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  As we step into the new year, 2024 brings with it fresh opportunities and challenges in the world of Forex Trading in Portugal. Skilled traders understand the importance of staying ahead of the curve and exploiting shifts in the market. A crucial element that can make a significant difference in this journey is the choice of the Forex broker. The right broker can provide a smooth trading experience with robust platforms, broad trading resources, and effective client support. In this article, we delve into exploring the top 10 Forex brokers in Portugal, catering to varied trader styles and experiences, aiming to elevate their trading pros and cons in 2024.


Best Forex Brokers in Portugal

Best for Comprehensive Trading Tools and Resources

Best for Traders Looking for a Wide Range of Market Access

Best for User-Friendly Trading Platform


Comparison of Best Forex Brokers in Portugal

Forex Broker


Minimum Spread

Maximum Leverage

Minimum Deposit

Open account



Domestic Regulation
Domestic Regulation



Best Forex Brokers in Portugal Reviewed

① IG

  IG is renowned for its comprehensive trading tools and resources and has a firm global presence in the Forex market. They provide a reliable and sophisticated trading platform.

Min Deposit 0
Tradable Instruments 17,000+, forex, indices, cryptocurrencies, shares, commodities, ETFs, options, interest rates, bonds
Demo Account Yes
Trading Fees Average 1 pip (EUR/USD)
Trading Platforms Online trading platform, Mobile trading app, Progressive web app, ProRealTime, MT4, L2Dealer
Deposits & Withdrawals Credit/debit cards (MasterCard/Visa), bank transfer
Customer Support 24h/day, except from 6 am to 4 pm on Saturday (UTC+8)-live chat, phone, email


   Wide range of research tools

  Advanced charting

   Biggest CFD provider globally

  No minimum deposit requirement


  × Limited payment options.

  × Platform can be overwhelming for newbies

 IG's home page

② Saxo

  Saxo is best for traders looking for wide-ranging market access. They offer an extensive range of tradable instruments with a world-class platform.

Min Deposit HKD10,000
Tradable Instruments Stcoks, ETFs, bonds, mutual funds, IP0, forex, futures, forex options, listed options
Demo Account Yes
Trading Fees Around 0.4 pips (EUR/USD) & commission-free (forex)
Trading Platforms SaxoInvestor, SaxoTraderGO, SaxoTraderPRO
Deposits & Withdrawals Free, Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit, Maestro (for UK residents), Visa Dankort (for Denmark residents), Carte Bleue (for France residents)
Customer Support 24/5 phone, email


  √ Access to a wide variety of markets

  √ Advanced platform

  √ High level of customer service


  × High minimum account requirement

  × Less ideal for casual traders due to complexity

Saxo's home page


  XTB stands out with its user-friendly and intuitive trading platform. They cater well to both entry-level and experienced traders.

Min Deposit 0
Tradable Instruments 5400+, Forex, Commodities, Indices, Shares, ETFs, Stock CFDs, ETF CFDs
Demo Account Yes
Trading Fees From 0.1 pips & commission-free
Trading Platforms xStation 5, xStation Mobile
Deposits & Withdrawals Free deposits, Bank transfers, credit/debit cards (MasterCard/Maestro/Visa)
Customer Support 24/5 live chat, phone, email


  User-friendly platform

  √ Strong regulatory framework

   Excellent educational resources


  × Limited payment options

  × No 24/7 customer support

xtb's home page

④ is a global broker known for its various trading platforms and customization options. Traders can tailor their trading experience according to their needs.
Min Deposit $100
Tradable Instruments currency pairs, precious metals, energies, indices, bonds, cryptocurrencies and equities
Demo Account Yes
Trading Fees From 0.018 pips (EUR/USD)
Trading Platforms, MT5
Deposits & Withdrawals Free - cards (Visa, Mastercard, Maestro), bank wire transfer, Skrill and Neteller
Customer Support 24h live chat, phone, email
Bonus Up to $5,000 (New Account Opening)


  √ User-friendly MT5 platform

  √ A wide variety of currency pairs

   New account opening bonuses are offered


  × MT4 are not available's home page

⑤ AvaTrade

  AvaTrade is ideal for new traders due to its extensive array of educational resources and user-friendly platform.

