Thinking about getting into Forex trading in Spain? You might want to check out our list of the best brokers. We did a lot of research and found some Spanish Forex brokers that should fit what you’re looking for. The BestBrokers team tried them out by actually opening accounts, putting money in, and making trades. Good thing is, they all work in Spain.
74-89 % of retails CFD accounts lose money
Trading leveraged product is risky
74-89% of retails CFD accounts lose money
The vast majority of retail client accounts lose money
82 % of retails CFD accounts lose money
76 % of retails CFD accounts lose money
73 % of retails CFD accounts lose money
70 % of retails CFD accounts lose money
70 % of retails CFD accounts lose money
61 % of retails CFD accounts lose money
Forex Broker | Trustpilot Reviews | |
3,903 | ||
10,595 | ||
293 | ||
4. Tickmill | 1,072 | |
5. FXCM | 706 | |
6. XTB | 2,063 | |
9,549 | ||
8. Saxo Bank | 7,371 | |
9. Swissquote | 3,328 | |
867 | ||
Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
1. Tickmill | 0.1 | 0.1 | 0.4 | 0.3 |
0.1 | 0.5 | 0.5 | 0.2 | |
1.01 avg (Classic) | 1.17 avg (Classic) | 1.29 avg (Classic) | 1.14 avg (Classic) | |
0.96 avg (Standard) | 1.47 avg (Standard) | 1.19 avg (Standard) | 1.12 avg (Standard) | |
5. FXCM | 1.3 | 1.4 | 2.3 | 1.7 |
1.2 | 0.9 | 1.0 | 1.3 | |
7. Saxo Bank | 1.2 | 2 | 3.1 | 1.6 |
0.8 | 1.3 | 1.2 | 1.2 | |
9. XTB | 0.9 | 1.4 | 2.1 | 1.4 |
10. Swissquote | 1.7 | 1.6 | 1.7 | 2.0 |
Forex Broker | Commission per lot |
$0 Standard Account; $18 Live Zero Fixed Spread; $10 STP/ECN Zero Spread; $6 STP/ECN Zero Spread Professional | |
2. FXCM | $0 |
3. Saxo Bank | $3 per lot |
$0 | |
5. XTB | $0 for Standard accounts, $3.50 per side for Pro accounts |
0.005% of traded volume | |
$0 Classic Account, $4.50 round turn on Zero Account | |
8. Tickmill | $0 on Classic Account; $3 per side on Raw Account |
$0 Standard Accounts; $7 round turn on Raw Accounts | |
10. Swissquote | $/€0 on Standard, Premium and Prime Accounts; $/€2.5 per side per lot for Elite Accounts |
Important Note: In Spain, the Comisión Nacional del Mercado de Valores (CNMV), or National Securities Market Commission, keeps an eye on the Forex market. This group makes sure the financial markets in Spain, and Forex trading, work as they should. Brokers have to follow the CNMV’s rules to protect investors and keep the markets fair. Check out the CNMV’s site at https://www.cnmv.es/ for more info. You can also follow them on X (previously Twitter). @CNMV_MEDIOS shares general info, @CNMV_IP is for important insider info, and @CNMV_IFI posts updates on the financial market.
Fusion Markets Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
Min Deposit | $0 |
Trading Platforms | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView |
Trustpilot Rating | 4.7 out of 3,162 reviews |
Number of CFD Forex Pairs to Trade | 80+ |
Leverage | Forex & Metals CFDs: 1:30 (1:500 for forex and metals via VFSC) Index CFDs: 1:5 Cryptocurrencie CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC) |
Spread | EURUSD: 1.01 avg (Classic) USDJPY: 1.17 avg (Classic) EURGBP: 1.29 avg (Classic) GBPUSD: 1.14 avg (Classic) |
Forex Commission per Lot per Trade | $0 Classic Account, $4.50 round turn on Zero Account |
Deposit Methods | Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity |
Withdrawal Methods | Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay |
Fusion Markets was started back in 2017 by a group of Australian traders who really knew their stuff. Since then, it’s become a go-to choice for traders around the world. While lots of brokers talk about low spreads, Fusion Markets has actually proven it—earning the “Lowest Spread Forex Broker” award from BrokerChooser four years in a row.
What really makes them stand out, though, is how affordable they are. The commission is just $2.25 per lot (that’s $4.50 for a full trade), which is great if you’re trying to keep your trading costs down.
