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Best FOREX Brokers in Spain for 2024

With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.

You're here because you want to find out about the best FOREX brokers in Spain. With the number of FOREX brokers on the rise, it's becoming a much more competitive environment. The top FOREX brokers are all trying to improve their services to attract more users. For you, the user, this means more variety of choices, but this also means more complexity.
At Arincen, we are always striving to simplify the world of trading for you, our readers. For this reason, we will be listing the best FOREX brokers in Spain today. This ranking is the result of a detailed review process carried out by our experts at Arincen. We will share our review methodology so you can understand why we chose the companies we did. 

Best FOREX Brokers in Spain in 2024

Company name ICM Capital
Regulations
Minimum deposit 500$
Main branch United Arab Emirates
Company name FXDD
Regulations
Minimum deposit $450
Main branch USA
Company name XTB
Regulations
Minimum deposit 500$
Main branch UK
Company name IG
Regulations
Minimum deposit 500$
Main branch UK

Top Tips for Choosing the Best FOREX Brokers in Spain

There are several outstanding FOREX brokers operating in Spain. As always, it's important to safeguard your investments by partnering with a broker who has a proven history of success in this market. Undertaking thorough research is the key. Here are some of the most crucial elements to keep in mind when selecting a broker in Spain:
• The broker must be supervised by a high-tier regulatory body, which could be a local Spanish regulator or an international one
• The broker's fee structure must be competitive
• The broker must provide a broad range of financial assets for trading
• The broker must boast a customer service team that responds promptly and efficiently
• The broker should have a comprehensive package of research tools and educational resources available.

Best FOREX Brokers and Platforms for Beginners in Spain for 2024

With so many choices out there, it's tough to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons
  1. FXDD 92.15 Best Overall Broker
  2. ICM Capital 91.10 Best Deposit and Withdrawal Broker
  3. XTB 85.55 Best Customer Service Broker
  4. IG 85.45 Best Regulations Broker plus Convenient Platform
  5. Saxo Bank 80.09 Excellent Private Trading Platform
  6. CMC Markets 80.07 More than 9,000 Assets
  7. ThinkMarkets 80.05 Aimed at the Audience of Traders
ICM capital Broker

ICM capital Broker

ICM 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
FXDD Broker

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.
XTB Broker

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 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

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 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

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.

There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.

What Is FOREX and Why Do We Need a Broker to Trade?

The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders all over the world rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world with some six trillion dollars changing hands daily. FOREX brokers in Spain play a key role in this marketplace 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 one of the best FOREX brokers 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.


Best FOREX Brokers in Spain

Regulation and Licensing in Spain

Ensure your chosen broker is regulated by a reputable authority. FOREX brokers must be regulated by the same regulators that regulate other financial assets, such as crypto, commodities, and indices. Remember that you do not have to use a broker with international regulation if your local broker is regulated by a solid local regulator. In the case of Spain, being regulated by the CNMV is enough.
The choice of a regulated broker isn't merely a matter of preference—it's a protective measure. When a broker is regulated, it undergoes stringent assessments to ensure transparency, fair trading practices and your financial security. Opting for an unregulated broker brings with it significant risks.
To ensure that your broker is legit, you can follow these steps:
Remember that it's important to comply with all applicable requirements, including any self-regulatory organizations to which brokers belong, and not just those mentioned here.
On the matter of regulations, a vital part of the trading landscape, 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 five key regulators also happen to be some of the strictest.

Choose a broker under the watch of a trusted regulatory authority who is renowned for their rigorous oversight. There's no obligation to opt for an overseas regulator; reputable brokers also operate within your own jurisdiction. To confirm if your broker is registered with a regulator, navigate to the regulator’s official website.