Min Deposit $100
Tradable Instruments 1250+, forex, stock index, stock, commodities, ETFs
Demo Account Yes
Trading Fees Typical 0.9 pips on (EUR/USD) & commission-free
Trading Platforms MT4, MT5, WebTrader, AvaTrade Go
Deposits & Withdrawals MasterCard, Visa, PayPal, Skrill, Neteller, Wire Transfer, etc.
Customer Support Mon - Fri 8:00 - 23:00 live chat, phone, email


  √ Comprehensive educational material

  √ Multiple trading platforms

  √ Regulated by multiple authorities


  × Withdrawal fees are charged

  × No 24/7 customer support

AvaTrade's home page

⑥ IC Markets

  IC Markets is a choice for high-volume traders due to competitive spreads and high liquidity.

IC Markets
Min Deposit $200
Tradable Instruments 1780+, forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, futures
Demo Account Yes
Trading Fees From 0.6 pips & no commission (Std)
Trading Platforms MT4, MT5, cTrader
Deposits & Withdrawals Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Wire Transfer, Bpay, Broker to Broker, POLI, Thai/Vietnamese Internet Banking, Rapidpay, Klarna
Customer Support 24/7 live chat, phone, email


  √ Low spreads

  √ High-speed order execution

  √ Strong regulation


  × Limited educational resources compared to competitors.

  × Minimal additional services

IC Markets' home page

⑦ Tickmill

  Tickmill stands out for scalpers and high-speed traders with its focus on low-cost, high-speed trade execution.

Min Deposit 100 USD/EUR/GBP/ZAR
Tradable Instruments Forex, stock indices, stocks & ETFs, bonds, commodities, cryptos, futures & options
Demo Account Yes
Trading Fees From 1.6 pips & commission-free (Classic account)
Trading Platforms MT4, MT5, Tickmill Mobile App
Deposits & Withdrawals Bank transfer, crypto payments, Visa, MasterCard, Skrill, Neteller, Sticpay, Fasapay, UnionPay, Webmoney
Customer Support Mon-Fri 7:00 - 16:00 GMT during Daylight Saving Time-live chat, phone, email


  √ Wide scope of trading instruments

  √ Fast execution

  √ Free research tools and educational content


  × High spreads on the Classic account

  × No 24/7 customer support

Tickmill's home page

⑧ XM

  XM is applauded for its customer service and support, along with a solid platform and diverse offerings.

Min Deposit $5
Tradable Instruments 1000+, forex, CFDs on indices, commodities, stocks, metals and energies
Demo Account Yes
Trading Fees From 1 pip & commission-free (Std)
Trading Platforms MT4, MT5, XM WebTrader
Deposits & Withdrawals Credit/debit cards, Paypal, Skrill Moneybookers, Neteller, WebMoney, CashU, GiroPay
Customer Support 24/7 live chat, phone, email
Bonus Up to $2,000


  √ Multiple account types

   Excellent customer service

  √ Bonus offered


  × High CFD fees

  × Commissions are applied to the share account

XM's home page

⑨ FxPro

  FxPro is best for advanced trading tools and strategies. They offer several trading platforms and advanced trading features.

Min Deposit $100
Tradable Instruments Forex, Stocks, Futures, Indices, Metals, Energies, Cryptocurrencies
Demo Account Yes
Trading Fees From 1.2 pips & commission-free (Std)
Trading Platforms MT4, MT5, cTrader, FxPro Trading Platform
Deposits & Withdrawals Free deposits & fees for withdrawals - Bank Transfer, Credit/Debit Cards (Visa/MasterCard/Maestro), PayPal, Skrill, Neteller
Customer Support 24/5 live chat, phone, email


  √ Variety of platforms and trading tools


  √ Good customer support


  × Higher spread costs

  × Fee structure is somewhat opaque

 FxPro's home page

⑩ Pepperstone

  Pepperstone excels for MetaTrader and cTrader users. They offer low-cost trading and fast execution.

