Best Spanish Forex Brokers
Trading in Forex market is very easy today for numerous reasons. Internet, though, is what makes this activity so accessible, simple and fast. Moreover – with mobile online trading it has become completely possible to trade from any point of the world and at any convenient for you time. So, indeed, internet has removed numerous of boundaries in Forex world, but there are still some geological factors that a trader should consider. The thing is that each country has its rules and laws as to financial trading. And if you are a residence in a country, where Forex is banned, for instance, sorry, you have no permission to place a trade, even if you are native from a country that allows financial activity. Due to these things it is so important for any trader to be aware about the differences in Forex trading as to the country the broker is located or the trader is citizens of. Today, we will discuss a certain country – Spain – and the situation of the national Forex market there. Here is what you need to know, if you trade in Spain.
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 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 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 concerns the financial activity inside the Spanish territory
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How to Find a Decent Forex Broker in Spain
Thankfully, due to the great regulation job in 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 centers 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!