Leverage

There are numerous significant regulators worldwide. Depending on how your broker operates within the regulatory system, you'll come across different rules regarding leverage. Several major regulators have set out specific guidelines to protect individual traders.
Besides being regulated by the CNMV, brokers in Spain must fall in line with the European Securities and Markets Authority (ESMA) guidelines and the Markets in Financial Instruments Regulation (MiFIR). Let's look at selected leverage rules around the world:
The CNMV in Spain:
30:1 for major currency pairs 
20:1 for non-major currency pairs
2:1 for cryptocurrencies 
The ASIC in Australia:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major stock market indices
10:1 for commodities other than gold and minor stock market indices
5:1 for equities (stocks) and other underlying assets
2:1 for cryptocurrencies
FINMA in Switzerland:
FINMA doesn't specify leverage limits like ASIC. However, Swiss brokers must strictly adhere to robust capital and risk management requirements, ensuring that they do not offer excessively high leverage that could endanger their financial stability or their clients' funds.
The FCA in the UK:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major indices
10:1 for commodities (excluding gold) and non-major equity indices
5:1 for individual equities and other reference values
2:1 for cryptocurrencies
It's worth mentioning that these rules mainly target regular individual clients. If you're a professional trader, your access to leverage might vary depending on both the rules in place and the policies of your broker. As you can tell, diligent regulators keep a close eye on how much leverage is allowed. Nevertheless, you can still use a regulator from your own country, even if it doesn't fall under the category of a top-tier regulator.

Retail traders should be cautious when trading with high leverage due to the significant risks involved. While leverage can increase gains, it can also magnify losses. You should be careful when trading with high leverage, that’s why you need the right knowledge and experience to handle the highs and lows that come with this form of trading.

Stop out

As a FOREX trader, it's crucial to understand the most important terms you'll encounter to avoid going into a negative balance. One of these terms is "stop out," which refers to a situation where a broker automatically closes some or all of your open positions to prevent your account from going into a negative balance. 
This is especially relevant for traders using leverage. The stop-out level is typically expressed as a percentage, representing the margin level at which the broker starts to close out open trades.
Here are the three most common stop-out levels:
0% Stop-Out Level
At this level, when the margin level of the account drops to 0%, the broker will automatically close all open positions. This is the most aggressive stop-out level, and it gives no room for your positions to recover, even if the market turns in your favor immediately after reaching this level.
Here's how it works:
Imagine you have a trading account with a balance of $10,000, and you've opened several positions in the market. Your broker has a 0% Stop-Out Level policy, which means that if your margin level drops to 0%, they will automatically close all your open positions to prevent further losses.
50% Stop-Out Level
Here, if the margin level drops to 50%, the broker will start closing out positions. It offers a bit more flexibility compared to the 0% level. The broker will typically close the most unprofitable positions first, and if that's not enough to bring the margin level back above 50%, more positions will be closed until it's achieved.
100% Stop-Out Level
A 100% stop-out level means that when a trader's equity equals the margin required for the open positions, the broker will start closing those positions. It's important to know that this is similar to the 0% level but might be worded differently based on broker terminology.
It's worth noting that while stop-out procedures are meant to protect traders from negative balances, they can lead to significant losses in volatile markets if positions are closed automatically, especially if the market quickly reverses after the stop out. As such, using protective measures like stop-loss orders and not over-leveraging is always a good idea. Additionally, the specific percentage and the order in which positions are closed can vary among brokers, so it's essential for traders to be aware of their broker's policy on stop-out levels.

