If 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.
Spanish Forex Brokers Ranked by Trustpilot Score
Forex Broker | Trustpilot Reviews | |
---|---|---|
1. Fusion Markets | 1,862 | 4.9 ⭐ |
2. Global Prime | 161 | 4.5 ⭐ |
3. AvaTrade | 8,855 | 4.4 ⭐ |
4. Libertex | 9,456 | 4.0 ⭐ |
5. FXCM | 548 | 3.9 ⭐ |
6. Saxo Bank | 6,484 | 3.8 ⭐ |
7. Swissquote | 2,877 | 3.8 ⭐ |
8. XTB | 1,311 | 3.7 ⭐ |
9. Tickmill | 835 | 3.7 ⭐ |
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 | 0.07 | 0.13 | 0.23 | 1.01 |
4. Global Prime | 0.13 | 0.28 | 0.28 | 1.11 |
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 | 1.0 | 0.6 | 1.2 | 1.0 |
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 |
|
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 (formerly 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 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 4.9 out of 1,862 reviews Number of CFD Forex Pairs to Trade 90+ 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: 0.07
USDJPY: 0.13
EURGBP: 0.23
GBPUSD: 1.01Forex 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 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
- Has no FCA license
Global Prime Broker Details Supports Spanish No Spain Currency (EUR) Yes Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.5 out of 161 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: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 1.11Forex 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
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 Supports Spanish Yes Spain Currency (EUR) Yes 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 CFD Forex Pairs to Trade 80+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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 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 Supports Spanish Yes Spain Currency (EUR) Yes Regulators FCA, CySEC, ASIC, FSCA, ISA, IIROC Min Deposit $50 Trading Platforms MetaTrader 4, TradingView Pro, Trading Station, Capitalise.ai Trustpilot Rating 3.9 out of 548 reviews Number of CFD Forex Pairs to Trade 40+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.6
USDJPY: 1.1
EURGBP: 1
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Neteller, Skrill, Google Pay, Open Banking, Apple Pay, PayPal, Paysafecard Withdrawal Methods Visa, Mastercard, Bank Transfer, PayPal, Neteller, Skrill Key Pros
- Offers up to 1:1,000 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 Supports Spanish Yes Spain Currency (EUR) Yes Regulators FCA, MFSA, FINMA, DFSA, MAS, CySEC, FSC, FSCA Min Deposit $1,000 Trading Platforms CFXD, MetaTrader 4, MetaTrader5 Trustpilot Rating 3.8 out of 2,877 reviews Number of CFD Forex Pairs to Trade 80+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 1.0
USDJPY: 0.6
EURGBP: 1.2
GBPUSD: 1.0Forex Commission per Lot per Trade - $/€0 on 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 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 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 Trustpilot Rating 3.7 out of 835 reviews Number of CFD Forex Pairs to Trade 62 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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 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 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) Min Deposit $0 Classic$200,000 + Platinum $1,000,000 + VIP Trading Platforms SaxoTraderGO, SaxoTraderPRO, TradingView, SaxoInvestor Trustpilot Rating 3.8 out of 6,484 reviews Number of CFD Forex Pairs to Trade 185+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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 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 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, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade Trustpilot Rating 4.4 out of 8,855 reviews Number of CFD Forex Pairs to Trade 53 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2 for EU residents 1:25 for non-EU residentsSpread 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 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 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) Min Deposit $250 Trading Platforms xStation 5, xStation Mobile Trustpilot Rating 3.7 out of 1,311 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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 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 Supports Spanish Yes Spain Currency (EUR) Yes 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 9,456 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread 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, Eps, Neteller Withdrawal Methods SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller 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, 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 1:5 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 large 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 1:400.
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 1:30 for major Forex pairs and 1:20 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 1:500 leverage for major and minor Forex pairs, as opposed to retail account holders’ restrictions of a 1:30 leverage for major Forex pairs, and 1:20 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 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.