Best Forex Broker in Spain - Eightcap
Top Forex Brokers in Spain 2024
Eightcap - Best broker to trade directly from TradingView charts
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
Vantage Markets - Best for trading CFDs on major U.S. Stocks (zero fees apply)
FxPro - Biggest choice of currency pairs (70+ FX CFDs)
IC Markets - Biggest Forex broker by trading volume (average volume over 22.68B per day)
Tickmill - Best for EUR/USD trading (avg spread is 0.1 pips)
Forex trading is legal in Spain and is regulated by the National Securities Market Commission (CNMV). The CNMV is the local regulatory body in Spain that oversees activities in the financial markets, ensuring brokers adhere to strict operational rules to protect retail traders. However, finding the right Forex broker in Spain can be a daunting task, especially for beginners. In this article, readers will discover the essential factors to consider when choosing a broker. Also, to assist Spanish traders in streamlining the decision-making process, Traders Union experts have compiled a list of the top brokers operating in Spain, all of which are regulated either in Spain or in another EU country, the UK (FCA), or Switzerland (Finma).
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Broker | Supported Currency pairs | Minimum Deposit | Accepts Citizens of Spain | Regulation | |
|---|---|---|---|---|---|
40 |
100$ |
CySec |
|||
72 |
5$ |
||||
60 |
50$ |
||||
70 |
100$ |
CySec |
|||
45 |
200$ |
||||
60 |
100$ |
CySec |
|||
60 |
100$ |
CySec, FINMA |
|||
80 |
1$ |
CySec |
|||
50 |
100$ |
CySec |
|||
50 |
| Broker | Spread | Trading platform | Accounts | Min Order | Instruments | Margin Call / Stop Out | Trading features |
|---|---|---|---|---|---|---|---|
0 points |
MT4, MT5 |
AUD, USD, GBP, EUR, NZD, CAD, and SGD |
100 USD |
CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals |
80% / 50% |
Free 30-day demo account; |
|
0.2 points |
MT4, MobileTrading |
EUR |
€10 |
Forex, indices, metals, futures contracts |
40% / 20% |
Advisors; Hedging; Protection against a gap. |
|
0 points |
MT4, MT5, WebTrader, Mobile Apps |
AUD, USD, GBP, EUR, SGD, and CAD |
$50 |
Currency pairs (57), CFDs on stocks (226), indices (26), and commodities (22), energy, ETFs, bonds, share SFDs |
100% / 50% |
Automated trading; Pro Trader Tools; VPS server; Analytical instruments; Proprietary mobile application. |
|
0 points |
MT4, MobileTrading, MT5, cTrader, FxPro Edge |
USD, EUR, GBP, CHF, AUD, PLN, ZAR and JPY |
100 (USD, EUR, GBP, CHF) |
Over 2,100 assets are available: currencies, stocks, indices, futures, metals, energies, and cryptocurrencies. |
25% / 20% |
Scalping - for all types of financial instruments; Negative balance protection for customer accounts; 24-hour multilingual support, 5 days a week; Advisors; Algorithmic Trading. |
|
0 points |
MT4, cTrader, MT5, TradingView |
EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY |
$200 |
Cryptos and Forex CFDs on indices, commodities, stocks, bonds, and futures |
100% / 50% |
Scalping and expert advisors; |
|
0 points |
MT4, MT5, Tickmill Mobile App |
Tickmill.EU - USD, EUR, PLN, CHF, GBP. Tickmill.com - USD, EUR, GBP. |
100 US dollars |
Instruments include currency pairs, commodities market assets, stock indices, stocks, bonds, and cryptocurrencies |
100% / 30% |
Hedging; Scalping. |
|
0.1 points |
Libertex, MT5, MT4 |
EUR, GBP, PLN, CHF |
100 EUR |
300+ CFDs on stocks, indices, commodities, metals, cryptocurrencies, ETFs, and commodities |
50% / 50% |
||
0.5 points |
MT4, MT5, WebTrader, Mobile platforms |
ASIC - AUD, USD. FCA - EUR, USD, GBP, CHF, RUB. CySEC - EUR, USD, GBP, CHF, BGN, RON, PLN, HUF, HRK, CZK. JSC - EUR, USD, JOD, AED, GBP. |
$1 — $100, $250 |
stocks, ETFs, as well as CFDs on currency pairs, commodities, stocks, indices, bonds, ETFs, and cryptocurrencies. |
50% / 0% |
Available options for protection against volatility; One-click trading. There is a copy trading platform (available with CySec) |
|
0 points |
WebTrader, MetaTrader4 |
USD, EUR, GBP, AUD, JPY, PLN, CZK JPY, PLN, and CZK |
$100 |
Forex, Commodities, Indices, Stocks, Metals, Futures (ALL CFDs) |
40% / 20% |
Indicators; Advanced Terminal. |
|
0 points |
MT4, MobileTrading, MultiTerminal, MT5 |
USD, EUR, NGN, JPY |
USD 0 |
Forex, Metals, Energies, Stocks, Indices, Bonds, Commodities, ETFs, Cryptocurrencies |
50% / 20% |
Hedging; Account for scalping; Trading on the news. |
Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
Vantage Markets is a multi-asset broker that has been operating since 2009. The company operates under the licenses of four regulators – the UK (FCA, 590299), Australia (ASIC, 428901), Vanuatu (VFSC, 700271), and South Africa (FSCA, 51268). Over the years, Vantage Markets has received numerous accolades and prestigious awards. Read more about Vantage Markets Available Countries.
