Biggest Forex Brokers in Portugal 2024
Biggest Forex Broker in Portugal - IC Markets
Top Forex brokers in Portugal by trading volume:
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1
IC Markets - 22.68 billion dollars average daily trading volume
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2
XM - 16.08 billion dollars average daily trading volume
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3
AvaTrade - 9.36 billion dollars average daily trading volume
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4
Pepperstone - 8.04 billion dollars average daily trading volume
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5
FxPro - 7.8 billion dollars average daily trading volume
Portugal boasts a thriving community of Forex enthusiasts When it comes to selecting the right broker for your trading journey, knowledge is power. In this article, we delve into the realm of Forex brokers in Portugal, shedding light on those with the largest trading volume. From industry giants like IC Markets and XM to renowned names like AvaTrade, we'll navigate through the choices. As part of a comprehensive overview, we've also prepared a global rating of the biggest Forex brokers by trading volume. Join us as we explore the top players in Portugal's Forex landscape and equip you with the insights needed for informed trading decisions.
Why is trading volume important?
Volume in Forex trading represents how much currency is being traded within a certain period of time. It is one of the most important aspects of trading as it can reflect the interest of the market participants, the traded instrument's liquidity, and can also be used as a leading indicator.
To a broker, daily trading volume is very important as it can have an impact on the company's bottom line. It's a marketing tool to attract clients and, more importantly, retain them. When a client is happy with the liquidity, spreads, and commissions, they are less likely to leave for another broker.
So, what are some benefits of high daily trading volume?
Better liquidity. This is the most important factor, as it directly impacts the broker's business model. Liquidity refers to the number of buyers and sellers in the market. When there are more participants, it is easier to execute trades at desired prices
Lower commissions. When there is a high daily trading volume, brokers are able to charge lower commissions as they are making more money from the volume
Lower slippage. Slippage is the difference between the expected price of a trade and the actual price that is filled. When there is high liquidity, slippage is less likely to occur as there are more counterparties willing to take the other side of the trade
Fewer gaps. A gap is when the price of a currency pair moves from one level to another without any trading happening in between. These can happen overnight (when the market is closed) or during the day. When there is a high volume, there are fewer gaps. This is one reason why high-volume trading sessions tend to be more stable
If you're a Forex trader, it is beneficial to choose a broker with the highest daily trading volume. The benefits you get will directly impact your trading success.
List of the biggest Forex brokers in Portugal
In the quest to find the ideal Forex broker for your trading endeavors in Portugal, knowledge is key. Explore our comprehensive comparison table below, where we break down the essential factors to help you make informed decisions.
| Forex broker | Average Trading Volume per Day (Billion USD) | Regulation |
|---|---|---|
22.68 |
ASIC, CySEC, FSA, SCB |
|
16.08 |
FSC |
|
9.36 |
Central Bank of Ireland, ASIC, B.V.I Financial Services Commission, FSA, FSCA, Abu Dhabi Global Markets |
|
8.04 |
FCA, ASIC, DFSA |
|
7.8 |
FSCA, CySEC, FCA, SCB |
|
6.56 |
FCA |
|
4.87 |
FSA (Seychelles), FCA, CySEC, FSCA, Labuan Financial Services Authority |
What is the biggest Forex broker in Portugal?
IC Markets is the largest Forex broker in the world, with close to $10 trillion in trading volume per year. Currently, IC Markets operates in over 200 countries. It also has over 200,000 active clients and is continuing to grow.
The company offers a wide range of Forex products, including major, minor and exotic currency pairs, commodities, precious metals, and stock indices. It also provides different types of accounts, such as Standard, ECN, Swap-Free, and Islamic. , due to their high trading volume (1.11 trillion in March 2022) has low spreads, competitive commissions, and ultra-fast order execution.
IC Markets' trading conditions are some of the best in the industry. The spreads start at 0.0 pips for all platforms — MetaTrader 4, MetaTrader 5, and cTrader. Execution is also very fast, with an average of 0.4 ms once an order is placed.
Margin and leverage requirements are also very low. For major currency pairs, the margin is 0.5%, and the leverage is 500:1. Leverage helps traders magnify their returns but also increases risk.
You also access over four metals and 60 currency pairs on all platforms with IC Markets.
IC Markets was founded in 2007 by a team of finance, trading, and technology professionals. The company was created with the mission to provide lower spreads, superior execution technology, and unrivaled liquidity.
Over the years, IC Markets has continued to innovate and improve its products and services. In 2015, they became the first Australian broker to introduce the cTrader platform. In 2017, they launched the world's largest true ECN Forex trading account with a $200 minimum deposit.
Other top Forex brokers in Portugal by trading volume
XM
XM is another biggest Forex broker in the world with a $16 billion average daily trading volume. It was founded in 2008 and is currently operating in over 200 countries.
XM offers a wide range of currency pairs, CFDs on precious metals, energies, equity indices, and cryptocurrencies. It also has different account types such as micro, standard, XM ultra-low account, and shares account.
Trading conditions are also excellent, with leverage up to 1000:1 and low minimum deposit requirements. Spreads start from 0.6 pips.
AvaTrade
AvaTrade is a Forex broker with an ADTV of $9.36 billion. By depositing only $100, you can open an account with this broker. And apart from trading over 60 forex pairs, AvaTrade gives you an opportunity to trade gold, silver, and cryptocurrencies.
