Best Crypto Brokers in Spain for 2024

Written by Naylyan Nazifova

Naylyan Nazifova

Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 

, | Updated: August 9, 2024

Cryptocurrencies have been at the forefront of digital finance evolution, attracting a fair share of attention within the global trading community. If you are interested in the ins and outs of cryptocurrency trading in Spain, feel free to explore our top list of trustworthy crypto platforms. The current publication reveals the strengths of ten leading cryptocurrency brokers and three exchanges accepting customers from Spain. Read on for further information about their Trustpilot rating, pricing structure, regulatory status, trading tools, and more. Also, we will share useful information on the regulatory status of cryptocurrency trading in Spain.

1Fusion Markets

Rating: 4.9 ⭐

74-89% of retail CFD accounts lose money

Top Rated

2FP Markets

Rating: 4.8 ⭐

73.85% of retail investor accounts lose money

3AvaTrade

Rating: 4.5 ⭐

76% of retail investor accounts lose money

4Pepperstone

Rating: 4.4 ⭐

75.5% of retail investor accounts lose money

5Global Prime

Rating: 4.4 ⭐

74-89% of retail CFD accounts lose money

6Eightcap

Rating: 4.2 ⭐

76.09% of retail investor accounts lose money

7eToro

Rating: 4.2 ⭐

51% of retail investor accounts lose money

8Axi

Rating: 4.0 ⭐

The vast majority of retail client accounts lose money

9FxPro

Rating: 3.7 ⭐

74% of retail investor accounts lose money

10XTB

Rating: 3.6 ⭐

80% of retail investor accounts lose money

Spanish Crypto Brokers Ranked by Trustpilot Score

Spanish Crypto Brokers Spreads

Top 10 Crypto Brokers in Spain

1. TRADE NOW READ REVIEW
   1. FP Markets

   Min Deposit	€50 (€100 for bank transfers)
   Regulations	CySEC, ASIC, FSCA, FSA (Seychelles)
   Tradable Coins	12 (ETH, BCH, BTC, EOS, DOT, and more)
   Software	MT4, MT5, TradingView, cTrader
   Crypto Leverage	2:1
   Fees	BTCUSD Average Spread of 18.85 ETHUSD Average Spread of 4.5
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, PayPal, Neteller, Skrill, Trustly, Bank Transfers
   Withdrawal Methods	Visa, Mastercard, PayPal, Neteller, Skrill, Trustly, Bank Transfers

   FP Markets stands out as a trustworthy and dynamic trading platform catering to traders from Spain. Founded in 2005, the platform has obtained the regulatory approval from the financial authorities in Australia and Cyprus. The broker enables crypto enthusiasts to trade with 12 crypto CFDs, including the top most traded cryptocurrencies – BTC, ETH, BTC, BCH, and LTC. The broker offers a Traders Toolbox, a suite of 12 online trading tools, fostering a vibrant community of traders and investors.

   FP Markets offers average spreads of 18.85 for BTCUSD and 4.5 for ETHUSD. Get started on your crypto trading journey and benefit from the broker’s advanced features including news and economic calendar, technical indicators and charts, and more. Traders can pick from several popular trading platforms, with the options being MT4, MT5, cTrader, and TradingView. Beginner traders can start with the company’s Demo account, allowing them to explore crypto markets without risk.

   Key Pros

   • Negative balance protection for retail clients
   • Fast execution
   • Advanced trading platforms, including MT4 and MT5
   • News and Economic Calendar
   • Technical indicators and charts

   Key Cons

   • $100 minimum deposit for bank transfers
   • Limited educational materials
   • Some withdrawal methods incur fees
   10 per quarter for non-AU traders; 20 per quarter and notional volume of AU$1,000,000 per 4 quarters in the last 1 year 73.85% of retail CFD accounts lose money
2. TRADE NOW READ REVIEW
   2. Fusion Markets

