Best FOREX Brokers in Spain for 2023
With the number of FOREX Brokers ever increasing, FOREX trading firms are placing more focus on retaining their customers to protect their revenues and profitability. Customers are worried about the pitfalls of trading FOREX with the wrong broker. Because of this, they could sorely do with the guidance required to stay away from questionable brokerage firms. For this reason, we will be listing the best FOREX brokers in Spain today. This list is the result of a detailed review process carried out by Arincen. We will share our review methodology so traders can understand why we chose the companies we did.
Best Four FOREX Brokers in Spain 2023
| Company name | Regulations | Minimum deposit | Main branch | Open account |
|---|---|---|---|---|
FXDD |
$450 | USA | ||
ICM Capital |
500$ | United Arab Emirates | ||
XTB |
500$ | UK | ||
IG |
500$ | UK |
| Company name | FXDD |
| Regulations | |
| Minimum deposit | $450 |
| Main branch | USA |
| Company name | ICM Capital |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | United Arab Emirates |
| Company name | XTB |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
| Company name | IG |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
What Is FOREX and Why Do We Need a Broker to Trade?
Most established traders know that the FOREX market is the largest financial market in the world at some six trillion dollars daily, only followed by the credit market. The FOREX market operates 24 hours a day and five days a week (Monday through Friday), except international holidays. Brokerage firms play a key role in this regard by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in Web and mobile format.
How Do I Choose the Best FOREX Broker in Spain?
Spain is one of the largest and most dynamic economies in the EU. With a population approaching 50 million people, it is a large financial market, especially since it contains many wealthy individuals with access to discretionary income with which to trade. Of course, the economy is subject to the normal ups and downs that all developed nations face, but Spain has fostered a thriving trading community, regardless of the state of the economy.
As such, there are many active FOREX brokers in this market. These brokers offer extensive services, but recognize that before being able to trade in the country, they must request a license from the Comision Nacional del Mercado de Valores (CNMV), the country’s single financial regulatory body. The CNMV was founded after the financial market crash of 1988 and has been the primary regulator of the stock market in Spain, with its oversight reaching as far as markets like FOREX. As such, if you are choosing a broker based in Spain, you must verify that they are CNMV-compliant. In saying that, the country also allows brokers from other EU countries, provided they carry a Markets in Financial Instruments Directive (MiFID license) to service Spanish customers resident in Spain.
FOREX Regulations in Spain
As mentioned, the CNMV is the overseer of all financial activity in the country. Unlike other nations that have multiple financial regulators for different asset classes, in Spain it is the CNMV to which FOREX brokers must answer. This independent agency, established at the behest of the Spanish government, is answerable to the Ministry of Economy and Finance of Spain.
The regulator was founded in 1988 and its long operating history has seen it become better at regulating complex asset classes like FOREX. The agency ensures that FOREX brokers act in a consistent and responsible manner. Here are just some of the main duties it performs in respect of the FOREX trading market in the country:
- It manages disputes arising from the act of FOREX trading, be this hearing complaints from individual traders or from brokers concerned about customer behavior.
- Issues licenses to new FOREX brokers setting up shop in the country.
- It enforces its rules by issuing penalties to individuals or firms who contravene Spanish financial regulations.
Notwithstanding these strong local regulations, Spanish traders looking to engage with brokers outside the country should be sure to check if their broker is also regulated by a tier-1 authority, such as the UK’s Financial Conduct Authority (FCA) or the the Cyprus Securities and Exchange Commission (CySEC).
Commissions and Fees in Spain
A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX broker. Good companies typically offer a EUR-USD spread of three basis points.
As for commissions, FOREX trading brokers can be placed in three categories. The first offer fixed spreads, the second tender variable spreads and a third category offers low-cost spreads, but that come with a (relatively high) fixed commission.
Tradable Assets and Instruments
Spain operates a permissive trading environment. All the major asset classes, ranging from cryptocurrencies, stocks, mutual funds, bonds, commodities and exchange traded funds (ETFs), in addition to FOREX, are allowed. Some caveats include the fact that cryptos cannot be treated as legal tender, which is unsurprising, and binary option trading is permitted, on condition that brokers insert the necessary disclaimer declarations on their Websites and promotional material.
