Best Forex Brokers Mexico 2023
Mexico is home to a vast, diverse landscape with arid deserts, lush rainforests, active volcanoes, and one of the biggest metropolitan areas in the globe.
Mexico’s capital – Mexico City – is one of the largest cities in the world by population, and almost twice as big as New York City. Even its green spaces are huge; its sprawling city park, Chapultepec, is more than twice the size of NYC’s Central Park).
Mexico City also has not one, but two active stock markets, and is one of the most important financial centers in North America.
Here at BrokerNotes, we conducted extensive research and data collection on forex brokers, local regulatory agencies and stock exchanges, and Mexican monetary policy to create this guide to help you pick the best forex broker for trading in Mexico.
Choosing a forex broker in Mexico
Whether you are an active trader with deep forex experience, or a beginner who is just getting their start in the forex world, choosing a well-regulated forex broker is crucial if you want to steer clear of forex scams. Not all regulatory licenses carry the same weight, and regulatory environments can vary widely from country to country.
Our Trust Score, a proprietary algorithm, ranks regulatory agencies and their respective countries into three groups, with Tier 1 indicating the most stringent (which is good) and Tier 3 the least. We collect comprehensive data on each broker, which results in a ranking from 1 to 99 of the broker’s overall trust (the higher a broker’s Trust Score, the better). Learn more about Trust Score at our sister site, ForexBrokers.com.
The primary regulator for Mexico’s capital markets, including the banking and securities sectors, is the Comisión Nacional Bancaria y de Valores (CNBV). The CNBV aims to promote the stability of the financial system and protect investors while overseeing and regulating financial institutions such as banks, finance firms, stockbrokers, and mutual fund companies.
The CNMV has not yet established a regulatory framework for forex brokers, though it has periodically put out warnings to the public advising against dealing with unregistered brokers. In these warnings, the regulator states that it cannot process complaints from clients of forex brokers that are not regulated by the CNMV. As a result, it is crucial that you choose a trusted forex broker that holds numerous regulatory licenses.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best forex brokers for trading in Mexico
To help you find the best forex brokers, we curated a list of every broker that accepts new clients from Mexico. We conducted meticulous research on those brokers, using over 100 data-driven variables (including our proprietary Trust Score), resulting in this list of the overall best brokers in Mexico:
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IG
- 9.9/10 Overall
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FOREX.com
- 9.3/10 Overall
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XTB
- 9/10 Overall
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Swissquote
- 8.7/10 Overall
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AvaTrade
- 8.6/10 Overall
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Plus500
- 8.5/10 Overall
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Capital.com
- 8.4/10 Overall
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XM Group
- 8.4/10 Overall
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Pepperstone
- 8.4/10 Overall
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Admiral Markets
- 8.3/10 Overall
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Markets.com
- 8.2/10 Overall
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BlackBull Markets
- 7.9/10 Overall
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HFM
- 7.7/10 Overall
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HYCM (Henyep)
- 7.7/10 Overall
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Eightcap
- 7.6/10 Overall
Minimum Initial Deposit
£250.00 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.86 (September 2022) |
| All-in Cost EUR/USD - Active | 0.5957 (September 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.0 (July 2022) |
| All-in Cost EUR/USD - Active | 1.0 (July 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$0 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.07 (Q3 2022) |
| All-in Cost EUR/USD - Active | 1.04 (Q3 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$1000 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.91 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.61 (Aug 2020) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
€100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.6 (as of Aug 2018) |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$20 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Average Risk |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.6 (July 2021) |
| All-in Cost EUR/USD - Active | 0.6 (July 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$5 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.6 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.8 (Aug 2021) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$200 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.77 (September 2022) |
| All-in Cost EUR/USD - Active | 0.87 (September 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Mexico’s financial markets
The Mexican national currency is the Mexican peso (MXN), which is subdivided into 100 units called centavos.
Forex markets and Mexican forex brokers are impacted by the monetary policy as regulated by the Central Bank of Mexico (BdeM), or Banxico, which is responsible for maintaining and preserving the value of Mexico’s national currency (the peso).