   Min Deposit	€0
   Regulations	ASIC (Australia), VFSC (Vanuatu)
   Tradable Coins	Bitcoin, Ethereum, Digecoin, Solana, Cardano, Avalance, Polkadot, Bitcoin Cash, Binance Coin, Polygon, Stellar, EOS, Chainlink
   Software	MetaTrader 4, MetaTrader 5, WebTrader (MT4), Myfxbook Auto Trade, DupliTrade, Fusion+ Copy Trading
   Crypto Leverage	2:1
   Fees	BTCUSD Minimum spread – 10.63; Average Spread – 20 ETHUSD Minimum spread – 2.59; Average Spread – 2.7
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, Bank Transfer, Skrill, Neteller, Jeton, PayPal, Crypto, PayID, Interac, BinancePay, MiFinity, Perfect Money, AstroPay, Sticpay, Dragonpay, Zotapay, VNPay, DuitNow, XPay, Fasapay, Durianpay, Pix
   Withdrawal Methods	Visa, Mastercard, Bank Transfer, PayPal, Skrill, Neteller, Interac, MiFinity, AstroPay, Perfect Money, Jeton, Dragonpay, Crypto

   Fusion Markets is our next suggestion for а globally recognized CFD broker offering premier trading conditions for traders and investors from Spain. With $0 in commissions and tight cryptocurrency spreads, the broker provides favorable trading conditions. Traders can go long and short and trade on leverage with no need to set up a crypto wallet. The brokerage supports 13 crypto trading instruments at the time of writing, with BTCUSD minimum spreads of 10.63 and average spreads of 20.

   Beyond cryptocurrencies, Fusion Markets has a wide range of offerings, including Forex, Metals, Indices, Energy, and Soft Commodities. The broker is acclaimed for the sophisticated trading platforms it supports, including MT4, MT5, c Trader, and TradingView. Powerful trading tools and several account types are designed to facilitate hassle-free trading.

   Key Pros

   • Cost-effective crypto trading platform
   • Fusion+ Copy Trading
   • Live and historical spreads
   • Demo accounts
   • Excellent customer support

   Key Cons

   • Limited educational resources
   • Lack of cent accounts
   • The crypto trading options could be improved
   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
3. TRADE NOW READ REVIEW
   3. AvaTrade

   Min Deposit	€100
   Regulations	ASIC, CySEC, IIROC, JFSA, CBI, DFSA, FSCA, ISA, BVI FSC
   Tradable Coins	16 (BTC, ETH, SOL, EOS, MIOTA, XRP, NEO, and more)
   Software	MT4, MT5, ZuluTrade, DupliTrade, AvaTradeGO, AvaSocial
   Crypto Leverage	2:1
   Fees	0.10% Over-market spread for BTCUSD 0.15% Over-market spread for ETHUSD
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, Maestro, Wire Transfer; Other countries: Skrill, WebMoney, Neteller
   Withdrawal Methods	Visa, Mastercard, Maestro, Wire Transfer; Other countries: Skrill, Neteller, WebMoney

   Established in 2006, AvaTrade has been catering to the needs of traders of all skill levels. The broker has a strong commitment to regulatory compliance, with licensing across nine jurisdictions. Customers can judge how trustworthy the company is also by the number of accolades it has accumulated over the years, including Best Mobile Trading Platform in Spain for 2023.

   The broker offers access to several intuitive trading platforms, including the popular MT4 and MT5, as well as automated trading platforms such as AvaSocial, Duplitrade, and ZuluTrade. Based on their residence, traders can pick from different deposit and withdrawal methods to replenish their trading accounts, including bank cards, e-wallets, and wire transfers. New crypto traders can take advantage of multiple educational resources such as trading videos, rules, blog posts, and online trading strategies.

   Key Pros

   • AvaProtect trading tool
   • Personalized support
   • Robust security
   • Regulation across 9 jurisdictions
   • Multiple awards

   Key Cons

   • Inactivity fee after 3 months of non-trading
   • Demo accounts are active for 30 days
   • $100 minimum requirement for account set-up
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4. TRADE NOW READ REVIEW
   4. Pepperstone

   Min Deposit	€0
   Regulations	ASIC, FCA, CySEC, DFSA, CMA, SCB, BaFin
   Tradable Coins	9 major and 18 minor cryptocurrencies, and three crypto indexes
   Software	MT4, MT5, cTrader, TradingView
   Crypto Leverage	2:1
   Fees	BTCUSD Standard Account Minimum Spread – 17; Standard Account Average Spread – 25 ETHUSD Standard Account Minimum Spread – 3; Standard Account Average Spread – 3.10
   Exchange/Wallet	No
   Deposit Methods	BPAY, Visa, Mastercard, PayPal, Bank Transfer, Skrill, Neteller
   Withdrawal Methods	Visa, Mastercard, Neteller, PayPal, Bank Transfer, Skrill, BPAY

   Pepperstone premiered on the international trading scene in 2010, opening up extensive trading opportunities with 1,200+ instruments across four advanced platforms, including TradingView, MT5, MT4, and cTrader. Beyond cryptocurrencies, traders can diversify their portfolios with other asset classes including Forex, Indices, Commodities, Share CFDs, and ETFs.

