Forex trading in Spain has grown steadily due to the country's strong economy and clear regulatory environment. This market is regulated by the National Securities Market Commission, ensuring secure and fair trading. The Spanish forex market is characterized by a diverse range of trading options and competitive spreads. It provides traders with the opportunity to trade various currency pairs and take advantage of global economic events.
However, potential risks involved in forex trading require traders to educate themselves and use proper risk management strategies. It's also highly recommended to choose a reputable broker that complies with the local regulations to safeguard investments.
Follow our WikiFX commentators as they explore the world of Spanish trading and learn about the best Forex brokers in Spain for 2024.
Top 7 Best Forex Brokers in Spain for 2024
Relatively competitive spreads starting from 0.12 pips, strong leverage up to 1:500, hosted on the well-recognized MetaTrader4, MetaTrader5 and cTrader platforms.
Enjoys the advantage of no commission on Standard Account trades, provision of free VPS services for seamless trading, and a trove of educational resources through webinars and tutorials for continuous learning.
Recognizable for providing trading with low forex commission and remarkably competitive spreads for optimized profitability
Offers an impressive and diverse selection of currency trading options, made more attractive by the affordable withdrawal fee structure
Low spreads and competitive pricing, maximum leverage varies by assets, multiple trading platforms including MetaTrader 4 and Next Generation.
Extensive market coverage, comprehensive educational resources, advanced charting tools, and exceptional customer service.
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Comparison of the Best Forex Brokers in Spain
Forex Broker
License
Minimum Spread
Maximum Leverage
Minimum Deposit
Open account
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Best Forex Brokers in Spain Overall
CMC Market
Axi
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XM is a Forex and CFD broker based in Cyprus and regulated by several reputable financial authorities, including ASIC, CYSEC, FSA, FSC, and DFSA. It offers a wide variety of financial instruments, including cryptocurrencies, stocks, metals, currency pairs, indices energies, etc. Clients have access to several trading platforms, including MT4, MT5, and the XM mobile app, and can choose from four different account types.
Pepperstone is a Forex and CFD broker founded in 2010 in Melbourne, Australia. The company has quickly grown to become one of the largest Forex and CFD brokers in the world with over 150,000 clients across the globe. Pepperstone is regulated by top-tier financial authorities, including the ASIC, FCA, etc. It offers a wide range of trading instruments including Forex, indices, commodities, and cryptocurrencies.
| Pepperstone Snapshot⭐⭐⭐⭐⭐ | |
| Regulation | ASIC, CYSEC, FCA, DFSA, SCB |
| Market Instruments | Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities |
| Leverage | 1:500 |
| EUR/USD Spread (average) | 0.12 pips |
| Trading Platforms | Trading View, MetaTrader5, MetaTrader4, cTrader |
| Minimum Deposit | $200 |
| ????Pros | ????Cons |
| Regulated by reputable financial authorities | Limited product offerings without stock trading |
| Multiple account options and funding methods | Inactivity fee of $15 per month after 6 months of inactivity |
| Low spreads and commissions | No fixed spread account options |
| Multiple advanced trading platforms | Limited social trading |
| Excellent customer support with 24/5 availability |
Tickmill is a regulated global forex and CFD brokerage company established in 2014, headquartered in London, UK. Tickmill offers trading in forex, stock indices, stocks & ETFs, bonds, commdities, cryptos, futuires & options, and provides clients with a choice of three trading accounts, which are the Classic account, the Pro account, and the VIP account. Tickmill also offers MetaTrader4/5 and proprietry mobile app platforms for trading.
| Tickmill Snapshot⭐⭐⭐⭐⭐ | |
| Regulation | FCA, CySEC, FSCA, LFSA |
| Market Instruments | Forex, stock indices, stocks & ETFs, bonds, commdities, cryptos, futuires & options |
| Demo Account | Available |
| Leverage | 1:1-1:500 |
| Spread | 1.6 pips (Classic) |
| Trading Platforms | MT4, MT5, Tickmill Mobile App |
| Minimum deposit | $/€/£/R100 |
| ????Pros | ????Cons |
| • Regulated by multiple reputable authorities | • Regional restrictions |
| • Tight spreads and low commissions | • No 24/7 customer support |
| • Wide range of trading platforms | |
| • Access to a variety of markets | |
| • Negative balance protection | |
| • Multiple account types to suit different traders |
CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments.
Low spreads and competitive pricing, maximum leverage varies by assets, multiple trading platforms including MetaTrader 4 and Next Generation.
