Top 5 Trading Platforms in Mexico
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eToro - N#1 Trading Platform
What is a Trading Platform?
The trading platform provides access to different markets and enables a reader to open and close positions and manage the market.
Trading platforms are usually used through an intermediary like a broker, and each platform is usually designed to be user friendly and suitable for beginners and advanced traders alike.
There are two different types of trading platforms available.
Commercial platforms are offered to day traders, and retail investors and are generally easy to use.
With a host of features like news feeds, research and education, commercial platforms can be accessed through almost every broker and offer great access to any number of markets.
Proprietary platforms are those created by individual brokers to be used with the broker’s products, using specific trading styles and bespoke requirements.
As a beginner trader, it is important to understand that trading is risky, so you need to find a reliable trading platform that suits your style and is as safe as possible.
All brokers and trading platforms that you are looking at should be regulated by local authorities, such as the FCA, the ASIC and the SEC.
The best trading platforms offer several different access methods with the same functionality: a web trading platform, a downloadable desktop platform and a mobile platform.
Therefore, you can trade in the way that suits you best.
Key Points to Remember When Choosing a Trading Platform
With so many trading platforms and brokers available, it can be difficult to find the one that will be most suitable for you.
Below are some criteria that you should be aware of when comparing the trading platforms that are available in Mexico.
When you are trading, you want to make sure that the only risks you are taking are in the orders you are making, not in using the platform.
Look for brokers regulated in more than one jurisdiction to ensure that they follow basic principles for keeping your money safe.
Some top-tier regulators are ASIC in Australia, the SEC in the US, and the FSA in the UK.
It is also worth finding out if client funds are held in a segregated account because the broker and the platform will not be able to use it to fund activities or pay debts.
Traders can also be reassured if the financial activity of the company is audited, and it is even better if they are publicly traded.
Choosing an unregulated (or not very regulated) broker or trading platform makes trading even riskier.
The trading fees that are charged by the platform and the broker are how the provider makes money.
Therefore, there is a balance to be found between cheap fees and the provision of features that you might enjoy.
Fees are not always straightforward or obvious, and the fees charged differ from platform to platform. You can expect to find:
Commission – This is sometimes charged as a percentage fee on top of the trading fee, or might be built into the spread
Account fees – There might be a monthly charge for having an account or fees for inactivity after a specific period
Transaction fees – Charges for deposits and withdrawals, which might vary depending on where the funds came from
Depending on the platform, you might need to be aware of conversion fees – brokers rarely have Peso as the base currency, so deposits will need to be converted into whatever currency the platform uses.
Types of Investment
There is any number of trading instruments that you can invest in.
With commercial platforms, you can have access to almost every investment type.
However, with proprietary platforms, there might be a limit on the number of instruments that can be used.
There are several types of trading instruments:
The platform and broker you choose should be able to provide education, research and analysis so that you can learn more about trading.
Education can come in the form of courses, some suitable for beginners and others aimed at specific levels of trading experience or about different trading strategies.
You can also find webinars, videos and podcasts, as well as eBooks, guides and blogs.
Research might include news stories, trading insights and market sentiment from the brokers' in-house team and third-party sources like Reuters and Trading Central.
Whether a beginner trader or someone more experienced, you need to understand how the market works, and analysis can be a difficult thing to learn for yourself.
Good brokers and platforms will give you access to analytical tools, including reports, charting and technical indicators.
Becoming an expert day trader means monitoring the action.
However, if that sort of full-time work does not suit you, then you can set price and volatility alerts that can come in the form of SMS messages, push notifications or emails.
Ease of Use
Most platforms are designed to be simple to use so that even beginner traders can navigate the market as they want to.
Looking for a platform that offers a tutorial and a demo account so you can get used to placing orders and monitoring the market.
Some platforms allow the use of Expert Advisors (EAs), algorithmic trading robots that can be used to trade automatically on your behalf or give you advice on when to place trades.
Look for customizable layouts and seamless integration across all platforms: web, desktop, and mobile.
Users should be able to use the trading platform wherever they are, in the same way, whether it is on the go with a mobile app or through the desktop or web application.
Even with the easiest to use platform, it might be necessary to get in contact with the developers to ask questions, and there are several ways this can be done with trading platforms and brokers:
- Live chat
- Online support tickets
Some customer support is only available when the markets are open, while others are available 24/7.
Phone and live chat options tend to have the fastest responses, while email and support tickets tend to take longer.
Trading Tools and Features
This is where the real difference between commercial and proprietary platforms can be seen.
There are some trading tools and features common to almost all platforms, such as basic order types like stop, market, and trailing stop, as well as buy and sell.
Some platforms might offer the opportunity to place small trades like fractional shares, so you do not have to buy a full stock or share.
Look out for trading platforms that offer copy trading or social trading, especially if you are a beginner.
This is a great way to ‘copy’ the trades (and sometimes, entire portfolios) of successful traders to inform your trades.
The list of possible trading tools and features that you might find on your trading platform is almost endless; however, you could find:
The Top 5 Trading Platforms in Mexico
eToro is an Israeli fintech company that was established in 2007 and is regulated by CySEC, FCA and ASIC.
eToro is made for simple online account opening, with no account fees or deposit fees.