The primary stock market in Mexico is the Mexican Stock Exchange, or Bolsa Mexicana de Valores (BMV). Mexico is also home to the more recently established Bolsa Institucional de Valores (BIVA) exchange, founded in 2018.
Headquartered in Mexico City, the BMV operates cash, listed derivatives, and over-the-counter (OTC) markets for multiple asset classes that include equities, fixed-income, and exchange-traded funds (ETFs).
In addition to providing a listing service for stocks and stock derivatives, the BMV also offers various Mexican fixed-income products, as well as a unique product called a Title Referenced to Shares (TRAC). TRACs – somewhat similar to ETFs – are a kind of participation certificate traded on the exchange, which allows investors to buy or sell an index or portfolio of shares through a single stock. These exchange-traded products (or, certificates) aim to replicate the behavior of the underlying stocks or portfolios.
How does Forex work in Mexico?
Mexico’s financial markets regulator - the CNBV - does not yet have a regulatory framework in place for forex, and has warned local residents against investing with brokers that aren’t licensed with the CNBV. It has also made it clear that it will not process complaints of customers that trade with such brokers. That means that if you trade with a broker that is not licensed in Mexico by the CNBV, you won’t be eligible for the same protections you’d receive with a local broker.
However, as local brokers don’t offer forex in Mexico, residents that decide to trade forex with a foreign broker should be sure to choose one that is highly trusted and holds multiple licenses in other countries.
What brokers are regulated in Mexico?
There are nearly 5,000 financial institutions regulated in Mexico by the CNBV, including banks and brokers that offer access to the local stock exchange and derivatives markets.
What is the best broker in Mexico?
IG is the best broker in 2023 for residents of Mexico. IG provides traders with an impressive suite of trading platforms, comprehensive market research, and multiple award-winning mobile apps. Simply put, IG stands apart from its competitors across multiple categories, making it an excellent choice for residents of Mexico who are looking for a reputable, highly-regulated broker.
Which broker has the best mobile app?
If you are looking for an excellent mobile app experience, Saxo Bank is your best bet in 2023. Saxo Bank ranks first in our mobile category, and its mobile suite is an excellent choice for beginners and professional traders alike.
Saxo Bank’s SaxoTraderGO suite consists of a mobile and web app, both of which deliver powerful trading tools and a rich variety of features that come wrapped in an easy-to-use interface. SaxoTraderGO closely mirrors Saxo Bank’s SaxoTraderPRO desktop trading platform, providing a satisfyingly consistent experience for traders across platforms and devices.
Which broker is best for beginners?
IG is the best broker for beginner forex traders in 2023. IG provides a comprehensive selection of educational content and resources for traders who are getting their start with forex and CFDs. IG’s platforms are easy to use, and its IG Academy app is dedicated exclusively to education. IG also offers detailed learning courses, articles, videos, a large variety of content from its DailyFX website, and educational resources from its IG Community.
BrokerNotes.co 2023 Overall Rankings
To recap, here are our top forex brokers for 2023, sorted by Overall ranking.
More Forex Guides
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
Steven Hatzakis
Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans
John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
IG
Saxo Bank
Interactive Brokers
CMC Markets
TD Ameritrade
FOREX.com
City Index
eToro
FXCM
OANDA
Admiral Markets
FP Markets
IC Markets
Markets.com
FxPro
Fineco Bank
Tickmill
BlackBull Markets
DooPrime
BDSwiss
TMGM
HFM
FlowBank
HYCM (Henyep)
Vantage
Trading 212
Eightcap
Trade Nation
Moneta Markets
ThinkMarkets
VT Markets
ACY Securities
easyMarkets
RoboForex (RoboMarkets)
IronFX
Exness
Spreadex
Trade360
AxiTrader
GKFX
Vestle
OctaFX
FXOpen
TeleTrade
FXPrimus
Forex4you
LegacyFX
GBE brokers
Alpari
TopFX
Libertex (Forex Club)
ATFX
UFX
Xtrade
Tradeo
