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Is Forex Trading Taxable in Ireland

The Republic of Ireland is an island country with a population of 4.9 million people. Irelands economy is largely driven by the agriculture, fishing, tourism, and industry sectors respectively.  Pharmaceuticals, computers, and organic chemicals are among the country’s biggest exports.

  

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A quick Overview of our is Forex Trading Taxable in Ireland Review:

 

Ireland is a trading partner with major economic powers like the United States, Great Britain, the Netherlands, Germany, Spain, Belgium, and France. Ireland is home to the Irish Stock Exchange which currently trades under the name Euronext Dublin. The Irish Stock Exchange is considered the sixth biggest stock exchange group in the world in terms of market capitalization.  Up until 2002, Ireland used the local Irish pound (IEP) after which the country officially adopted the Euro (EUR) as its currency.

 

Forex Legislation in Ireland

 

Irish investors are allowed to legally trade with a variety of financial instruments including spot Forex and contracts for difference. Ireland has become an attractive destination for both traders and brokerage firms due to its lower corporate tax rates and open regulatory climate under the MiFID structure.  The foreign exchange sector in Ireland is regulated under the Markets in Financial Instruments Directive (MiFID) and the Markets in Financial Instruments Regulation (MiFIR) respectively. The two are collectively known as MiFID II.

 

MiFID II regulates all providers of investment services in financial instruments. This includes investment companies, brokerage firms, financial advisors, and credit institutions. The MiFID regulation also applies to overseas companies which provide investment services to customers who are based in member states of the EU.  The introduction of the MiFID also came with the launch of the European Securities and Markets Authority (ESMA). ESMA has the main goal of increasing the level of customer protection. Most EU member states, including Ireland, will regulate their Forex markets in line with ESMA’s guidelines. The Irish market is also regulated by the Central Bank of Ireland, which runs the Investor Compensation Scheme (ICS) which aims to protect investors.

 

Financial Regulators in Ireland

 

The Irish Forex market falls under the supervision of the Central Bank of Ireland. All Forex brokers who wish to accept customers from Ireland must either obtain the permission of the Central Bank or carry a licenses issued in another well-regulated member state of the European Union.  Authorized companies must follow strict regulations and act in the best interests of Irish customers. In order to receive a license, a broker must prove that it is financially stable and meets all criteria for minimal capital adequacy. The Central Bank meticulously monitors all Brokers who carry a licence in order to ensure they operate in strict compliance with its guidelines.

 

Forex Payment Methods in Ireland

 

Irish traders  are spoiled for choice  in terms of payment methods available.   The most common choice amongst local investors to find their live trading account is either a debit or a credit card. Virtually all well-known brands are accepted, including Mastercard, Maestro, and Visa. A popular alternative, is digital or e-wallets including PayPal, WebMoney, Skrill, and Neteller. All four of these e-wallets are commonly accepted by brokerage firms who accept local investors.

 

Taxation on Forex Trading in Ireland

 

All spread trading profits in Ireland is recognised as the winnings of a bet, and are exempt from Tax .  Profits derived from Contracts for Difference (CFD) on the other hand, are liable to Capital Gains Tax in Ireland.  However, If CFD trading is not part of a business or trade – it is our understanding that tax is not payable on CFD profits.

 

Capital Gains Tax in Ireland

 

The rate of Capital Gains Tax is 33% for most gains. There are other rates which apply to specific types of gains. These rates are:

 

  • 40% for gains from foreign life policies and foreign investment products
  • 15% for gains from venture capital funds for individuals and partnerships
  • 5% for gains from venture capital funds for companies.

 

Income Tax in Ireland

 

Income tax in Ireland is imposed on the worldwide income of an individual who resides in and domiciled within Ireland.  An individual who is residential but not domiciled in Ireland will be liable to Irish income tax on Irish-source income, foreign-employment income which is earned whilst carrying out duties in Ireland, and on other foreign income to the extent which is remitted into Ireland.  A non-resident individual is generally liable to Irish income tax on Irish-source income only.

 

Personal income tax rates

 

Filing status 2021 (EUR)
Tax at 20% Tax at 40%
Single and widowed person: no dependent children Income up to 35,300 Balance of income over 35,300
Married couple: one income Income up to 44,300 Balance of income over 44,300
Married couple: two incomes (of at least EUR 26,300 each) Income up to 70,600 Balance of income over 70,600

 

Regulated Forex Brokers who accept Irish Traders

 

IG

 

IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.

 

Pros and Cons

 

Pros Cons
Used by 178,000+ traders Inactivity Fee
Established in 1974 Limited range of instruments
Regulated by Financial Conduct Authority and ASIC
Min. deposit from $250

 

The country of a traders residency will determine which account type they can open. In most countries, they will only be able to trade forex, CFDs and options.  Traders can choose between two trading platforms, IG’s proprietary trading platform or MetaTrader 4.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit Payoneer
Guaranteed stop loss

 

Customer Service is available 24/7 via Phone, Live Chat and Email.

