Compare Top 6 Best Forex Brokers in Mexico for 2024

For this guide, our experts reviewed 57+ of the best forex trading apps in Mexico to trade forex for beginners.
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Updated on Jun 4, 2024
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Our expert panel tested all the best forex brokers in Mexico and rated their features according to 8 key criteria, including regulatory status, the range of currency pairs on offer, and overall trading experience.

The panel set out to answer the question: what’s the best forex trading app in Mexico for Mexican users? 

Read our verdict for Mexico below to compare the best forex trading platforms.

What is the best forex broker in Mexico?

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Our experts rank Plus500 as the best forex broker in Mexico.

The list below shows the three best Mexican forex brokers. These are the top forex trading apps in Mexico for their security, service, and support.

We found 15 forex brokers for users based in

Plus500 review
4.5
Plus500
Min. Deposit $100
Fees From 2%
No. assets 2800+
Demo account Yes

Plus500 review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro review
4.6
eToro
Min. Deposit $100
Fees 1%
No. assets 50+
Demo account Yes

eToro review

51% of retail CFD accounts lose money. Your capital is at risk.

Eightcap review
4.5
Eightcap
Min. Deposit $100
Fees Up to $3.5 RT
No. assets 800+
Demo account Yes

Eightcap review

74-89% of retail CFD accounts lose money

Top 6 online forex brokers Mexico, reviewed

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We found 15 forex brokers for users based in

1. Plus500. Best for international trading*

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4.5
Ratings

$100

Min. deposit

From 0.08%

Fees

2,800

No. assets

Yes

Demo account

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you trade. Its technology driven platform gives access to futures for a range of instruments, including forex, commodities, and cryptocurrencies among several others.

Plus500 has something for all types of traders, no matter what level of experience. Its low margin requirements (starting at $20) and different contracts make it a top choice for day traders. At the same time, its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: Plus500 charges a commission of $0.49 per Micro contract and $0.89 per Standard contract (per side). There is an Auto-Liquidation fee of $10 per contract. Other exchange fees may be applicable and can be found on the CME group website. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Fees & Costs

Pros & Cons

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. eToro. Best for beginners, copy-trading & demo-account

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4.5
Ratings

$100

Min. deposit

0% commission

Fees

50

No. assets

Yes

Demo account

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Fees & Costs

Pros & Cons

51% of retail CFD accounts lose money. Your capital is at risk.

3. Eightcap. Best online broker for choice of trading platform

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4.5
Ratings

$100

Min. deposit

Up to $3.5 RT

Fees

800

No. assets

Yes

Demo account

Overview

We love Eightcap because you have several trading platforms to choose from. You can choose between MetaTrader 4, MetaTrader 5, and TradingView. All of these platforms are favourites among retail traders. With the MetaTrade suite of platforms, you can access lots of technical indicators, custom tools, and expert advisors. 

TradingView with Eightcap allows you to trade directly from your charts while accessing the hundreds of tools and features available. Eightcap has over 40 forex pairs available, including the majors, minors, and some exotic crosses.  

The fees: Eightcap is a CFD broker and charges spread, commissions, or a combination of both. There are two account types available, RAW, and Standard. The RAW account has ultra-low spreads starting from 0.0 pips but charges $3.5 RT per lot. The standard account is commission-free for most assets and spreads start from 1 pip.

Highlights

Fees & Costs

Pros & Cons

74-89% of retail CFD accounts lose money

4. IG Markets: Best for trusted and transparent trading

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4
Ratings

$-

Min. deposit

From 0.5%

Fees

17,000

No. assets

Yes

Demo account

Overview

We love IG because it’s one of the most established and reputable names in the online trading industry, known for its reliability, comprehensive offerings, and strong regulatory compliance. In the United States, IG recently changed its name to TastyFX and is focused solely on forex trading. 

TastyFX is America’s fastest growing forex brokerage and as you’d expect from a subsidiary of IG, it offers excellent service with a wide selection of tools and features. Not only will you have access to over 80 forex pairs like EUR/USD, GBP/USD, and USD/JPY, but you’ll also pay $0 commission and have spreads starting from just 0.8 pips. 

What makes TastyFX stand apart from other US brokers is its excellent bonus schedule. After creating an account you can access up to $10,000 in cash bonuses. You cna also earn up to 15% rebate cashback every month. 

The fees: TastyFX has a clear and easy to understand fee schedule. It is a commission free brokerage and only charges a spread. Spreads are variable and generally lower for more liquid currency pairs. Spreads are as low as 0.8 pips for EUR/USD. Forex markets offer up to 50:1 leverage, or 2% margin requirements, on forex pairs like EUR/USD and USD/CAD.

Highlights

Fees & Costs

Pros & Cons

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

5. AvaTrade. Best regulated broker for secure trading

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Avatrade_logo
4
Ratings

$100

Min. deposit

From 0.13%

Fees

500

No. assets

Yes

Demo account

Overview

We love AvaTrade because it is a reliable CFD broker, that gives users access to a wide range of markets. As a CFD broker, AvaTrade lets you speculate on the price movements of various currency markets without owning the underlying assets. AvaTrade is a multi asset brokerage firm and includes CFDs for multiple forex pairs including EUR/USD, GBP/USD, USD/JPY, and more. 

