:
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Currencies
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Metals
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Energies
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Stocks
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Futures
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Cryptocurrencies
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Indices
👍 Pros
•FxPro offers more than 2,100 assets.
•Trading on FxPro is conducted in a welcoming setting with competent, experienced support.
•Transparent pricing paired with speedy deposits and withdrawals.
•There is protection against a negative balance for FxPro clients.
•governed by several international agencies, such as the prestigious FCA and CySEC."
👎 Cons
•For newcomers, the $100 minimum deposit is deemed high.
•high spreads;
Octa
Octa is among the best Forex brokers, with a growing array of well-organized educational resources, trading ideas, daily updates, and weekly forecasts. They offer a top-notch proprietary platform for social copy-trading.
Octa offers traders lower entry thresholds and short to medium-term trading strategies. They are among the top Forex brokers in Mexico, providing a simple, inexpensive experience on the MetaTrader platform.
Extra features
Regulators: CySEC
Advanced copy trading platform: Yes
Minimum deposit: $25
Free VPS server: Yes
Trading platforms: MetaTrader 4, MetaTrader 5, and OctaTrader
Leverages: Up to 1:500
Demo accounts: Yes
Instruments:
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Currency pairs
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Cryptocurrencies
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CFDs on energy resources
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Indices
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Gold
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Silver
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+150 CFDs on stocks
👍 Pros
•Outstanding customer service.
•Daily articles covering technical and fundamental analysis of popular trading symbols, such as forex and CFDs, are produced by Octa.
•Premier trade copying service and a large selection of traded assets.
•Non-trading fees for withdrawals and deposits together.
👎 Cons
•Lack of diversity in its educational content and a restricted selection of tradable instruments or investment options.
XM Broker
As the best Forex broker for beginners, XM suits traders looking for a trustworthy broker with low fees. The broker offers excellent market research and educational resources. XM Broker is among the Forex brokers in Mexico with trading conditions that correspond to the average market.
With a high degree of compatibility with MetaTrader 4 and 5, XM Broker provides innovative technological solutions.
Extra features
Regulators: ASIC, FCS, CySEC, DFSA
Copy trading platform: Yes.
Minimum deposit: $5
Free VPS server: Yes
Trading platforms: MT4, MT5, XM App
Leverages: Up to 1:1000
Demo account: Yes
Instruments:
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CFDs on currencies
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Stocks
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Precious metals
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Stock indices
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Energy products
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Cryptos
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Commodities
👍 Pros
•In the industry, XM has some of the lowest deposit requirements.
•They provide over a thousand trading instruments.
•Depositing and withdrawing money does not incur a commission.
•XM supports webinars and research materials, allowing you to engage and start trading careers.
•XM provides extremely low spreads without any hidden fees or requotes on a variety of Forex markets.
👎 Cons
•Not the best Forex broker for investors looking to trade ETFs.
Admiral Markets
Admiral Market is another top Forex broker in Mexico, suitable for beginner and professional traders. They satisfy security and dependability, which are the main considerations for all investors when choosing a brokerage account. With Admirals, traders can reliably deposit, trade, and withdraw funds.
Admiral Markets provides its users with a vast array of goods and assets to trade in addition to being a comprehensive educational resource. Admiral Markets conforms to the expectations of traders by following in the footsteps of other leading Forex brokers in Mexico. Currently, it provides six distinct account types to accommodate all kinds of traders.
Extra features
Regulators: ASIC, JSC, CIPC, FCA, and CySEC
Advanced copy trading platform: Yes
Minimum deposit: $1 - $250
Free VPS server:
Trading platforms: MT4, MT5, WebTrader, MetaTrader Supreme Edition
Leverages:
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Up to 1:20-1:30 for retail traders
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Up to 1:10-1:500 for professional traders
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Up to 1:10-1:500 for all traders with JSC
Demo accounts: Yes
Instruments:
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CFDs on ETFs and currency pairs
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Commodities
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Stocks
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Indices
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Cryptocurrencies
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Bonds
👍 Pros
•Admiral Markets is a reliable broker that provides traders with the best trading tools and software
•An extensive selection of instruments
•Superb security
•Relatively tight spreads on most assets
👎 Cons
•They impose a withdrawal and inactivity fee.
Rules and Regulation
Licensing in Mexico
There seems to be some conflicting information about how Forex trading is regulated in Mexico. While some sources say it's overseen by a specific body, others indicate a more indirect approach. Below are confirmed facts:
- Forex trading itself is legal in Mexico.
- there isn't a single, specific regulatory body for Forex trading.
- Forex brokers operating in Mexico need to be licensed by the Comisión Nacional Bancaria y de Valores (CNBV). The CNBV regulates the broader financial sector and ensures brokers comply with relevant regulations.
Thus, Forex trading isn't directly regulated, but brokers that act as intermediaries to those trades are subject to CNBV regulation.
Investor protection in Mexico
Forex investors are protected by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores | CNBV) and the Mexican Financial Intelligence Unit (Unidad de Inteligencia Financiera | UIF).
