Best Forex Trading Platforms In Spain 2024
Looking for a forex broker in Spain to trade currencies like the euro? Discover our selection of the best forex trading platforms in Spain, personally tested and rated by our experts.
Many of these platforms are geared towards Spanish traders with authorization from ‘green tier’ EU bodies in DayTrading.com’s Regulation & Trust Rating, such as the National Securities Market Commission (CNMV).
Top Forex Trading Platforms In Spain
As of our latest tests in November 2024, these are the 10 best brokers for forex traders in Spain:
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1
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySEC, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
2
Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, VoletUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
3
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30ASIC, FCA, CySEC, SCBCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
4
PrimeXBT$100 Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:1000CFDs, Cryptos, Forex, Indices, Commodities, FuturesOwnBitcoin Payments, Ethereum Payments, Credit Card, Debit CardUSD, EUR, GBP -
5
IGSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:222 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
6
FxPro77.20% of retail accounts lose money with this provider.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)FCA, CySEC, FSCA, SCB, FSCCFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, VisaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN -
7
CMC MarketsSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSACFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread BettingWeb, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPalUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN -
8
FXCC100% First Deposit Bonus Up To $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500CySECCFDs, Forex, Indices, Commodities, CryptoMT4Skrill, Neteller, Rapid Transfer, Sofort, Paysafecard, Visa, Bitcoin Payments, Credit Card, Debit Card, Mastercard, Wire Transfer, UnionPay, Ethereum Payments, Netbanx Asia, BoletoUSD, EUR, GBP -
9
XTBCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (EU) 1:500 (Global)FCA, CySEC, KNF, DFSA, FSCCFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFsxStationPayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, NetellerUSD, EUR, PLN -
10
Plus50082% of retail CFD accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100Variable1:30FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSACFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, CryptoWebTrader, AppPayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple PayUSD, EUR, GBP, AUD, ZAR, CZK
Here is a short summary of why we think each broker belongs in this top list:
- RedMars - RedMars strongest investment category is forex with more than 50 currency pairs, from majors to minors and exotics. Spreads start from 0.0 pips, catering to active currency traders, and leverage can reach 1:500. However, there are no forex heatmaps or research tools to support aspiring forex traders.
- Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
- Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
- PrimeXBT - PrimeXBT offers forex trading on over 50 majors, minors and exotics with margin opportunities and zero commissions. The forex platform is fast, reliable and feature-rich based on our latest tests with 3 charts, 10 timeframes, and 91 technical studies - ideal for active trading strategies.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
- FxPro - FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.
- CMC Markets - CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.
- FXCC - FXCC's key selling point is its forex trading conditions. ECN spreads come in as low as 0.0 pips during peak trading hours, while it supports a wider range of currency pairs than the majority of rivals with over 70 forex assets. Additionally, you have access to MT4, which was built specifically for forex trading and excels for its charting tools.
- XTB - XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.
- Plus500 - Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.
Best Forex Trading Platforms In Spain 2024 Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | EUR Account | Regulator |
|---|---|---|---|---|---|---|
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50+ | 0.7 | / 5 | €250 | ✔ | CySEC, AFM |
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55+ | 0.0 | / 5 | $50 | ✔ | FCA, ASIC, FSCA, VFSC |
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50+ | 0.0 | / 5 | $100 | ✔ | ASIC, FCA, CySEC, SCB |
|
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45+ | 0.1 | / 5 | $0 | ✔ | - |
|
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80+ | 0.8 | / 5 | $0 | ✔ | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
|
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70+ | 1.58 pips (Ave) | / 5 | $100 | ✔ | FCA, CySEC, FSCA, SCB, FSC |
|
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300+ | 0.7 | / 5 | $0 | ✔ | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
|
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70+ | 0.2 | / 5 | $0 | ✔ | CySEC |
|
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70+ | 1.0 | / 5 | $0 | ✔ | FCA, CySEC, KNF, DFSA, FSC |
|
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60+ | Dynamic | / 5 | $100 | ✔ | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA |
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
Christian Harris, Reviewer
RedMars Quick Facts
| GBPUSD Spread | 0.7 |
|---|---|
| EURUSD Spread | 0.7 |
| EURGBP Spread | 1.1 |
| Total Assets | 50+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | MT5 |
| Account Currencies | USD, EUR |
Pros
- RedMars offers one of the best platforms for day trading, MT5, hosting 21 timeframes, dozens of analytical tools, flexible templates and algo trading
- The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
- Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
Cons
- While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
Vantage
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
Vantage Quick Facts
| Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
|---|---|
| GBPUSD Spread | 0.5 |
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.5 |
| Total Assets | 55+ |
| Leverage | 1:500 |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- There are no short-term strategy restrictions with hedging and scalping permitted
- It’s quick and easy to open a live account – taking less than 5 minutes
- There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
Cons
- Unfortunately, cryptos are only available for Australian clients
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
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."
