The economy of Mexico: general information
Modern Mexico is one of the most economically developed countries in Latin America, with a wide commodity reserves and a diversified economy. Its economy was based on the cultivation of corn, legumes, red pepper, as well as raising cattle for domestic consumption and exporting minerals (oil and gas) and silver.
To date, Mexico holds the 13th place in terms of GDP in the world (8 thousand dollars per capita), not yielding to Poland, Estonia, and South Africa. The composition of the gross domestic product is broadly divided into the primary sector (agriculture), the secondary sector (industry) and the tertiary sector (services).
Mexico has 44 free trade agreements. This means that any company that manufactures there has duty-free access to 60 percent of the world’s GDP. International trade accounts for 66 percent of a country’s GDP.
Mexico, with a population of about 130 million, is the most populous Spanish-speaking country in the world. Its economy, although still considered to be developing, has a stable financial sector, as well as rapidly developing financial markets, and its national currency, the Mexican peso (MXN), ranks eighth in the world in terms of global liquidity after major currencies such as the USD, EUR, JPY and GBP.
Considering the rapid urbanization, advances in online technology, higher Internet coverage and increasing volume of educated young people, it is not surprising that Mexico has become an attractive destination for foreign exchange companies from all over the world. Citizens are more and more looking for additional opportunities for profit and financial independence. This creates ideal conditions for a thriving Forex market.
Forex trading and regulations in Mexico
Mexico is open to private capital: it has a developed financial instruments and stock markets and many public companies. With international Forex brokers accepting clients from Mexico, online trading of financial instruments has become available to the public. Many assets have appeared for trading, including those not related to physical deliveries: now you can trade oil, stocks, CFD’s, etc. – without the need to deliver or buy any goods.
Forex trading is legal in the country. Many local traders focus on trading stocks, CFDs and commodities. International brokers accept clients from Mexico and offer many financial instruments with favorable conditions.
In terms of regulation, the Central Bank of Mexico, the Global Foreign Exchange Committee and the National Banking and Securities Commission provide regulatory advice on Forex trading in Mexico, but do not impose strict requirements. This, in turn, allows Mexican traders to be free to choose the brokers that suit them best. Many international brokers having 1st category regulation such as FCA and ASIC are present in the Forex market in Mexico and provide favorable conditions and different bonuses.
Both professionals and beginners are eager to enter the Forex market in Mexico. But if you are just a beginning trader, there is an amazing tool for you like Copy Trading. It is one of the easiest ways to take advantage of the expertise of other traders. Even those who do not understand how the financial markets work can make money by simply automatically copying professionals. Besides, brokers give various Forex bonuses, and you can test your trading strategies without spending your own money.
eToro is one of the best brokers that has this unique CopyTrading tool. The essence of the CopyTrader system is quite simple: select the traders you want to copy, determine the amount you want to invest, and copy everything they do. Besides, the broker provides a huge selection of financial instruments to choose from including currency pairs, stocks, Cryptoassets, as well as trading CFDs.
It has a mobile app, which exactly repeats the functionality of the personal account on the site. Traders have access to all the basic features of the desktop version, including making a deposit and withdrawing income, copying successful trades, and quick communication with other users.
In addition, eToro is not just a broker with favorable conditions, it is a social network for traders. The platform allows you to conduct independent trading or copy transactions of other participants. Any client can create a public portfolio and earn on the fact that other users copy his strategies.
All in all, Mexico continues to be one of the most promising and dynamic markets in Latin America. The policy of the country is considered favorable for brokers and in many ways contributes to increasing the confidence of traders. Moreover, the country’s currency – the Mexican peso – is considered quite liquid.
Popular trading instruments in Mexico
As already mentioned Mexico is becoming an increasingly popular destination for Forex trading. The wide range of offered instruments caters to whatever trading interest local clients may have. Let’s look into some of the most popular ones in detail:
Currency pairs trading in Mexico
The Mexican peso is the third most traded currency in the Western Hemisphere after the US and Canadian dollars. The most popular currency pairs are USD/MXN and EUR/MXN. Many traders believe that the Mexican peso is one of the best financial instruments that brings much more profit than the majors. Although the volatility of MXN is high, it is satisfactory at any phase of the market, and the more the exchange rate fluctuates, the more opportunities for earning open up.