They also take regulation seriously. Fusion Markets is licensed by a few major authorities, including ASIC in Australia (Licence No. 385620), the Seychelles FSA, and regulators in Vanuatu. If you’re trading under ASIC, you also get negative balance protection—so your losses can’t go beyond your account balance.
There’s no minimum deposit to get started, and they support popular platforms like MetaTrader 4, MetaTrader 5, and cTrader. On top of all that, they’ve got a 4.7 out of 5 rating on Trustpilot, with over 1,300 people leaving glowing reviews. Safe to say, they’ve built a solid reputation.
Global Prime Broker Details | |
Supports Spanish | No |
Spain Currency (EUR) | Yes |
Regulators | ASIC (No. 385620), VFSC (No. 40256) |
Min Deposit | $0 |
Trading Platforms | MT4, MT4 Webtrader, MT4 Android; for VFSC clients MT4, MT5, and GP Copy |
Trustpilot Rating | 4.6 out of 247 reviews |
Number of CFD Forex Pairs to Trade | 56 |
Leverage | Forex & Metals CFDs: 1:500 (1:30 for ASIC entity) Index CFDs: 1:100 (1:20 for ASIC entity) Cryptocurrencie CFDs: Up to 1:2 (ASIC); Up to 1:5 (Pro and VFSC) |
Spread | EURUSD: 0.96 avg (Standard) USDJPY: 1.47 avg (Standard) EURGBP: 1.19 avg (Standard) GBPUSD: 1.12 avg (Standard) |
Forex Commission per Lot per Trade | $0 Standard Accounts; $7 round turn on Raw Accounts |
Deposit Methods | Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto |
Withdrawal Methods | Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies |
Global Prime has been offering low-cost, reliable trading services since 2010. It’s regulated by financial authorities in both Australia and Vanuatu, giving traders a level of oversight that adds confidence. The broker gives access to over 150 tradable instruments, including forex, indices, commodities, bonds, cryptocurrencies, and more than 50 currency pairs. For those using a raw spread account, major forex pairs can start at 0.0 pips, and most trades are executed in around 10 milliseconds.
If you’re trading through their ASIC-regulated branch, you’ll be using MetaTrader 4. However, those under VFSC regulation also get access to MetaTrader 5—and there are plans to support TradingView soon, which is great to see.
What helps Global Prime stand out is its smooth sign-up process, zero fees for deposits and withdrawals, and reliable 24/7 support. These features have earned it a solid 4.4 out of 5 on Trustpilot. That said, there’s still room for improvement. Currently, Global Prime doesn’t offer cent accounts or swap-free (Islamic) accounts, which may be a drawback for some traders. There’s also no compensation scheme in place to protect client funds, which is another area where the broker could do better.
Iron FX Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | FCA (license no. 585561), FSCA (license no. 45276), CySEC (license no. 125/10) |
Min Deposit | $100 |
Trading Platforms | MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App |
Trustpilot Rating | 3.1 out of 657 reviews |
Number of CFD Forex Pairs to Trade | 80+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 1.2 USDJPY: 0.9 EURGBP: 1.0 GBPUSD: 1.3 |
Forex Commission per Lot per Trade | $0 Standard Account; $18 Live Zero Fixed Spread; $10 STP/ECN Zero Spread; $6 STP/ECN Zero Spread Professional |
Deposit Methods | Visa, Mastercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard |
Withdrawal Methods | Bank Wire |
FP Markets Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas) |
Min Deposit | $50 (AU$100) |
Trading Platforms | MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView |
Trustpilot Rating | 4.9 out of 8,641 reviews |
Number of CFD Forex Pairs to Trade | 70+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: Up to 1:2 (Retail); Up to 1:5 (Pro) |
Spread | EURUSD: 1.2 USDJPY: 1.4 EURGBP: 1.4 GBPUSD: 1.5 |
Forex Commission per Lot per Trade | $0 Standard Account; $6 round turn on Pro Account |
Deposit Methods | Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, Rapyd |
Withdrawal Methods | Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal |
FP Markets got into online trading back in 2005, so they’ve been around the block. They try to give all their customers good trading conditions. Traders can play around with a good amount of currency pairs and lots of CFDs. One of the cooler things about FP Markets is their low spreads, the trading platforms people use, and a bunch of helpful stuff for those just starting out.