Eightcap Quick Facts
| GBPUSD Spread | 0.1 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.1 |
| Total Assets | 50+ |
| Leverage | 1:30 |
| Platforms | MT4, MT5, TradingView |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- 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.
- 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.
- 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.
Cons
- 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.
- 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.
PrimeXBT
"PrimeXBT is perfect for aspiring traders looking for crypto derivatives alongside traditional markets like forex and indices, all tradable on an intuitive, web-based platform. The copy trading solution is also ideal for hands-off traders with 5-star ratings and performance graphs to help you find the right trader."
William Berg, Reviewer
PrimeXBT Quick Facts
| Bonus Offer | $100 Deposit Bonus |
|---|---|
| GBPUSD Spread | Variable |
| EURUSD Spread | 0.1 |
| EURGBP Spread | Variable |
| Total Assets | 45+ |
| Leverage | 1:1000 |
| Platforms | Own |
| Account Currencies | USD, EUR, GBP |
Pros
- PrimeXBT has added fresh opportunities with new tokens for exchanging and funding, including 1Inch, Aave, and Injective.
- 24/7 customer support, available via live chat, proved excellent during testing, while the extensive help centre is perfect for self-help.
- The web platform and app were built for technical traders with advanced charting features, a customizable layout and multiple order types including one-cancels-the-other (OCO).
Cons
- Despite improvements, the selection of around 100+ instruments still seriously trails competitors, notably OKX with its 400+ assets.
- The lack of integration with established platforms like MT4 will be limiting for traders familiar with the world’s most popular forex trading software.
- While common in the crypto industry, PrimeXBT lacks authorization from a trusted regulator, seriously elevating the risk for retail traders.
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:222 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
Cons
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients.
FxPro
"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."
FxPro Quick Facts
| GBPUSD Spread | 2.39 pips (Ave) |
|---|---|
| EURUSD Spread | 1.58 pips (Ave) |
| EURGBP Spread | 1.74 pips (Ave) |
| Total Assets | 70+ |
| Leverage | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
| Platforms | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- There are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
- There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
- Comprehensive analysis and trading tools are available for seasoned traders, including signals powered by Trading Central and VPS hosting
Cons
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
- FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
- There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
CMC Markets
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
CMC Markets Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.7 |
| EURGBP Spread | 1.1 |
| Total Assets | 300+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | Web, MT4 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- CMC offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha and Price+ schemes also offer perks for active traders with up to 40% discounts on spreads.
