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National Securities Market Commission (CNMV) Brokers 2024

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Written By
Christian Harris
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Written By
Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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Edited By
James Barra
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
Jemma Grist
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Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Updated
Jun 24, 2024

The Comisión Nacional del Mercado de Valores (CNMV), or National Securities Market Commission, is the regulatory authority overseeing the securities markets in Spain, including online brokers.

Spain’s well-regarded financial watchdog fosters a stable trading environment, earning it ‘green-tier’ status in our Regulation & Trust Rating. The CNMV enforces the European Union’s Markets in Financial Instruments Directive (MiFID II), ensuring a consistent regulatory framework that benefits institutions and retail investors.

The Spanish financial watchdog is known for its proactive approach to protecting retail traders. They regularly issue warnings about unauthorized entities operating in the market. Notable examples include exposing a clone of the popular investment firm eToro and calling attention to unlicensed companies in the FX/CFD sector.

Discover the best brokers regulated by the CNMV. We’ve personally verified that every trading platform listed is authorized on the Register of Authorized Entitie, either as a domestic brokerage or a foreign investment firm providing trading services through the EU’s passporting scheme.

Best CNMV Brokers

Following personal testing, these 7 CNMV-regulated trading platforms outshine the competition:

Click a broker for details
  1. 1
    Exness
    Ratings
    4.5 / 5
    4.3 / 5
    4.2 / 5
    4.8 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    $10
    0.01 Lots
    1:2000
    FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Exness Trade App, MT4, MT5, TradingCentral
    Wire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto
    USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR
    Go To Exness
  2. 2
    XM
    $30 No Deposit Bonus When You Register A Real Account
    Ratings
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.5 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:1000
    ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
    Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
    MT4, MT5
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF
    Go To XM
  3. 3
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  4. 4
    eToro
    51% of retail investor accounts lose money when trading with this provider. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
    Ratings
    4.8 / 5
    4 / 5
    4.5 / 5
    3 / 5
    4 / 5
    3.5 / 5
    4.5 / 5
    4.5 / 5
    4.8 / 5
    4 / 5
    $10
    $10
    FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF
    Stocks, ETFs, Options, Crypto
    eToro Web, CopyTrader, TradingCentral
    Visa, Skrill, Neteller, Wire Transfer, Rapid Transfer, Swift, Debit Card, iDeal, Klarna, Sofort, PayPal, Trustly, Przelewy24
    USD
    Go To eToro
  5. 5
    XTB
    78% of retail accounts lose money.
    Ratings
    4.5 / 5
    4 / 5
    4 / 5
    4.3 / 5
    4 / 5
    4.3 / 5
    4.1 / 5
    3.8 / 5
    4.7 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (EU) 1:500 (Global)
    FCA, CySEC, KNF, CNMV, DFSA, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs
    xStation
    PayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, Neteller
    USD, EUR, GBP, HUF
    Go To XTB
  6. 6
    Dukascopy
    10% Equity Bonus
    $100
    0.01 Lots
    1:200
    FINMA, FCMC, JFSA, CNMV
    Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options
    MT4, AlgoTrader
    Neteller, Wire Transfer, Mastercard, Samsung Pay, Skrill, Visa, Maestro, Credit Card, Debit Card, Apple Pay, Bitcoin Payments
    USD, EUR, GBP, CAD, AUD, JPY, TRY, SEK, NOK, DKK, CHF, PLN, HUF
    Go To Dukascopy
  7. 7
    FXTM
    30% up to $100 via Exinity Ltd
    Ratings
    4.3 / 5
    4 / 5
    3.8 / 5
    4 / 5
    2.8 / 5
    3.8 / 5
    3.8 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5
    $200
    0.01 Lots
    1:2000
    CySEC, FCA, FSCA, FSC, CNMV
    Forex, CFDs, Indices, Commodities, Stocks
    FXTM App, MT4, MT5
    Neteller, Skrill, Visa, WebMoney, Perfect Money, Western Union, Credit Card, Google Wallet, PayRedeem, Maestro, GlobePay
    USD, EUR, GBP
    Go To FXTM

Here is a short overview of each broker's pros and cons

  1. Exness - Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 800,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
  2. XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
  3. Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 1,000+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
  4. eToro - eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Crypto Trading is offered via eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. CFDs are not available in the US Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 51% of retail accounts lose money.
  5. XTB - Founded in 2002 in Poland, XTB now serves more than 935,000 clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 5,600+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring day traders.
  6. Dukascopy - Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.
  7. FXTM - FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader.

