| Updated: May 15, 2024If you are considering exploring new investment horizons with Forex Trading in Spain, then you may be interested in our selection of top-rated Forex brokers. Following an extensive analysis, we have picked out several Spanish Forex trading brokers focused on meeting diverse trading requirements. The team at BestBrokers has tested the companies by opening a live account, depositing real money, and placing real trades, and, fortunately, all of them are available in Spain.
Fusion Markets74-89% of retail CFD accounts lose money
AvaTrade76% of retail investor accounts lose money
FXCM70% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Libertex74.91% of retail investor accounts lose money
Saxo Bank65% of retail investor accounts lose money
XTB80% of retail investor accounts lose money
Swissquote61% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
Iron FX67.62% of retail investor accounts lose moneySpanish Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. AvaTrade | 8469 | 4.5 ⭐ |
| 3. FXCM | 494 | 4.2 ⭐ |
| 4. Global Prime | 100 | 4.1 ⭐ |
| 5. Libertex | 9328 | 4.0 ⭐ |
| 6. Saxo Bank | 5596 | 3.7 ⭐ |
| 7. XTB | 1044 | 3.7 ⭐ |
| 8. Swissquote | 2349 | 3.6 ⭐ |
| 9. Tickmill | 525 | 3.4 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Spanish Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Tickmill | 0.1 | 0.1 | 0.4 | 0.3 |
| 2. Libertex | 0.1 | 0.3 | 0.3 | 0.4 |
| 3. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 5. FXCM | 0.6 | 1.1 | 1 | 0.8 |
| 6. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 7. Saxo Bank | 0.9 | 1.2 | 0.8 | 1 |
| 8. AvaTrade | 0.9 | 1.3 | 1.2 | 1.3 |
| 9. XTB | 0.9 | 14 | 1.3 | 2.2 |
| 10. Swissquote | 1.7 | 1.6 | 1.7 | 2.0 |
Spanish Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Iron FX | $0 |
| 2. FXCM | $0 |
| 3. Saxo Bank | $3 per lot |
| 4. AvaTrade | $0 |
| 5. XTB | $0 |
| 6. Libertex | $0 |
| 7. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 8. Tickmill | $0 on Classic Account; $3 per side on Raw Account |
| 9. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 10. Swissquote | $9 per lot (Standard); $0 (Premium) |
Important Note: The Forex market in Spain is under the monitoring of the Comisión Nacional del Mercado de Valores (CNMV), the National Securities Market Commission. The authority has been tasked with overseeing the proper functioning of the financial markets in Spain, including Forex trading. Brokers are obliged to comply with the rules and regulations set forth by the CNMV aimed at ensuring investor protection and the integrity of markets. The website of the CNMV is https://www.cnmv.es/, where traders can find further information. The CNMV supports three accounts on X (former Twitter), with the @CNMV_MEDIOS providing information of general interest. The @CNMV_IP is intended for privileged information (IP), and the @CNMV_IFI provides interim financial market information.
This guide further aims to provide updated information on various other aspects of Forex trading in Spain, including the legality of trading in the country, the regulatory body, available traders’ protections, taxes, maximum allowable leverage, and trading platforms, among others.
Top 10 FX Brokers in Spain
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex 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 Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex 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 is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
Iron FX Broker Details Regulators FCA (licensing no. 585561), FSCA (licensing no. 45276) Min Deposit $100 Trading Platforms MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App Trustpilot Rating N/A out of N/A reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.7
USDJPY: 0.4
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard Withdrawal Methods Bank Wire Founded in 2010, Iron FX is a broker with extensive experience in the trading field, offering traders a vast selection of products. Providing CFDs on forex pairs, commodities, indices, shares, and futures, this online brokerage is a great place for a vast variety of traders. With seven different types of accounts, members of Iron FX can pick the option that suits their preferences the best, with each of the account types offering either low or low fees that offer the best value for your trading.