Besides, Mexican traders have access to dozens of major, minor, and exotic combinations and the most popular currencies, making pairs of USD, EUR, YEN and GBP.
XM Group is an international broker that provides access to a variety of financial instruments including more than 50 currency pairs that cover major pairs, crosses, and exotics. XM is licensed by such institutions as ASIC (Australia), CySEC (Cyprus), and DFSA (Middle East) and allows you to trade more than 1000 trading instruments including CFDs, commodities, indices, precious metals, energies, stocks.
Broker has millions of clients worldwide, offering traders several choices of trading platforms such as MT4 and MT5 to trade multiple financial instruments such as CFDs, commodities, stocks, shares, precious metals and energies. With XM Group, you can trade from anywhere as you get instant access to global markets with the new XM all-in-one mobile app. All it takes is to download the app and jump in with deals.
A pleasant offer from a broker is that XM Group offers three types of bonus programs, complementing them with free VPS and zero fees for depositing and withdrawing funds. You will receive a 100% automatic entry bonus up to $5000 on your first deposit.
Commodity trading in Mexico
Mexico is the largest exporter of silver, lead and zinc. The country has significant resources of gold and uranium. Its most valuable mineral resources are oil and natural gas. If you are checking the price fluctuations of commodities and thinking about the way to make money on this financial instrument, Forex is the best solution for you.
Forex made it available for trading commodities, including those not related to physical deliveries: now you can choose any asset without the need to deliver or receive it.
Brokers provide great opportunities and favorable conditions, all you have to do is open an account with the broker and start trading.
HotForex is a well-known Forex broker whose services are used by traders from all over the world. It offers online Forex and CFD trading on currencies, commodities, stocks, indices, Cryptos and other instruments. In particular, HotForex provides low transaction costs and flexible leverage on Forex Gold trading. You can find more information about this trading instrument in our article.
In terms of regulation, HotForex holds licenses from various regulators, including FCA (UK), CySEC (Europe), FSCA (South Africa), DIFC (Dubai) and SFSA (Seychelles).
To make your trading fast and convenient HotForex has a mobile app. Use this handy Forex trading app along with your HF MT4/MT5 mobile, desktop and web platforms to keep abreast of the global financial markets.
HotForex Forex broker regularly pleases traders with various bonuses. It gives a Forex bonus of up to $5000 on your first deposit, cash rebates up to $8000 and also seasonal bonus offerings. Moreover, HotForex is a one-stop broker for all your trading needs, whether you are new to trading or have years of experience. It has an HFcopy – Copy Trading feature where anyone can join as a follower or as a pro trading strategy provider.
CFDs trading in Mexico
A contract for difference (CFD) is a type of trading instrument that allows traders in Mexico to speculate on asset price movements. Mexicans can either take long or short positions when buying CFDs. At the time the contract expires, the trader is paid the price difference.
CFDs are a popular Forex trading instrument for commodities and stocks in Mexico. Most platforms that offer CFDs allow the trader to use leverage; with some brokers up to 1:1000. This means that traders can make significant profits or losses with relatively small investments.
OANDA offers a lot of options for contracts compared to other brokers. The list of financial instruments consists of CFDs on indices, commodities and bonds. The broker gives access to two types of trading platforms: fxTrode (Oanda’s personal development) and MetaTrader 4. Both of these platforms are available in three types: desktop, mobile and Web.
In addition to CFDs, traders can choose from a variety of instruments such as Forex: more than 70 currency pairs; metals: Gold and Silver; commodities: Oil, Natural Gas, Copper, Wheat; indices – 16 in total and Bonds.