CNMV Brokers Comparison

CNMV Brokers Comparison
Broker Minimum Deposit Markets Platforms Leverage
Exness logo $10 CFDs, Forex, Stocks, Indices, Commodities, Crypto Exness Trade App, MT4, MT5, TradingCentral 1:2000
XM logo $5 Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures MT4, MT5 1:1000
Eightcap logo $100 CFDs, Forex, Stocks, Indices, Commodities, Crypto MT4, MT5, TradingView 1:500
eToro logo $10 Stocks, ETFs, Options, Crypto eToro Web, CopyTrader, TradingCentral -
XTB logo $0 CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs xStation 1:30 (EU) 1:500 (Global)
Dukascopy logo $100 Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options MT4, AlgoTrader 1:200
FXTM logo $200 Forex, CFDs, Indices, Commodities, Stocks FXTM App, MT4, MT5 1:2000

Exness

"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."

Tobias Robinson, Reviewer

Exness Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorFSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV
PlatformsExness Trade App, MT4, MT5, TradingCentral
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:2000
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR

Pros

  • There's a strong range of account types for all experience levels and requirements, including Cent, Pro and Raw spread solutions
  • The broker offers fast execution speeds for short-term traders, averaging under 25ms
  • Top-tier licensing with the FCA and CySEC and a strong reputation with over 10 years in business

Cons

  • There are several regional restrictions for retail traders including the USA, Europe and the UK
  • There are no promotional deals or loyalty schemes for high-volume day traders
  • Unlike most competitors, Exness doesn't provide its own education section
Visit Exness
Exness Review

XM

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

Rebecca Holden, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
Demo AccountYes
InstrumentsForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
RegulatorASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
PlatformsMT4, MT5
Minimum Deposit$5
Minimum Trade0.01 Lots
Leverage1:1000
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

Pros

  • Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
  • Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
  • XM is a hugely respected broker authorized by tier-one regulators

Cons

  • PayPal deposits are not supported
  • There's $5 inactivity fee after only 3 months, though this won't affect active traders
  • There is weak regulatory oversight through the global entity
Visit XM
XM Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorASIC, FCA, CySEC, SCB, CNMV
PlatformsMT4, MT5, TradingView
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
  • Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.

Cons

  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
  • In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
Visit Eightcap
Eightcap Review

eToro

"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."

Christian Harris, Reviewer

eToro Quick Facts

Demo AccountYes
InstrumentsStocks, ETFs, Options, Crypto
RegulatorFCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF
PlatformseToro Web, CopyTrader, TradingCentral
Minimum Deposit$10
Minimum Trade$10
Account CurrenciesUSD

Pros

  • Exciting investment portfolios are available covering traditional market trends as well as tech, crypto and more
  • eToro is a world-renowned brand with top-tier global regulation and a 25M+ user community
  • eToro has bolstered its investment offering, most recently with new crypto assets, now offering over 90 digital currencies

Cons

  • Traders will face currency conversion fees for account denominations other than USD
  • There is a $30 minimum withdrawal amount and a $5 fee, which will affect novices with low capital
  • There are limited contact methods aside from the in-platform live chat
Visit eToro
eToro Review

XTB

"XTB stands out as a top choice for new day traders with the terrific xStation platform, commission-free pricing, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform. "

Christian Harris, Reviewer

XTB Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs
RegulatorFCA, CySEC, KNF, CNMV, DFSA, FSC
PlatformsxStation
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (EU) 1:500 (Global)
Account CurrenciesUSD, EUR, GBP, HUF

Pros

  • Opening an XTB account is a hassle-free, entirely online process that takes just a few minutes, making the entry into day trading smooth for new traders.
  • With over 5,600 instruments across forex, stocks, indices, ETFs, commodities, and cryptocurrencies, including CFDs, share dealing and more recently Investment Plans, XTB caters to both short-term traders and longer-term investors.
  • XTB has boosted its interest rate on all uninvested balances (up to 5.2%) while competitors like eToro only offer up to 5% on balances of $50K+.

Cons

  • The research tools at XTB are good but could be great if they went beyond in-house features with access to leading third-party tools such as Autochartist, Trading Central and TipRanks.
  • The demo account expires after just four weeks, a serious limitation for traders who wish to thoroughly test the xStation platform and practice short-term strategies before committing real funds.
  • Trading fees are competitive with average spreads of around 1 pip on the EUR/USD but still trail the cheapest brokers like IC Markets, plus there's an inactivity fee after 12 months.
Visit XTB
XTB Review

Dukascopy

"Dukascopy will appeal to active day traders with fee rebates and the JForex platform for automated trading."

William Berg, Reviewer

Dukascopy Quick Facts

Bonus Offer10% Equity Bonus
Demo AccountYes
InstrumentsForex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options
RegulatorFINMA, FCMC, JFSA, CNMV
PlatformsMT4, AlgoTrader
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:200
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, TRY, SEK, NOK, DKK, CHF, PLN, HUF

Pros

  • Heavily regulated brokerage including oversight from Swiss FINMA
  • Dukascopy offers trading on a powerful proprietary platform plus the popular MT4
  • The broker hosts its own TV channel, alongside various educational materials and an active online community

Cons

  • No Islamic trading account
  • Time-consuming registration process
Visit Dukascopy
Dukascopy Review

FXTM

"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."