FP Markets works with MetaTrader 4 and 5, plus IRESS, TradingView, and WebTrader, so everyone can have a good time. They also have a mobile app for Android and iOS, making it easy to trade when you’re out and about.
People like FP Markets because of their tight spreads. Happy reviewers on Trustpilot gave them a score of 4.9 out of 5. FP Markets members can get leverage up to 1:30 on some products, like the big currency pairs. To keep traders safe, the broker follows the rules from big regulators in places like Australia (License No. 286354) and Cyprus (License No. 371/18).
BlackBull Markets Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | FSA (Seychelles) (No. SD045), FMA (No. FSP403326) |
Min Deposit | $0 (Standard) $2,000 (Prime) $20,000 (Institutional) |
Trading Platforms | MetaTrader4, MetaTrader5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade |
Trustpilot Rating | 4.8 out of 1,876 reviews |
Number of CFD Forex Pairs to Trade | 70+ |
Leverage | Forex & Metals CFDs: 1:500 Index CFDs: 1:500 Cryptocurrencie CFDs: 1:500 |
Spread | EURUSD: 0.9 USDJPY: 1.2 EURGBP: 1.7 GBPUSD: 1.2 |
Forex Commission per Lot per Trade | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
Deposit Methods | Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar |
Withdrawal Methods | Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin |
BlackBull Markets started back in 2014 and is a big player because they have tons of stuff to trade—around 26,000 different things! If you’re into forex, they’ve got you covered with over 70 currency pairs, from the majors to the more unusual ones. You can trade these using one of their three ECN account types: Standard, Prime, and Institutional. Plus, you can trade other things like commodities, stocks, indices, and futures there, too. This brokerage has licenses from the FSA (Seychelles) and the FMA. Their trading terms are not too bad, but what you pay depends on the account you choose. If you don’t want to pay any commission, go for the ECN Standard account. Spreads usually start around 0.8 pips, and there’s no minimum to deposit. Now, the ECN Prime and ECN Institutional accounts are better if you know your stuff and trade big volumes. Just a heads up, they charge higher commissions per lot on these accounts. If you’ve got a live account, you can add funds using cards, digital wallets, online banking, bank transfers, or even cryptocurrencies. Putting money in is free, but this brokerage is based in New Zealand and they charge a $5 fee for every withdrawal, no matter how you do it.
FXCM Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | FCA, CySEC, ASIC, FSCA, ISA, FSA (St. Vincent and the Grenadines) (license no. 1776) |
Min Deposit | $50 |
Trading Platforms | MetaTrader 4, TradingView Pro, Trading Station, Capitalise.ai |
Trustpilot Rating | 4 out of 655 reviews |
Number of CFD Forex Pairs to Trade | 40+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 1.3 USDJPY: 1.4 EURGBP: 2.3 GBPUSD: 1.7 |
Forex Commission per Lot per Trade | $0 |
Deposit Methods | Visa, Mastercard, Bank Transfer, Neteller, Skrill, Google Pay, Open Banking, Apple Pay, PayPal, Paysafecard, BPAY |
Withdrawal Methods | Visa, Mastercard, Bank Transfer, PayPal, Neteller, Skrill |
Swissquote Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | FCA (562170), DFSA (F001438), SFC (AZV127), MFSA (C 57936), CySEC (422/22), MAS (226182), CSSF, FSCA |
Min Deposit | Standard Account: $1,000; Premium Account: $10,000; Prime Account: $50,000 |
Trading Platforms | CFXD, MetaTrader 4, MetaTrader5 |
Trustpilot Rating | 3.4 out of 3026 reviews |
Number of CFD Forex Pairs to Trade | 80+ |
Leverage | Forex & Metals CFDs: 1:30 (Europe), 1:100 (International), 1:50 (Middle East), 1:20 (Singapore) Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 1.7 USDJPY: 1.6 EURGBP: 1.7 GBPUSD: 2.0 |
Forex Commission per Lot per Trade | $/€0 on Standard, Premium and Prime Accounts; $/€2.5 per side per lot for Elite Accounts |
Deposit Methods | Visa, Mastercard, Bank Transfer, Online Banking |
Withdrawal Methods | Visa, Mastercard, Bank Transfer, Online Banking |
Tickmill Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464), DFSA (F007663) |
Min Deposit | $100 |
Trading Platforms | MT4, MT5, WebTrader, ZuluTrade, TradingView |
Trustpilot Rating | 4.2 out of 1,076 reviews |
Number of CFD Forex Pairs to Trade | 62 |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 0.1 USDJPY: 0.1 EURGBP: 0.4 GBPUSD: 0.3 |