The main regulator of the broker is the UK organization – the Financial Conduct Authority (FCA), which opens the broker the opportunity to work in Germany. Besides, broker holds licenses by such authoritative regulations around the world as FSA, ASIC and IIROC.
Globally, OANDA offers three account types: demo, Standard and Advanced Trader, which makes the broker a fine fit for both new and seasoned trades. Moreover, it requires no minimum deposit to open an account with OANDA, but new traders who’ll top up their accounts get a welcome bonus of up to $1000.
Cryptocurrency trading in Mexico
Latin America accounts for a significant share of all Crypto transactions in the world, and for local residents, Cryptocurrencies mean more than for many Western users. In the region, Cryptocurrencies help not only ordinary people, but also businesses to protect their savings.
Mexico has joined a rapidly expanding list of countries that are positive about Cryptos, in particular Bitcoin and USDT. Hundreds of thousands of Mexican citizens are actively buying and selling Crypto due to the high returns it has offered since its inception.
Crypto sector is legal in Mexico. Cryptocurrencies are freely accepted as payment by retailers. In this regard, the best option to enter the market will be international brokers that offer different types of Crypto for any choice and make your purchase safe and secure, as they are licensed by top regulators.
AvaTrade gives you the opportunity to trade one of the most popular Cryptocurrencies 24 hours a day, having the ability to open long or short positions. It has such a range of Crypto as Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash, Litecoin, Bitcoin Gold, and EOS. In addition to Crypto, 1250 instruments are available to clients: stocks, securities, indices, commodities, currency pairs and CFDs.
In addition to web platforms with AvaTrade, you can also use a mobile app. The advantages of trading using a mobile app are obvious. With an Internet connection and a mobile software package, the user can carry out trading operations from any corner of the globe.
The company holds several regulatory licenses, including ASIC, FSA, Abu Dhabi and British Virgin Islands regulators.
AVATrade is a broker that provides optimal working conditions for traders with any level of experience. It has such a useful tool as the Ava Copy Trading – AvaSocial that enables you to copy the performance of successful traders you choose and gain with them the way they trade.
Top Binary options Brokers in Mexico
The development of e-technologies opens up a wide field of activity for earning. Binary options as a trading asset allow almost everyone who wants to try their hand at online trading to earn money. Its trading mechanism is not so complex and sets only one goal: to predict whether the price of an asset will go up or down. Mastering them takes relatively less time, and trading demands a device as simple as a mobile phone. Therefore, it is not surprising that Binary options are a fairly popular form of trading for newcomers.
Binary options trading in Mexico is relatively newer than in other countries, but is becoming a great opportunity to increase capital from home (or from anywhere with Internet access). Among the countries of Latin America, Mexico is the country with the largest number of investments in binary options today. And given its many benefits, it is not surprising that the number of binary options brokers in this country is increasing every year.
We’ve listed the best binary options trading brokers that would let you as a Mexican trader to use this financial assert:
ExpertOption in Mexico
ExpertOption is one of the best binary options broker worldwide and in Mexico as well. There are several account types available on the trading platform website depending on the deposit amount. In total, there are six: Micro, Basic, Silver, Gold, Platinum, and Exclusive. Each account has individual terms and conditions.
One of the many advantages of ExpertOption is the availability of a demo account without registration, which allows you to explore the platform before starting trading on a real account.
Expert Option is a good choice for beginners, who’d like to start trading with a simple, fast, and secure platform supporting different payment systems. User-friendly trading tools and social trading features are there for you as well as the bonus for topping up your account in the first hour after registration.
Pro tip: if you top up your account within an hour after registration, you’ll get a 2x bonus!
IQ Option in Mexico
IQ Option is one of the most popular Binary brokers in Mexico. The company has licenses from the FFMS and CySec, which allows it to conduct brokerage activities throughout the world.
This broker offers a vast asset menu that includes Forex pairs, commodities, ETFs, binary options, and equity and Cryptocurrency CFDs. IQ Option has excellent customer support and exceptional 24/7 international service in multiple languages. This ensures that they can communicate comfortably with all of their customers.
