Best Forex brokers and platforms in Spain – comparison and reviews

Forex trading in Spain has become simple and affordable thanks to a few forex brokers we will highlight in this article. They offer a wide range of trading instruments and have low trading costs, which most forex brokers are looking for in a forex broker. 

See the list of the 2 best Forex Brokers in Spain:

Forex Broker:
Open account:
1. BlackBull Markets
BlackBull Markets logo
Starting 0.0 pips & negotiable commission per 1 lot
(64+ currency pairs)
+ ECN Broker
+ Deep pool execution
+ High liquidity
+ Best execution
+ Leverage 1:500
+ MT4/MT5
Live-account from
$ 200(Risk warning: 79% of retail CFD accounts lose money)
2. Pepperstone
Starting 0.0 pips & $ 3.5 commission per 1 lot
(40+ currency pairs)
+ Fast execution
+ Large FX Broker
+ Good service
+ MT4/MT5/cTrader
+ TradingView Charts
Live-account from
$ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)

2 best Forex Brokers and platforms in Spain

  1. BlackBull Markets
  2. Pepperstone

1. BlackBull Markets 

The official website of the Forex Broker BlackBull Markets

BlackBull Markets is a forex broker operation in Spain established in 2014 that has offices in Europe, North and South America, Asia, and Africa.

Trading instruments – It offers access to metals, forex, commodities, energies, indices, shares, and CFDs. 

Regulation – BlackBull Markets is licensed by the Financial Services Authority (FSA) in Seychelles and has a derivative provider license from the Financial Markets Authority. It also follows the AML and KYC guidelines for account registration. 

Account types – it offers three types of trading accounts:

  • The ECN Standard with a minimum deposit of $200 
  • The ECN Prime has a minimum deposit of $2000 
  • The ECN Institutional account has an initial deposit of $20,000

The demo account – It has a free demo account with virtual funds of up to $100,000 that traders use to test the trading platform and practice their trading strategies.

Forex spreads – They vary with the type of trading account. The Standard ECN starts at 0.8 pips and has no commissions. The ECN Prime account has forex spreads from 0.1 pips and commissions of $6 per round lot, while the ECN Institutional account has forex spreads from 0.0 pips and commissions that vary with the trade volume.  

Trading costs – The highest leverage traders can access is 1:500. It has no Inactivity fee and low rollover costs for open positions overnight. 

Trading platforms – three trading platforms at BlackBull Markets MetaTrader 4, MetaTrader 5, and Web trader. 

Payment methods – deposit to a trading account is free, while withdrawals cost 5.00 of the account currency. The payment methods supported include bank transfer, Visa/ Master cards, and e-wallets such as Neteller, Skrill, Fasapay, and Union Pay. 

Customer care – Their customer support is available 24/6 through live chat, emails, and phone calls. 

BlackBull Markets logo


  • Low trading costs
  • Fats account opening process
  • User-friendly platform
  • Extensive educational resources 


  • It has a withdrawal fee.
  • A high minimum deposit for the ECN Institutional account

(Risk Warning: Your capital can be at risk)

2. Pepperstone 

The official website of the Forex Broker Pepperstone

Pepperstone is an Australian-based forex broker established in 2010 that has since served over 300K forex traders and processes more than 9.2 billion volumes of trades in a day. 

Trading instruments – Its users can access financial markets such as commodities, ETFs, shares, indices, forex, and CFDs. 

Regulation – Pepperstone has regulations from the Financial Conduct Authority in the United Kingdom (FCA) and the Australian Securities and Investment Commission (ASIC). The broker is also licensed to operate in the UAE through the Dubai Financial Services Authority

Account types – Users can open two types of trading accounts:

  • The Standard account for new traders to transition from the demo accounts has a minimum deposit of $200.
  • The Razor account is designed for more active and advanced trading and has a minimum deposit of $200. 

The demo account – It has a limited demo account of only thirty days after successful account registration. 

Trading costs – The maximum leverage forex traders can access is 1:400 and have overnight open position costs. It has no inactivity or account maintenance charges. 

Trading platforms – The MetaTrader 4, MetaTrader five, and c Trader, which offer fast order processing rates, automated trading, advanced trading tools, and several charting software. 

Payment methods – Deposits and withdrawals are free in Pepperstone. It supports a variety of payment methods like credit/ debit cards, bank transfers, and digital wallets such as PayPal, Neteller, Bpay, Skrill, Union pay, and many more. 

Customer care – Customer support is available 24/5 through phone calls, live chat, and emails.

Pepperstone logo


  • Fast order processing speeds
  • Advanced trading tools
  • Low trading costs
  • A fast account registration process


  • Customer care is available 24/5 
  • Limited educational resources 

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)

Is it legal to trade Forex in Spain?

Forex trading is legal in Spain and is regulated by the National Securities Market Commission. In Spain, it is known as the Comision Nacional del Mercado de Valores (CNMV). It works independently but has to report to the Ministry of Finance and Economy. 

CNMV logo

It offers the legal framework that market participants must adhere to ensure that the securities and exchange markets are secure for forex traders. The CNMV offers its services in Spanish and English and has the mandate to punish companies or agencies that break the stipulated rules and regulations. 

Spain flag

What are the financial regulations in Spain?

The CNMV launched in 1998 and has been operating in Spain for over two decades. It also follows the MiFID laws, which means that any country within the European Union can use the CNMV regulatory agency to regulate financial services. 