Payments, Deposits and Withdrawals in Spain
Depositing funds into and withdrawing funds out of your FOREX account is very easy. The Spanish banking industry is highly mature and safe. All payment providers are accommodated in the financial ecosystem and are allowed to offer comprehensive services. This means that all major payment methods are accepted by local brokers. These include credit and debit cards, wire transfers, and all major eWallets.
FOREX Trading Customer Service
As timing is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast and polite, which will, in turn, spare you of having to worry about problems down the road.
Technical Aspects of the Broker’s Website
When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always be on the alert for SSL certification and two-factor authentication (especially when registering with a new site).
To provide our users with peace of mind, we at Arincen have introduced the “Company Checker,” which is an online tool directly linked to an international Website called Scamadviser. The latter is an independent site that checks the countries in which these FOREX Websites are managed, where the server is located, in addition to other security and informational aspects. It ranks FOREX firms by granting them a score ranging from 0% to 100%, with the best FOREX firms usually receiving a score of 90% and above. Any company that has achieved a score lower than 85% should thus be avoided. Simultaneously, whenever looking for a new FOREX broker, users must ensure its Website is fast, modern and user-friendly.
Trading Platforms, Tools and Features
All major trading platforms can be found in Spain. This means that you can take your pick of brokers that offer cTrader or MetaTrader, to name only two platforms. Naturally, given MetaTrader’s dominance in the trading world, and in the FOREX market in particular, it is common to find brokers who offer access to the highly recognizable MT4.
It is no surprise to learn that MT4 is the platform of choice for many FOREX traders as it is a well-developed product that was designed principally for FOREX trading. After many years on the market, the platform features a range of comprehensive charting tools and insightful indicators that are better than those of its rivals. Spain is a technologically advanced country that supports brokers who require the fastest networks to support high-volume trades.
Ask Other Traders on Our Network
Arincen has gone to great lengths to forge a receptive environment where traders of all backgrounds come to meet. After all, Arincen’s goal is to simplify the world of trading. Our Website provides an unrivaled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders from all sides of the experience spectrum can learn from each other.
Trustworthiness and How to Verify Authorization
How to Check if Your Broker Is Trustworthy
At the get-go, it is important to learn more about regulatory bodies and their role in the FOREX market. These are government entities charged with regulating the sector. Their role is two-fold:
1. Observing and regulating the work environment in the FOREX market; and
2. Protecting investors and their funds.
FOREX firms must at least obtain one license from a relevant regulatory authority. Otherwise, they should be avoided at all times. In this context, we present the five most important FOREX market regulatory bodies from around the world.
1. The FCA, UK;
2. The Swiss Financial Market Supervisory Authority (FINMA);
3. The Australian Securities and Investments Commission (ASIC);
4. The Financial Markets Authority, New Zealand; and
5. The National Futures Association (NFA), US.
While FOREX market regulatory bodies exist in almost every country, these are the most important five and also the most strict. To learn more about other regulatory bodies, please visit en.arincen.com, where you will find a comprehensive global database.
1. Observing and regulating the work environment in the FOREX market; and
2. Protecting investors and their funds.
FOREX firms must at least obtain one license from a relevant regulatory authority. Otherwise, they should be avoided at all times. In this context, we present the five most important FOREX market regulatory bodies from around the world.
1. The FCA, UK;
2. The Swiss Financial Market Supervisory Authority (FINMA);
3. The Australian Securities and Investments Commission (ASIC);
4. The Financial Markets Authority, New Zealand; and
5. The National Futures Association (NFA), US.
While FOREX market regulatory bodies exist in almost every country, these are the most important five and also the most strict. To learn more about other regulatory bodies, please visit en.arincen.com, where you will find a comprehensive global database.