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
Cons
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
- The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
- An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
FXCC
"FXCC continues to prove itself an excellent option for forex day traders with an extensive range of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and high leverage up to 1:500 in the ECN XL account. "
FXCC Quick Facts
| Bonus Offer | 100% First Deposit Bonus Up To $2000 |
|---|---|
| GBPUSD Spread | 1.0 |
| EURUSD Spread | 0.2 |
| EURGBP Spread | 0.5 |
| Total Assets | 70+ |
| Leverage | 1:500 |
| Platforms | MT4 |
| Account Currencies | USD, EUR, GBP |
Pros
- As an MT4 broker, FXCC offers advanced charting tools and excellent support for algo traders, especially when combined with the free VPS
- There are no restrictions on short-term trading strategies like day trading and scalping
- The free education section, including the 'Traders Corner' blog, offers a large selection of materials that will serve all experience levels
Cons
- High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
- Although MetaTrader 4 continues to shine for technical analysis, the subpar design dampens the trading experience, especially compared to modern alternatives like TradingView
- FXCC’s single platform offering is a major drawback compared to many alternatives, notably AvaTrade which provides 5 platforms to suit different trader preferences
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. "
XTB Quick Facts
| GBPUSD Spread | 1.4 |
|---|---|
| EURUSD Spread | 1.0 |
| EURGBP Spread | 1.4 |
| Total Assets | 70+ |
| Leverage | 1:30 (EU) 1:500 (Global) |
| Platforms | xStation |
| Account Currencies | USD, EUR, PLN |
Pros
- With over 6,400 instruments across CFDs on shares, Indices, ETFs, Raw Materials, Forex, Crypto, Real shares, Real ETFs, 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+.
- The xStation platform continues to impress with its user-friendly interface and intuitive features, including customizable news feeds, sentiment heatmaps, and trader calculator, reducing the learning curve for newer traders.
Cons
- XTB does not offer a raw spread account, which is becoming increasingly common among competitors like Pepperstone, and may disappoint day traders looking for the tightest spreads.
- XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
- Not being able to adjust the default leverage level of XTB products is frustrating, as manual adjustment can significantly mitigate trade risk, especially in forex and CFD trading.
Plus500
"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."
Plus500 Quick Facts
| GBPUSD Spread | Dynamic |
|---|---|
| EURUSD Spread | Dynamic |
| EURGBP Spread | Dynamic |
| Total Assets | 60+ |
| Leverage | 1:30 |
| Platforms | WebTrader, App |
| Account Currencies | USD, EUR, GBP, AUD, ZAR, CZK |
Pros
- Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended hours trading on 7 stock CFDs
- You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
- The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders
Cons
- Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
- The absence of social trading means users can’t follow and replicate the trades of experienced traders
- Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
How We Chose The Best Forex Brokers In Spain
To identify the leading forex trading platforms in Spain, we began by filtering our database of 216 providers to select only the platforms that accept Spanish residents and offer forex trading.
Then we sorted the brokers by their total rating derived from our hands-on assessments. These were conducted by our traders and industry experts, and combine 200+ data points with personal insights in key areas.
These are the key factors we, and you, should consider when choosing a brokerage to trade currencies in Spain:
Trust
There’s a reason that at DayTrading.com we consider our Regulation & Trust Rating the most important criterion while rating a forex broker: you can’t afford to risk depositing your euros with a firm you can’t trust.
To help our readers pick the gems among the many unreliable forex firms that Spain’s regulator, the National Securities Market Commission (CNMV), has warned against, we employ a rigorous vetting process in our reviews:
- We check and rate each broker’s list of licenses, awarding the highest points to brokers with oversight from ‘green-tier’ bodies like CNMV, while unlicensed brokers or those with licenses from ‘red-tier’ regulators generally achieve a poor rating.
- We assess the broker’s track record in the industry by researching news and regulators’ announcements for reports of scams or unfair practices. Our most trusted brokers have a long, clean record in the industry.
- We award our highest ratings to brokers with a large number of clients and a listing on a major stock exchange, since this entails even more thorough vetting of their business in addition to those by regulators.
- Several of our team trade with IG because it’s one of the most trusted forex brokers, operating with a sparkling record since 1974 and a listing on the London Stock Exchange. As well as its near-perfect 4.9 Regulation & Trust rating, IG also wows with a huge range of EUR and other forex pairs.
Currency Pairs
Active traders often look for new trading opportunities across the global foreign exchange market, so we highly rate providers with a wide range of available currency pairs.
For traders in Spain, pairs with the euro (EUR) will usually take precedence. Fortunately, as the world’s second most traded currency, there are usually plenty to choose from.