Some functions of the CNMV include:

  • It advises the ministry of treasury and economics in Spain about matters concerning securities/investment. 
  • It works with other regulatory institutions such as the ESMA, IOSCO, CERA, OECD, and MIBEL to ensure that the financial industries within Spain and other countries in the European Union are secure. 
  • It is part of the commissions that work with countries in the European Union to find the qualifications that other countries have to meet to access the financial industry in the EU. 
  • It records financial information about the securities and investment markets on its official registers, available to the public. 
  • It ensures that agencies that offer securities for trading are placed on the secondary securities markets.
  • Furthermore, it regulates licensed agencies that offer securities and investments in Spain, such as forex brokers and financial advisors. 
  • Monitors and audits financial requirements, compliance, and risk control for agencies such as credit and investment institutions registered under it.
  • It offers the instructions and policies that financial participants have to follow when offering their services or trading in the financial markets in Spain. 
  • It supervises operations within companies registered under it to operate in France or within the countries in the EU.
  • Security for traders 
  • Forex brokers regulated in Spain have to provide a compensation of 20,000 Euros to investors in case the forex brokers go through a volatile market and losses or become bankrupt. 
  • They also have to offer negative balance protection to investors that protect their funds from complete loss when the market moves against their trade.
  • CNMV has strict guidelines when it comes to leverage. Forex brokers have to offer a maximum of 1:30 leverage rates for retail traders trading in financial markets.

How to trade Forex in Spain – A quick overview

Open a trading account for Spanish traders

Forex brokers offer a variety of trading accounts depending on the type of forex trader. If you are a new trader, you can start with the mini or micro accounts, and some forex brokers have the standard account. 

Advanced, expert, or professional traders can use the Pro, Premium, or professional accounts. For Traders trading high volumes, forex brokers offer professional or institutional accounts. When you are opening a trading account, forex brokers require some details.

The application form requires filling in your name, email address, telephone number, date of birth, home address, type of account, and password. Since Spain complies with ESMA regulations for opening an account, The Know Your Customer (KYC)guidelines need some financial background, such as employment and trading history. 

Start with a demo or real account.

You can start trading from a live account if you already have a trading background. Experts recommend starting with a demo account because you can understand more about how the trading software works. 

The demo account can also help you practice trading an asset with virtual funds before you can risk real funds. 

Deposit money

Forex brokers offer various means of funding your trading account. Payment methods include bank transfers, credit/debit cards, and digital wallets. You can choose the payment method you are comfortable with, available in the region, and the forex broker you use. 

The forex broker will show you which payment method they support; you can choose one and link your trading account with the payment method from these options. Some forex brokers have a transactional fee, but most don’t charge for depositing or withdrawing. 

Apply analysis and a trading strategy before and during trading

IQ Option app analysis

After you have deposited funds, you can start by conducting a technical and fundamental analysis of the forex pair or the financial instrument you want to trade. The fundamental analysis targets the events and market signals that help you estimate the direction of the price action. 

Technical analysis involves using technical indicators, charts, and the financial history of the price action of the underlying market you want to trade. The analysis is important to find the strategic points where you can enter or exit the market and profit from the price action. 

Trading strategies are equally important as they offer a directive on how you can trade the underlying market. Trading strategies target volatile markets, while others work on price patterns such as uptrends or downtrends.  

A trading strategy should have risk management, plans on how to enter or exit the market, and the appropriate trading tools the trader should apply during the trade to increase the profit. Forex traders can develop their unique strategies or borrow strategies that work for a currency pair from expert traders. 

Make profit 

The goal of every trader is to profit from a trading position. If forex traders can practice their trading strategies and improve such that it provides consistent results, they can make more profit than losses from trading or investing in an asset. 

Conclusion: The best Forex Brokers are available in Spain

These 3 forex brokers are among the leading forex brokers we would recommend in Spain. Forex traders can choose among these to open a trading account and test their trading features. You can also find a forex broker among these four that offers the trading instruments you prefer to trade. 

  1. BlackBull Markets
  2. Pepperstone

FAQ – The most asked questions about Forex Broker Spain :

How can I verify the trading license of a Forex Broker on CNMV?

You can verify by visiting the CNMV website and searching for the forex broker details. If the CNMV regulates it, registration details will appear. 

Is it legal to trade Forex in Spain?

It is legal to trade in financial markets such as forex in Spain. Spain also has a regulation authority, CNMV, to ensure the trading process is transparent and fair. 

Is forex trading permissible in Spain?

Yes, traders in Spain can trade forex to earn profits. Forex trading in Spain allows traders to acquire the maximum benefits. The regulating agencies in Spain permit forex trading. So, traders in Spain need not think twice when wanting to trade forex. Spanish traders only need to find a trustworthy forex broker. 

What happens when a trader needs to plan properly while placing a forex trade in Spain?

It does not matter how efficient your online trading platform is. You will encounter losses if you do not plan your forex trading moves well. Proper planning is essential for placing forex trades that will fetch you money. That is why most forex trading platforms offer traders the best features. As a result, they enhance their trading experience. 

Which forex brokers in Spain offer traders competitive pricing?

Many brokers in Spain offer traders competitive pricing. For instance, the four forex brokers we discussed lead in making traders avail themselves of the best trading facilities. Besides, the fees and commissions that they charge are also very low. These four forex brokers have no hidden fees. Thus, a trader can sign up with one of these brokers for the best trading experience. 

Last Updated on January 4, 2024 by Arkady Müller