Unfortunately, while Iron FX was regulated by the Cyprus Securities and Exchange Commission (CySEC), its Bermuda entity currently holds no license authorizing its operations. Meanwhile, its UK and South African entities are regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA), respectively. We would also like to highlight the company’s dedication to traders’ safety, with Iron FX utilizing enterprise-class security tools to keep you and your money safe.
Members of the broker will have access to trading platforms like MetaTrader 4, WebTrader, VPS, PMAM, and TradeCopier as well as the mobile app of Iron FX that enables seamless trading on the go. To fund your account, you are required to deposit $100, which is the minimum required for the standard account type.
Key Pros
- Offers a wide selection of trading instruments
- Supports several popular trading platforms
- Enables easy trading on the go via dedicated app
- Supports various deposit methods
- Traders can choose from 7 different account types
Key Cons
- Bahamas entity operates with no license
- Trustpilot score not available due to many fake review detected
- Withdrawals are possible only via bank wire
FXCM Broker Details Regulators FCA, CySEC, ASIC, FSCA, ISA, IIROC, Min Deposit $50 Trading Platforms MetaTrader 4, TradingView Pro, Trading Station Trustpilot Rating 4.2 out of 494 reviews Number of Forex Pairs to Trade 40+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 1.1
EURGBP: 1
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer Withdrawal Methods Visa, Mastercard, Bank Transfer Starting its journey back in 1999, FXCM is the first Forex broker that was listed on the New York Stock Exchange. The company was among the innovators who introduced features like automated trading and flexibility in position sizing. Currently, the broker is one of the most reliable destinations for CFD and Forex trading, offering traders different instruments and platforms for smooth trading.
While the broker lacks offerings like stocks and ETFs, it does offer tight spreads and a rather cost-effective way to handle your trading account. Traders will be charged no fee for depositing and withdrawing funds, and since the commission is built into the spread, there are no additional surcharges for trading. One thing we should note is that the broker does charge a $50 inactivity fee for accounts that have not been active for over a year.
When it comes to trading platforms, FXCM definitely outshines some of its competitors, offering traders seamless action through the Trading Station platform, available both via desktop and web. Meanwhile, traders can also use the MetaTrader4 and TradingView Pro platforms. The minimum deposit at FXCM is $50, with broker’s clients being able to use credit/debit cards and bank transfers for their payments. Security is a top priority for FXCM, with multiple authorities like the FCA, CySEC, ASIC, and more being responsible for the regulation of the broker.
Key Pros
- Offers up to 1,000:1 leverage on all new accounts
- Supports popular trading platforms
- Does not charge depositing and withdrawal fees
- Regulated by multiple top-tier regulators
- Offers competitive spreads
Key Cons
- Charges a rather high inactivity fee
- Offers limited number of products
- Number of currency pairs is average
Swissquote Broker Details Regulators FCA, MFSA, FINMA, DFSA, MAS, CySEC Min Deposit $1,000 Trading Platforms CFXD, MetaTrader 4, MetaTrader5 Trustpilot Rating 3.6 out of 2349 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.7
USDJPY: 1.6
EURGBP: 1.7
GBPUSD: 2.0Forex Commission per Lot per Trade $9 per lot (Standard); $0 (Premium) Deposit Methods Visa, Mastercard, Bank Transfer, Online Banking Withdrawal Methods Visa, Mastercard, Bank Transfer, Online Banking Swissquote is one of the most secure brokers you can trade with online. Starting as a financial company specializing in the development of financial software and web applications in 1990, by 1996, it introduced its first financial platform offering traders prices on all securities trading on the Swiss stock market. Today, Swissquote is publicly traded, runs two entirely online-operating banks, and is one of the most trustworthy brokers for Swiss traders as well as trading enthusiasts from multiple foreign markets.