   With Razor and Standard account options, traders of all levels can choose the account to meet their specific preferences. Funding and withdrawals are straightforward and fee-free, with plenty of options, including bank cards, PayPal, bank transfers, and digital wallets. The broker has a strong crypto CFD trading offering, with 9 major and 18 minor cryptocurrencies, and three crypto indexes. Pepperstone has a transparent pricing policy, with minimum and average spreads indicated for each of the supported crypto tools. Novice traders should note that demo accounts last 30 days unless they set up a live account and request support to set it to non-expiry.

   Key Pros

   • Several options for popular trading platforms
   • Smart trading tools for MetaTrader
   • Multi-licensed broker
   • No funding and withdrawal fees
   • Website supported in Spanish

   Key Cons

   • Funding and withdrawal options could be expanded
   • No simplified proprietary trading platform
   • The market news feed could be improved
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. TRADE NOW READ REVIEW
   5. Global Prime

   Min Deposit	€0
   Regulations	ASIC, VFSC
   Tradable Coins	40 (BTC, ETH, DOGE, BNB, ADA, ATOM, BCH, EOS, LTC, and more)
   Software	MetaTrader 4 (desktop, iOS, Android)
   Crypto Leverage	2:1
   Fees	BTCUSD Average Spread – 64.3 ETHUSD Average Spread – 6.61
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, PayPal, Crypto, Neteller, Skrill, Gate8, Dragonpay, VNPay, Fasapay, Pagsmile, BPay, POLi, Bank Wire Transfer, AstroPay, PayID, Interac, Jeton, Perfect XPay
   Withdrawal Methods	Visa, Mastercard, Bank Wire Transfer, Crypto, Neteller, Skrill, PayPal, AstroPay, Jeton, Perfect Money, Interac, MiFinity, Gate8, VNPay, XPay

   Global Prime is another premier broker providing Spanish traders access to the global crypto asset market. With competitive spreads, 4 trading platforms, and 40 supported crypto CFDs, the company offers impeccable trading conditions. Beyond crypto, the broker supports 150+global markets across four asset classes including Forex, Commodities, Indices, and Bond CFDs.

   The available trading platforms include the highly popular MT4, MT5, TradingView, and cTrader. As for the supported trading tools, customers will find trading calculators, economic calendar, and Autochartist, among others. The broker has gained the regulatory approval of financial authorities in Australia and Vanuatu. Customers of the brand are not likely to face any issues concerning deposits and withdrawals, with 20+ fee-free methods at their disposal, including bank cards, PayPal, Skrill, Neteller, and more.

   Key Pros

   • No minimum account requirements
   • 40 supported crypto CFDs
   • Fee-free deposits and withdrawals
   • 24/7 customer support
   • Execution from 10 ms

   Key Cons

   • Limited overall product portfolio
   • Educational tools could be improved
   • The website is supported in English only
   Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017.
6. TRADE NOW READ REVIEW
   6. Eightcap

   Min Deposit	€100
   Regulations	FCA, SCB, ASIC, CySEC
   Tradable Coins	100+
   Software	MT4, MT5, TradingView
   Crypto Leverage	2:1
   Fees	BTCUSD Minimum Spread – 170 ETH USD Minimum spread – 20
   Exchange/Wallet	No
   Deposit Methods	Credit and debit cards, PayPal, Skrill, Neteller, POLi, bank transfers, cryptocurrencies
   Withdrawal Methods	Credit and debit cards, PayPal, Skrill, Neteller, POLi, bank transfers, cryptocurrencies

   Founded in 2009 in Melbourne, Australia, Eightcap is among the legitimate, trustworthy, and safe brokers serving crypto traders from Spain. With a broad range of trading markets, including
   not only crypto but also Forex, Commodities, Indices, and Shares, plus the added advantage of competitive spreads, the company is focused on achieving the best customer outcomes.