The base currency for eToro is the Dollar, so that means that if you are depositing Peso, you need to be aware of conversion fees.
You can deposit through bank transfer, credit or debit card, and electronic wallet and withdraw in the same way.
The eToro trading platform is available on the web and as a mobile app.
The web platform is clean and functional, designed to be user-friendly and suitable for beginners.
Although there is limited customization available, the opportunity to take advantage of social trading is a great option for the beginner.
You can make several orders on the platform, including market, stop-loss, limit, and trailing-stop-loss.
The mobile application is seamless to use alongside or instead of the web trader platform, with the same functionality.
eToro’s proprietary platform allows trading of the following instruments:
- 47 Currency pairs
- 13 Stock Index CFDs
- 2,000 Stock CFDs
- 145 ETF CFDs
- 14 Commodity CFDs
- 17 Stock markets
- 145 ETFs
- 16 Cryptocurrency
Research on eToro comes from recommendations based on analyst consensus and market sentiment.
Fundamental data and charting are found alongside a news feed that is styled to be a market-themed Twitter feed.
The education is not as strong as some other platforms; however, there are basic introductory videos and webinars available, and a demo account and platform tutorials.
The eToro customer service is available through live chat and web-based ticketing, but there is no access to help via the phone, and it is not available 24/7.
2. City Index
City Index is a global broker known for forex and CFDs.
It is a popular choice of a broker with a proprietary trading platform because the parent company StoneX Group Inc. is listed on the NASDAQ stock exchange, and it is regulated by FCA, ASIC, and MAS.
There are three account types with City Index: Trader/Premium Trader/Professional and each one has no account fees.
The minimum deposit is $100, and deposits can be made through bank transfer, credit or debit card, and electronic wallets into the base currencies, which include: EUR, GBP, USD, CHF, HUF, AUD, JPY and PLN.
The minimum withdrawal is $100.
City Index has a proprietary platform available on the web, as a desktop download, and as a mobile application. Users can also access MetaTrader 4 through City Index.
The web trader is available in two different platforms: an HTML-based platform and Advantage Web, which is an older platform that does not have as many tools or features.
Web Trader is a user-friendly and customizable platform that has several order types available and is simple to use.
Alerts and notifications are available for price movements and to help users monitor the market.
The mobile application can be used to access either MT4 or the City Index proprietary platform.
It offers the same functionality as the Web Trader; however, some users have noted there is a bit of lag.
Similarly, the desktop version of the platform is less modern than the Web Trader and perhaps a little less user-friendly.
With City Index, you can access the market with the following trading instruments:
- 84 Currency Pairs
- 22 Stock Index CFDs
- 4,500 Stock CFDs
- 690 ETF CFDs
- 29 Commodity CFDs
- 12 Bond CFDs
- Six Cryptocurrencies
City Index has ‘Market News’, which offers trading ideas based on technical analysis, with great charting tools that combine 90 technical indicators.
Chart analyses are from Autochartist, and the news feed comes from Reuters.
The education available from City Index is high quality, including videos and webinars. The demo account can be used alongside platform tutorial videos.
Customer service is available through phone, through live chat and email on a 24/5 basis.
XTB was founded in 2002 and has headquarters in both London and Warsaw. XTB is regulated by FCA, CySEC, KNF, CNMV and the IFSC.
XTB is a popular option thanks to the fast and simple online account opening with no minimum deposit and low forex fees.
There are no monthly account fees (unless the account is inactive for a year), and deposits are free.
The base currencies for XTB are USD, EUR, GBP, HUF, and PLN; therefore, be aware of conversion fees if depositing Pesos.
Deposits can be made via bank transfer, credit or debit card, and electronic wallet, but withdrawals are only allowed through bank transfer, and there is a fee if the amount is below $100.
XTB has a proprietary platform that is available on the web, mobile and desktop, and they also offer access to the market through MetaTrader 4.
The web trading platform is called xStation 5 and has a professional-looking interface that is user-friendly and customizable.
A desktop platform is a downloadable option that is the same as the web trader.
The security-conscious might not like the fact that there is only a single-step log in.
However, the simple to navigate and search platform offers some common order types.
The XTB Order Calculator gives you the parameters for each trade; therefore, you know exactly how much it will cost.
You can set up alerts and notifications via push, SMS and email.
The mobile platform is available on iOS and Android, offering the same functionality as the web trading platform with a simple and easy-to-use interface.
With XTB, you can trade using the following instruments:
- 49 Currency Pairs
- 42 Stock Index CFDs
- 1,800 Stock CFDs
- 114 ETF CFDs
- 22 Commodity CFDs
- 25 Cryptocurrencies
- 17 Stock Markets
- 220 ETFs
The research available on XTB includes market analysis that is on the XTB website and trading ideas.
The fundamental data is limited, but the news feed is curated by the in-house research team and informs the ‘heatmap’ of market sentiment.
The stock and ETF scanner gives good ideas for traders to decide what is going to be big.
There is a demo account available alongside platform tutorials.
