The Best Forex Brokers in Spain 2024
If you’re looking for the best forex brokers in Spain, it can be quite difficult to know where to start. There’s plenty of choice for all different types of forex traders, so finding a broker to suit your needs perfectly takes a little research.
Fortunately, we’re here to help. Our Spanish forex broker experts have worked hard reviewing hundreds of different sites, to bring you a complete list of those which offer the best trading experiences.
All of our recommended Spanish brokers are fully regulated, reputable, and fair. They offer specific benefits to Spanish traders too, such as offering competitive spreads on EUR pairs and crosses and offering professional accounts in line with European guidelines.
Use our list below to register at the best Spanish forex brokers today, or continue reading to learn about:
- Which regulatory bodies oversee the best forex brokers in Spain
- What benefits Spanish forex brokers offer
- What you can expect from the best forex brokers in Spain
Our list of the best forex brokers in Spain are:
- XM Group
Spanish Financial Trading Regulation
The top thing a trader should know about the financial trading activity in a certain country is who is responsible for the local Forex regulation. The cases are usually two – Forex market is either handled by the general agency that is fully responsible for all the financial services in a country (for instance, for the bank, insurance and other similar services) or it is handled by an authorized independent Forex agency that is in charge for Forex activity only. Here, in Spain, we observe the first case – a general agency that observes the whole financial world of the country. The regulator of Forex market here is Comision Nacional del Mercado de Valores, which is also well-known by the abbreviation CNMV. It is an independent government agency that is in charge to regulate all financial securities in the country.
The Ministry of Economy and Finance of Spain revises the job that CNMV does and in case of a need, it has the full right to interfere with the agency`s work. CNMV is formed in 1988, which makes it one of the oldest financial regulators among the whole world. According to the Law Act of 24/1988 the agency was settled to secure the whole Forex market, including the financial operations that are made by both – ordinary people and bigger investors. Today, traders can also turn to the agency in case of a problem, but CNMV is also in charge to make the transparency of brokers` work possible. However, once Spain became a member of the European Union, the financial regulatory framework as adopted by the CNMV must be in compliance with EU standards, too.
Here is what CNMV does for Forex market and activity in Spain:
- controls the brokers as to the securities on primary markets
- responds to inquiries and disputes that are made by traders or individual brokers against other brokers or against customers that violate the national laws or the rules that are officially established by the certain broker
- provides official licenses to brokers to step regularly and according to the law on the national Spanish and the global Forex market
- makes penalties for people or companies, who violate the laws that concern the financial activity inside the Spanish territory
How to Find a Decent Forex Broker in Spain
Thankfully, due to the great Countryjob in the financial sphere of the country, here in Spain, it is very possible and easy to find a decent financial trading platform or website. Here are some things, though, that can help you filter the best among them:
- Look only for officially regulated and licensed by CNMV Forex brokers. Always check for availability of license.
- Do not make compromises with the small abundance of trading instruments, currencies to operate your account with or payment methods to choose from because these are the main important things you activity is relied on
- Try to find a broker with interesting bonuses and special extras like different Forex contests and etc
- Make sure your experience level corresponds to the level of the broker, itself. However, please, note that most of Forex brokers in Spain are fully oriented to both – advanced traders and beginners in the field. The beginners, as a matter of fact, should consider a broker in Spain with learning centres or education tips.
Do not hesitate to test your financial trading skills in a Spanish Forex broker. Here, in Spain, the safety is on a very high level and the great opportunities for great winnings are numerous. Try them out right away! Good luck!