   Eightcap has an extensive portfolio of more than 100 crypto derivatives, enabling crypto-savvy traders to diversify their portfolios and spread risk across different tools. Popular cryptocurrencies such as Bitcoin, Ethereum, Cardano, and Solana form part of this expansive crypto offering. With a TradingView integration, customers can trade directly from the platform, with access to a high-end charting package, strategy ideas, webinars, and more. Eightcap Trade Zone gives access to expert trading ideas delivered weekly, as well as market forecasts and webinars.

   Key Pros

   • 800+ CFD markets
   • TradingView integration
   • AI-powered economic calendar
   • Events and webinars
   • 100+ tradable coins

   Key Cons

   • The support team is not available on weekends
   • Educational resources could be improved
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
7. TRADE NOW READ REVIEW
   7. eToro

   Min Deposit	€10
   Regulations	FCA, CySEC, AMF, MFSA, ASIC, FSAS, FinCEN
   Tradable Coins	100+
   Software	eToro Investing, eToro CopyTrader, eToro mobile App
   Crypto Leverage	2:1
   Fees	1% fee for buying and selling crypto; 1% fee on crypto CFD trading
   Exchange/Wallet	eToro Money Crypto Wallet
   Deposit Methods	eToro Money, bank cards, Skrill, Neteller, PayPal, bank transfers, iDEAL, Trustly
   Withdrawal Methods	Bank cards, Skrill, Neteller, Paypal, Trustly

   Etoro has been at the forefront of the financial industry since 2007, with 35 million customers globally and an impressive portfolio of over 6,000 assets. The broker’s crypto offering is strong as well, with 100+ crypto coins, enabling investors and traders to diversify their portfolios. The company’s CopyTrader™ feature empowers customers to replicate the trading moves of advanced traders and learn from their experience. Investing courses, podcasts, and webinars further improve traders’ knowledge of financial markets.

   With eToro, traders can either buy crypto assets and store them in the eToro Money Crypto Wallet or trade on crypto CFDs without the necessity to own the underlying coins. The broker charges no commissions. Instead, a fixed fee of 1% of the quoted price is charged. In terms of deposits and withdrawals, there are sufficient options, with some of them including bank cards, e-wallets, and bank transfers.

   Key Pros

   • Regulated by FCA, CySEC, ASIC, and more
   • 100+ tradable coins
   • 6,000+ assets
   • eToro CopyTrader
   • Investing courses, podcasts, and webinars

   Key Cons

   • 5% fee on withdrawals
   • Customer support answers emails within 48 hours
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
8. TRADE NOW READ REVIEW
   8. Axi

   Min Deposit	€0
   Regulations	ASIC, FCA, DFSA
   Tradable Coins	10
   Software	MT4, MT4 WebTrader, Axi Trading Platform
   Crypto Leverage	2:1
   Fees	BTCUSD Standard Account Spread – 18 ETHUSD Standard Account Spread – 2
   Exchange/Wallet	No
   Deposit Methods	Visa, Mastercard, Bank Transfer, POLi, FasaPay, Sofort, GiroPay, iDeal, Neteller, Crypto, Skrill, Boleto, Internet and Local Banking, AstroPay
   Withdrawal Methods	Visa, Mastercard, Bank Transfer, Internet and Local Banking, Skrill, Neteller, Crypto, PayPal

   Axi is another trustworthy crypto broker, with multiple licenses from leading financial regulators, including ASIC, FCA, and CySEC. With several convenient banking options, deposits and withdrawals at Axi will be easy and hassle-free. Beyond crypto, other asset classes include Forex, Shares, Indices, and Commodities.

   The broker’s crypto offering includes 30 popular coins, with Bitcoin at the forefront and competitive spreads of 18 pips for BTCUSD. Other crypto instruments available for trading include Ethereum, Cardano, and Dogecoin, to name a few. With Axi, traders can profit from buying and selling the price movements of financial assets, without a crypto wallet or a requirement to purchase the underlying assets. Retail traders can increase their market exposure through maximum allowable leverage of 2:1 on crypto assets.