To offer seamless CFD and Forex trading to its customers, Swissquote has introduced its CFXD platform, boasting a simple interface that provides multiple features for an extra intuitive trading experience. In addition to CFXD, the broker also supports MetaTrader 4 and 5, while the Autochartist tool can offer traders access to a large library of charts and trading analysis.
Offering only the best value for your trading is one of Swissquote’s strongest features. It offers competitive spreads as well as low margin rates. Traders’ accounts will enjoy cash deposit protection for transactions up to $/€100, 000 as well as negative balance protection. With major regulators like the FINMA, FCA, DFSA, and more regulating the services offered to Swissquotes customers, it comes as no surprise that many have trusted the broker with their investments.
Key Pros
- Publicly traded reputable brand
- Broker with extensive experience in trading
- Offers competitively low spreads
- Supports various trading platforms
- Forex traders can choose from over 80 currency pairs
Key Cons
- Traders must pay an inactivity fee
- Desktop trading platform looks a bit outdated
- Trading fees tend to be higher
Tickmill Broker Details 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) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, ZuluTrade Trustpilot Rating 3.4 out of 525 reviews Number of Forex Pairs to Trade 62 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 0.1
EURGBP: 0.4
GBPUSD: 0.3Forex 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 ickmill is a multi-licensed broker with over 780,000 registered customers worldwide. It provides low-cost trading with over 180 financial instruments, including currency pairs, equity indices, commodities, cryptocurrencies, bonds, and stocks. Raw spreads start at zero pips for FX majors, with nominal commissions on Raw accounts. It is also worth mentioning that Tickmill is one of the few online brokers to issue no requotes. It receives heaps of praise for delivering some of the fastest execution times in the industry, filling client orders within 0.20 seconds on average.
The brokerage supports trading via the robust MT4 and MT5 platforms, with customers facing a choice from their downloadable and web-based versions. Clients interested in dipping their toes in copy trading can conveniently connect their Tickmill accounts to the ZuluTrade platform. Tickmill keeps client funds in segregated accounts and maintains insurance against insolvency with Lloyds Bank despite boasting sufficient liquidity to weather hard times. On the downside, bank-transfer deposits incur additional fees when below the $5,000 threshold.
Key Pros
- Offers swap-free accounts for Islamic customers
- No commissions on FX trades via Classic accounts
- Global presence in over 180 countries
- FX spreads from zero pips on Raw accounts
- Swift order execution with no requotes
Key Cons
- Could use more base account currencies
- Bank-transfer deposits below $5,000 incur extra fees
Saxo Bank Broker Details 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) Min Deposit $0 Classic$200,000 + Platinum $1,000,000 + VIP Trading Platforms SaxoTraderGO, SaxoTraderPRO, TradingView Trustpilot Rating 3.7 out of 5596 reviews Number of Forex Pairs to Trade 185+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.9
USDJPY: 1.2
EURGBP: 0.8
GBPUSD: 1Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Visa Electron, Mastercard, Maestro, Bank Transfer, Quick Payment Withdrawal Methods Bank Transfer Established in 1992, Saxo Bank provides a superior trading experience across multiple asset classes and more than 71,000 financial instruments. The brokerage is operated by one of Denmark’s largest investment banks and carries licenses from several first-tier financial regulators, including the British FCA, Australia’s ASIC, and Singapore’s MAS. Saxo Bank provides a solid choice from over 185 major, minor, and exotic currency pairs available for commission-free trading at highly competitive spreads.
Apart from trading on the spot markets, Saxo Bank clients can dabble in Forex forwards, vanilla options, contracts for difference, and futures. All costs are built into the spreads as the brokerage charges no additional commissions on foreign exchange trades. Customers looking to diversify their portfolios can trade in various hard and soft commodities, equity indices, mutual funds, bonds, and ETFs. Its somewhat limited range of deposit and withdrawal methods is one of the very few shortcomings of Saxo Bank, whose overall score on Trustpilot averages 4.2 out of 5 stars.