How to Verify that your Broker has Authorization
To check if a FOREX broker is regulated by CNMV, you simply need to find the CNMV registration number on the broker's homepage. From there, you can look up the licensing number on the financial register available on the CNMV’s Website to confirm if the broker is currently licensed in Spain.
For this introduction, we looked at the best FOREX brokers in Spain. We began by identifying the best five FOREX brokers in the country, listing, and ranking them by their Arincen trustscore. We then briefly described the regulatory environment governing these companies (more on this later on in the article). Finally, we advised readers how they should go about ensuring that the broker into which they are looking is licensed by a tier-1 regulator, such as the UK’s FCA, and, therefore, deemed trustworthy.
For this introduction, we looked at the best FOREX brokers in Spain. We began by identifying the best five FOREX brokers in the country, listing, and ranking them by their Arincen trustscore. We then briefly described the regulatory environment governing these companies (more on this later on in the article). Finally, we advised readers how they should go about ensuring that the broker into which they are looking is licensed by a tier-1 regulator, such as the UK’s FCA, and, therefore, deemed trustworthy.
The Dos and Don’ts of FOREX Brokers
One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do.
There are seven things brokerage firms cannot do:
There are seven things brokerage firms cannot do:
- The FOREX brokerage firm cannot recommend a buy or sell;
- The FOREX brokerage firm must not provide price or market expectations (rise/fall);
- The FOREX firm cannot control your financial dealings (deposit/withdrawal);
- The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
- The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it from beforehand;
- The brokerage firm must not use bank accounts not under its name; and
- FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules aforementioned should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert Website like Arincen, something we will delve into toward the end of this article.
FOREX Trading Scams and How to Avoid Them
The CNMV takes an active role in monitoring scam activity in Spain and publicizing information about brokers that are operating in the country illegally. In 2019, the CNMV did more than simply issue generic warnings against illicit brokers, but went as far as to issue a press release directly naming 21 FOREX and crypto brokers operating in the country illegally.
Furthermore, consumers have access to channels through which they can initiate complaints and tip-offs relating to suspicion of fraudulent activity or scams. In light of this, traders operating in the Spanish financial system can consider themselves well protected from FOREX scams.
Furthermore, consumers have access to channels through which they can initiate complaints and tip-offs relating to suspicion of fraudulent activity or scams. In light of this, traders operating in the Spanish financial system can consider themselves well protected from FOREX scams.
Will Your Money Be Protected if Your Broker Becomes Insolvent?
The CNMV operates an investment guarantee fund that is applicable to all types of financial assets up to an amount of €100,000. This ever-changing legislation does not make special mention of FOREX claims, but indicates that the CNMV will moderate claims by disgruntled traders working with all brokers under its control.
For Spanish nationals working through an FCA-regulated broker, as is permitted under EU laws, they are entitled to compensation of up to £85,000 through the Financial Services Compensation Scheme (FSCS). Spanish nationals working through a CySEC regulated broker are entitled to compensation of up to €20,000 through the Investor Compensation Fund (ICF).
For Spanish nationals working through an FCA-regulated broker, as is permitted under EU laws, they are entitled to compensation of up to £85,000 through the Financial Services Compensation Scheme (FSCS). Spanish nationals working through a CySEC regulated broker are entitled to compensation of up to €20,000 through the Investor Compensation Fund (ICF).
Recommended Brokers
What Tools and Platforms Should FOREX Brokers Offer?
The best brokers offer platforms that can be used by traders with different requirements. Be they Web-based or downloadable, platforms must be customizable with good technical indicators and strong risk-management tools.
Professional traders will be looking for sophisticated platforms with exceptional performance and a seamless trading experience featuring a range of charts, market indicators, and drawing tools. Beginner traders will be looking for an intuitive design, clear action labels, and helpful tips and prompts.
It may seem obvious, but brokers operating in Spain must provide not only an interface in Spanish, but also a professional customer service desk that is manned by fluent Spanish speakers. The latter offering is not always prevalent, as some brokers, seeking to economize and keep staff costs down, only offer customer service in English.
Which FOREX broker has the best platform?
