Brokers With MXN Accounts
The Mexican peso (MXN) is Mexico’s official currency and one of the most traded currencies, particularly in emerging markets. It’s valued for its liquidity and strong ties to the US and Latin American economies.
Opening an MXN trading account can be highly beneficial. It provides easy access to Latin American investments, eliminates currency conversion fees, and allows you to capitalize on Mexico’s economic growth and commodities like oil, which directly impact the value of the MXN.
Explore DayTrading.com’s selection of the best Mexican peso brokers tailored to various trading requirements.
Best Brokers With MXN Accounts
After our exhaustive tests, these are the 2 top brokers that support MXN accounts:
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1
Exness
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:2000FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptoExness Trade App, MT4, MT5, TradingCentralWire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, AirtelUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY -
2
Easy Markets
€100Variable1:30CySEC, ASIC, BVI, FSCACFDs, Forex, Stocks, Cryptos, CommoditiesMT4, MT5, TradingViewUnionPay, Credit Card, Bitcoin Payments, Debit Card, AstroPay, Perfect Money, WebMoney, Sticpay, Visa, Wire TransferUSD, EUR, GBP, CAD, AUD, JPY, TRY, SEK, CHF, PLN, CZK, MXN
Here is a short overview of each broker's pros and cons
- Exness - Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 800,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
- Easy Markets - Founded in 2001, easyMarkets is a multi-regulated forex broker offering leveraged trading opportunities on forex, stocks, indices, commodities and crypto. With fixed spreads, an affordable initial deposit, regulation from several reputable bodies and a diverse selection of account currencies, this broker provides simple and straightforward trading solutions to a diverse range of traders.
Brokers With MXN Accounts Comparison
| Broker | MXN Account | Minimum Deposit | Markets | Regulator |
|---|---|---|---|---|
|
|
✔ | $10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM |
|
|
✔ | €100 | CFDs, Forex, Stocks, Cryptos, Commodities | CySEC, ASIC, BVI, FSCA |
Exness
"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."
Tobias Robinson, Reviewer
Exness Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM |
| Platforms | Exness Trade App, MT4, MT5, TradingCentral |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY |
Pros
- Exness is the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes
- There's excellent 24/7 multilingual customer support via telephone, email and live chat
- The broker offers fast execution speeds for short-term traders, averaging under 25ms
Cons
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- Unlike most competitors, Exness doesn't provide its own education section
- There are no promotional deals or loyalty schemes for high-volume day traders
Easy Markets
"Casual traders who want a secure and straightforward trading environment will find a good broker in easyMarkets. The fixed spreads and upfront fees will also appeal to newer traders and cost-conscious investors."
Easy Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Cryptos, Commodities |
| Regulator | CySEC, ASIC, BVI, FSCA |
| Platforms | MT4, MT5, TradingView |
| Minimum Deposit | €100 |
| Minimum Trade | Variable |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, TRY, SEK, CHF, PLN, CZK, MXN |
Pros
- easyMarkets is regulated by top authorities including the CySEC and ASIC, and has a strong 20+ year history
- The Bitcoin base currency account makes it easy to store and trade cryptos without the need for a fiat exchange
- Day traders can access an excellent range of risk management tools, including negative balance protection, guaranteed stop loss orders and the proprietary dealCancellation tool
Cons
- There is no VPS service for seasoned algo traders looking to run their automated strategies 24/7
- Spreads on the Standard account are fairly wide based on tests, starting from 1.7 pips for EUR/USD
- The broker doesn’t offer any raw-spread or cent account options, which puts it behind top competitors like Vantage
How Did We Choose The Best Brokers?
Our selection process for the best MXN trading platforms was meticulous:
- We assessed several hundred online brokers and trading platforms.
- We removed from consideration any platforms that did not offer accounts denominated in Mexican pesos.
- We assigned a numerical rank to each platform, considering a comprehensive set of 100+ quantitative metrics and qualitative assessments from our rigorous testing process.
What Is An MXN Account?
An MXN account is a trading account whose underlying currency is the Mexican peso.
This account type offers a suite of advantages, such as avoiding foreign exchange conversion fees, mitigating exchange rate risk, and efficient investment in domestic Mexican assets, including equities and initial public offerings (IPOs).
The convenience and advantages of an MXN account make it an excellent option if you actively participate in Mexico’s financial markets.
Below is a snapshot of my easyMarkets trading account, denominated in Mexican pesos. It took me just a few minutes and clicks to configure my currency as MXN.
Do I Need An MXN Trading Account?
Evaluate the benefits of an MXN account if:
- You reside in Mexico. An MXN trading account can significantly streamline your tax reporting process. You can simplify your accounting tasks by eliminating the need to track foreign exchange gains or losses.
- You frequently trade Mexican pesos-denominated assets, such as stocks listed on the Bolsa Mexicana de Valores (BMV) or forex pairs including the MXN, and wish to avoid the costs associated with conversion.
- You want to minimize the potential impact of foreign exchange fluctuations on your day trading profits, mainly when dealing with local assets or converting to other currencies.
How Can I Check If A Broker Offers An Account In Mexican Pesos?
To identify the top trading platforms offering MXN accounts, follow this straightforward process:
- Locate the ‘Account Options’ or similar section on the broker’s website.
- Verify that ‘MXN’ is included among the supported base currencies for your trading account.
- Create a trading account and select ‘MXN’ as your primary currency.
Pros & Cons Of MXN Trading Accounts
Pros
- Traders based in Mexico can avoid the fees and risks associated with currency exchange, particularly when trading assets denominated in Mexican pesos. This can result in substantial cost savings for active traders, as there is no need to convert funds between currencies.
- Mexico is a significant player in the Latin American economy, and a MXN trading account may provide direct exposure to Mexican equities, bonds, and commodities like oil and silver, which can offer higher returns compared to more developed markets.
- MXN is one of the most traded emerging market currencies. The peso’s volatility can offer short-term trading opportunities, especially in forex markets.
Cons
- If your investments or income are in other currencies, such as USD, having an MXN base account may expose you to exchange rate fluctuations, potentially eroding returns when converting profits back to your primary currency.
- When trading non-MXN assets (like international stocks or bonds), you may face higher currency conversion fees and spreads, as every transaction involves converting MXN to the relevant currency, increasing trading costs.
- Some international brokers or trading platforms may offer limited services or instruments denominated in MXN, restricting access to global investment opportunities and specific asset classes.
- As an emerging market currency, MXN can experience larger price swings than developed currencies, such as EUR, increasing the risks for global traders.
FAQ
Which Is The Best Broker With An MXN Account?
Our team of experts has meticulously evaluated the leading trading platforms offering MXN accounts. Explore our list to find the ideal brokerage for your trading needs.
How Much Does It Cost To Open A Trading Account Based In Mexican Pesos?
Based on our evaluations, many brokers require a minimum deposit of USD 250 (approximately MXN 5,000) to begin trading with MXN.
However, there are exceptions. OANDA, for instance, offers a much more accessible entry point with no minimum deposit requirement, making it an ideal choice for new traders.
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