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National Securities Market Commission (CNMV) Brokers 2024

Written By

Christian Harris

Edited By

James Barra

Fact Checked By

Jemma Grist

Updated

Oct 22, 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 2 CNMV-regulated trading platforms outshine the competition:

Click a broker for details

1

Eightcap

Go To Eightcap
Eightcap Review

Ratings

Regulation & Trust 4.3 / 5

Accounts & Banking 4 / 5

Assets & Markets 3.6 / 5

Fees & Costs 3.8 / 5

Platforms & Tools 4.3 / 5

Customer Support 4 / 5

Research 3.5 / 5

Education 3.5 / 5

iOS App 4.8 / 5

Android App 4.4 / 5

Minimum Deposit $100

Minimum Trade 0.01 Lots

Leverage 1:500

Regulator ASIC, FCA, CySEC, SCB, CNMV

Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto

Platforms MT4, MT5, TradingView

Payment Methods Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment

Account Currencies USD, EUR, GBP, CAD, AUD, NZD, SGD

Go To Eightcap
2

eToro

Go To eToro
eToro Review

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

Regulation & Trust 4.8 / 5

Accounts & Banking 4.2 / 5

Assets & Markets 4.5 / 5

Fees & Costs 3 / 5

Platforms & Tools 4 / 5

Customer Support 3.5 / 5

Research 4.5 / 5

Education 4.5 / 5

iOS App 4.8 / 5

Android App 4 / 5

Minimum Deposit $10

Minimum Trade $10

Leverage

Regulator FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF

Instruments Stocks, ETFs, Options, Crypto

Platforms eToro Web, CopyTrader, TradingCentral

Payment Methods Visa, Skrill, Neteller, Wire Transfer, Rapid Transfer, Swift, Debit Card, iDeal, Klarna, Sofort, Trustly, Przelewy24

Account Currencies USD, EUR, GBP

Go To eToro

This is why we think these brokers are the best in this category:

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 800+ 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.
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.

CNMV Brokers Comparison

CNMV Brokers Comparison
Broker	Minimum Deposit	Markets	Platforms	Leverage
	$100	CFDs, Forex, Stocks, Indices, Commodities, Crypto	MT4, MT5, TradingView	1:500
	$10	Stocks, ETFs, Options, Crypto	eToro Web, CopyTrader, TradingCentral	-

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, 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 Account	Yes
Instruments	CFDs, Forex, Stocks, Indices, Commodities, Crypto
Regulator	ASIC, FCA, CySEC, SCB, CNMV
Platforms	MT4, MT5, TradingView
Minimum Deposit	$100
Minimum Trade	0.01 Lots
Leverage	1:500
Account Currencies	USD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
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.
Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.

Cons

Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
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.

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 Account	Yes
Instruments	Stocks, ETFs, Options, Crypto
Regulator	FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF
Platforms	eToro Web, CopyTrader, TradingCentral
Minimum Deposit	$10
Minimum Trade	$10
Account Currencies	USD, EUR, GBP

Pros

Exciting investment portfolios are available covering traditional market trends as well as tech, crypto and more
There's a comprehensive online training academy with accessible resources, from bitesize articles to comprehensive courses
Top copy traders can receive annual payments up to 1.5% of assets under copy in the broker's Popular Investor Program

Cons

There are no guaranteed stop loss orders which would be a useful risk management feature for beginners
There are limited contact methods aside from the in-platform live chat
Traders will face currency conversion fees for account denominations other than USD

Visit eToro

eToro Review

Methodology

To identify the top brokers regulated in Spain, we:

Searched our database of 265 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:

Navigate to the CNMV’s Register of Authorized Entitie.
Enter the broker’s name in the search box and click the ‘Search’ button.
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.

Christian Harris

Author

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:

Brokers must obtain a license from the CNMV before they can operate in Spain. This involves demonstrating adequate financial resources, organizational structure, and compliance systems.
Brokers must maintain a minimum level of capital to cover their operational risks and ensure financial stability. This includes meeting specific capital ratios and maintaining adequate liquidity.
Brokers must implement robust risk management frameworks to identify, monitor, and mitigate potential risks associated with their activities.
Before offering investment services, brokers must assess whether the products suit the client based on their knowledge, experience, financial situation, and investment objectives.
Brokers are required to implement AML policies, including thorough customer due diligence to verify the identity of their clients and assess the risk of money laundering and terrorist financing.
Brokers must regularly submit financial statements and relevant reports to the CNMV to demonstrate their financial health and operational integrity.
Brokers must establish and maintain internal compliance programs to ensure adherence to all regulatory requirements. This includes regular audits, training programs for staff, and mechanisms for reporting and addressing compliance issues.

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.

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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