Best Forex Brokers in Spain for 2024

　　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.

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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

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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

Details

Compare

Pepperstone

7.97

Regulated

0.0

1:500

$200

7.79

Regulated

0.0

1:500

$/€/£/R100

7.80

Regulated

0.7

1:30

8.87

Regulated

0.0

1:500

$100

Open account

Details

+ Compare

Axi

8.12

Regulated

0.0

1:500

Open account

Details

+ Compare

8.49

Domestic Regulation

1:200

$250

Open account

Details

+ Compare

Best Forex Brokers in Spain Overall

　　Pepperstone

　　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

　　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 Market

　　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

　　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

　　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

　　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.

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.

How Do I Choose the Best FOREX Broker in Spain?

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).

CySEC withdraws CIF license of Stone Edge Capital - FX News Group

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).

　　Spain Trading Cons:

　　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.

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.