Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.com
Trading forex in Mexico is relatively free of limitations and legal restrictions, although you will still want to select a broker operating under strict oversight from a reputable financial regulator.
Since not all forex brokerages have the same services and product offerings, you’ll want to make sure any broker you select will be adequate for your online trading needs before you make a deposit with them.
A Look at Forex Trading in Mexico
Mexico’s national currency is the Mexican peso that has the ISO 4217 code MXN. The peso is further divided into 100 smaller units called centavos.
In its 2016 Triennial Central Bank Survey, The Bank for International Settlements (BIS) ranked the MXN 11th among other currencies in terms of average turnover. The BIS also noted that the peso was involved in 1.9% of average daily turnover in the forex market on a net-net basis in April 2016, down from 2.5% in April 2013.
With respect to forex market oversight in Mexico, regulation of online contract for difference (CFD) and forex brokers comes under the responsibility of the Central Bank of Mexico (Banxico) that oversees forex-related activities.
Mexico is a participant in the Global Foreign Exchange Committee (GFEC) that was established in 2017 to bring together central banks and private sector forex market participants to promote a fair, liquid and transparent forex market. The GFEC also publishes a FX Global Code that lays out good forex market practices.
In Mexico, the Mexican Foreign Exchange Committee (MFXC) was established to promote adoption of the GFEC’s FX Global Code among Mexican market participants. The MFXC maintains a public registry of companies on Banxico’s website that formally commit to following the Code.
Furthermore, the National Banking and Securities Commission or Comisión Nacional Bancaria y de Valores (CNBV) is responsible for promoting financial system stability and regulates and supervises financial institutions that include: banks, finance companies, brokerages and mutual fund firms.
As one of the more sophisticated emerging markets and one of the largest Latin American nations, Mexico is an increasingly popular locale for forex trading. Although few brokers based in Mexico support forex trading, many of the global online forex brokers will accept Mexicans as clients.
What to Look for in a Mexican Forex Broker
Any foreign forex broker should be reputable and submit to oversight by a strict official financial regulator, such as the Financial Conduct Authority (FCA) in the U.K. Also, if you live in Mexico, you will probably want to find a broker that accept Mexican peso deposits and offers a website and customer service in Spanish.
In addition, any of the best online brokerage firms suitable for your needs will have these characteristics:
- The ability to trade all major and minor forex currency pairs
- A strong reputation among clients
- An affordable minimum deposit
- A maximum leverage ratio that suits your trading strategy and risk parameters
- Competitive transaction fees and/or dealing spreads
- Minimal order slippage and re-quotes
- Convenient deposit and withdrawal methods
- Provides negative balance protection
- Keeps clients’ money segregated
You’ll also want to check out the broker’s trading software to make sure it has all the features you want. Common features include charting capabilities, technical indicators, trading directly from charts, position management and a high-quality financial news feed.
This can be done by opening a demo or practice account funded with virtual money. Many brokers offer a proprietary trading platform, in addition to supporting popular third party trading platforms like MetaTrader 4 and 5 (MT4/5), cTrader and NinjaTrader.
The Best Forex Brokers in Mexico
Finding the best forex broker for you that services Mexican clients will depend on your unique situation and trading requirements. The list below provides some top broker choices based outside Mexico. Each of them is regulated by strict financial authorities in their local jurisdictions.
If you live in Mexico, most international brokers will accept you as a client if you can meet their initial deposit requirements and suitably identify yourself. Many top brokers also have their websites translated into Spanish and provide Spanish-speaking customer service staff to assist you with questions and issues. They should also be able to translate your documents written in Spanish.
Furthermore, you’ll want to choose a well-regulated online broker to trade forex through that keeps its own money separate from that of its clients for greater security, since that protects you in case of the broker’s insolvency. Some regulators also place restrictions on the maximum amount of leverage a broker can let you trade with, so keep that in mind if your trading strategy requires especially high leverage ratios.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
- Powerful, purpose-built currency trading platforms
- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
Looking for a Highly Rated Forex Signals Provider?
ForexSignals.com offers a highly rated platform with mentors who have 80 years of combined experience in the trading pits. They’ll help you decode real-time daily live streams using market analysis, trade signals and more. ForexSignals.com doesn’t stop there. You can access hundreds of educational videos and workshops and even individualized private sessions with mentors. Never trade alone! Join ForexSignals.com now.