Extensive market coverage, comprehensive educational resources, advanced charting tools, and exceptional customer service.
| CMC Market Snapshot⭐⭐⭐⭐⭐ | |
| Regulatory Authorities | FCA, FMA, MAS, IIROC |
| Minimum initial deposit | $0 |
| Maximum leverage | N/A |
| Minimum spread | 0.7 pips onwards for EURUSD |
| ????Pros | ????Cons |
| Wide range of trading instruments | May face platform stability issues during high volatility moments |
| Multiple trading platform | Higher stock CFD fees |
| Regulated by multiple reputable authorities | Not available in certain countries |
| No minimum deposit requirements | The high minimum deposit for guaranteed stop loss orders |
| Access to comprehensive market news and analysis | Overnight financing costs |
FP Markets is an Australian-based online brokerage firm that offers various trading instruments including forex, shares, indices,metals, and cryptocurrencies. It is regulated by ASIC and CySEC. FP Markets provides clients with access to multiple trading platforms including MetaTrader 4, MetaTrader 5, and IRESS and several account types to cater to the needs of different traders, including 99 Standard and Raw.
| FP Markets Snapshot⭐⭐⭐⭐⭐ | |
| Regulation | ASIC, CySEC |
| Minimum Deposit | $100 |
| Trading Instruments | Forex, Indices, Commodities, Shares, Cryptocurrencies |
| Trading Platforms | MetaTrader 4, MetaTrader 5, Iress |
| Account Types | Standard, Raw, Islamic, Demo |
| Leverage | Up to 1:500 |
| Spreads | From 0.0 pips |
| Commission | $3.00 per side per 100k traded (Raw Account only) |
| ????Pros | ????Cons |
| Regulated by ASIC, CySEC | No support for U.S. clients |
| Wide range of trading instruments | Limited live account types |
| Website easy to navigate | Charges inactivity fees on dormant accounts |
| Low spreads and competitive pricing | No social trading platform |
| Generous leverage up to 1:500 | Higher minimum deposit compared to other brokers |
| Rich educational resources available | |
| Offers negative balance protection | |
| Offers multiple trading platforms, including MT4 and MT5 |
Axi is regulated by multiple reputable regulatory authorities with a bunch of over 220 trading options, forex, CFDs for stocks, indices, commodities, and even cryptocurrencies. They start at a $0 deposit, offer competitive spreads from 0.0 pips on major currencies. As for the platform, it's none other than the legendary MetaTrader 4.
| Axi Snapshot⭐⭐⭐⭐⭐ | |
| Regulation | ASIC, FCA, FMA, DFSA |
| Market Instruments | Forex, Shares, Indices, Commodities, Cryptocurrencies |
| Demo Account | Available |
| Leverage | 500:1 |
| EUR/USD Spread | From 0.4 pips |
| Trading Platforms | MT4, MT4 webtrader |
| Minimum deposit | $0 |
| ????Pros | ????Cons |
| • Multiple regulation, FCA, ASIC, FMA, DFSA | • Withdrawal problems occurred sometimes |
| • Wide range of trading assets and tools | • Trading platform limited to MT4 |
| • Multiple account types including demo and Islamic accounts | • No 24/7 customer support |
| • No minimum deposit, $0 to start | |
| • Competitive trading costs | |
| • Various payment methods | |
| • Multilingual customer support |
| XM Snapshot⭐⭐⭐⭐⭐ | |
| Regulatory Status | ASIC, CYSEC, FSA, FSC, DFSA |
| Market instruments | Currency pairs, stocks, commodities, precious metals, energies, indices |
| Minimum Initial Deposit | $5 |
| Maximum Leverage | 1:1000 |
| Minimum Spread | From 0.6 pips |
| Trading Platforms | MT5, MT4, own platform |
| Deposit and withdrawal methods | Credit or debit card, Paypal, Skrill Moneybookers, Neteller, WebMoney, CashU, GiroPay |
| ????Pros | ????Cons |
| Regulated by several financial authorities | A higher account balance may be required for certain types of accounts |
| Offers more than 1000 instruments for trading | Charges higher fees for certain types of trades |
| Provides MetaTrader 4 and 5 platforms | Does not offer a proprietary platform |
| Various types of accounts suitable for different traders | Charges inactivity fee |
| Offers online webinars and educational material | |
| No deposit fees |
IG is a company registered in the UK and adheres to regulations set by multiple international financial entities, such as the FCA, ASIC, FSA, NFA, FMA, MAS, and DFSA. It grants access to a comprehensive range of financial instruments, encompassing currencies, indices, cryptocurrencies, stocks, and commodities, spanning over 18,000 markets.
| IG Snapshot⭐⭐⭐⭐⭐ | |
| Regulatory status | FCA, ASIC, FSA, NFA, FMA, MAS and DFSA |
| Minimum initial deposit | $0 |
| Maximum leverage | 1:200 |
| Minimum spread | 1 pips for EURUSD |
| Trading platform | Intuitive web platform, MetaTrader 4, L2 dealer and mobile apps |
| ????Pros | ????Cons |
| Regulated by multiple international financial bodies | Lack of proprietary trading platform |
| Access to a wide variety of financial instruments | Limited educational resources |
| A robust selection of trading platforms | Costs may be higher in less liquid markets or with lower trading volume |
| Multilingual customer support across various channels | High fees for credit card deposits |
| No minimum deposit requirement | |
| Competitive leverage up to 1:200 | |
| Demo account with virtual financing of $20,000 | |
| Allows for trading on-the-go with mobile apps |
Forex Trading Knowledge Questions and Answers
How Do I Choose the Best FOREX Broker in Spain?