Besides, the company gives each registered user a demo account where they can practice trading skills, test strategies and get used to the trading platform without the need to make a deposit.
Top Forex brokers in Mexico
There are quite a lot Forex brokers in Mexico. However, as a trader, you should only be interested in the best conditions. When choosing a Forex broker, there are several criteria to consider, namely its reputation among traders, safety and reliability, lifespan, rules, convenience of payment systems, trading platform used, etc. A good broker should be licensed by top regulators, which gives them the opportunity to enter the international market. Also, check if the broker allows you to trade Mexican pesos and if you can withdraw your money in any currency you want. The largest Mexican Forex brokers allow their clients to manage their accounts in pesos, in addition to other major currencies.
Offering the best conditions and security, here is a list of the best Forex brokers in Mexico:
OANDA in Mexico
OANDA is a well-known broker for traders all over the world. Broker offers trading in over 100 instruments including currency pairs, indices, commodities, bonds and metals. There are 9 base currencies available in the company: EUR, GBP, CHF, USD, CAD, AUD, JPY, HKD, SGD.
Globally, OANDA offers three account types: demo, Standard and Advanced Trader, which makes the broker a fine fit for both new and seasoned trades.
Please note that with OANDA, you can get a bonus on the first account top up of up to $1000. As soon as you top up the account, OANDA will immediately credit your balance with a one-off welcome bonus of 50% of the initial deposit.
AvaTrade in Mexico
AvaTrade is an online Forex and CFD broker. It specializes in trading in Bitcoin, commodities, stocks, exchange traded instruments (ETFs), bonds and market indices. Broker is regulated by six financial authorities, including ASIC, FCA, and CySEC.
The advantages of the company include the absence of commissions, fixed tight spreads, as well as the availability to open a free demo account, through which you can test your strength in trading and try out the possibilities of your strategies.
XM Group in Mexico
XM Group is a popular Forex broker in Mexico with over 1000 trading instruments which can be traded on the MT4/MT5 platforms. The broker also offers a convenient mobile application where you can trade on international markets with a single login on a demo or live account. In the application, users of the MT5 platform can manage their trading accounts and trade all the instruments offered by XM.
Broker has received international recognition and the trust of millions of users, having obtained licenses from such regulators as ASIC, CySEC, IFSC and DFSA.
Clients can choose the most profitable trading account on unique terms with negative balance protection, good leverage and tight spreads: Micro, Standard, XM Ultra Low and Shares.
In addition, XM Broker offers a variety of bonuses: 100% entry bonus up to $5000, client referral and occasional bonuses.
HotForex in Mexico
HotForex is a broker that has a wide range of financial instruments including currency pairs, indices, energies and metals, stocks and CFDs. Traders can choose a trading account with the conditions they need. The broker offers both classic trading accounts, as well as accounts with premium trading conditions for demanding traders.
As far as regulation is concerned, broker controlled by the Financial Services Commission (FSC), with some of the best conditions in commodity trading. Another important tool to mention is the CopyTrading function, which makes it possible to copy trades of several traders at the same time.
eToro in Mexico
eToro is a multi-asset platform which offers both investing in stocks and Cryptoassets, as well as trading CFDs. In terms of regulatory oversight, eToro is licensed by the FCA, ASIC and CySEC. In over 15 years that the eToro broker has been on the market, it has managed to establish itself in the online trading community as one of the most respected brokers in the industry.
eToro’s CopyTrading tool allows novice traders to copy the trading strategies of experienced colleagues. But the thing is that, with eToro, CopyTrader is not about just downloading the app and copying the gains of top performers. Rather, it immerses you into a community of like-minded people who exchange their experiences and tactics.
By registering and verifying an account with several TOP brokers in Mexico, you can not only compare different trading platforms to find the most suitable one, but also maximize the Forex bonuses you receive. This will allow you to test many trading strategies and set the way to becoming a true professional trader.
Top Forex brokers in Mexico - FAQ