As a place to learn, the education that the XTB team has put together includes structured eBooks and articles based on trader experience, as well as videos and webinars.
Customer service with XTB is fast, even though it is not available 24/7. You can contact XTB via phone, live chat and email.
4. Saxo Bank
Saxo Bank is a Danish investment bank that was founded in 1992.
As a well-regarded broker, it offers regulation from the Danish FSA and the FCA. Saxo Bank offers lower trading fees depending on volume.
However, the minimum deposit and some higher than average transaction fees could be a barrier for some traders.
This is offset by the better than average customer service on offer, as well as the wide range of trading instruments, however.
Deposits can be made using a bank transfer or credit/debit card, and the minimum deposit is $10,000.
While there are several base currencies offered by Saxo Bank, Pesos are not one of them. Therefore, it is worth remembering that although there is no deposit fee, there will be a conversion fee.
Withdrawals can only be made through bank transfer.
The Saxo Bank proprietary platform is available for web trading as a desktop trading platform or a mobile application.
Both the desktop and web trading platforms have similar, user-friendly designs that are simple to customize.
The two-step login offers a good level of security.
The platforms have several order types that users can make, and you can create alerts and notifications about what matters to you, like price or volatility.
The mobile application is seamless, making trading on the go simple. However, it is not as straightforward as the web or desktop version.
The trading instruments that are available on the Saxo Bank trading platforms include:
- 28 Stock Markets
- 3,100 ETFs
- 182 Currency Pairs
- 40,000 Bonds
- 23 Options Markets
- 23 Futures Markets
- 29 Stock Index CFDs
- 8.800 Stock CFDs
- 675 ETF CFDs
- 19 Community CFDs
- Five Bond CFDs
- Two Cryptocurrencies
As previously mentioned, the customer service and support available from Saxo Bank is excellent.
Although only available through phone and email, the team is responsive and helpful. Customer service is not available 24/7, however.
In terms of research, interactive charting and trading ideas, including analyses and recommendations are complemented with detailed fundamental data about each trading instrument and business, both current and historical.
Saxo Bank also provides daily podcasts from their research team, and a news feed and an economical calendar.
The education available from Saxo Bank might not be as extensive as other platforms; however, there is a demo account, platform tutorials, and some videos and webinars that are useful sources of knowledge and education.
Interactive Brokers was founded in 1978 as a US-based discount broker.
Listed on NASDAQ, and regulated by the FCA and the SEC, Interactive Broker offers an astonishing number of different account types from individual to IRA, to small business.
Interactive Brokers offers a wide range of trading instruments alongside low trading fees that can be commission-based or held in the spread.
Users can choose between a fixed rate and tiered price plans. There is no minimum deposit unless you plan to use margin trading or short sales, where you will need to deposit at least $2,000.
There is an asset management service that can manage your portfolio using pre-selected options with a $5,000 minimum investment.
There are a sizable number of base currencies, including the Mexican Peso. This means that there are no conversion fees for Mexican account holders.
Deposits and the first monthly withdrawal are free; but can only be made through bank transfer, not credit or debit card or electronic wallet.
There are two web trading platforms created by Saxo Bank.
WebTrader is a simple online trading platform, while Client Portal is a more advanced platform, yet it is user-friendly and intuitive enough to be used by beginners.
This offers many different order types, including time-related ones. Users can set price alerts for email notifications.
The mobile trading platform is available for iOS and Android.
It is handy to use for on-the-go trading, and in some ways is better than the web platform in terms of overall look and user-friendliness.
A great addition to the mobile application is the IBot, which is a chatbot that understands basic commands and can execute orders and provide information.
The desktop trading platform is only available for PRO accounts and is known as the ‘Trader Workstation’.
This is a very advanced platform with a huge number of tools, features, and customization options and is only really suitable for experienced traders.
With Interactive Brokers, you can trade the following instruments:
- 78 Stock markets
- 13,000 ETFs
- 105 Currency pairs
- 260 Fund Providers
- 60,000 Bonds
- 33 Options markets
- 32 Futures markets
- 13 Stock index CFDs
- 7,100 Stock CFDs
- Two Cryptocurrencies
Research is available both in-house and from third-party sources. Recommendations come from Morningstar, Dow Jones, and Reuters in combination with lots of fundamental data.
Alongside charting tools and an economic news feed, the Investors Marketplace provides networking for traders on the platform to share ideas and commentaries.
There is a huge number of educational resources available on the Interactive Brokers platform, from a demo account known as a ‘paper’ account and platform tutorials to detailed and in-depth online courses.
Webinars and educational videos are also available.
The customer service provided by Interactive Brokers is available through live chat, phone, and a message center on a 24/5 basis. The customer service is not seen to be as good as other platforms.
Some criteria might be important to you when it comes to choosing the right trading platform to use when you are starting with trading in Mexico.
Although fees might be an important consideration to the savvy trader, there are other things that you should think about before choosing the cheapest option.
There might be better access, more trading instruments, and different order types available with platforms that have more fees.
Taking time to make sure that the platform you choose has the features you need and top-level security will help you to lessen the risk to your capital when you are trading.
However, remember that trading is inherently risky.
WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.