To come up with this list, we have tested more than 15 forex brokers authorized and operating in Spain.

We opened a real account and deposited between €4,000 and €6,000 with each broker. We placed real trades in each popular market to get the real spreads.

We also reached out to customer support to solve issues that we had encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best forex brokers in Spain based on our trading data and experience as a trader.

CNMV Regulated Forex Brokers

The National Securities Market Commission, officially known as the Comisión Nacional del Mercado de Valores (CNMV), oversees the Spanish securities market, including all forex brokers operating the country. It was established in 1988 and operates as an independent agency, reporting directly to the Ministry of Economy and Finance.

CNMV as a regulator is responsible for all supervisory actions on the firms associated with securities trading and investment. It has the authority to flag companies that are not compliant with the local regulatory framework and can take regulatory actions against them.

It is a reputed financial markets regulator within the European Union. It proactively monitors companies operating within its jurisdiction and issues warning against suspiciously fraudulent platforms.

The official website of CNMV is www.cnmv.es, which is available in Spanish and English language. The Spanish regulator maintains three official Twitter handles all for separately categorized regulatory updates: @CNMV_MEDIOS for information of general interest; @CNMV_IP for privileged information (IP) and other relevant information (OIR) of issuers; and @CNMV_IFI for interim financial market information.

Spain is an important member of the European Union, so forex brokers regulated by any regulator within the European Economic Area (EEA) can legally operate in the country by passporting their licenses.

CNMV itself is compliant with the directives of the MiFID, meaning the forex brokers licensed by it can operate in any other EU country. CNMV-regulated brokers can offer a maximum leverage of 30:1 and have to provide mandatory negative balance protection.

The Spanish regulator also offers a compensation scheme of up to €20,000, which protects each investor’s deposits in case of bankruptcy of the brokerage.

Some of the key highlights of trading with CNMV-regulated brokers:

🏦RegulatorComisión Nacional del Mercado de Valores (CNMV)
📊Max. Leverage30:1
🛡️Is It safe to tradeYes
🔒Negative Balance ProtectionYes
💰Compensation SchemeYes (€20,000)

Best Forex Brokers in Spain

To select the best regulated forex brokers operating in Spain, we have tested and reviewed several forex brokers. We opened a live account, deposited real money, and placed real trades with each broker. With our test, we got a picture of the real spreads and commissions, trading platforms, deposit and withdrawal conditions, educational resources, and customer services.

  • MultiBank Group – Best Overall Forex Broker in Spain
  • CAPEX.com – Best Forex Broker for Beginners in Spain
  • Trade.com – Best MT4 Forex Broker in Spain
  • Markets.com – Best Forex Trading Platform in Spain
  • Plus500 – Best Forex Broker with Lowest Spread & Trading Fees in Spain

Best Overall Forex Broker in Spain

We picked MultiBank Group as the overall best forex broker in Spain. 

MultiBank Group is one of the few brokers that are locally regulated by Spain’s CNMV. The brokerage is also licensed in several other global jurisdictions like Australia, Germany, Hong Kong and Cyprus.

MultiBank Group offers excellent services when it comes to trading with forex and CFDs of indices, stocks, commodities and cryptocurrencies. The broker lists more than 55 currency pairs and over 20,000 share CFDs. It offers its services on both MT4 and MT5, along with social trading services.

The broker further supports several deposit and withdrawal methods, mostly without any fees. The broker can be also praised for its excellent customer support.

Best Forex Broker for Beginners in Spain

We picked CAPEX.com as the best forex broker for beginners in Spain. 

CAPEX.com is another forex broker licensed in Spain and is excellent for beginners because of its wide spectrum of trading services and a vast library of educational resources. The broker provides in-depth guides and well-explained videos on trading markets and strategies.

CAPEX.com is also licensed in Cyprus, Romania, South Africa, Abu Dhabi and Seychelles. Its offerings include trading pairs of forex and CFDs of indices, stocks and commodities. It provides services on MT5 and proprietary web trading platforms.

Best MT4 Broker in Spain

We picked Trade.com as the best MT4 broker in Spain. 

Trade.com offers excellent trading services when it comes to offerings on the MT4 platform, though it added MT5 as well. The broker for a long time relied only on MT4, focusing all its offerings on one platform. It offers excellent indicators and charting tools, along with some good third-party integrations like Trading Central.

