People’s interest in stock markets is not new in Ireland! However, recent advancements in technology have transformed the way people carry out their daily trading.
This also facilitated a seamless entry into the market, with the number of Irish stockbrokers increasing by the day. But this further made it challenging to find the right stock broker to suit your requirements.
Of course, the search for the best stock broker in Ireland can be a tedious undertaking, given there are so many factors that you need to reevaluate. Additionally, different stockbrokers have different offerings to put on the table. This makes it imperative for you to check all the details thoroughly before picking a stockbroker in Ireland.
This is where you might find this blog handy! We have carried out a detailed evaluation of different stockbrokers in Ireland in the sections ahead. So, continue reading to find the stockbroker that best serves your requirements.
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Stocks & Shares For Beginners
In a nutshell, a stock or share is a small part of a company that you can buy at a set price. Therefore, when purchasing a piece of a share, you tend to become a company shareholder.
However, that’s not all! Shares are generally divided into two categories. Being an investor, you need to know the two different commodities you can invest in. They are:
A general name used for shares, stocks are traded over the Stock Market. Theis regulated platform allows you to buy, sell, and trade your stocks using multiple investments and trading tools. Some of the most prominent ones include:
- New York Stock Exchange (NYSE)
- London Stock Exchange(LSE)
- Irish Stock exchange (ISEQ)
Interestingly, that’s not all! You’ll come across several exchanges based on the country you live in.
Ever thought of investing your money into shares and receiving interests? Yes, that’s possible, as you’ll be entitled to receive interest on your stock purchases. Here, if your invested stock makes a profit, you’re entitled to earn dividends. Interestingly, some of these companies are 4 to 6% a year.
Things To Consider When Choosing a Stockbroker
Multiple stockbrokers in Ireland market themselves as the best like other financial ventures! However, similar to the number of traders and investors, not every stockbroking platform will suit the needs of individual investors.
This is where you might want to consider a few factors before registering yourself with any individual platform. Therefore, listed below are a few factors you need to consider when looking for the best online broker in Ireland.
What Level of Service Do You Want?
To begin your hunt for the ideal stockbroker in Ireland, you first need to understand the different levels of services that they offer. Therefore, before signing up, you might want to ask yourself some of these questions:
- Do you want a completely managed service that will take care of the entire procedure for you, including extensive research and guidance?
2. Are you confident with your calls or need to rely on your broker to complete your transactions?
3. If you’re a beginner investor, does your selected platform have access to beginner-friendly educational tools?
4. Would you prefer a customized or a one-on-one service?
Is the Stock Broker Suitably Regulated?
Since it’s your money on the line, it’s always a good idea to get registered under a regulated stockbroker. However, it is always wise to first look at the stockbroker’s regulatory agency and degree of regulation before registering.
Since the CBI (Central Bank of Ireland) is the regulatory body in the country, you might want to check if your broker is registered with the same.
Pro Tip: Look at the stockbroker’s website to learn more about their regulation and registration.
What Trading and Non Trading Fees are Charged?
When looking for the best stockbroker in Ireland, you won’t want to miss out on the charges! Stockbrokers are known to generate money by charging their clients numerous fees revolving around trading and non-trading. Before investing with them, ensure you understand the fee structure.
Some stockbrokers, for example, impose a percentage fee on your overall transactions, while others charge a flat cost.
Take into account the following:
- Is there a cap on the total commissions or none at all?
- Is there any inactivity fee for your account?
- What are the conversion charges (if any)?
- Is there any threshold on minimum investments?
Some brokers, for example, allow users to get started at a minimum deposit of €100 before you can begin trading with them.
Besides, even if there is no threshold limit on the minimum investment, the stockbroker may impose a minimum investment requirement for trading in certain assets, such as shares and commodities.
Now that you know the different pre-requisites for a stock exchange, you can move ahead with your research. However, being a beginner, we understand that you might still hover around other options.
Therefore, to help you secure the best brokerage account in Ireland, we have listed some of our suggestions in the section ahead.
List Of The Top Stock Brokers In Ireland
When looking for the best online broker in Ireland, you can’t possibly miss out on DEGIRO. The platform is a product of the largest European online execution and the only broker with a banking license of its own. It was back in 2021 when DeGiro B.V. merged with flatex DEGIRO Bank AG, and this is how they got their banking license.
Currently, DEGIRO has widespread operations across eighteen different European countries, including Ireland. Besides its widespread presence, DEGIRO’s low trading and non-trading fees are precisely what sets it apart from others. While the platform does not offer a demo account facility, you can access highly informative educational resources from the platform.
DEGIRO makes it very easy to open an account in no time. You can open an account with an online medium without worrying about any minimum deposit. However, it should be noted that the DEGIRO only accepts withdrawals and deposits via bank transfer. Further, while the platform lacks 24/7 or live chat support, you can still benefit from the customer service offered through email and phone.