For traders on the lookout for a mature broker that has taken the time to develop all its products and features to a high level, look no further than Saxo Bank. Further, Saxo Bank has developed its proprietary platform to the extent that many believe its innovative tools are superior to MT4, the industry staple.
Which FOREX broker charges the lowest fees?
After conducting thorough research, we can say with confidence that FXDD’s ECN account offers the best low fees for any kind of trader.
Which FOREX broker offers the most CFDs?
For brokers that deal in the most CFDs, look no further than CMC Markets and IG, both of which offer extensive CFD selections.
Which FOREX broker offers the most assets?
The modern trader is interested in getting as much choice as possible. You will not go wrong by checking out the wide range of assets offered by CMC and IG, which are both known for their vast range of asset classes.
Which FOREX broker is best for professionals?
Professional traders are interested in peerless execution speed, tailor-made account types, and advanced indicators like Bollinger Bands, Harmonics, and Elliot Waves, to name a few. Indeed, professional traders demand the best and the latest technologically-driven products. As the most widely-used FOREX platform, MT4 ticks all these boxes, so any broker that uses this third-party platform should get your attention.
Best FOREX Brokers and Platforms for Beginners in Spain 2023
Here is a short summary of each broker and their pros and cons
- FXDD 92.15 Best Overall Broker
- ICM Capital 91.10 Best Deposit and Withdrawal Broker
- XTB 85.55 Best Customer Service Broker
- IG 85.45 Best Regulations Broker plus Convenient Platform
- Saxobank 80.09 Excellent Private Trading Platform
- CMC Markets 80.07 More than 9,000 Assets
- Think Markets 80.05 Aimed at the Audience of Traders
FXDD Broker
FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money.
| Broker Evaluation | 7.22 |
| Regulatory Bodies | |
| Minimum Deposit | $450 |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United States of America |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Established in 2002.
-
Segregated client funds.
-
Low minimum deposits.
-
No commissions on the Standard Account.
-
A choice of two account jurisdictions.
-
Multiple platform support and comprehensive market data and analysis.
-
A good range of currency pairs and other assets to trade.
Cons
-
Not available to traders in the US.
-
Relatively limited range of instruments.
-
EU-client leverage restricted to 1:30.
ICM capital Broker
CM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
| Broker Evaluation | 8.11 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Segregated client funds.
-
Regulated by the UK’s FCA.
-
Established in 2009.
-
More than 10,000 ICM Capital users and traders.
-
Reasonable minimum deposit from $500.
-
Decent funding options.
-
No swaps.
-
MetaTrader4 (MT4) desktop and mobile download.
Cons
-
Does not allow scalping.
-
Not ASIC-regulated.
-
Relatively limited range of instruments.
-
Slow live-chat service.
-
Relatively high trading fees.
-
Limited range of trading tools and resources
XTB Broker
What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
| Broker Evaluation | 8.55 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 -Web Platform |
Pros
-
Long history of operation.
-
Globally recognized, having won multiple awards.
-
Some of the lowest FOREX spreads in the market.
-
Regulated by the FCA (UK).
-
Offers protection for client accounts.
-
Emphasis on customer service.
-
Excellent support, learning and research tools.
Cons
-
Does not accept US clients.
-
Non-FOREX spread costs are relatively high.
-
No GSLO.
-
No back-testing or automated trading capabilities.
-
Conditions vary according to regulation and entity.
ig markets Broker
IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
| Broker Evaluation | 7.54 |
| Regulatory Bodies | |
| Minimum Deposit | 250$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Easy-to-navigate platform that is simple for beginners to master.
-
Margin rates are easy to understand and affordable.
-
Mobile and tablet platforms offer full functionality of the desktop version.
-
Accepts US clients.
-
Access to more than 100 currency pairs
-
Emphasis on education and research.
-
Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
-
Offers protection for UK/EU client accounts.
Cons
-
US traders can currently only trade FOREX.
-
No GSLO for US-based traders.
-
No account protection for US clients.
-
Relatively high share-CFD fees.