Tobias Robinson, Reviewer

FXTM Quick Facts

Bonus Offer30% up to $100 via Exinity Ltd
Demo AccountYes
InstrumentsForex, CFDs, Indices, Commodities, Stocks
RegulatorCySEC, FCA, FSCA, FSC, CNMV
PlatformsFXTM App, MT4, MT5
Minimum Deposit$200
Minimum Trade0.01 Lots
Leverage1:2000
Account CurrenciesUSD, EUR, GBP

Pros

  • FXTM offers free VPS hosting for active day traders looking for 24/7 uninterrupted connection with up to 99.9% uptime
  • The broker delivers an excellent charting environment for day traders, with over 30 technical tools offered in the MT4 platform, plus a range of additional platform indicators for monitoring spreads, orders, pivot levels and more
  • Negative Balance Protection is available to clients registering with the EU and UK entities

Cons

  • There are limited e-wallet payment options compared to alternatives
  • Spreads are mediocre in the commission-free accounts, with typical EUR/USD spreads around 1.9 pips - the industry average is around 1.2 pips
  • It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like AvaTrade
Visit FXTM
FXTM Review

Methodology

To identify the top brokers regulated in Spain, we:

  • Searched our database of around 500 brokers to pinpoint those claiming to be regulated by the CNMV.
  • Inputted their credentials through the Spanish regulator’s public register to verify they were authorized.
  • Ranked them by their rating, considering 100+ data points alongside the personal findings of our testers.

How Can I Check A Broker Is Regulated By The CNMV?

Checking a broker is regulated by the CNMV is straightforward:

  1. Navigate to the CNMV’s Register of Authorized Entitie.
  2. Enter the broker’s name in the search box and click the ‘Search’ button.
  3. Click on the search result to check broker details, such as full trading name, registered address, and a description of investment services and activities.

To show you how this works, below is the result of a search I ran on eToro (which offers the best copy trading platform I’ve used), showing that the CNMV authorizes the broker.

It took me less than two minutes so it’s a quick and easy check that any day trader can make before depositing funds.

author image
Christian Harris
Author
Spanish regulator database showing eToro authorization
eToro – CNMV License

What Rules Must CNMV-Regulated Brokers Follow?

The CNMV regulates a significant number of domestic and international brokers. Several dozen brokers are authorized to operate in Spain during our latest check.

Here are some fundamental rules and requirements that CNMV-regulated brokers must follow:

In July 2023, the CNMV implemented stricter regulations governing the marketing, distribution, and sale of CFDs (contracts for difference) to retail investors. These new rules significantly limit CFD marketing efforts directed at the general public through channels like sales agents, call centers, event sponsorships, or celebrity endorsements.

The CNMV views these measures as necessary safeguards, building on previous restrictions enacted in Spain (2019) and by the pan-European regulatory body, the European Securities and Markets Authority (ESMA), in 2018.

What Powers Does The CNMV Have?

The CNMV actively monitors compliance and enforces regulations through various measures, including fines and sanctions. It imposes substantial monetary fines on brokers for regulatory breaches, such as inadequate risk disclosures and failure to comply with reporting requirements.

The CNMV regularly publishes enforcement statistics detailing the number of actions taken, the types of breaches addressed, and the fines imposed.

The CNMV has been actively imposing fines on entities for various regulatory violations in recent years. In 2022, the CNMV intensified its enforcement activities, closing 19 disciplinary cases and issuing 45 fines totaling €6.387 million, an increase of 34% compared to the previous year. These penalties were mainly due to violations such as insider trading, market manipulation, and failure to report significant holdings.

Another example is the CNMV fined Azora Gestión SGIIC €90,000 for submitting incomplete financial information related to the annual accounts, statement of reserves, and periodic reports for their company Lazora, covering the years 2014 to 2017.

💡
Brokers who violate regulations may also be publicly reprimanded, which can damage their reputation and serve as a deterrent to others. In severe cases of non-compliance, the CNMV has the authority to revoke a broker’s authorization to operate in Spain.

Bottom Line

The CNMV plays a crucial role in regulating brokers in Spain, ensuring they operate with transparency, integrity, and financial stability.

Through rigorous authorization processes, ongoing supervision, and robust enforcement actions, the CNMV maintains exceptionally high standards in the industry, protecting Spanish retail traders and fostering a stable financial market.

Explore our pick of the top brokers regulated in Spain to find the right trading platform for your needs.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com