Central Bank of Ireland (CBI) Brokers 2024

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Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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The Central Bank of Ireland (CBI) plays a crucial role in Ireland’s financial landscape, particularly in regulating brokers. This regulation is of significant importance to Irish traders, as it ensures a secure trading environment.

Brokers operating in Ireland must adhere to a comprehensive regulatory framework established by the CBI, with the agency earning ‘green tier’ status in our Regulation & Trust Rating. This framework incorporates the Markets in Financial Instruments Directive (MiFID) set by the European Union (EU), ensuring firms comply with stringent standards for investor protection.

The CBI is an active regulator, taking action against breaches and maintaining a growing warning list of over 880 investment firms that are unauthorized in Ireland.

We’ve identified the best brokers regulated by the CBI after personally verifying their credentials on the regulator’s Register of Authorized Firms.

Best CBI Brokers

Following testing, these 1 CBI-regulated trading platforms emerged as the best:

Click a broker for details
  1. 1
    Interactive Brokers

    Ratings
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

This is why we think these brokers are the best in this category:

  1. Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

CBI Brokers Comparison

CBI Brokers Comparison
Broker Minimum Deposit Markets Platforms Leverage
Interactive Brokers logo
$0 Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral 1:50

Interactive Brokers

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

Demo AccountYes
InstrumentsStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
RegulatorFCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Minimum Deposit$0
Minimum Trade$100
Leverage1:50
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
  • With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
  • IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.

Cons

  • You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
  • TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
  • IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.

Methodology

To identify the top brokers regulated in Ireland, we:

  • Scanned our database of around 500 brokers to identify those who claim to be regulated by the CBI
  • Ran their company credentials through the CBI’s public register to verify they were authorized
  • Ordered them by their rating, combining 100+ data points with the findings of our testers

How Can I Check A Broker Is Regulated By The CBI?

Checking a broker is regulated by the CBI is straightforward:

  1. Navigate to the CBI’s Register of Authorized Firms
  2. Enter the broker’s name in the search box and click the ‘Search’ button
  3. Click on the search result to check broker details, such as full trading name, entity type, and description

Below is the result of a search I ran on AvaTrade (which supports the excellent DupliTrade copy trading platform), showing that the broker is authorized .

It took me less than two minutes to check they were indeed regulated in Ireland, so it’s an easy check for any day trader to run.

author image
Christian Harris
Author
AvaTrade license details at Ireland's regulator
AvaTrade – CBI License

What Rules Must CBI-Regulated Brokers Follow?

The CBI imposes comprehensive rules and regulations on brokers operating under its jurisdiction. These rules are designed to ensure that trading platforms operate with integrity, maintain financial stability, and protect the interests of their clients.

Here are the fundamental rules and requirements that CBI-regulated brokers must follow:

The CBI maintains compliance by imposing substantial monetary fines, public reprimands, and operational restrictions on brokers who fail to meet regulations. These penalties are a strong deterrent against regulatory breaches, safeguarding active traders and upholding market integrity.

What Powers Does The CBI Have?

The CBI is not just a passive regulator but an active enforcer. It monitors compliance and takes swift enforcement actions against brokers who breach regulations. These actions can include fines, sanctions, and even license revoking, ensuring a secure trading environment for Irish traders.

For example, on 27 February 2024, the CBI fined Goodbody Stockbrokers Unlimited Company (Goodbody) €1,225,000 for “failing to put in place an effective trade surveillance framework to monitor, detect and report suspicious orders and transactions about market abuse in the period July 2016 to January 2022, some five and a half years.” Goodbody admitted to the breach.

When failures occur, the CBI expects firms to be accountable for regulatory breaches.

The CBI also often issues public statements highlighting enforcement actions, deterring other market participants. These statements detail the nature of the breach and the penalties imposed.

💡
The CBI can issue fines of up to €10m or 10% of the firm’s turnover, significantly higher than many prominent financial regulators, such as the Monetary Authority of Singapore (MAS), which can fine up to SGD 1 million (around €650,000) per breach.

Bottom Line

For Irish traders seeking a secure trading environment, prioritizing brokers regulated by the CBI is a wise choice. The CBI enforces strict financial transparency standards, offering robust security and protection for your investments.

However, the number of CBI-regulated forex brokers is very limited compared to other parts of Europe, including the UK and Cyprus, potentially restricting your choice.

It’s also important to remember that even CBI regulation doesn’t eliminate inherent trading risks. Fast-paced strategies like day trading can still lead to losses. Always adhere to the golden trading rule: only risk what you can afford to lose.

Article Sources

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