-
No copy trading or back-testing integration on IG platform.
SAXO BANK Broker
Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
| Broker Evaluation | 6.09 |
| Regulatory Bodies | |
| Minimum Deposit | 10000$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card |
| Main Branch | Copenhagen, Denmark |
| Customer Service | 24/5 |
| Demo account | No |
| Trading Platforms | SaxoTrader |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK) and other top regulators.
-
Great trading platform.
-
Among the industry’s best research.
-
Superior user interface.
-
Offers protection for client accounts.
Cons
-
High bond, options and futures fees.
-
Lack of emphasis on customer service.
-
Confusing instrument fee structures.
-
High minimum deposit.
-
Does not accept US clients.
-
No MT4.
-
Lacks live chat.
CMC MARKETS Broker
CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
| Broker Evaluation | 7.07 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK).
-
Low FOREX fees.
-
Emphasis on education and customer service.
-
Great Web and mobile platforms.
-
Offers protection for client accounts.
-
Research amenities are industry leading.
Cons
-
Does not accept US clients.
-
Limited product portfolio.
-
High stock CFD fees.
-
High CFD spreads for certain indices.
-
Differences between Next Generation and MT4.
-
Complicated account verification.
-
No back-testing or automated trading capabilities.
think markets Broker
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
| Broker Evaluation | 8.05 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | Australia |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -Web platform-mt4- mt5 |
Pros
-
Beginner assistance offered through 24/6 channels.
-
Spreads are as low as 0.0 pips.
-
24/7 expert customer service.
-
CFD shares and indices come at no extra fee.
-
Zero broker fees for FOREX trading.
-
Technical analysis and quality market information.
-
Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.
Cons
-
Direct share trading is on a separate platform.
-
No binary options offered.
-
Commissions charged for two account types.
-
After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
-
No US, Canada or Japan clients allowed.
Who is Arincen and What Do We Do?
Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a compressive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich, one can create his own private portfolio of traders and experts they like and, at the same time, follow their recommendations and investment sentiments.
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting Webinars – all done in a modern and fast-paced work environment. Get all what you need in one place, not less, not more. In short. Arincen: We Meet to Simplify the Trading World.
Conclusion
If anything, the key message to take away from this article is that the FOREX brokerage firm one picks must be legally licensed and well-regulated. On a final note, it is never advisable to deal with FOREX companies on your own. It is best this is done with the help of industry experts, who can provide you with all the services FOREX companies cannot. Start trading using Arincen and enjoy all the services, advice and tools it has to offer while making your trading experience profitable!
Arincen’s Review Methodology
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
Companies’ Websites.
- Other Websites that have ranked FOREX companies.
- A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterward we validated the data by:
Registering with FOREX companies as a secret shopper and/or as Arincen.
- Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
FAQ
Is FOREX trading legal in Spain?
Yes, trading FOREX trading is entirely legal in Spain and the greater EU. As a highly developed free-market economy, there are no restrictions on this activity.
What is FOREX?
The FOREX market is a place where global currencies are bought and sold. It is a large and active marketplace that requires technologically superior tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.
What is FOREX trading?
FOREX trading involves buying and selling different worldwide currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for the right moment to make a sale for a profit.
What costs and commissions are associated with FOREX trading?
FOREX brokers charge any combination of commissions, spreads and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market rate spread and levy a commission per trade outside the spread.
Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time.
How important is good customer service in FOREX trading?
As high market availability is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support in your local language around the clock. Company representatives must be easy to reach, well-trained and knowledgeable enough to be of use in times of difficulty.
Is FOREX trading taxable in Spain?
Yes, FOREX trading is taxable in Spain. Profits from FOREX, stocks, commodities, individual shares and bonds will be treated as personal income that is taxed on a sliding scale from 19% to 26%, depending on the amount. As always, we would advise you to consult a tax expert.
Written by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20years, he has developed deep experience in such diverse areas as investing, business, finance,technology and macroeconomics. He is passionate about captu...
Edited by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that...
Fact Checked by
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Bahaa Khateeb
Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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