Key Pros
- Offers a varied range of major, minor, and exotic FX pairs
- Provides tier-1 liquidity for high order fill rates
- Boasts over 30 years of experience in the financial industry
- Offers more than 140 FX forward contracts
- Excellent fill rates for FX majors like EUR/USD
Key Cons
- Steep minimum deposits for VIP and Platinum accounts
- Overcrowded and hard-to-navigate website
- Customizing SaxoTraderPRO for desktop takes some time
AvaTrade Broker Details 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) Min Deposit $100 Trading Platforms MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial Trustpilot Rating 4.5 out of 8469 reviews Number of Forex Pairs to Trade 250+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.9
USDJPY: 1.3
EURGBP: 1.2
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire Withdrawal Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire AvaTrade is one of the most well-experienced brokers offering online trading since 2006. Licensed and regulated to operate across six continents, this brand focuses on offering CFD and Forex trading, with popular platforms like MetaTrader 4 and 5 available to members of the broker. Alongside the MetaTrader platform, AvaTrade also offers its AvaTrade WebTrader and AvaTradeGO platforms, which introduce several innovative features such as AvaProtect.
Those inexperienced in trading can also try copy trading with AvaTrade’s AvaSocial platform. Trading on the go is also a seamless process, with AvaTrade’s mobile platforms, all available on the AvaTrade mobile app, available both to Android and iOS users.
It is no wonder that so many traders have chosen to trust AvaTrade, with the brand offering some of the greatest trading conditions online. Hedging on short selling and scalping is allowed, with traders having no restrictions to worry about. Fast order executions as well as competitively low spreads are also some of the reasons that have earned the broker a score of 4.6 out of 5 on Trustpilot. A total of 9 jurisdictions regulate the services offered by Ava Trade, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission being some of them.
Key Pros
- Regulated by 9 jurisdictions in 6 continents
- Offers various trading platforms suitable for beginners and expert traders
- Enables smooth mobile forex trading via dedicated app
- Offers 55 forex options and numerous CFDs
- Easy copy trading via the AvaSocial platform
Key Cons
- Retail account pricing trails behind top brokers’ offerings
- Desktop platform may seem a tad outdated
- Many payment solutions are country-specific
XTB Broker Details 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 (N/A), FSCA (N/A), FSA (N/A) Min Deposit $0 Trading Platforms xStation 5, xStation Mobile Trustpilot Rating 3.7 out of 1044 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.9
USDJPY: 14
EURGBP: 1.3
GBPUSD: 2.2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Maestro, Mastercard, Bank Transfer, Neteller, Skrill, PayPal, Ecommpay, PayU Withdrawal Methods Bank Transfers, Visa, Mastercard, Skrill Established in 2002 under the name X-Trade, XTB is a broker of Polish origin that traders from across the globe gravitate towards thanks to its low fees, excellent reputation, and versatile selection of financial instruments that encompasses forex, stocks, ETFs, and more.
This broker’s operations are overseen by multiple regulatory entities, including but not limited to Poland’s Financial Supervision Authority (KNF) and the British Financial Conduct Authority (FCA). What is more, it also offers negative balance protection, which is an absolute must for many modern traders.
Although XTB does not support the familiar MT4, MT5, NinjaTrader, or cTrader platforms, the broker does offer its proprietary xStation 5 platform. It comes in several variants, the first one being the convenient web platform. There are also dedicated software applications for desktop computers and smartphone devices.
