IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Tickmill
FP Markets
PepperstoneBest Forex Brokers in Mexico for 2024
Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck
ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.
Trading forex (currencies) in Mexico is popular among residents. The primary regulator for Mexico’s capital markets 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.
Though the CNMV has not yet established a regulatory framework for forex brokers, it periodically distributes warnings to the public advising against dealing with unregistered and/or unregulated brokers.
This is yet another reminder to 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 51% and 89% 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 in Mexico for 2024
To find the best forex brokers in Mexico, we created a list of all forex brokers that accept residents of Mexico, then ranked them by their Overall ranking.
Here is our list of the top forex brokers available in Mexico:
Comparison of the Best Forex Brokers in Mexico
Compare the best forex and CFDs brokers available to residents of Mexico side by side using our forex broker comparison tool or the summary table below. This broker list is sorted by my overall rankings of the top forex brokers.
| Company | Accepts MX Residents | Average Spread EUR/USD - Standard | Minimum Deposit | Overall Rating |
 IG
|
0.98 | £250.00 |
|
|
 Interactive Brokers
|
0.63 | $0 |
|
|
 FOREX.com
|
1.4 | $100 |
|
|
 XTB
|
1.00 | $0 |
|
|
 Capital.com
|
0.67 | $20 |
|
|
 Swissquote
|
N/A | $1000 |
|
|
 AvaTrade
|
0.93 | $100 |
|
|
 OANDA
|
1.61 | $0 |
|
|
 Pepperstone
|
1.10 | $0 |
|
|
 XM Group
|
1.6 | $5 |
|
|
 Admirals
|
0.8 | $100 |
|
|
 FP Markets
|
1.1 | $100 AUD |
|
|
 IC Markets
|
0.62 | $200 |
|
|
 BlackBull Markets
|
0.76 | $0 |
|
|
 Vantage
|
1.30 | $50 |
|
|
 HYCM (Henyep Capital Markets)
|
1.2 | $20 |
|
|
 HFM
|
1.2 | $0 |
|
|
 Questrade
|
N/A | $250 |
|
|
 ActivTrades
|
0.98 | 0 |
|
|
 Trade Nation
|
0.6 | $0 |
|
|
 Eightcap
|
1.0 | $100 |
|
|
 Moneta Markets
|
1.38 | $50 |
|
|
 Spreadex
|
0.81 | $0 |
|
|
 MultiBank
|
N/A | $50 |
|
|
 Exness
|
N/A | $10 |
|
|
 easyMarkets
|
0.8 | $50 |
|
|
 Libertex (Forex Club)
|
N/A | $10 |
|
What is the best broker in Mexico?
IG is the best broker in 2024 for residents of Mexico. IG delivers an impressive suite of trading platforms and comprehensive market research. IG's award-winning mobile suite includes some of the best mobile trading apps I've ever tested. 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. Learn more by checking out my full review of IG.
Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.
How does forex work in Mexico?
Mexico’s financial markets regulator - the Comisión Nacional Bancaria y de Valores (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. Learn more about how we track the trustworthiness of 60+ forex brokers by checking out our Trust Score page.
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.
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.
Why regulation is important
Choosing a well-regulated forex broker is important for avoiding forex scams. Check out my popular educational series that teaches you how to identify common forex scams and provides helpful information about what to do if you've been scammed. For crypto traders, I explain how you can spot common crypto scams.
Which broker is best for beginners?
IG is the best broker for beginner forex traders in 2024. 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, free forex demo accounts, articles, videos, a large variety of content from its DailyFX website, and educational resources from its IG Community.
Check out a gallery of screenshots from IG's educational resources for beginners, taken by our research team during our product testing.
Compare Mexico Brokers
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Methodology
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team, led by Steven Hatazkis, conducts thorough testing on a wide range of features, products, and services. We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Our research team collects and validates thousands of data points each year.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s regulatory status and number of held regulatory licenses.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.
We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.
Read our full explanation and accounting of our research and testing process to learn more about how we test.
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.Read more on forex trading risks.
About the Editorial Team
Steven Hatzakis is the Global Director of Online Broker Research for 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 is the Managing Editor at ForexBrokers.com. An experienced media professional, John has 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 is a Content Strategist and Research Analyst for 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.