Spain is one of the largest and most dynamic economies in the EU. With a population approaching 50 million people, it is a large financial market, especially since it contains many wealthy individuals with access to discretionary income with which to trade.
Of course, the economy is subject to the normal ups and downs that all developed nations face, but Spain has fostered a thriving trading community, regardless of the state of the economy. As such, there are many active forex brokers in this market. These brokers offer extensive services, but recognize that before being able to trade in the country, they must request a license from the Comision Nacional del Mercado de Valores (CNMV), the countrys single financial regulatory body. As such, if you are choosing a broker based in Spain, you must verify that they are CNMV-compliant.
FOREX Regulations in Spain
As mentioned, the CNMV is the overseer of all financial activity in the country. Unlike other nations that have multiple financial regulators for different asset classes, in Spain it is the CNMV to which forex brokers must answer. This independent agency, established at the behest of the Spanish government, is answerable to the Ministry of Economy and Finance of Spain.
The regulator was founded in 1988 and its long operating history has seen it become better at regulating complex asset classes like FOREX. The agency ensures that FOREX brokers act in a consistent and responsible manner. Here are just some of the main duties it performs in respect of the FOREX trading market in the country:
It manages disputes arising from the act of FOREX trading, be this hearing complaints from individual traders or from brokers concerned about customer behavior.
Issues licenses to new FOREX brokers setting up shop in the country.
It enforces its rules by issuing penalties to individuals or firms who contravene Spanish financial regulations.
Notwithstanding these strong local regulations, Spanish traders looking to engage with brokers outside the country should be sure to check if their broker is also regulated by a tier-1 authority, such as the UKs Financial Conduct Authority (FCA) or the the Cyprus Securities and Exchange Commission (CySEC).
Commissions and Fees in Spain
In Spain, the assessment of commissions and fees is a crucial aspect for anyone engaging in financial transactions. Various financial institutions, including banks and brokerage firms, impose fees that can impact an individual's financial activities.
Common charges include transaction fees, account maintenance fees, and withdrawal fees. It's essential for consumers to carefully review and compare the fee structures of different financial entities to make informed decisions.
Tradable Assets in Spain
Spain maintains anopen and permissive trading environment, allowing for the trading of various major asset classes. This includes cryptocurrencies, stocks, mutual funds, bonds, commodities, exchange-traded funds (ETFs), and FOREX. However, it's important to note certain caveats within this framework.
Cryptocurrencies, while tradable, are not recognized as legal tender, a characteristic in line with common international practices. Additionally, binary option trading is permissible, contingent upon brokers incorporating requisite disclaimer declarations on their websites and promotional materials.
Payment Methods in Spain
In Spain, managing funds in your forex account is convenient, thanks to the mature and secure banking industry. All major payment methods, including credit/debit cards, wire transfers, and major eWallets, are readily accepted by local brokers, ensuring ease of deposit and withdrawal.
Trading Pros and Cons in Spain
| Spain Trading Pros | Spain Trading Cons |
| Vast market and good client protection | Economic instability |
| Little restrictions on traded instruments | High tax rates |
| Highy regulated and established market | |
| Competitive leverage |
Spain Trading Pros:
Highly Regulated and Established Market:
Spain boasts a highly regulated financial market, providing a secure trading environment. The regulatory oversight, particularly by the Comision Nacional del Mercado de Valores (CNMV), ensures transparency and fair practices.
Competitive Market and Good Client Protection:
Spain's trading landscape is competitive, fostering innovation and a variety of services. Strong client protection measures are in place, safeguarding the interests of traders.
Little Restrictions on Traded Instruments:
Traders in Spain have the flexibility to trade a wide array of instruments, including cryptocurrencies, stocks, mutual funds, bonds, commodities, and exchange-traded funds (ETFs).
High Tax Rates:
Traders in Spain face relatively high tax rates on their trading gains. Understanding and managing tax implications is crucial for effective financial planning.
Economic Instability:
Spain, like any other economy, is subject to economic fluctuations. Traders need to be aware of potential economic instability that may impact financial markets and trading outcomes.
Spain Trading Cons:
How to get started with forex trading as a Spain-based trader?
Starting as a forex trader in Spain? Follow these concise steps:
Learn Basics: Understand market fundamentals, trading sessions, currency pairs, and price reading.
Choose a Broker: Opt for a reliable, regulated forex broker. Check our recommendations for the best brokers.
Open an Account: Fill out an application, submit KYC documents, and choose a secure payment method. PayPal is a popular choice; see our guide for brokers accepting PayPal.
Develop a Plan: Create a trading plan defining goals, style, strategy, risk management, and evaluation criteria. Test it on a demo account before going live.
Start Trading: Implement proper risk management, use stop-loss orders, and start with a demo account. Keep a trading journal for review and stay patient and realistic to avoid emotional trading.
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