 

Saxo Bank

 

Saxo is a globally regulated, multi-asset class broker which offers traders the option to trade on more than 40,000 instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds from a single account across multiple platforms including their own – SaxoTraderGO and professional-grade SaxoTraderPRO.

 

Pros and Cons

 

Pros Cons
Segregates client funds Doesn’t allow hedging
Established in 2012 Limited range of instruments
Regulated by Financial Conduct Authority Not ASIC Regulated
Min. deposit from $6,500

 

The Saxo Group is regulated in 15 jurisdictions including authorisation from the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Financial Services Agency of Japan (FSA) and many more.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Offers STP Mini account Bank Transfer
Low min deposit Standard account Payoneer
ECN account

 

Customer support is available in nearly 30 different languages via phone, email and an FAQ section.

 

XTB

 

XTB is a European broker which was founded in 2002, and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.

 

XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:

 

  • xStation5
  • MT4

 

Pros and Cons

 

Pros Cons
Lowest FX spreads Does not accept U.S. clients
Regulated by FCA (U.K.) Non-FX spread costs are high
Offers protection for client accounts No guaranteed stop loss
Emphasis on customer service No back-testing or automated trading capabilities

 

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account PayPal
Low min deposit Standard account Skrill
Guaranteed stop loss Islamic account Payoneer
Offers Negative Balance Protection Neteller

 

XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

 

eToro

 

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

 

Pros and Cons

 

Pros Cons
Used by 6,000,000+ traders Doesn’t allow scalping
Established in 2006 Inactivity Fee
Regulated by Financial Conduct Authority, CySEC, ASIC Limited range of instruments
Min. deposit from $200

 

eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.  Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Offers STP Demo account Credit cards
Low min deposit Micro account Bank Transfer
Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

eToro supports a wide range of languages including English, German, Spanish, French, and Italian.  24/6 customer support is available via telephone and support ticket.

 

FP Markets

 

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

 

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

Pros and Cons

 

Pros Cons
Low Forex Fees High Stock CFD fees
Easy Account Opening Limited Product Portfolio
Quick Deposit and Withdrawal Outdated Platform

 

Trading benefits

 

Trading Benefits Accounts Offered Funding Methods
Allows scalping Mini Bank Transfer
Allows hedging Standard Credit/Debit
Offers STP ECN Electronic Wallets
Low min deposit STP
Offers Negative Balance Protection Managed

 

All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

Customer Service is available via email, phone and live chat.

 

XM Group

 

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

 

Pros and Cons

 

Pros Cons
• Low stock CFD and withdrawal fees • Limited product portfolio
• Easy and fast account opening • Average forex and stock index CFD fees
• Great educational tools • No investor protection for non-EU clients

 

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDsForex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs.  Traders must take note that XM does not offer binary options or futures.

 

Trading benefits

 

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Micro Wire Transfer
Low Spreads Standard Credit/Debit
Low Commission XM Zero Neteller
Hedging Allowed UnionPay
Scalping Allowed WebMoney
Qiwi

 

Customer Service is available via live chat, Phone and email support.

 

FXCM

 

Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinaTrader and ZuluTrade.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 1999
Regulated by Financial Conduct Authority
Min. deposit from $1

 

FXCM offers traders 4 main types of trading accounts to choose from, including  Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Payoneer
Low min deposit Islamic account

 

Customer Support is available via Live Chat, Phone, Email and SMS.

 

AvaTrade

 

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.

 

Pros and Cons

 

Pros Cons
Used by 200,000+ traders Doesn’t offer VPS
Established in 2006 Not FCA Regulated
Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI
Min. deposit from $100

 

For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform.  AvaTrade also offer mobile apps for Android and iOS.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

Customer support is available by email, phone, or live chat.

 

IC Markets

 

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile.  IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2007 Not FCA Regulated
Regulated by ASIC
Min. deposit from $200

 

IC Markets offers traders three main types of live trading accounts to choose from, including  Raw Islamic swap-free accounts and the use of a free demo trading account.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit Zero spread account Skrill
ECN account Neteller
Islamic account

 

Customer support is available 24/7 via Live Chat, Phone and Email.

 

Tickmill

 

Tickmill is a Forex and CFD broker with licences from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA).

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2014 Not ASIC Regulated
Regulated by Financial Conduct Authority
Min. deposit from $25

 

Tickmill offers trading on 80+ markets covering Forex, Indices, Commodities and Bonds on the MetaTrader 4 trading platform for Windows, Mac, Web, Android and iOS.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Neteller
Low min deposit Zero spread account
ECN account
Islamic account

 

Multilingual client service is available via Telephone, Email, Online Contact Form and Live Chat.

 

  

 

Conclusion

 

Ireland is a financially prosperous country and traders will be spoiled for choice when it comes to regulated Forex Brokers who accept local investors.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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