Key Pros
- Bears the seal of approval of both the FCA and the KNF, along with other regulators
- Mobile-friendly platform
- Offers negative balance protection
- Standard users are not charged commission when it comes to forex
- Low fees
Key Cons
- Traders from the US cannot register and trade at XTB
- No support for MT5 and other popular platforms
- Withdrawals under certain thresholds are accompanied by fees
Libertex Broker Details Regulators CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686) Min Deposit $10 Trading Platforms Libretex Trading Platform, MT4, MT5 Trustpilot Rating 4.0 out of 9328 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 0.3
EURGBP: 0.3
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Deposit Methods PayPal, Visa, Mastercard, Sofort, iDeal, Trustly, Skrill, Giropay, Sepa International Bank Wire, Multibanco, P24, BLIK, eService, Neteller Withdrawal Methods SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller Libertex’s roots date back to 1997, making it a broker with nearly three decades of experience in the field of trading. Forex, cryptocurrencies, ETFs, and bonds are a few examples of what markets are available, and cost-effectiveness is one of the broker’s key characteristics thanks to tight spreads and a lack of commissions when it comes to some assets.
Traders are presented with several options in terms of platforms, the first one being Libertex’s own. If you wish to trade on the go, the said platform can be downloaded from the App Store or Google Play. Both MT4 and MT5 are available as well.
Libertex’s efforts to provide traders with an excellent experience have paid off, resulting in the broker earning a 4.0 score on Trust Pilot and a range of accolades, including the one dubbed “Best Trading Experience” granted by the Ultimate Fintech Awards.
In the event that something goes wrong or you need to find a piece of information about Libertex, the broker’s Help Desk Portal can be of great help. You may also reach out to the customer support team via live chat when necessary.
Key Pros
- Great variety in terms of markets
- Users have a range of deposit and cashout solutions to pick from
- Available in English, Spanish, French, Portuguese, and other languages
- Negative balance protection
- Traders can contact the customer support staff via live chat
Key Cons
- No longer available for UK traders
- Does not accept traders from the US
- Somewhat lacking in terms of educational resources
Is Forex Trading Legal in Spain?
Much like the rest of the world, Forex trading has become very popular in Spain, and being aware of the legalities associated with the activity is of essential importance for novice and experienced traders.
Trading Forex in Spain is a legal activity, under the monitoring of the the National Securities Market Commission (CNMV). To legally provide Forex trading services in Spain, brokers must adhere to a set of specific regulations, including transparent pricing, investor protection, maximum leverage, and segregated client funds, among others.
Investors, on the other hand, can trade a comprehensive combination of currency pairs. Opening a trading account is allowed for individuals aged 18 and above in Spain.
The National Securities Market Commission (CNMV) Regulation Info
As an EU member country, Spain follows local and EU-wide protocols concerning Forex trading. As mentioned above, the national regulatory body in charge of overseeing the Spanish securities markets, including Forex trading, is the National Securities Market Commission. The CNMV was established by Securities Market Law 24/1988. The independent government agency is overseen by the Ministry of Economy and Finance.
CNMV is a reputable financial markets regulator, actively engaged in monitoring companies operating within its jurisdiction and issuing warnings against unlicensed platforms.
The Spanish market, along with all other financial markets within the Eurozone, falls under the regulation of the European Securities and Markets Authority (ESMA). The Paris-based institution was founded on January 1, 2011, to ensure investment protection and maintain financial stability across the markets it covers.
How Can I Verify CNMV Authorization?
Picking a properly regulated broker in Spain for your Forex trading journey is a critical step toward evading scams. The regulatory authority monitoring Forex trading in Spain enables traders to check the legality of brokers before they register their accounts and start trading.
Forex traders residing in Spain can search the CNMV register to verify if a specific broker offers trading services legitimately. They must go to the official webpage of the agency, https://www.cnmv.es/, and navigate to the CNMV company register, www.cnmv.es/portal/Consultas/BusquedaPorEntidad.aspx, where they can look up a specific entity. They must type any word or word phrases that form part of the company’s name and the results will show details such as authorization date and registered address.
Are My Funds Safe with Forex Brokers in Spain?
Thanks to technological advancements and online trading platforms, Forex trading has become widely accessible to retail traders around the globe, including Spain. While trading involves speculating on fluctuations in currency exchange rates and involves risk, traders can do several things to enhance their security.
