How to Buy Irish Shares Online
The Irish Stock Exchange (ISE) is the principal stock market of Ireland, having formed from the combination of the Dublin and Cork exchanges, and breaking away from the London Stock Exchange in 1995. The ISE closed its trading floor and now does all of its business electronically, using the Germany Xerta system. This system opens the door to online trading of Irish stocks, but only through the services of a broker.
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Instructions
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Get a broker. The Irish Stock Exchange does not permit for direct trading accounts, requiring all traders to work through brokers. However, many of these brokers allow for online trading accounts similar to those of the United States.
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Explore your options for transferring money between your country and your Irish brokerage account. All trades and fees will be done in Euros, so for Americans, Britons and Canadians, currency conversion will be necessary. Depending on the country you are in, the bank you are using, and the brokerage you work with, the terms of this transfer may vary widely. An American doing a standard wire transfer can expect to pay $40 for the service. A PayPal transaction might be free of charge, but completed at an unfavorable exchange rate. There is no one-size-fits-all solution, but in the long term you will need to find the best terms for moving money into and out of Ireland to buy Irish shares online.
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Keep an eye on the exchange rates when buying Irish shares online. When exchange rates are especially favorable---that is, when the euro is cheap---you may wish to move money to Ireland to cover future buying needs. Likewise, if you do not need to bring money back from Ireland, it would be wise to wait for a time when the euro is expensive and thus buys more of your home currency.
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Transfer money to your broker. You will be required to have a minimum amount of cash in your account before beginning to buy Irish shares online. Although the amount you need to transfer will vary depending on the broker, all brokers operate on a cash-and-carry basis.
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Plan for commissions. Just as with U.S. online brokers, Irish brokers charge a fee, except they are usually more expensive. For example, Davy Direct charges 25 euros per trade. Keep the added cost and the currency exchange in mind when planning these fees.
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