AvaTrade trading platforms include MetaTrader 4, Webtrader, and AvaTradeGo. They also have fixed spreads starting from 0.6 pips.
Pepperstone
Pepperstone is another top Forex broker with an ADTV of $8.04 billion. You don't need to meet a minimum deposit amount to open an account with Pepperstone. Moreover, this broker offers you the opportunity to trade over 200 instruments, including more than 60 Forex pairs.
Pepperstone's trading platforms include MT4, MT5, and cTrader. Plus, their spreads start from 0 pips.
FXPro
FxPro is a Forex broker with an ADVT of $7.8 billion that only requires a minimum deposit of $100. This company provides over 400 tradable instruments, including 70 fx currency pairs and has some of the lowest starting Forex spreads available from as low as 0 pips. FxPro clients can trade using MT4, MT5, cTrader, and Fxtrader platforms.
XTB
XTB is a Forex broker with an ADTV of $6.56 billion. The minimum deposit you need to open an account with XTB is $250. You can trade over 50 forex pairs as well as other assets like indices and commodities with this broker.
XTB's trading platforms include xStation 5 and MT4. Spreads start from 0 pips for pro accounts and 0.9 for standard accounts.
Tickmill
Tickmill is a Forex broker with an ADTV of $4.9 billion. The minimum deposit amount you need to open an account with Tickmill is $100 for all account types. You can trade over 70 forex pairs as well as CFDs on commodities, stocks, and indices.
Tickmill's trading platforms include MT4 and MT5. Spreads start from 0 pips for Pro and VIP accounts, and 1.6 for a classic account.
Rules and Regulation
Licensing in Portugal
Forex trading in Portugal is governed by strict regulatory measures enforced by the Portuguese Securities Market Commission (CMVM) and the Bank of Portugal (BdP). These regulatory bodies oversee and supervise Forex trading activities to maintain market integrity, ensure compliance with established regulations, and safeguard the interests of investors.
Investor protection in Portugal
The CMVM regulations in Portugal are designed to protect investors engaged in Forex trading. By promoting transparency, accountability, and fair practices in the Forex market, these regulations aim to enhance investor confidence and trust in the financial system. Through ongoing supervision and enforcement actions, the CMVM works to prevent fraudulent activities and market abuses, thereby providing a secure trading environment for investors.
Taxation in Portugal
Profits generated from Forex trading activities are subject to capital gains tax in Portugal. The applicable tax rates range from 28% to 35%, depending on the total amount of profit earned by the trader. It is important for Forex traders in Portugal to adhere to tax regulations and fulfill their tax obligations to avoid any legal issues and penalties.
What are the benefits of trading with a big Forex broker in Portugal
Trading with a big Forex broker in Portugal offers several advantages. TU analysts have highlighted some below:
Liquidity: Larger brokers typically have access to deeper liquidity pools, ensuring smoother and more efficient order execution for traders. This can lead to reduced slippage and better pricing
Technology and tools: Big brokers often invest in cutting-edge trading platforms and tools, providing traders with advanced charting, analysis, and automation capabilities for a more competitive edge
Regulatory compliance and safety: Established brokers are more likely to adhere to strict regulatory standards, offering traders greater protection against fraudulent activities and ensuring their funds are secure
Educational resources: Many prominent brokers offer extensive educational resources, including webinars, tutorials, and market analysis, which can be invaluable for traders looking to enhance their knowledge and skills
Customer support and service: Larger brokers tend to have robust customer support teams, offering timely assistance and resolving issues efficiently, which is crucial for traders, especially during volatile market conditions
How to choose the best big Forex broker in Portugal?
When selecting the best Forex broker in Portugal, it's essential to consider several critical factors. These include evaluating their regulatory compliance, assessing trading conditions and fees, examining available trading platforms and tools, researching customer reviews and reputation, and matching your specific trading needs and goals with what each broker offers. By thoroughly examining these aspects, you can make an informed decision that aligns with your trading preferences and objectives.
Summary
In the world of Forex trading in Portugal, choosing the right broker can be a game-changer for your success. In this article, we've explored the landscape of the biggest Forex brokers in Portugal, emphasizing the advantages of trading with established market leaders. These benefits include access to deep liquidity, advanced technology and tools, regulatory compliance for safety, educational resources, and reliable customer support. Armed with this knowledge, you can navigate the Forex market in Portugal with confidence, choosing a broker that suits your needs and enhances your trading experience.
FAQs
Is Forex trading allowed in Portugal?
Yes, Forex trading is allowed in Portugal, and it is regulated by the Portuguese Securities Market Commission (CMVM).
What is the best trading platform in Portugal?
The best trading platform in Portugal can vary depending on individual preferences and needs. Some popular choices include MetaTrader 4 (MT4) and MetaTrader 5 (MT5) due to their widespread availability and robust features.
What are the largest forex brokers in Portugal?
The largest Forex brokers in Portugal can include internationally recognized names such as IC Markets, XM, and AvaTrade, which are known for their substantial trading volumes and services.
Who is the best Forex trader in Portugal?
Determining the "best" Forex trader in Portugal is subjective and can change over time. Several skilled traders have made their mark in the country's Forex scene, but it's essential to conduct thorough research and due diligence before choosing a trader to follow or invest with.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
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).