Binary Options trading in Ireland
Ireland is generally regarded as part of the United Kingdom, and along with Wales, does not get major mention in financial news outlets like England. However, binary options trading in Ireland is thriving and there are major opportunities for Irish traders to profit from this industry.
The industry has been boosted by the following:
- The binary options brokers in Ireland do not offer binaries as a single product, but in conjunction with other regulated assets.
- The proprietary platforms used by the local binary options brokers are loaded with features that are not usually seen with other brokerages using turnkey platforms.
- Trading is offered in the local currency, which is the Euro. Some platforms also offer trading in the British Pound to appeal to traders in England.
- The trading conditions for binary options are sometimes aligned with those of spread betting. No capital gains tax is charged, and guaranteed stops are provided for binary options traders.
Ireland has a number local binary options brokerage companies. This gives Irish traders the choice of trading with the top binary options brokers in Ireland, or going along with other regulated European binary options brokers. Ireland is part of the EU and uses the Euro as its currency. This makes the country subject to the provisions of MiFID, which allows regulated brokers in Cyprus, Bulgaria and Malta to offer binary options products to the Irish trading public.
The local companies are usually forex or spread betting companies which offer binary options trading as a side product. This has an impact on the regulation of this product in Ireland. In order to be able to offer their regulated financial products within the other UK territories, the binary options brokers in Ireland have to acquire licensing from the Financial Conduct Authority. However, binary options in Ireland are not regulated financial products. Binary options traders in Ireland have to understand this distinction to be able to do their trading business with peace of mind.
Currency Pairs & Spread
Ireland is an EU country and uses the Euro as its currency. The impact of Ireland on the Euro was evident in 2012-2014 when the country faced a financial crisis that dragged the Euro down by nearly 300 pips at some point. This showcases the connection the Euro-based currency pairs have with the Irish economy. Binary options traders in Ireland can therefore trade Euro-based currency pairs as well as other assets linked to the Euro. There is also an assortment of UK assets to trade such as the FTSE100, the EURGBP currency pair, and numerous UK stocks such as those of HSBC, Lloyds, Barclays, etc.
The top binary options brokers in Ireland offer assets that carry spreads. Platforms of other EU brokers may not offer spreads, even though these are used in calculating the expiry values of the assets traded.
Ireland binary options traders usually trade binary options on the platforms of top binary options brokers in Ireland as well as offshore binary options brokers located in Cyprus and other European jurisdictions such as Malta and Bulgaria. The local brokers offer proprietary platforms while the offshore brokers offer turnkey platforms that have been developed by companies such as SpotOption, Tech Financials, O-Systems, Tradologic and Hello Binary.
Binary options bonuses are not awarded by brokers located within Ireland. Bonuses are also not offered by the EU-regulated binary options brokers. However, some brokers may offer cash-paid cashbacks on trades.
Deposit and Withdrawal Options
Ireland has an advanced financial technology industry which has enabled the development of many payment channels.
- Cards: Binary options traders have access to all major cards issued by Irish and UK banks, except the American Express brand. E-wallet companies such as E-payments and Skrill also provide a specially branded prepaid card for traders.
- Wire transfers in Ireland can be done from banks (physically) or using online banking platforms. The interconnected nature of the Irish, UK and European financial systems ensure that bank wires from Ireland to binary options accounts occur within a single banking day. This is much faster than can be done anywhere else in the world.
- Digital wallets such as Skrill and Neteller are available to residents of Ireland. Therefore, binary options transactions can be done using e-wallets very quickly.
Legality & Regulations
Things to know about the legality of trading in Ireland and the regulatory environment:
- Binary options in Ireland are presently not regulated. However, majority of the local companies carry FCA regulation as they also offer forex and spread betting products which are regulated assets.
- Trading of binary options is not restricted to just local binary options brokers in Ireland. Therefore, Irish traders can choose to open trading accounts with offshore binary options brokers or the locally based brokers.
Here are the frequently asked questions that most people have about trading binary options in Ireland.
- Are binary options legal in Ireland?
Answer: The trading of binary options is considered legal in Ireland.
- Is it safe to trade binary options in Ireland?
Answer: Binary options trading in Ireland is very safe. This is because most of the companies offering binary options also offer forex and spread betting, which by UK laws are regulated assets. Regulation by the Financial Conduct Authority (FCA) is very stringent and these companies generally apply the same standards used in regulated asset trading to binary options.
- As an Irish citizen, am I allowed to trade binary options with offshore brokers?
Answer: Ireland is part of the EU and a signatory to MiFID, making it perfectly legal to trade with offshore EU-regulated binary options brokers.
- Is it possible for binary options traders in Ireland to transact on binary options platforms using PayPal?
Answer: PayPal supports top binary options brokers in the UK, so PayPal is accepted by some of the local binary options brokers.
Best Binary Options Brokers in Ireland
With several binary options brokers in Ireland to choose from, traders have very little to worry when it comes to issues such as trader protection and safety of funds. The top binary options brokers in Ireland are as follows:
Binary options trading in Ireland is actually safer than what is obtainable in many places. Irrespective of the non-regulated status of binary options, traders can be assured of protection of their capital. This is because many local brokers offer regulated assets and therefore are invariably forced to extend the same levels of transparency required for regulated asset trading to binary options.
The industry looks set to continue thriving as the internalization of binary options trading processes continues.