Forex Commission per Lot per Trade | $0 on Classic Account; $3 per side on Raw Account |
Deposit Methods | Bank Transfer, Skrill, Mastercard, Visa, PayPal, Przelewy24, Neteller, Trustly |
Withdrawal Methods | Mastercard, Visa, Skrill, Neteller, Przelewy24, PayPal, Bank Transfer |
Saxo Bank Broker Details | |
Supports Spanish | No |
Spain Currency (EUR) | Yes |
Regulators | FCA (No. 551422), FSA Denmark (No. 1149), MAS (No. 200601141M), ASIC (No. 32110128286), SFC Hong Kong (No. 1395901), FSA Japan (No. 0104-01-082810), Registered with CONSOB (no. 296) |
Min Deposit | $0 Classic $200,000 + Platinum $1,000,000 + VIP |
Trading Platforms | Proprietary, SaxoTraderGO, SaxoTraderPRO, TradingView, SaxoInvestor |
Trustpilot Rating | 3.7 out of 7,235 reviews |
Number of CFD Forex Pairs to Trade | 185+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 1.2 USDJPY: 2 EURGBP: 3.1 GBPUSD: 1.6 |
Forex Commission per Lot per Trade | $3 per lot |
Deposit Methods | Visa, Visa Electron, Mastercard, Maestro, Bank Transfer, Quick Payment |
Withdrawal Methods | Bank Transfer |
AvaTrade Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | FFAJ (License No.1574), CySEC (No. 347/17), ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662) |
Min Deposit | $100 |
Trading Platforms | MetaTrader4, MetaTrader5, WebTrader, AvaTade App, AvaSocial, AvaOptions, DupliTrade |
Trustpilot Rating | 4.7 out of 10,141 reviews |
Number of CFD Forex Pairs to Trade | 50+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 for EU residents, 1:25 for non-EU residents |
Spread | EURUSD: 0.8 USDJPY: 1.3 EURGBP: 1.2 GBPUSD: 1.2 |
Forex Commission per Lot per Trade | $0 |
Deposit Methods | Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire transfer |
Withdrawal Methods | Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire transfer |
AvaTrade’s been doing online trading since ’06, so they know their stuff. They’re licensed in a bunch of places across six continents and are big on CFD and Forex trading, offering the usual MetaTrader 4 and 5. They also have their own platforms, AvaTrade WebTrader and their trading app, which has some neat stuff like AvaProtect.
If you’re new to trading, you can check out copy trading on their AvaSocial platform. Their app is pretty smooth for trading on the go, whether you’re on Android or iOS.
Lots of traders trust AvaTrade, and it’s easy to see why. They’ve got good trading conditions. You can hedge, short sell, and scalp without any problems. They execute orders fast and have pretty tight spreads, which is why they’ve got a 4.7 out of 5 on Trustpilot. They’re regulated in 9 places, including by the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission.
XTB Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | FCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (registered), FSCA (N/A), FSA Norway (registration ID - FT00118162), DFSA (License No. F006316), CMF (Chile) |
Min Deposit | $0 |
Trading Platforms | xStation 5, xStation Mobile |
Trustpilot Rating | 4.0 out of 1,949 reviews |
Number of CFD Forex Pairs to Trade | 70+ |
Leverage | Forex & Metals CFDs: 1:30; 1:20 Index CFDs: 1:20; 1:10 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 0.9 USDJPY: 1.4 EURGBP: 2.1 GBPUSD: 1.4 |
Forex Commission per Lot per Trade | $0 for Standard accounts, $3.50 per side for Pro accounts |
Deposit Methods | Visa, Maestro, Mastercard, Bank Transfer, Neteller, Skrill, PayPal, Ecommpay, PayU, SafetyPay, Paysafecard |
Withdrawal Methods | Bank Transfers, Visa, Mastercard, Skrill |
Libertex Broker Details | |
Supports Spanish | Yes |
Spain Currency (EUR) | Yes |
Regulators | CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686), SVGFSA (No. 1278), FSCM |
Min Deposit | $10 |
Trading Platforms | Libretex Trading Platform, MT4, MT5 |
Trustpilot Rating | 3.9 out of 9,533 reviews |
Number of CFD Forex Pairs to Trade | 50+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 0.1 USDJPY: 0.5 EURGBP: 0.5 GBPUSD: 0.2 |
Forex Commission per Lot per Trade | 0.005% of traded volume |
Deposit Methods | PayPal, Visa, Mastercard, Sofort, iDeal, Trustly, Skrill, Giropay, Sepa International Bank Wire, Multibanco, P24, BLIK, Eps, Neteller |
Withdrawal Methods | SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller |
Like everywhere else, Forex trading’s a big thing in Spain. If you’re getting into it, or you’ve been doing it for a while, it’s really important to know the rules.