This includes the most popular pairs like EUR/USD and EUR/GBP, which generally offer great liquidity, and thus, competitive trading costs.
We also look for minor and exotic pairs like EUR/TRY, since these often come with heightened volatility that can lead to opportunities to profit from large price swings.
However, in our experience, minors and exotics usually have wider spreads that can hurt short-term trading strategies.
- FxPro‘s offering of 70+ forex pairs remains towards the head of the pack, with all the majors plus a large range of EUR minor and exotic pairs like EUR/HKD, EUR/ZAR and EUR/PLN. You can choose between fixed spreads from 1.2 and a competitive floating spread on the MT5 account that starts from 0.0.
Fees
Your fees when trading forex will typically consist of the spread (the difference between the bid and ask price), sometimes a commission, plus any non-trading fees such as currency conversion or deposit charges.
The spread is generally the biggest fee you’ll pay and the greatest barrier to profit. So, we favor brokers with the tightest spreads and as part of our review process. We record spreads on the EUR/USD and EUR/GBP for each forex platform.
In some cases, on major pairs like EUR/USD and during busy trading hours, you’ll find spreads can go as low as zero (though you may need to pay a small commission)
- Vantage continues to impress by offering some of the best pricing around on its 57 forex pairs, with access to ultra-tight spreads on the ECN account for a low initial deposit of $50 – ideal for active traders. Vantage’s transparent pricing model also features no hidden charges such as deposit, withdrawal and inactivity fees.
Charting Platforms
Day trading is a complex and demanding form of forex trading that often involves sophisticated research and split-second accuracy.
As a result, a responsive charting platform with the depth to conduct technical analysis can be crucial.
Based on our tests, most forex brokers that accept clients in Spain support the long-time forex favorite, MetaTrader 4 (MT4).
MT4 still provides all the charting power, in-built tools and indicators, and automated trading features you’ll need to potentially profit on forex markets.
However, we’ve found newer platforms have started to surpass the classic MT4 in several key areas.
TradingView is a particular favorite among some of our team because it’s both easy to use and feature-rich, with a huge range of indicators and charting options as well as customizability through the powerful Pine script.
The market-leading integrated research and social trading also ensure FX traders have everything they need on one platform.
Additionally, I’ve been very impressed by some brokers’ bespoke platforms.In my experience, these are almost always the easiest way for beginner traders to get started, and they’re usually optimized to run through a browser window or mobile app.
- Eightcap still covers all the bases for everyone from beginning traders to pros with its platform offering of MT4, MT5 and TradingView, including mobile apps and web traders for all software options. Bundled with these platforms is Capitalise.ai, which allows traders to benefit from automated trading without needing coding knowledge, plus a useful AI-powered economic calendar to help pinpoint forex trading opportunities.
FAQ
Who Regulates Forex Trading Platforms In Spain?
To provide forex trading services in Spain, online brokers should be licensed by the Comisión Nacional del Mercado de Valores (National Securities Market Commission; CNMV), the country’s financial regulator.
Thanks to the EU’s passporting system, brokers authorized by other European regulators, such as CySEC (Cyprus) or BaFin (Germany), can also legally offer forex trading services in Spain while adhering to the EU-wide trading standards overseen by the European Securities & Markets Authority (ESMA).
Which Is The Best Forex Trading Platform In Spain?
The best forex platform for Spanish traders depends on individual preferences, trading experience, and budget.
DayTrading.com’s curated list of top forex brokers for Spain (which is updated regularly) is an excellent starting point, offering options suitable for both beginners and experienced traders.
For example, from our list, Eightcap is a fantastic starting point for newer traders, who can quickly get started on the WebTrader, while IG‘s extremely deep research resources and huge range of currency pairs with reliable execution will satisfy most experienced traders.
Recommended Reading
Article Sources
- Comisión Nacional del Mercado de Valores (CNMV)
- CNMV flags 14 unregistered forex firms - Finance Magnates
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