The broker offers trading services with forex and CFDs of commodities, indices, bonds and cryptocurrencies. It is also a safe platform and is regulated in several other jurisdictions.

Best Forex Trading Platform in Spain

We picked Markets.com as the best forex trading platform in Spain.

Markets.com, a London-headquartered broker, is one of the top platforms to trade forex. It lists 67 currency pairs, along with CFDs of indices, stocks, commodities and cryptocurrencies, taking the total offered trading instruments to more than 2,200. The broker offers excellent forex trading conditions and has no restrictions on strategies.

It facilitates trading on industry-standard platforms, MT4 and MT5, along with proprietary Marketsx and Marketsi platforms. It also offers excellent added services like trading signals and market sentiment indicators.

Markets.com operates in Spain with its Cypriot license and is also regulated in the United Kingdom, South Africa, Australia, and the British Virgin Islands.

Best Forex Broker with Lowest Spread & Trading Fees in Spain

We picked Plus500 as the best forex broker with the lowest spread & trading fees in Spain.

Plus500 stands out when it comes to charging low spreads on forex pairs. According to our tests, the average spread charged by the broker on EUR/USD pair is 0.8 pips, compared to the industry average of 1.6 pips. Spreads on the trading instruments of other asset classes are also below or around the industry average.

Furthermore, the broker does not charge any prominent non-trading fees, especially for deposits and withdrawals.

Plus500 is also a public company and is regulated in the UK, Cyprus, Australia, South Africa, Seychelles, and Singapore.

CNMV-Regulated Forex Brokers List & Review

Here is a list of the regulated forex brokers operating in Spain, which we have tested by opening real accounts, depositing real money, executing trades, and then withdrawing all funds.

Forex BrokerEU RegulatedAbout Our TestOur Review
FBSYesDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
GO MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
GO Markets Review
Fortrade YesDeposit Amount: Over €5,000
Total Trade: 12 trades
Fortrade Review
RoboMarkets (RoboForex)YesDeposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets Review
IC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
FXTM YesDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
Capital.comYesDeposit Amount: Over €3,500
Total Trade: 15 trades
Capital.com Review
FxProYesDeposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
PepperstoneYesDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
Amana CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Amana Capital Review
FxPro YesDeposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
XTB YesDeposit Amount: Over €5,000
Total Trade: 12 trades
XTB Review
eToroYesDeposit Amount: Over $6,000
Total Trade: 18 trades
eToro Review
TickmillYesDeposit Amount: Over $8,000
Total Trade: 12 trades
Tickmill Review
Plus500YesDeposit Amount: Over €6,000
Total Trade: 18 trades
Plus500 Review

FAQ & More on Spain Brokers

Traders usually have many questions related to trading generic trading-related queries. We tried to pick and answer some of the most important queries related to CNMV-regulated brokers.

How to Verify CMVM-Regulated Brokers?

CNMV keeps the record of all authorized brokers and other financial service providers that are operating in the country in the public domain.

To search any authorized broker, go to www.cnmv.es/portal/Consultas/BusquedaPorEntidad.aspx and type the name of the broker on the search bar. The results will show all matches, and their registration details, like authorization date and registered address, can be seen by clicking on the names.

CNMV Authorization of CMC Markets

ECN Brokers in Spain

ECN brokers are very popular among professional traders as they directly connect buyers and sellers over an automated bridging network. Though many brokers claim to be ECN, only a few offer true ECN services. Some of the ECN forex brokers operating in Spain are:

  • RoboMarkets (RoboForex)
  • FBS
  • GKFX 

MT4 Forex Brokers in Spain

MT4 is an industry-standard platform for trading forex and CFDs of other asset classes. The platform was developed in 2005 by MetaQuotes Software and is still very popular among both traders and brokers. Some of the Spanish MT4 forex brokers are:

  • Tickmill
  • Capital.com
  • XM

Low Spread Forex Brokers in Spain

Spread is the difference between the bid and ask prices and is the primary source of income from trading activities for most forex brokers. Some of the Spanish forex brokers with low spreads are:

  • Plus500
  • Capital.com
  • Amana Capital

Swap Free Forex Brokers in Spain

Swap-free brokers are popular among Islamic traders as these brokers, with their swap-free account offering, do not charge any interest on roll-over fees. Some of the popular swap-free forex brokers in Spain are:

  • Amana Capital
  • ICM.com
  • RoboMarkets

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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