Trading Forex is legal there, and the National Securities Market Commission (CNMV) keeps an eye on things. If brokers want to offer Forex trading in Spain, they have to play by certain rules. This includes things like clear pricing, protecting investors, not letting people use too much leverage, and keeping client funds separate.
If you’re an investor, you can trade all sorts of currency pairs. As long as you’re 18 or older, you can open a trading account in Spain. Forex brokers that are licensed by the CNMV have to follow strict rules to keep regular investors safe. To get a license, these companies need to have a certain amount of money – anywhere from €75,000 to €750,000, depending on what kind of broker they are. They always have to keep at least that much capital.
These licensed brokers aren’t allowed to offer crazy high leverage, and they have to make sure you can’t lose more money than you put in. They also have to put big warnings on their sites, telling you how many people lose money trading CFDs. When you sign up, you usually have to pass a test to show you know what you’re doing with this stuff. Also, you can’t advertise, sell, or offer binary options on Forex or other assets – that’s against the rules in both the EU and Spain.
Spain, being part of the EU, sticks to Forex trading rules that are both local and EU-wide. Like I said, the National Securities Market Commission keeps an eye on the Spanish stock markets, which include Forex. This group, CNMV, was created by Law 24/1988. It’s a separate government group watched over by the Ministry of Economy and Finance.
CNMV is a trusted group that watches over the financial markets. It checks up on the companies it controls and warns people about platforms that don’t have licenses.
The Spanish market, along with other Eurozone markets, is also watched by the European Securities and Markets Authority (ESMA). This group, based in Paris, started on January 1, 2011, to keep investments safe and keep the financial markets steady.
If you live in Spain, you can trade with brokers licensed locally, watched by CNMV, and firms from other EU countries if they follow the Markets in Financial Instruments Directive (MiFID II) rules. Still, it’s better to go with a CNMV-controlled broker. It gives you more local protection and makes it easier to get help if you have problems.
To stay safe from Forex trading scams in Spain, it’s really important to pick a broker that’s properly watched over. The group that keeps an eye on Forex trading in Spain lets traders check if brokers are legit before they sign up and start trading.
If you’re a Forex trader in Spain, you can look at the CNMV list to see if a broker is approved to offer trading services. Just head to the agency’s site, https://www.cnmv.es/, and find where they list companies. Then, you can type in part of the company’s name to find things like when they were approved and where they’re located.
Also, if you’re in Spain and you’ve picked a broker from another country in Europe, you can check the ESMA list of investment firms that follow MiFID rules to make sure the broker is legit. You can search by company name or narrow it down by picking what type of company it is and where it’s from. If a company is approved in the European Union, you’ll see it on the list, along with details like when they got their license, where their main office is, and what country they’re from.
The Spanish financial group that watches over things often puts out warnings and lists of brokers that aren’t allowed to offer services to people in Spain without being properly licensed. These warnings help people in Spain stay informed about companies that might be trying to scam them. If you have a disagreement with a licensed broker in Spain, try to sort it out with the broker first. If that doesn’t work, you can take your complaint to the CNMV, which can help find a solution.
Because of tech and online platforms, anyone can pretty much trade Forex now, even in Spain. Just remember, you’re betting on how currencies move, and that means you could lose money, so be smart about staying safe.
Besides making sure your Forex broker is legit with the right licenses, check out a few other things on their platforms. Look at spreads and fees, how much leverage they offer, what the platforms are like, how easy it is to deposit and withdraw cash, and if they have demo accounts to practice with.