Besides checking the regulation and licensing of Forex brokers, traders can further test several other aspects of the platforms. They can compare key aspects such as spreads and fees, leverage, trading platforms used, deposit and withdrawal options, and the availability of demo accounts.
Forex brokers regulated by the CNMV offer traders a compensation scheme, securing deposits of up to €20,000 in the event of bankruptcy. Furthermore, customer funds are held in segregated accounts, separate from brokers’ operational funds.
Do Spanish Brokers Provide Negative Balance Protection?
Forex brokers regulated by the CNMV must provide mandatory negative balance protection. This investor protection ensures that traders cannot lose more money than they have already deposited into their trading accounts, i.e. they will not owe money to brokers. Negative balance protection applies to leveraged products, such as CFDs. It covers retail customer accounts, whereas professional accounts are usually not protected.
For instance, let us assume a trader deposits €1,000 to their trading account and enters a CFD trade with a 5:1 leverage. The leverage ensures a market position of €5,000. However, in case of unfavorable market conditions, the position may drop 25%, or, in other words, the trader will suffer a loss of €1,250. In case of negative balance protection, the €250 not covered by the account balance, would not be owed to the broker.
Do You Pay Tax on Forex Trading in Spain?
The current section of the article explains how winnings from Forex trading in Spain are classified and taxed. In the past few years, legislative changes have brought clarity to the matter. Generally, traders are responsible for filing tax forms and are obligated to observe a specific threshold. If they pass it, they must report their profits as capital gains in their annual tax returns.
Profits below the threshold of €6,000 are tax-exempt. Profits above this threshold must be reported as capital gains, with rates varying from 19% to 23%, based on the reported amounts. The first net profits of up to €6,000 are subject to a rate of 19%. Profits from €6,000 to €50,000 are taxed at 21%, and those above €50,000 – at 23%.
Traders must be aware of the opportunity enabling them to carry forward net losses from one year to offset profits in future years and decrease their tax liability. They must not forget to keep detailed records of their transactions and consult a tax advisor, if necessary.
How Does the Available Leverage of Spanish CNMV-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?
Leverage in Forex trading allows investors to trade larger positions by borrowing funds from brokers. However, leverage is a two-edged sword, as it can also magnify losses.
Trustworthy Forex brokers typically adhere to the maximum allowable leverage specified by the regulatory body in the jurisdiction they operate. The limits can vary from country to country, with some jurisdictions allowing leverage of up to 400:1.
The CNMV complies with the Markets in Financial Instruments Directive, enabling licensed Forex brokers to provide their services in other EU countries. The maximum allowable leverage for retail trader accounts at CNMV-regulated Forex brokers reaches 30:1 for major Forex pairs and 20:1 for others.
What Do You Need to be Designated as a Professional Trader in Spain?
Forex traders have the option to upgrade their experience by applying for professional accounts. However, they must be aware that they can incur losses that exceed their deposits and that the standard protections available to retail traders will no longer be available.
Professional traders can take complete control of their trading, with higher leverage limits, lower margins, exclusive features, cash rebates, and credit facilities. For instance, professional account holders can take advantage of a 500:1 leverage for major and minor Forex pairs, as opposed to retail account holders’ restrictions of a 30:1 leverage for major Forex pairs, and 20:1 for minor Forex pairs. It is important to note that their funds would still be kept in segregated accounts. However, investor protections, such as negative balance protection, would no longer be in place for them.
To qualify as a professional trader, customers must meet eligibility criteria, which Forex brokers specify in detail. Typically, these include a financial instrument portfolio, including cash deposits of more than €500,000. Prior experience in the financial sector is yet another factor that may be beneficial for upgrading to a professional trading account. Once traders apply for a professional account and get approval from the Forex broker, they will be contacted by their relationship manager, notifying them that the account has been upgraded.
What trading platforms are available to Spanish traders?
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 Frorex 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.
- The website of the CNMV (the Comisión Nacional del Mercado de Valores)
- CNMV broker verification for Forex traders in Spain using company name details