AvaTrade is also highly regarded for its strong regulatory framework and commitment to security. AvaTrade is regulated in multiple jurisdictions, including Europe, Australia, Japan, South Africa, and the British Virgin Islands, which means it must adhere to stringent regulatory standards across the world. 

AvaTrade isn’t just well regulated, it also employs advanced security measures to protect client funds and personal information, including segregated accounts and robust encryption technology. 

The fees: There is no commission on any trading. AvaTrade makes money from the Bid/Ask spread instead. Forex spreads start at 0.7 pips. Positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £/€/$50 per month is applicable if you don’t log in to your account for three consecutive months.

Highlights

Fees & Costs

Pros & Cons

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

6. FP Markets. Best for low spread & 0-pip trading

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fp markets logo
4
Ratings

$-

Min. deposit

Fees

No. assets

No

Demo account

Overview

We love FP Markets because it uses cutting-edge technology to ensure all forex trades are executed at lightning fast speed. It’s an award-winning broker and offers over 60 currency markets with spreads starting from zero pips and leverage up to 500:1. 

FP Markets has zero restrictions and allows all trading styles, including scalping and running expert advisors. It integrates with the popular MetaTrader 4 platform and has its own technology-driven charting package. For beginners, FP Markets offers a free copy trading service where you can mirror profitable users’ trades directly in your own account. 

The fees:  FP Markets has two account types with different fees for forex trades. Its standard account has zero commission but has spreads starting from 0.9 pips. Its Raw account gives access to its ECN trading platform and charges $3 per side (per lot) for every forex trade. 

Highlights

Pros & Cons

CFDs are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

How we chose the best Mexico forex brokers

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Our expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.

Here are the 8 key criteria which the panel used to rate each platform.

  • Regulation with a trusted financial institution. We only recommend forex brokers for beginners that are regulated in Mexico and offer top-tier protection to their clients.
  • Low minimum deposit requirements. An accessible forex trading platform in Mexico, with a low minimum deposit, scored higher in our rankings.
  • Mobile app availability. Our experts gave preference to the forex brokers in Mexico with the best forex trading apps.
  • Number of currency pairs available to trade. We expect Mexico forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
  • Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local Mexican regulators.
  • Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
  • Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
  • Compatibility with trading software. Any Mexican forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.

More about the best forex trading platforms in Mexico

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Which currency pairs can I trade in Mexico?

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You can trade major, minor, and exotic pairs when you sign up for the best forex trading platform in Mexico. The majors and minors refer to the largest and most popular currencies paired with each other, while the ‘exotics’ are everything else.

  • Major pairs. The major pairs are made up of the US Dollar paired with the other most highly traded currencies. Major pairs include: USD/EUR, USD/GBP, USD/JPY, USD/CHF, USD/AUD, USD/NZD, and USD/CAD.
  • Minor pairs. The minor pairs include at least one of the Euro, British Pound, or Japanese Yen paired with other large currencies, but do not include the US Dollar. 
  • Exotic pairs. Exotic pairs include a major currency ‘crossed’ with a developing currency. There are many exotic pairs but they include things like GBP/HUF, EUR/MXN, and JPY/ZAR.

What forex markets are available in Mexico?

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There are two markets that are available with all top forex brokers in Mexico. One is the ‘spot’ market, another is the futures market, where you use futures contracts to predict future price movements. Here is some more detail on both options.

  • Spot forex. Trading the spot market means to buy and sell currencies instantaneously at the live market rate. This is the most common way to trade forex in Mexico for most people.
  • Forex futures. Futures contracts are an agreement to buy or sell a currency at a fixed price at a set date in the future. Futures require more understanding of the economic factors that impact prices over time. For that reason, they’re generally only used by people with experience of currency trading.

Is MT4 available in Mexico?

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Yes, MetaTrader 4 is legal in Mexico. When you use MetaTrader software, you have to sign into a brokerage account and any live trade you place goes through a forex trading platform. As long as you can connect to a legal Mexican forex broker, you can use MT4 or MT5. 

What’s the minimum forex trade size in Mexico?

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The industry standard is 0.01 ‘lots’, which is equivalent to 1,000 units of the currency you want to trade. This is known as a ‘micro lot’. A ‘lot’ equals 100,000 units of the currency you want to trade.

Can I trade other assets with a forex broker in Mexico?

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You can, though it depends on the type of broker you choose. The best cfd brokers in Mexico usually offer other financial markets in addition to currency pairs. If you want to trade other assets, such as stocks or cryptocurrency, then you need either the best cfd brokers in Mexico or the best crypto exchanges in Mexico.

How to trade forex in Mexico

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1. Sign up to a Mexican forex trading platform

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Use the list of top-ranked brokers at the top of the page to help you.

2. Create an account and deposit money

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Sign up by providing your personal details and a form of photo ID. Transfer funds to the account through a bank transfer, credit or debit card payment, or another payment method, like PayPal.

3. Search for a currency pair and place your trade

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Find the pair by typing the currency code – such as USD for the US Dollar – and choosing it from the list of results. Enter the details and click ‘buy’ to make the trade.

FAQs

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01

What’s the best forex broker for beginners in Mexico?

02

What’s the best forex trading app in Mexico?

03

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04

Which is the safest Mexican forex broker?

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What is the best forex trading app in Mexico?


Sources & references

James Knight

James Knight

Editor of Education

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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets. His main focus is on improving financial literacy among casual investors. He has been with Invezz since the start of 2021 and has been...