The platform has a rigid structure with different fees for Irish and other global shares in terms of its fee structure. To give you an idea, the platform charges €2 per trade, including a 50c handling fee for Irish stocks. Besides, users need to pay between €0.5 – €3.90 per trade, including 50c as a handling fee and some part of the transaction as currency conversion.
On the flip side, the limited funding option of the stockbroker might be a concerning factor for some traders and investors.
When it comes to stock brokerage in most countries around the globe, eToro is the name many will recognize. Based in Israel, eToro is a platform ideally suited for new and experienced traders in the market. Moreover, the platform has a lot to offer, making it one of the most preferred choices among stock traders across the globe.
For instance, eToro provides its users with a wide range of technical analysis tools that make it much easier for traders to make the right decision when buying shares in Ireland. Besides that, the platform also gives you access to many educational resources, news feeds, and articles. But the best thing about eToro is access to an entire community of stock traders.
Opening an account in eToro could not get any more efficient and easier. Even a single day is enough for you to get started with a minimum deposit of $200. What’s even better is the unmatched customer service offered by eToro. You can get your query addresses via email and live chat from well-informed executives. Additionally, eToro is regulated by CySEC, FCA, and ASIC.
Talking of the fee structure over the platform, eToro stands out with its no commission clause for buying or selling stocks. Interestingly, the platform also pays for the stamp duties of its users when trading with globally listed shares. However, traders will be charged a fee of $5 on all withdrawals.
On the flip side, the lack of MetaTrader platforms might be a limiting factor for some advanced and beginner users.
Founded back in 1926, Davy Select is one of Ireland’s leading wealth and asset management companies. The platform might not be very well-suited for beginners, but they provide seamless access to varied research and advice. The trading platform of Davy Select is called myDavy.
The user-friendly platform offers unmatched user experiences, and navigating through its nuances could not get easier. Be it the mobile application or the desktop platform; both offer a great experience.
Davy Select allows you to trade over 7500 shares in 30 international markets. Besides that, the platform allows you to trade over 650 ETFs and 1250 funds. You can even benefit from personalized alerts by basing them on timing or value metrics.
The Trading Plus Account offered by Davy Select is the most prevalent one among traders. This execution-only account allows traders to decide the trades they want to place and at what time. This differs from conventional investment accounts, where a trading expert curates the portfolio.
For users signing up on the platform, the trading fee is variable. Davy Select charges a commission of 0.5% at a normal trade order of €14.99. Other additional charges are €25 for settlement of foreign transactions and €50 execution service fees per quarter.
On the flip side, the platform can be limiting for long-term investors who like to invest their money and move with the markets. Davy Select has a particularly high inactivity fee.
Next we have XTB, another leading broker for buying shares in Ireland! The platform offers an amazing trading platform called xStation. Using the standard account of this platform ensures you do not need to pay any commissions. However, the trading fees on this platform are built into the spread.
Besides, XTB also has a fantastic feature called heatmap. This feature will show you all the information about the current sentiments of traders in the market. Besides, XTB is an ideal platform for people to start stock trading. You get the opportunity to experiment with crypto and forex without worrying about any high accounting fees.
Further, users also get access to a demo account to place trades and test new strategies. You can even access a wide range of learning resources to teach you all needed for stock trading in Ireland.
You can even access the Pro account if you are already an experienced trader. This account offers you tighter spreads with a meager commission of $4. The minimum investment required to start with both Standard and Professional XTB accounts is €250.
In terms of its fee structure, the platform is greatly flexible as it has introduced discounts to its active traders! In general, you’ll be charged an average spread of 0.91. Besides, if you’re actively trading using XTB, you’ll be entitled to a discount, ranging from 5-30%.
On the flip side, traders or investors looking to diversify their folios might find this platform limiting as it has a limited product portfolio.
MetaTrader 4 and 5 and cTrader have seamless access to IC Markets. The platform was established in Australia back in 2007. Currently, IC Markets is regulated by FCA and ASIC, making your online share trading in Ireland as safe as possible.
One can gain seamless access to the platform via the mobile, web, and even desktop to get an unmatched user experience. This means access to research tools and demo accounts, along with notifications for fluctuations in the prices of all stocks.
IC Markets is very popular among traders as it gives them access to a wide range of learning resources. These resources are available in videos, articles, and even interactive tutorials. So you need not worry about getting the right trading ideas and charting to facilitate successful trading.
IC Markets allows you to trade cryptos, CFDs, and even forex. Thus, it automatically becomes an ideal option for people who want a diversified yet uncomplicated portfolio. Also, the trading costs of this platform are built into the spread.
The fee structure for IC Markets varies primarily on the type of accounts you hold! For instance, users of the standard accounts needn’t pay any commission but a $3.5 standard charge per lot.
On the flip side, the platform is unregulated! So users signing up for the platform have higher chances of risking their money with an unregulated exchange.
Earning widespread recognition for being one of the finest zero-commission trading platforms, FXCM is the right platform for you for many reasons. The platform is one of the most prominent CFD and forex trading providers. Also, it is heavily regulated by bodies such as ASIC, FSCA, FCA, and CySEC.