Min Deposit $200
Execution Speed 30ms
Tradable Instruments 1000+, Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities
Demo Account Yes
Trading Fees Average 1.1 pips & commission-free (Std)
Trading Platforms Trading View, MT4, MT5, cTrader
Deposits & Withdrawals Visa/Mastercard, POLi, Bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay
Inactivity Fee No
Customer Support 24/5 live chat, phone, email


  √ High execution speed

   Advanced trading platforms

  √ No inactivity fee


  × Less focus on research and education

  × No 24/7 customer support

Pepperstone's home page

Forex Brokers in Portugal FAQs

Is Forex Trading Legal in Portugal?

  Yes, Forex Trading is legal in Portugal.

  In Portugal, the regulatory authority for Forex trading and other financial markets is the Portuguese Securities Market Commission, known as Comissão do Mercado de Valores Mobiliários (CMVM). The CMVM is responsible for supervising and regulating all financial markets and instruments, protecting investors, and promoting transparency and efficiency in these markets.


Is Forex Trading Safe in Portugal?

  Forex trading in Portugal can be considered safe as long as you are dealing with a Forex broker that is properly registered and regulated by Portugal's Securities Market Commission, Comissão do Mercado de Valores Mobiliários (CMVM), or another recognized international regulatory body. These bodies regulate and supervise the operations of Forex brokers to ensure they adhere to fair trading practices and provide sufficient protection for their clients.

  However, it's essential to understand that “safe” doesn't mean “risk-free.” Forex trading involves significant risks, including the potential loss of all your invested capital. The market is highly volatile, and prices can fluctuate rapidly due to numerous factors. Always beware of scams or fraudulent activities in the industry. Any offers that appear too good to be true, most likely are.

How to Verify If a Forex Broker is Regulated in Portugal?

  In Portugal, the Comissão do Mercado de Valores Mobiliários (CMVM) is the regulatory body overseeing Forex brokers. To verify whether a Forex broker is regulated by the CMVM or not, you can follow these steps:

  Visit the official CMVM website.

  Look for a 'Regulated Entities' or a similar section on the website.

  You can typically search for the broker you are interested in by entering their name into a search function.

  If the broker is regulated by the CMVM, their name should appear in the search results along with additional details such as their license number, date of registration, and so on.

  In case you want to verify if a broker is regulated by another international regulatory body such as the UK's Financial Conduct Authority (FCA), the process will be similar but on the respective body's website.

Is Forex Trading Profitable in Portugal?

  Forex trading can be profitable in Portugal. However, profitability depends greatly on various factors such as the trader's skill level, understanding of the market, trading strategy, risk management practices, and even market conditions at the time of trading.

  Note that while some traders do make profits, a significant number also incur losses. This is due to the highly risky and volatile nature of the forex market where currency prices can quickly move up or down.

  Being consistently profitable in forex trading usually requires a deep understanding of the markets, a well-tested and effective trading strategy, sound risk management, and discipline to stick to your plan. Even then, there is always the risk of loss and there are no guarantees of profit.

  If you're considering forex trading, it's strongly recommended to educate yourself thoroughly about it, practice trading strategies with a demo account before transitioning to a live account, and consider seeking advice from financial advisors or experienced traders.

Is Forex Trading Taxable in Portugal?

  In Portugal, forex trading profits can be subject to taxation. However, the specifics of tax liabilities can vary depending on various factors including the trader's financial situation, the amount of profit made, and potential tax treaties between Portugal and other countries. Specific rules regarding how these profits should be declared and taxed can also vary, so it's always recommended that individuals seek advice from a local tax professional or financial advisor to understand the potential tax obligations related to forex trading in Portugal. Remember, it's the individual's responsibility to ensure they comply with all local tax laws and regulations. Please consult with a tax advisor for precise information.

Are There Forex Trading Limitations in Portugal?

  In Portugal, Forex trading is subject to certain regulatory rules and restrictions set by the country's regulator, the Comissão do Mercado de Valores Mobiliários (CMVM), or other regulatory bodies if the broker is internationally regulated. Some common types of limitations include:

  Leverage Limits: Regulatory bodies often impose limits on the maximum leverage that brokers can offer to their clients. This is to reduce the potential losses that traders can incur.

  Risk Warnings: Brokers are required to inform clients about the high risks associated with Forex trading.