   Key Pros

   • 30 Crypto CFDs traded in a 24/7 market
   • Competitive spreads
   • User-friendly interface
   • Advanced charting tools
   • Multiple trading platforms

   Key Cons

   • Customer support does not operate round the clock
   • Limited deposit and withdrawal methods
   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
9. TRADE NOW READ REVIEW
   9. FxPro

   Min. Deposit	$100
   Regulations	FCA, CySEC, FSCA, SCB, FSA
   Tradable Coins	29
   Software	MT4, MT5, cTrader, and FxPro Platform
   Crypto Leverage	2:1
   Fees	BTCUSD – 75.88 ETHUSD – 7.17
   Exchange/Wallet	n/a
   Deposit Methods	VISA, Maestro, Mastercard, Skrill, Neteller, Bank Transfers
   Withdrawal Methods	VISA, Maestro, Mastercard, Skrill, Neteller, Bank Transfers

   FxPro is our next suggestion for a reliable crypto trading platform, with more than 20 years of experience in the financial industry and market coverage in over 170 countries. With FxPro, crypto traders can profit from price fluctuations in cryptocurrency CFDs and benefit from tight spreads and lightning-fast order execution of under 12 ms. The broker’s crypto offering spans the most sought-after crypto instruments, including Bitcoin, Ethereum, and Litecoin. The full list comprises 30 coins, with detailed trading conditions for each.

   The customer support department, which operates 24/5, provides timely and professional assistance in more than 17 languages. FxPro supports several popular trading platforms, including MT4, MT5, cTrader, and FxPro Platform. Customers can compare the features and functionalities of these platforms and pick the one that meets their trading preferences.

   Key Pros

   • 4 advanced trading platforms supported
   • 7.8 million customer accounts
   • 110+ financial industry awards
   • Robust regulation
   • Market news, economic calendar, and earnings calendar

   Key Cons

   • Inactivity fee
   • Minimum deposit of $100 could be a barrier for beginner traders
   Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
10. TRADE NOW READ REVIEW
    10. XTB

    Min. Deposit	n/a
    Regulations	FCA, CySEC, FSC
    Tradable Coins	49
    Software	xStation 5
    Crypto Leverage	2:1
    Fees	BTCUSD – 0.22% – 0.35% of the market price ETHUSD – 0.25% – 0.5% of the market price
    Exchange/Wallet	n/a
    Deposit Methods	Bank transfers, bank cards, PayPal
    Withdrawal Methods	Bank transfers, bank cards, PayPal

    XTB is a premier trading platform with 1 million+ customers worldwide, 20+ years of experience, and more than 2,300 CFD instruments. The broker has a strong cryptocurrency offering, with a total of 49 supported cryptos, including Bitcoin, Ethereum, and Dogecoin, and maximum leverage for retail traders capped at 2:1. XTB offers competitive spreads starting from 0.22% of the market price for BTCUSD and 0.25% of the market price for ETHUSD.

    The broker supports a proprietary trading platform, xStation 5, which delivers excellent results and is equally suitable for new and advanced traders. Its features include but are not limited to real-time market commentary, live performance statistics, and an exhaustive charting package. Beyond cryptocurrencies, traders can diversify their portfolios with Forex, Indices, Commodities, Stocks, and ETFs.

    Key Pros

    • 49 Crypto CFDs
    • Competitive spreads starting from 0.22%
    • Safe and quick deposits and withdrawals
    • Award-winning xStation 5 platform
    • Highly qualified support representatives

    Key Cons

    • Popular platforms such as MT4 and MT5 are not supported
    • Withdrawals below $100 entail fees
    • XTB Demo Account validity is 30 days
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Spain Crypto Exchanges Ranked by Trustpilot Score

Spain Crypto Exchanges Comparison Table

Top 3 Crypto Exchanges in Spain

Coinbase

Coinbase started its operations in 2012 with a mission to make crypto buying and trading an easy and hassle-free process. The company quickly gained recognition for its user-centric approach, catering to traders of all levels, with low minimum deposit requirements, a user-intuitive interface, and excellent mobile compatibility.

Coinbase has adopted a maker-taker fee model for determining its trading fees, which are calculated based on the pricing tier traders are placed before the trade is completed. Maker fees vary between 0.00% and 0.40% for regular users, whereas taker fees are in the 0.05% and 0.60% range. Staking your crypto holdings is also possible, with Annual Percentage Yields for USDC at 5.15% and for ETH at 2.65%.

Bybit

Founded in 2018, Bybit is one of the leading global cryptocurrency exchanges, enabling crypto traders to buy, sell, and trade Bitcoin and altcoins. The company serves more than 39 million registered users across 160 countries. At the time of writing, its crypto asset offering amounts to 1,371 cryptocurrencies listed.