The CNBV regulation might include some investor protection measures for clients of licensed brokers. This could involve:
- minimum capital requirements for brokers to ensure meeting financial obligations.
- rules of client funds maintenance, potentially requiring segregation from the broker's own assets.
- reporting requirements that ensure transparency.
Taxation in Mexico
Forex trading profits are typically subject to Mexico's progressive income tax rates, which range from 1.92% to 35% for individuals, depending on their income. Forex taxation in Mexico requires traders to accurately report their trading income, comply with tax laws and regulations, and fulfill all tax filing obligations.
How to choose a Forex broker in Mexico?
Learning how to choose a Forex broker demands that you consider some factors. Local regulations, commission rates, and order execution speed are the most crucial considerations when selecting the best Forex broker.
Other factors include the initial deposit amount, the capitalization of a forex broker, account type, and payment options. It is crucial to consider the following factors if you seek a top Forex broker in Mexico:
1. Local regulation
Traders are to check if a local or international regulator has jurisdiction over the broker.
2. Commission amount
Find out how much each Mexican Forex broker charges for purchasing or trading currency pairs.
3. Order execution speed
Find out how long a transaction usually takes to complete on the broker's platform.
4. Initial deposit amount
You should consider the minimum deposit of various Forex brokers in Mexico.
5. Capitalization of a Forex broker
Analyze the Forex broker's market capitalization to determine its size.
6. Payment options
Verify the payment options of each Forex broker in Mexico. Many of these brokers offer more payment options than others, but you want to choose the best Forex broker that supports payment options in Mexico.
7. Account types
The best Forex brokers offer different types of Forex trading accounts to suit all types of traders in Mexico. While account types vary depending on the Forex broker, traders need to research each broker's account.
While some account types are better suited for experienced users, others are more appropriate for beginners. Therefore, confirm that the broker's account matches your trading preferences and financial capabilities. This is because each account type has a varying minimum deposit, leverage limits, number of trading assets, etc.
What is the best time to trade Forex in Mexico?
Because of their higher volatility, Tuesday, Wednesday, and Thursday are usually the best days to trade Forex.
The best Forex pairs for clients from Mexico
Because of the high spreads and poor liquidity of major currency pairs, traders focus on them. The best Forex pairs for traders in Mexico include:
What are the best Forex brokers for beginners in Mexico?
The best Forex brokers for beginners integrate the following:
Minimal deposit requirements
Special accounts (demo, cents)
Strategies for earning passive income: copy trading and PAMM trading
Good educational materials
Among the top Forex brokers in Mexico that provide many of the features mentioned above to new traders are RoboForex, XM, and Admiral Market.
RoboForex
RoboForex is among the best Forex brokers for beginners in Mexico. It offers traders a low minimum deposit of $10, a copy trading service, a demo account for practice, and top educational resources. Again, RoboForex has a sizable market share in Mexico, flexible trading account types, top-notch trading indicators, and favorable trading terms.
An additional factor that could benefit new traders on RoboFore is the $30 no-deposit bonus that the platform offers. They are also among the top Forex brokers in Mexico due to their simple and user-friendly trading platform.
XM
XM is another broker that integrates features and services that will favor a beginner trader in Mexico. A broker that gives novice traders access to fundamental trading tools is what they need, and XM fulfills that role.
Starting from the $30 no-deposit bonus available for new traders to the free education and advanced research tools, it is the best Forex broker for beginners. The XM Forex course includes all the information needed to enlighten novice traders about the fundamentals of Forex and the procedures required to become proficient traders.
Again, XM offers more than a thousand trading instruments, MT4 VPS for EAs, and round-the-clock support. New traders are also drawn to low minimum deposits and inexpensive transactions.
Admiral Markets
Admiral is a globally regulated online broker that provides multi-asset trading on a broader range of instruments than other brokers. Admiral Market offers an easy-to-understand account opening process, a clear fee report, and good customization options for charts and workspace. Admirals is an excellent option for novices due to its minimal minimum deposit requirements and inexpensive trading fees overall.
Admirals offers free webinars, seminars, videos, tutorials, and top-notch education on analytics. A minimum deposit of just $25 is required for all accounts, and commission-free accounts have spreads that average 0.8 pips (EUR/USD).
FAQ
Which broker to choose for Forex?
RoboForex, IC Markets, FxPro, OctaFX, XM Broker, eToro, and Admiral Markets are among the best Forex brokers.
Can you trade Forex in Mexico?
Yes. Trading currency pairs is legal, meaning you can trade Forex in Mexico, but you must sign up with a regulated broker.
Is Mexico a good country for trade?
Yes. Mexico is a great country for trade, and the Mexican Peso is one of the most volatile emerging market currencies. Again, Mexico is considered the 15th largest economy because of its stability, which is advantageous for trading.
Is Mexico a free-trade country?
Yes, Mexico is a free-trade country since Forex trading is 100% legal, and most safe Forex trading occurs via well-regulated international brokers.
Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).