If your Forex broker is regulated by the CNMV, you’re in luck. They’ve got a plan that covers you for up to €20,000 if the broker goes bust. Plus, they keep your money in separate accounts from their own, so it’s safe if they hit a rough patch.
If a Forex broker is watched over by the CNMV, they have to give you negative balance protection. This keeps traders from losing more than they put in; you won’t end up owing the broker cash. This safety net is for things like CFDs where you use borrowed money (leverage). It’s for regular folks trading, not usually for pros.
Say you put €1,000 into your account and use 1:5 leverage to trade CFDs. That means you’re playing with €5,000. Now, if things go bad and your position drops by 25%, you’re looking at a €1,250 loss. With negative balance protection, you don’t have to pay the extra €250 that your account can’t cover.
Recently, things have become clearer because of changes in the law. Usually, it’s up to you to fill out the tax forms. There’s a certain amount you need to earn before you have to do anything. If you earn more than that, you must report your profits as capital gains when you do your taxes each year.
Starting in 2025, you’ll have to pay taxes on all Forex profits, no matter how small. The tax rates go up as you earn more. It starts at 19% for the first €6,000. Then it goes to 21% for profits between €6,001 and €50,000. If you earn between €50,001 and €200,000, you’ll pay 23%. For earnings between €200,001 and €300,000, the tax is 27%. If you’re making big money (over €300,000), there’s a new top tax rate of 30%, which used to be 28%.
Also, you can carry over losses from one year to reduce your tax bill in later years. Just be sure to keep good records of everything you trade. if you need help, ask a tax advisor.
In Forex trading, you can use leverage to trade bigger amounts by borrowing from brokers. Just remember, it cuts both ways – it can make your wins bigger, but it can also make your losses bigger too.
Good Forex brokers usually stick to the leverage limits set by regulators where they operate. These limits change from country to country, with some places allowing leverage as high as 1:400.
The CNMV follows the Markets in Financial Instruments Directive, which means brokers they license can offer services in other EU countries. For regular traders, the highest leverage allowed by CNMV-regulated brokers is 1:30 for major Forex pairs and 1:20 for other pairs and gold.
Forex traders can get more from their experience by switching to professional accounts. But, they need to know they could lose more than they put in, and they won’t have the usual protections that regular traders get.
With a professional account, traders get more control, with higher leverage, lower margins, special features, cash back, and credit. For example, pros can get leverage as high as 1:500 on major and minor Forex pairs. Regular accounts only get 1:30 on major pairs and 1:20 on minor pairs. Your money is still kept separate from the broker’s. But things like negative balance protection won’t apply anymore.
To get a pro account, you have to meet certain requirements set by the Forex brokers. Usually, this means having a portfolio of financial instruments, including over €500,000 in cash. financial job experience can help too. Once you apply and the broker says okay, your account manager will reach out to let you know you’ve been upgraded.
The most popular platforms available to Spanish traders include MetaTrader4, MetaTrader5, TradingView, and cTrader.
Released in 2005, MetaTrader4 is one of the world’s most popular trading platforms for Forex and CFD traders. It is available for desktop users and mobile devices running on Android and iOS. With an easy-to-navigate interface, the platform offers a broad spectrum of features, such as advanced charting tools, copy trading, automated trading systems, and more. MetaTrader5 was released in 2010, as an alternative to MT4, equipped with more features and options and more suitable for trading in markets beyond Forex.
Founded in 2011, TradingView is a financial market analysis platform and social media network, designed for traders and investors. It offers advanced charting tools, technical indicators, and social networking features allowing traders to make informed decisions across various asset classes.
Ctrader was brought to the online trading scene in 2010, as an all-comprehensive solution for Forex and CFD traders, enabling them to enjoy its great customization features.
Below you can find some useful references with links to organisations that monitor the forex market in Spain.
CNMV (Comisión Nacional del Mercado de Valores): If you wish to visit the website of Spain’s financial regulator, feel free to follow this link.
CNMV Register: By inputting a given company’s details here, you can verify if its CNMV licence is legitimate.
CNMV Complaints Page: Here, CNMV offers details and instructions regarding the process of submitting a complaint.
Think Forex Brokers provides independent comparisons of regulated brokers across forex, stocks, and crypto. Information is for educational purposes only and should not be taken as financial advice. Always verify broker regulation before trading
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