With its unified trading account, the exchange allows trading spot, derivatives, and options from one account. Bybit Savings is among the relatively new investment products on Bybit Earn that provides flexible and fixed terms to crypto traders and investors. Customers will find competitive Annual Percentage Returns for Bitcoin, Ethereum, and many other popular coins. New traders can resort to several support channels, including a 24/7 customer support department, an extensive FAQ section, and Bybit Learn.

Binance

Binance is a global cryptocurrency exchange ranking first in terms of daily trading volume of cryptocurrencies. Founded in 2017, the exchange caters to more than 214 million users from 200 countries. With more than 500 crypto assets to trade, Binance is among the most- sought-after exchanges to trade Bitcoin, altcoins, and other digital assets. Customers of the brand can explore this huge variety of crypto coins on the Spot, Margin, and Futures Markets. Through Binance Earn, they can also earn interest on their crypto holdings.

Traders can purchase Bitcoin and altcoins in several ways on Binance. They can use their bank cards, Apple Pay, or Google Pay, among other options. For security reasons, Binance runs mandatory Identity verifications of its customers.

Legal Status of Cryptocurrency Trading in Spain

Trading cryptocurrency CFDs has gained popularity in recent years as it enables traders to speculate on price fluctuations of various digital assets without actually owning them. Alternatively, some investors prefer to buy, sell, transfer, and store coins through crypto exchanges. Spanish traders and investors take interest in these financial assets as they provide lucrative opportunities, but simultaneously come with a high degree of risk.

At present, there are no specific regulations concerning cryptocurrencies in Spain. However, the government has adopted a proactive approach and outlined several regulations for crypto companies that tackle issues such as advertising, designation, taxation, and compliance with AML policies.

In Spain, the supervision and regulation of cryptocurrencies is still in development and comes under the regulatory oversight of the National Securities Market Commission, officially known as Comisión Nacional del Mercado de Valores (CNMV).

According to Spanish laws, cryptocurrencies are not banned but are not recognized as legal tender. This status only applies to the euro as a national currency, according to Law 46/1998. However, the country remains moderately open to the crypto asset industry.

To protect retail traders from taking excessive risks, the CNMV has imposed restrictions on the marketing and advertising of CFD products. More specifically, these restrictions concern the ban on bonuses and aggressive marketing strategies that inspire traders to make risky investment decisions.

Additionally, brokers must comply with leverage limitations. According to CNMV’s Public Consultation on Additional Intervention Measures on CFD Trading, the maximum allowable leverage on crypto assets is 2:1.

What Forms of Crypto Trading Are Legal in Spain?

Cryptocurrency trading has garnered substantial attention within the global investment community, including in Spain. At present, cryptocurrencies are not completely regulated in the country. However, the government has outlined rules and regulations concerning cryptocurrencies’ designation, advertising, taxation, and adherence to AML policies. As specified above, cryptocurrencies are not considered legal tender in Spain, with no blanket regulation concerning crypto ownership or trading.

Cryptocurrency companies are required to comply with specific advertising regulations, aiming to safeguard traders and investors from potential risks. As of February 2022, Spain has adopted stricter advertising rules, involving a 10-day notice sent out to the CNMV when large-scale advertising campaigns are scheduled. Companies must provide further details including dates and content of their marketing campaigns.

With regard to anti-money laundering and countering terrorism financing, Spain has aligned its national laws with the relevant EU directives. This means that cryptocurrency businesses are required to register with the Bank of Spain.

Traders and investors are required to report their cryptocurrency profits in their tax returns and failure to do so would entail substantial fines. We provide further information on the taxation of crypto assets in one of the following sections of the present publication.

Spanish traders and investors can participate in the crypto market through CFD trading. They speculate on rising and falling prices of crypto assets, with leverage capped at 2:1. CFD trading does not involve purchasing the underlying assets.

Spot markets are another way to trade crypto. In contrast to CFD trading, spot trading in crypto involves buying and selling digital coins at their current market price.

Who Regulates Crypto Trading in Spain?

The National Securities Market Commission, also known as Comisión Nacional del Mercado de Valores (CNMV) is the financial regulatory authority in Spain. Established in 1988 under the Securities Market Law 24/1988, it is among the long-standing financial regulators in Europe. Ever since, it has continuously adapted to the evolution of financial markets and has adopted measures to protect investors. The CNMV is tasked with the responsibility to ensure transparency, efficiency, and stability of the financial markets.

To verify if a financial broker is authorized to operate on the territory of Spain, traders can check out the CNMV company register. Alternatively, they can search for the licensing information of brokers, which is typically found on their home pages or in a separate section dedicated to regulation.