Scalping is a trading strategy where tight spreads and minimal commissions are crucial for success, as it involves making numerous small profits from short-term price movements. TU has identified 3 forex brokers that support scalping and offer STP/ECN accounts for low-commission trading.
| Broker | Scalping is allowed | STP Forex account |
|---|---|---|
There are several factors traders may consider before choosing a Forex broker that suits their needs. So, follow the following tips to choose the best broker in Spain:
Safety: One of the ways to assess the reliability and safety of an online broker is by checking their compliance with financial regulatory bodies. Hence, Spanish traders should look for brokers monitored by a regulatory body such as the National Securities Market Commission (CNMV), which oversees financial trading activities in Spain.
Reviews: Reading firsthand reviews from other customers can provide useful information in assessing a broker’s reputation in the financial trading industry. Hence, visit online forums and review websites, such as Trustpilot, for instance, to read other users’ reviews about the online broker. Watch out for brokers with consistent positive reviews to make an informed decision.
Trading Costs and Fees: The fees and cost of trading on a broker are another key factor to consider before using the platform for financial trading. Brokers with higher trading costs and fees can significantly reduce profits generated over time. Therefore, Spanish Forex traders should search for brokers with completive spreads, moderate commission, and transparent fee structures.
Account Type: Online brokers offer diverse account types for different trading styles and purposes. The accounts come with varying initial deposit requirements, spreads, commissions, and leverages. So, look for brokers with an account type that suits your trading style and budget.
Deposit and Withdrawal Method: Finally, you need to consider online brokers with convenient deposit and withdrawal methods for a better trading experience.
Yes, Forex trading is legitimate in Spain. However, the Forex trading industry in Spain is highly regulated. For example, the activities of Forex brokers must be approved by the National Securities Market Commission (CNMV) – Spain’s financial regulatory institution.
CNMV has a public register that documents the list of all approved online brokers authorized to operate in the country. The approved brokers must operate within the policies the regulatory institution imposes to maintain legal status in the country.
Furthermore, besides trading with CNMV’s approved brokers, Spanish traders can also participate in the Forex market using other internationally regulated brokers. Because Spain is an EU country, Spanish traders can use brokers that operate legally in other EU countries.
Follow the step-by-step guide below to identify brokers under CMNV’s regulation.
Research Broker’s Name: Firstly, get the name of the Forex broker you want to check on the CNMV’s platform.
Visit CNMV’s official website: Type in the official CNMV’s website on your browser or click on http://www.cnmv.es/portal/Consultas/BusquedaPorEntidad.aspx to open the CNMV’s portal. Once the portal opens, enter the broker’s name into the search box and click the “Search” button as shown below.
Website of the National Securities Market Commission
Review the Result: CNMV’s search engine will display the result of your search, which will show the broker’s name. However, ‘no results found’ will be displayed if the broker is not registered on the server. In other words, “no results found” implies that the broker isn’t under CNMV regulation.
Website of the National Securities Market Commission
The image above depicts the search results of a sample broker. It shows that the broker is under the supervision of the CNMV.
Expand the Search Result: Next, click on the “Foreign Investment Service Companies” to reveal more details about the broker. The details you will find on the portal include the official registration number, registration date, etc.
As earlier noted, the National Securities Market Commission (CNMV) is an independent financial regulatory institution that supervises the Spanish securities markets. The institution plays an important role in ensuring the best financial practices and promoting fair market conditions in the Spanish financial trading industry.
The CNMV regulation is important in the Spanish market for the following reasons:
Regulation: CNMV supervises the activities of companies that provide investment services and financial securities in Spain. The goal of the institution is to protect the integrity of Spanish Security Markets, check fraudulent practices, and ensure transparency within the financial trading sector.
Protects Investors: CNMV protects the interest of investors in the Spanish market. The institution requires companies to submit a report of their financial activities and also provide all relevant information for investors to make better investment decisions. Additionally, CMNV protects retail investors against negative balances.
Information Portal: Lastly, CNMV serves as an information resource center for Spanish traders. It displays information regarding the capital market, investment firms, and the list of brokers under its supervision. This helps traders quickly verify the legitimacy of a broker permitted to operate in the country.