Commissions and Fees

Trading fees can sometimes be hard to understand. Be sure to check how these fees compare with industry standards:
Spreads: There are two main kinds of spread, one is fixed and the other is variable. Generally, the spread refers to the gap between two prices, such as the bid/ask rate in a currency exchange rate. If you are getting a spread of 1.4 pips for the EUR/USD, you can rest easy that you are getting a good deal at present market rates. The narrower the better; this means that a spread of 1.4 pips is better than a spread of 2 pips. This article explains more about this important concept.
Commission: This is nothing more than the service charge that brokers require for carrying out transactions on behalf of their clients.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely.
Withdrawal and Deposit Fees: Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.
Subscription or Inactivity Fees: Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
To keep track of trading fees, you can follow these steps:
Remember that trading fees can have a significant impact on your trading profits, so it's important to choose a platform that offers competitive fees and suits your trading needs.
Spread Commission Swap Islamic Account
Currencies Starting from 1.3 Pips 0$ No Available
Stocks Starting from 18 Pips 0$ Yes Unavailable
Commodities Starting from 2.3 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips 0$ No Available
Stocks Starting from 0.04 Pips 0$ Yes Unavailable
Commodities Starting from 0.17 Pips 0$ No Available
Indices Starting from 1.30 Pips 0$ No Available
Spread Commission Swap Islamic Account
Currencies Starting from 0.2 Pips 0$ No Available
Stocks Not Mentioned 0$ Yes Unavailable
Commodities Starting from 8 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.6 Pips 0$ Yes Unavailable
Stocks Starting from 2.4 Pips 0$ Yes Unavailable
Commodities Starting from 0.1 Pips 0$ Yes Unavailable
Indices Starting from 0.2 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.9 Pips $0 Yes Unavailable
Stocks Starting from $0.02 $6 Yes Unavailable
Commodities Starting from $0.6 $6 Yes Unavailable
Indices Starting from $0.7 $6 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.5 Pips $0 Yes Unavailable
Stocks Starting from $0.2 $10 Yes Unavailable
Commodities Starting from 0.2 Pips $0 Yes Unavailable
Indices Starting from 0.5 Pips $0 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips $0 Yes Unavailable
Stocks Starting from 0.1% $0 Yes Unavailable
Commodities Starting from $0.19 $0 Yes Unavailable
Indices Starting from 0.4 Pips $0 Yes Unavailable

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 local brokers accept all major payment methods. These include credit and debit cards, wire transfers, and all major eWallets.
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1.9% 2.5% Unavailable 3.75%
Withdrawal fee 0$ $15 1% $0 Unavailable 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee $0 $0 + Bank commission 0$ 0$ 0$ Unavailable
Withdrawal fee $30 $30 $30 $30 $30 Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1% 1% Unavailable Unavailable
Withdrawal fee 1.5% 30$ 1% 1% Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 0$ 2.5% Not mentioned Unavailable
Withdrawal fee 0$ $0 + Bank commission 5.50$ 0-7.5% Not mentioned Unavailable

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 from having to worry about problems down the road. 
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Very Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Moderate
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Moderate Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Very Fast Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Slow Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Moderate Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Moderate Fast Moderate Not Available

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). For your own safety, make sure that you use a strong password to secure your account. 

Trading Platforms, Tools, and Features

When picking a trading platform, it's crucial to consider what works for both beginners and experienced traders. Here are some things to think about:
Technical Analysis Tools: Look for a platform that has solid technical indicators. They are useful for making smart trading decisions.
Customization and User-Friendliness: You should be able to tweak the platform to match your style. Within the MetaTrader product family, both MT4 and MT5 are known for their excellent customization features. Here’s a comparison between the two.
Platform Accessibility: Whether it's web-based or downloadable, a good platform should give you options.
Risk Management Tools: Trading is risky. A top-notch platform should allow you to set stop-losses and take-profits to manage those risks.
Performance and Reliability: As a newcomer, you should be looking for a platform that runs smoothly when called upon.
Learning and Help Resources: It's a boost if the platform is not only visually pleasing and customizable, but also comes with guides and support to help you when you're stuck.
To find the perfect platform, here's what you can do:
Figure Out Your Style and Needs: First, decide how you want to trade and what you need from a platform.
Research Different Platforms: Look at what's out there and compare what they offer.
Test with a Demo Account: Try the platforms by using a demo account. This gives you the chance to trade in a risk-free environment with virtual money.
Check Reliability and Reputation: Make sure the platform is known for being dependable and trusted in the trading world.
Remember, the platform you choose can make a significant difference in how successful your trading is, so take your time picking the right one.