FXCM offers a trading platform called the Trading Station. The platform is well-equipped with numerous research tools, including trading analytics and charting. Besides, FXCM can be seamlessly accessed through mobile apps, the web, and even desktops.
FXCM is also one of those few trading platforms that allow users to add automated robots and strategies in no time. But the only disadvantage of this platform is one cannot set notifications on any of its versions, be it on the phone, desktop, or web.
Nonetheless, one must appreciate the unmatched customer service offered by FXCM. You can get customer support through various mediums, including WhatsApp, SMS, phone, email, and even live chat
Additionally, FXCM also provides its traders with a demo account to help them get started and learn more about how to invest in Ireland. Users looking to get started with their stock trading journey can begin with a minimum investment of $50 in the accounts.
Talking of the fee structure over FXCM, the platform is cost-effective with low trading costs starting at $0.2. Moreover, besides the trading commission, the platform puts no charges on account inactivity, withdrawal, or deposit fees.
On the flip side, the platform is limited to a selective number of products. Therefore, users looking for new and better means to diversify their folios might want to stay away.
AvaTrade has been one of the leading Irish brokers offering great services since 2006. This is one of those rare trading platforms that allow social trading but only through its mobile platform. Also, the platform ensures unmatched security as it is heavily regulated by FCA, CBI, ASIC, and more.
The trading fees in AvaTrade are built into the spreads, and there is no hassle of any withdrawal and deposit fees. Traders also need not worry about any account fees with AvaTrade. There is also the AvaTradeGo application available on both iOS and Android devices. Additionally, it takes no time to open an account on the platform and get started.
AvaTrade provides traders with many research tools, including charting and access to social trading apps such as ZuluTrade. In addition, with seamless access to webinars, videos, and tutorials, it becomes easier for beginners to trade on the platform.
Users signing up for the platform have various funding options, including the likes of credit, debit cards, and wire transfers. Besides, you can also make deposits via e-payments, including Neteller, Skrill, and WebMoney. You can get started with a minimum investment of $100.
The platform has a simple spread charge of 0.91 as its standard, moving to the fee structure. Besides, active traders over the platform also get trading discounts, significantly lowering the trading charges.
On the flip side, the platform is limiting for advanced traders as they don’t have access to such charts.
Goodbody is another prominent investment and wealth management bank from Ireland. They have been in this business for over 145 years and have earned an extensive reputation for themselves in all these years. Also, the platform is regulated by FCA and CBI, making it an ideal platform for investors with higher net worth.
One can access two different types of investment models available in Goodbody. The first is the personalized advice to create a diverse portfolio, and the other is the sole trade alternative that goes by the name of Goodbody Connect.
Furthermore, it is one of those Goodbody trading platforms that gives traders access to over 1000 shares and ETFs available for trading across ten different global markets. In addition, you can access the platform through a tablet, desktop, and even mobile to facilitate seamless interaction for ease of use.
Goodbody also provides traders with numerous user-friendly tools allowing you to access professional research resources on all devices. You can even set up notifications on all the latest happenings in the market. The other important thing about Goodbody is you will have to provide a minimum deposit of 5000 EUR to get started.
Moving to the fee structure, the platform charges a commission of 1% until users have transacted up to €25k. Following this, they need to pay 0.5% charges. Besides, the maintenance fee stands at €100 plus VAT.
Get Started With Stocks
These are some of the best trading platforms for stock brokerage accounts in Ireland, and you may now choose a broker and begin investing or trading post the registration.
However, we understand that no one platform suits all. You need to weigh your needs and requirements to find the ideal platform. Nonetheless, always carry out extensive research before investing your money in any stockbroker exchange to ensure safety. All the best!
Legalities Around Stock Trading In Ireland
Once you’ve found ways around how to invest in Ireland, you need to know about the different taxes concerning your profits. Therefore, when investing or trading in stocks in the country, they’re treated similarly to traditional investments and real taxes.
Users earning profits on their trades need to pay taxes in the form of standard capital gains. The applicable CGT will be at 33% of your overall stock trading profits. Besides, users failing to present their taxes will be entitled to legal fines.
Q1. Is it a good idea to invest in stocks in Ireland?
Yes, it is a good idea to invest in stocks in Ireland, especially if you’re looking at low-risk investments. Stocks and bonds have shown to be a reliable investment over the long term, giving out significant returns on investments.
However, if you have more money, you might want to turn to the property market as it is a lucrative prospect.
Q2. Who regulates stock exchanges in Ireland?
The Central Bank of Ireland is the regulatory body of all stock exchanges. As a result, market operators need to get themselves registered under the CBI to perform operations. To date, CBI has regulated over 10,000 firms.
Q3. What is the best online broker in Ireland?
Every trader is unique, and so is their preferred stockbroking platform. Since no one solution fits all the requirements of different brokers, it is always wise to do your research before settling for a platform that is the best for you!
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.