As already noted, Forex trading is legal in Spain and there is no sanction or limitation for participating in the financial market. So, Spanish traders can register on a broker, create a trading account, fund it, and trade legitimately. However, because the Spanish financial markets are regulated by the National Securities Market Commission (CNMV), there are some potential restrictions for Spanish traders.
CVNMV is responsible for authorizing brokers that can operate in the country, which comes with some strict policies brokers must adhere to. For instance, leverage restrictions are one of the notable trading limitations for Spanish traders due to CNMV’s policy. CNMV prohibits the use of excessive leverage for retail traders. It stipulates 1:30 as the maximum leverage for major currency pairs and 1:20 for minor currency pairs and commodities.
However, it is worth noting that CNMV’s leverage limit policy is meant to protect investors from the excessive risk of exposing their capital to the market
Yes, Forex trading in Spain is taxable. Typically, profits generated from trading in the financial markets are taxed by the Spanish government. The tax rate depends on the tax type (e.g., individual income tax, capital gain, etc.) that a trader files.
In general, capital gains for Spanish residents are taxed at a progressive rate of 19% to 28%. Capital gains tax rates are 19% for € 0 – 6,000, 21% for € 6,000 – 50, 000, 23% for € 50, 000 – 20, 000, 27% for € 200, 000 – 300,000, and 28% for € 300, 000 and above. To find out more information, you should seek advice from tax specialists in Spain.
Furthermore, another period with high liquidity is during the overlap of the London and U.S. trading sessions. Therefore, because Spain follows the Central European Time (CET), this suggests that the best trading session for Spanish traders is 10:00 to 18:00 CET, during the London market hours. Also, Spanish traders can consider trading during the overlap of the London and U.S. sessions, which start from 13:00 to 17:00 CET.
However, it is important to note that trading patterns and strategies of traders vary, and are dependent on different market sessions. For instance, some trading strategies deliver optimal results during the New York session, while others don’t. So traders should understand the session where their strategy works best for optimal results.
To start Forex trading in Spain, you need to follow the following steps:
Choose a Broker: Research a legitimate online broker that operates legally in Spain or the EU. You can check the broker on CNMV’s portal to verify if it is allowed to operate in Spain. Besides, ensure the broker has features that suit your trading style and budget. For example, beginner traders should confirm the broker has standard and cent accounts; they are the best for beginners. Also, beginner traders may avoid brokers with high minimum deposit requirements, especially individuals on strict budgets.
Create an Account: The next step is to visit the broker’s official website and click the “Signup/Register” button. Once the registration portal opens, fill in your details to create an account with the broker.
Verify the Account: Submit documents to prove your identity and address as requested by the broker to complete the account verification phase. Online brokers require prospective traders to verify their identity and residence as a standard procedure before using their platform for financial trading. Documents for proof of identity verification include government-approved ID cards, passports, or driver’s licenses, while documents for residence include recent utility bills or bank statements.
Deposit: Finally, deposit funds into your trading account using any convenient method.
We evaluate and assess each broker using over 100 objective criteria, resulting in an average score for each Forex broker, which characterizes all aspects of its work. We also take into account its trading volume, which we have access to thanks to hundreds of thousands of traders of our Union. We also take into account reviews on brokers by their traders, which we curate on our website. As a result, according to our unique algorithmic matrix, which is applied to all companies, our program impartially calculates the overall average for each company and its position in the rating. This makes our rating system the most objective and independent in the Forex market.
Table of categories of criteria for evaluating Forex brokers
| Criteria category name | Criteria number in category |
|---|---|
Financial |
38 |
Reliability |
27 |
Security |
18 |
Trading conditions |
15 |
Customer support |
9 |
Forex trading is legal in Spain. A company that holds the financial license issued by the local regulator – Comision Nacional del Mercado de Valores (CNMV) is considered a legal broker in the country. The commission oversees compliance of all rules by the brokers and protects client interests.
All brokers with the license of the Spanish regulator must regularly report to the CNMV. It is also important to consider that Spain is an EU country, which means that brokers with licenses from other EU jurisdictions can also operate there.
Yes, Forex trading is legal in Spain. Financial trading activities in Spain are regulated by institutions like the National Securities Market Commission (CNMV) to ensure transparency in the trading sector and the protection of investors’ funds.
Yes, Profits generated from Forex trading are taxed by the Spanish government.
Yes. As a Spanish Forex trader, you can earn consistent profits from the market to make a living. However, no profit is guaranteed in the Forex market due to the dynamic nature of the financial trading industry. So, it is essential to maintain a positive trading psychology and continue to hone your trading skills for consistency.
To start trading the Forex market in Spain, you need to research a reputable broker. Next is to create a trading account and fund it with at least the minimum deposit requirement to begin trading.
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