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.

Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.

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.

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 FOREX brokers in Spain.
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).

Trading with an unregulated broker can have dire consequences. Regulated brokers must comply with strict rules to protect your interests. Unregulated brokers may engage in fraudulent activities, such as misappropriating client funds, and may not have adequate measures in place to protect your data. For a list of the best regulators, read our article here.

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:
  1. The FOREX brokerage firm cannot recommend a buy or sell;
  2. The FOREX brokerage firm must not provide price or market expectations (rise/fall);  
  3. The FOREX firm cannot control your financial dealings (deposit/withdrawal);
  4. The FOREX brokerage firm should not “manage” your portfolio under any circumstance.
  5. The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it beforehand.
  6. The brokerage firm must not use bank accounts not under its name; and
  7. 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 should be avoided. 

Tradable Assets and Instruments

Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments:
FOREX
This vibrant market is for traders like you. It features the largest trading volume globally. FOREX brokers in Spain allow traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.
Commodities
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies.
CFDs
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies, and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease.
Equities or Stocks
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.
Indices
These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.
Cryptocurrencies
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
Bonds
These debt securities offer periodic interest to holders and return the principal amount at maturity. Bonds are best for those interested in fixed returns.
Options and Futures
These derivative products allow traders to hedge against potential losses or speculate on price movements without owning the underlying asset.
Brokers Currency pairs Stocks Indices Commodities Crypto ETFs
FXDD 67 Pairs 1100 Shares 45 Indices 10 Commodity 30 Coins 1200 ETFs
ICM Capital 67 Pairs 89 Shares 17 Indices 12 Commodity 6 Coins Unavailable
XTB 57 Pairs 1848 Shares 36 Indices 22 Commodity 22 Coins 135 ETFs
IG 108 Pairs 20000 Shares 200 Indices 20 Commodity 5 Coins 200 ETFs
Saxo Bank 320 Pairs 22000 Shares 200 Indices 200 Commodity 9 Coins 6700 ETFs
CMC Markets 330 Pairs 8000 Shares 80 Indices 100 Commodity 18 Coins 200 ETFs
Think Markets 46 Pairs 3750 Shares 15 Indices 11 Commodity 21 Coins 350 ETFs

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. What's more, 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.

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, that you 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 that you need in one place. Our motto: We Meet to Simplify the Trading World.    

Conclusion

Any new trader entering the FOREX market is heading into a space that is much more vibrant, competitive, and safe than at any time in our history. It's an exciting time to be starting out this adventure. Like any such enterprise, you need to make sure you are safe from pitfalls. That's why we will always reiterate our key message which is that any of the top online FOREX brokers you pick must be legally licensed and well-regulated.
Next, be sure to vet the broker's tools, platforms, and reputation. Make sure that you can get customer service in your local language whenever you need it. If at any stage you are unsure about what steps to take when vetting the best online brokers in Spain, you can always refer back to this article.

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.
  1. Other Websites that have ranked FOREX companies.
  2. A survey questionnaire (referred to here as Survey “1”) was 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.     
Afterwards, we validated the data by:
Registering with FOREX companies as a secret shopper and/or as Arincen.
  1. Survey number “2,” in which we asked these companies’ customers for important feedback and 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 considering 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 to 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 about how we came up with the evaluation, please click here.

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

FAQ

Is FOREX trading taxable in Spain?

The taxation of forex trading proceeds in Spain depends on several factors, including your residency status, the frequency of your trading activity, and the purpose of your trading. If you are a tax resident of Spain, your worldwide income is subject to taxation in Spain, including any profits you make from FOREX trading. FOREX gains or losses are typically treated as capital gains or losses.

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.
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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...
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Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that...
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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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