Best Forex Brokers in Portugal for 2024

　　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

　　Pros:

　　√ Wide range of research tools

　　√ Advanced charting

　　√ Biggest CFD provider globally

　　√ No minimum deposit requirement

　　Cons:

　　× Limited payment options.

　　× Platform can be overwhelming for newbies

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

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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

　　Pros:

　　√ Access to a wide variety of markets

　　√ Advanced platform

　　√ High level of customer service

　　Cons:

　　× High minimum account requirement

　　× Less ideal for casual traders due to complexity

　　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

　　Pros:

　　√ User-friendly platform

　　√ Strong regulatory framework

　　√ Excellent educational resources

　　Cons:

　　× Limited payment options

　　× No 24/7 customer support

　　Forex.com 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	Forex.com, 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)

　　Pros:

　　√ User-friendly MT5 platform

　　√ A wide variety of currency pairs

　　√ New account opening bonuses are offered

　　Cons:

　　× MT4 are not available

　　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

　　Pros:

　　√ Comprehensive educational material

　　√ Multiple trading platforms

　　√ Regulated by multiple authorities

　　Cons:

　　× Withdrawal fees are charged

　　× No 24/7 customer support

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

	⭐⭐⭐⭐
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

　　Pros:

　　√ Low spreads

　　√ High-speed order execution

　　√ Strong regulation

　　Cons:

　　× Limited educational resources compared to competitors.

　　× Minimal additional services

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

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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

　　Pros:

　　√ Wide scope of trading instruments

　　√ Fast execution

　　√ Free research tools and educational content

　　Cons:

　　× High spreads on the Classic account

　　× No 24/7 customer support

　　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

　　Pros:

　　√ Multiple account types

　　√ Excellent customer service

　　√ Bonus offered

　　Cons:

　　× High CFD fees

　　× Commissions are applied to the share account

　　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

　　Pros:

　　√ Variety of platforms and trading tools

　　√ Well-regulated

　　√ Good customer support

　　Cons:

　　× Higher spread costs

　　× Fee structure is somewhat opaque

　　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

　　Pros:

　　√ High execution speed

　　√ Advanced trading platforms

　　√ No inactivity fee

　　Cons:

　　× Less focus on research and education

　　× No 24/7 customer support

　　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.

　　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.

　　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.

　　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.

　　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.

　　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.

　　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.

　　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.

　　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.