The approval of the MiCA Regulation (Regulation 2023/1114) in the EU aims to uphold innovation and promote the attractiveness of cryptocurrency trading while maintaining financial stability.

Additionally, Law 6/2023, which came into force on March 17, 2023, granted regulatory powers to the CNMV over the crypto assets sector. This has reaffirmed the country’s readiness to comply with the MiCA Regulation and other EU regulations.

Common Costs Associated with Crypto Trading in Spain

Trading cryptocurrencies involves speculating on price fluctuations of digital coins. As such, it requires not only an in-depth knowledge of market trends but also a full comprehension of the associated trading and non-trading costs.

A detailed look into a crypto broker’s spreads, or the difference between the bid and ask prices, including minimum and average spread data reveals how competitive its pricing structure is. Wider spreads denote buying crypto at a higher price and selling at a lower price, decreasing one’s potential profit margin. A tight spread, in contrast, indicates a lower difference between the bid and ask price.

As far as cryptocurrency exchanges are concerned, these platforms charge a small percentage of transactions every time traders buy, sell, or swap cryptocurrency. The fees are categorized into maker and taker fees. While makers add liquidity to the marketplace by placing orders that are not immediately matched, takers remove liquidity by placing orders that are immediately matched. Due to this, maker fees are lower compared to taker fees. Exchanges organize their pricing policy differently, with some offering fixed percentage rates for makers and takers, and others offering a tiered system, where fees become lower as trading volume increases.

Some advanced trading features, such as stop-loss orders and limit orders also incur additional costs. Other fees that traders must pay attention to include account maintenance and inactivity fees, if any. Trading may also incur deposit and withdrawal fees, which vary based on the selected payment method.

Are Profits from Crypto Trading Taxed in Spain?

Profits from cryptocurrency trading in Spain are subject to taxation. Different tax rates, varying from 19% to 23% apply depending on the profits generated from the use of digital assets.

Earnings of less than €6,000 are taxed at 19%. Income between €6,000 and €50,000 is taxed at 21%. Proceeds exceeding €50,000 are subject to a tax rate of 23%. A flat tax rate of 19% applies to income from dividends for non-residents and corporate property participation.

The Spanish government passed the Law on Measures to Prevent Tax Fraud in 2019. According to this piece of legislation, citizens are obliged to report their Bitcoin and altcoin balances and transactions to the tax authorities. Failure to comply with these requirements may entail a fine of €10,000.

How to Pick Quality Crypto Brokers for Spain?

To help traders pick the best crypto brokers in Spain, we shed light on the main features we consider when reviewing a particular crypto trading platform.

1. Compliance

   First and foremost, we check if the broker adheres to the highest operational standards and if it is licensed by a trusted financial authority. Compliance with local rules and regulations is a major factor in ensuring that traders’ rights are properly safeguarded and adequate protection mechanisms are in place.

2. Security

   To secure the safety of all customers, brokers use advanced encryption protocols. Additionally, they conduct Know Your Customer (KYC) verification. Trustworthy brokers adhere to transparent pricing policies, with clear information about all associated fees, spreads, and commissions. Similarly, reputable cryptocurrency exchanges utilize various measures to protect their customers, including cold storage and 2-FA.

3. Fees and commissions

   As noted above, the best crypto trading platforms should follow a transparent policy concerning all trading and non-trading costs. These would include spreads, commissions, and processing fees, among others, when trading with a broker. As for exchanges, every time traders buy, sell, or swap a cryptocurrency, they charge a small percentage of the transaction as their fee. They are categorized into maker and taker fees.

4. Crypto Variety

   When reviewing a particular trading platform, we cannot afford to skip checking the number of supported crypto assets. Crypto trading exchanges offer a wider range of digital coins compared to crypto brokers.

5. User Reviews

   Reading reviews by other users of the trading platform is also recommended when it comes to picking a suitable trading platform. We have listed data from the Trustpilot platform indicating the number of reviews and the total Trustpilot score for each of the crypto trading brokers and exchanges included in our publication.

6. Other factors

   Other factors, including a user-intuitive interface, availability of different educational resources such as online courses, webinars, and blog posts, as well as adequate customer support must not be overlooked. They facilitate a stress-free trading experience, especially for new crypto traders who may be afraid of the steep learning curve.

Written by N. Nazifova