  Negative Balance Protection: Some regulators insist their regulated brokers afford their clients negative balance protection. This policy ensures clients do not lose more money than they initially invested in.

  However, these rules can change, and the specific limitations can depend on the broker.

How to Start Forex Trading in Portugal?

  Educate Yourself: Understand the basics of Forex trading, including how the currency market works, fundamental and technical analysis, risk management, and trading strategies.

  Choose a Reliable Forex Broker: Select a Forex broker that is regulated by a reputable regulatory body. They should provide a secure trading environment, competitive spreads, a solid trading platform, and good customer support.

  Open a Trading Account: After selecting a broker, you'll need to open a trading account. This process typically involves filling out an online form with your personal information and submitting proof of identity and residence for verification.

  Demo Account: It's highly recommended to start with a demo account where you can practice trading without risking real money. This helps you understand the trading platform and try out your strategies.

  Deposit Funds: Once you're comfortable, you can deposit funds into your trading account. Ensure you only deposit funds that you can afford to lose.

  Create a Trading Plan: A trading plan outlines when you will trade, what you will trade, and how much you will trade. It helps bring structure to your trading and keeps emotions at bay.

  Start Trading: Start executing your trades based on your plan. Monitor the market conditions regularly and adjust your trading strategies accordingly.

What are the Best Forex Trading Hours in Portugal?

  The best Forex trading hours generally revolve around the times when the world's major financial markets are open. Forex market operates 24 hours a day, five days a week, but not every hour of every day represents the best time to trade. The most significant hours are those when the majority of trades occur, and this typically falls during the opening hours of the world's major financial markets, including:

  Sydney closes at 7:00 am and opens at 4:00 pm (GMT).

  Tokyo closes at 8:00 am and opens at 11:00 pm (GMT).

  London closes at 5:00 pm and opens at 8:00 am (GMT).

  New York closes at 10:00 pm and opens at 1:00 pm (GMT).

  Portugal follows GMT in winter and GMT+1 in summer due to daylight savings. Here are these market hours translated to Portugal time:

  Sydney: opens at 5:00 pm and closes at 6:00 am (summer)/7:00 am (winter).

  Tokyo: opens at 12:00 am and closes at 9:00 am (summer)/10:00 am (winter).

  London: opens at 9:00 am and closes at 6:00 pm (summer)/5:00 pm (winter).

  New York: opens at 2:00 pm and closes at 11:00 pm (summer)/10:00 pm (winter).

  The most volatile trading hours (and potentially profitable for traders) are during the “overlap” periods when more than one global market is open. For Portugal, the most significant overlap is when both the London and the New York markets are open, from 2:00 pm to 6:00 pm (summer) or 1:00 pm to 5:00 pm (winter). This timeframe often brings the most liquidity, with substantial volume and volatility.

  However, always remember that greater volatility also means higher risk. Developing a trading strategy that matches your risk tolerance, trading skills, and market knowledge is key to successful trading, regardless of what the “best” hours might be.

Which Forex Broker is Best for Beginners in Portugal?

  AvaTrade is a good option for beginners in Portugal. It is known for its user-friendly platform which is beneficial for beginners as it's easy to navigate. AvaTrade also provides rich educational resources. They offer a comprehensive selection of educational materials, including webinars, video tutorials, and market analysis which would be helpful for individuals who are new to forex trading. Furthermore, AvaTrade's customer service is generally well-reviewed, which can be a crucial factor for beginners who might need more support.


  However, the selection of a forex broker does depend on individual preferences and needs. So while AvaTrade may be good for some beginners, others may find different brokers more suitable.

Final Thoughts

  We've rounded up the top 10 Forex brokers for Portuguese traders in 2024, considering various preferences and trading styles. While each of the listed brokers possesses unique offerings, they all share some common factors - dependability of platforms, resourcefulness for traders, excellent client support, and good standing in the trading community.

  As we close, bear in mind the risks inherent in Forex trading and the emphasis on individual research and understanding one's financial goals before diving into trades. It's not only about understanding the markets but also about understanding oneself. May 2024 be the year of strategic trades and prosperous outcomes for you!


  Trading Forex (foreign exchange) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, risk appetite, and the possibility of incurring losses. There is a possibility that you may sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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