Top Mexican Brokers for 2024

We found 11 online brokers that are appropriate for Trading Mexican.

Best Mexican Brokers Guide

Analysis by Andrew Blumer, Updated Last updated - March 02, 2024

Mexico Financial Markets

Mexico Brokers

Trading in Mexico is almost free of legal restrictions and limitations. But just because of this does not mean you should not deal with well regulated Mexican brokers when trading the financial markets.

Most Mexico brokers are highly regulated but when you choose one it is important to ensure they have a good range of asset classes, a safe and secure trading platform and a strong reputation with clients.

What To Look In Mexican Brokers

The Mexican brokers whom you decide upon for your financial trading strategy should be reputable and come under the umbrella of the strict regulators in Mexico. International brokers who offer brokerage services to Mexican traders should also come under the regulation of their jurisdictions like the United Kingdom, brokerages are regulated by the Financial Conduct Authority (FCA).

Below we list some things to check when picking brokers in Mexico:

Mexico Trading Opportunities

United States, Canada and other North American countries are top trading partners with Mexico. These neighbouring countries have the freest trade agreements in the world. Currently, Mexico enjoys eleven agreements from 44 countries.

Mexico has a free trade agreement with the European Union. The two countries have a double taxation agreement too. Mexico has free trade access to the US under NAFTA.

With in all of Latin America Mexico has the 2nd largest economy. World Bank has ranked it 8th for trading across borders and 54th for ease of doing business.

Mexico Trading Challenges

There are challenges when trading in the Mexican financial market. Mexico has a 37 percent ratio of its trade to GDP.

In terms of registering property, the country is ranked 103rd and 110th for paying the taxes. Similarly, Mexico is ranked low when obtaining electricity and dealing with construction permits.

Mexico Forex Trading

Peso is the national currency of Mexico and in terms of average turnover, it is ranked under the top 10 or top 15 in the world by various organizations including the Bank for International Settlements (BIS).

Central Bank of Mexico regulates the Forex and CFD trading in the country. All the Mexican brokers are regulated too.

To promote a fair and transparent Forex market the country participated in 2017 in the Global Foreign Exchange Committee (GFEC) that brought together banks and private sectors.

The Mexican Foreign Exchange Committee (MFXC) maintains in the country the public registry of companies.

The Different Types Of Stockbrokers In Mexico

The type of broker an individual chooses is usually determined by the services they need. Following are the different types of brokers:

Online Stockbrokers

Online stockbrokers provide their clients with direct access to their offered trading platform. Even though these are mostly used by newer traders, they are better for individuals with considerable experience in trading.

Online stockbrokers normally offer users educational resources and research, however, this also varies from broker to broker.

These types of brokers are more reasonably priced compared to full-service brokers and using an online service puts the trader in full control.

However, it is crucial to keep in mind that while research and educational opportunities are accessible, there is no customized advisory service.

Discount Brokers

Discount brokers in Mexico offer cheaper services compared to full-service brokers. Their services, however, are also comparatively less extensive.

Discount brokers conduct trading transactions on their clients’ behalf but will not provide any financial advice.

Such services are more cost-effective than full-service brokers and allow traders to take control of their portfolios.

A downside to this is that traders will have to do all the research themselves since discount brokers do not offer any financial advice.

Full-Service Stockbrokers

Full-service brokers offer comprehensive and extensive-ranging portfolio management services. These include: