Forex Trading in Spain

Contributor, Benzinga
verified by Jay and Julie Hawk

Want to jump straight to the answer? The best forex broker for most people is definitely or CedarFX.

As 1 of Europe’s top financial powerhouses, Spain offers forex traders both a strong base currency and a wealth of forex broker regulations to exchanging currencies. 

Are you curious about forex trading in Spain? Our guide to the Spanish forex market, regulations and more will make it easier to get started. 

Best Online Forex Brokers in Spain

When you trade forex, you’ll place your orders through a licensed broker. The broker you choose will make a major impact on the amount you pay when you trade — so it’s worth taking the time to interview a few brokers before you choose which 1 is right for you. If you aren’t where to begin, consider a few of our favorite brokers below. 

get started securely through’s website
Account Minimum
Pairs Offered
1 Minute Review is a one-stop shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While is impressive, remember that it isn’t a standard broker.

Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
  • Cannot buy and sell other securities (like stocks and bonds)
get started securely through IG Markets’s website
Account Minimum
Pairs Offered
1 Minute Review

IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.  

Best For
  • New forex traders who are still learning the ropes
  • Traders who prefer a simple, clean interface
  • Forex traders who trade primarily on a tablet
  • Easy-to-navigate platform is easy for beginners to master
  • Mobile and tablet platforms offer full functionality of the desktop version
  • Margin rates are easy to understand and affordable
  • Access to over 80 currency pairs
  • U.S. traders can currently only trade forex
  • Customer service options are lacking
  • No 2-factor authentication on mobile
get started securely through eToro’s website
Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Account Minimum
$50 USD
Pairs Offered
1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For
  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go
  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
get started securely through Saxo Bank’s website
Account Minimum
Depends on region
Pairs Offered
1 Minute Review

Saxo Bank lets traders trade on a high-performing platform with access to over 40,000 financial products, plus everything needed to make an informed decision about putting plans into action. At Saxo Bank, you navigate market turns via curated investment themes, expert market commentary, alerts to your phone, charting tools and in-depth webinars.

Best For
  • Serious forex traders
  • Investors seeking a one-stop-shop for standard, crypto and derivative investments
  • Inquisitive learners
  • Abundant, broad, unparallelled market analysis and insight
  • Investment platforms that outstrip competitors
  • Free trial with accessible demos
  • Unique analytics tools, like Thought Starters, offering exclusive trading approaches
  • Several platforms fit for beginning investors to day traders
  • Not available to U.S. & Canadian clients
  • Extensive options, platforms and research tips could overwhelm users
Get started securely through AvaTrade’s website
Account Minimum
100 EURO
Pairs Offered
1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For
  • Beginners
  • Advanced traders
  • Traders looking for a well-diversified portfolio
  • Controlled by regulatory agencies of multiple countries
  • Choice offered in terms of trading platforms
  • Support available in 14 languages and trading platforms in 20 languages
  • Practice/demo account available for trying out
  • Breadth of trading assets
  • Does not accept customers from the U.S. as it isn’t regulated in the U.S.
  • Transferring funds to the account may take up to five days; withdrawals could take up to 10 days
Get started securely through Pepperstone’s website
Account Minimum
AUD$200 or equivalent
Pairs Offered
1 Minute Review

Pepperstone is an Australian broker focused on providing international forex, CFD and cryptocurrency trading. Though U.S. traders currently cannot open an account with Pepperstone, the broker remains an affordable and comprehensive option for international traders. 

Pepperstone offers traders access to over 61 forex markets, over 60 CFDs for index funds and stocks and 5 cryptocurrencies. Leverage options with Pepperstone are extensive; you may qualify for up to 500:1 leverage when trading currencies and up to 5:1 leverage when trading cryptocurrencies, for example.

There are a few areas where Pepperstone can afford to improve. We’d love to see Pepperstone add its own trading platform in the future instead of relying entirely on 3rd-party platforms. We’d also love to see direct stock and fund purchase options in the future. Despite these flaws, Pepperstone remains a very strong choice for international traders.

Best For
  • International traders interested in trading CFDs from foreign markets and currencies
  • Traders who are already familiar with the MetaTrader or cTrader platforms
  • Traders who are looking for leverage when trading cryptocurrencies
  • Access to over 61 forex pairs and over 60 stock CFDs
  • Leverage available for both forex and cryptocurrency trading
  • Wide range of educational tools and courses that both beginners and experts can use
  • 24/7 customer service
  • Not currently available to U.S. traders
  • No option to purchase stocks, bonds or mutual funds directly; only CFDs are available
get started securely through Vantage’s website
Account Minimum
$200 – $20,000 depending on account type
Pairs Offered
1 Minute Review

Vantage FX offers services that grant clients fast access to the global forex market and share CFDs through its MetaTrader platform suite, WebTrader and proprietary mobile app. Additional investment instruments in its offering include indices, commodities and cryptocurrencies. However, the company still trails behind other key industry leaders in the area of research and educational material as well as mobile app capability.

Best For
  • Traders that trade medium to high volume
  • Traders who want top-tier liquidity
  • Beginner traders who require access to financial markets
  • Intermediate and advanced traders with a small amount of capital
  • Islamic traders
  • Scalpers, swingers and long-term traders
  • Low trading fees
  • 50% welcome bonus
  • Fast trade execution
  • Free forex signals
  • Negative balance protection
  • 24 hours support
  • Fast account opening
  • Easy deposit and withdrawal
  • ASIC, CIMA, FCA and VFSC Regulation
  • No Canadian or US clients due to CFTC regulations
  • Product range could be increased
get started securely through Moneta Markets’s website
Account Minimum
Pairs Offered
1 Minute Review

Moneta Markets allows users to trade on primary financial instruments that include forex, share CFDs, indices, commodities and cryptocurrencies through their custom web and mobile platforms. However, due to CFTC regulations that make it impossible for US citizens to trade with offshore brokers, the platform is unavailable for US traders.

Best For
  • Beginners, intermediate and advanced traders
  • Scalpers, swingers and long-term traders
  • Traders looking for an all-in-one trading platform.
  • Islamic traders looking for a swap-free trading platform.
  • 4 platforms: MT4, MT5, next-gen WebTrader and AppTrader platforms
  • Wide range of financial instruments
  • Outstanding analytical and educational tools
  • Very competitive low spreads
  • 50% deposit bonus on $500+ live trading account
  • $0 deposit fees
  • It does not require any download
  • Unavailable for US clients
  • Offshore regulators may not guarantee adequate protection
get started securely through Eightcap Forex’s website
Account Minimum
Pairs Offered
1 Minute Review

Eightcap forex is an Australia based forex and CFD broker with an offshore entity in Vanatau. The broker supports the MetaTrader 4 and 5 trading platforms and lets you trade over 200 financial instruments that include forex pairs and some CFDs on shares, indices and commodities. The broker offers customer support in several languages and caters to traders at all levels of expertise. You can trade through Eightcap in over 194 countries worldwide, but not if you are based in the US. 

Best For
  • MetaTrader 4 and 5 traders
  • Active traders looking for low costs
  • Traders looking to automate their strategies
  • MetaTrader 4 and 5 trading platforms
  • Low forex dealing spreads
  • Free deposit and withdrawals
  • Up to 500:1 leverage available to some traders
  • No U.S. clients accepted
  • No negative balance protection

Get Started with Forex in Spain

No matter which forex broker you choose, you’ll go through a similar process when you open an account. Let’s take a look at the basic steps you can expect to take when you open your 1st forex trading account.

  • Step 1: Find a stable internet connection. Forex trading often capitalizes on quick, minute-to-minute price movements. This means that a stable, consistent internet connection is the most important tool a trader can have. Test your internet connection and be sure that your connection is stable before moving forward.
  • Step 2: Choose a broker. You cannot buy and sell currencies directly — you must work through a broker to execute your trades on your behalf. The forex broker you choose will play a direct role in the currencies you have access to, the fees you pay and the platforms you can use. Be sure to take plenty of time to compare brokers before you choose where you want to open an account.
  • Step 3: Open a brokerage account. After you select a broker, open your account. You’ll usually be required to submit a bit of personal information and a scan of your photo ID before you can finish opening your brokerage account.
  • Step 4: Download your trading platform. Though some brokerages do provide a proprietary platform, you might also want to work with a 3rd-party platform like MetaTrader 4 or 5. Check and see which platforms your broker supports before you download.
  • Step 5: Fund your account. After your account is open, it’s time to fund your brokerage account. Most brokers in Spain support bank transfers, wire transfers and even credit card deposits.
  • Step 6: Place your 1st order. Once your account is funded, you can officially trade forex and place your 1st order. 

Spain Forex Trading Strategies

Most Spanish traders trade the EUR-USD currency pair when they get started forex trading. This is because both the euro and the dollar are considered to be safe reserve currencies, which means that fast price fluctuations are unlikely to cause you to lose excessive amounts of money in a short period of time.

Let’s take a look at a few of the most common trading strategies traders in Spain use to capitalize on price movements between the euro and the dollar. Though these strategies aren’t foolproof guarantees you’ll make money, they can provide a strong starting point to build your own trading strategy. 

Reversal Candlesticks

One of the 1st things traders look for when deciding when to buy or sell a currency is a reversal candlestick. When a reversal candlestick is triggered, it indicates that the general trend of a currency’s movement may change. A reversal candlestick might indicate a buy signal or a sell signal depending on its placement.  

Breakout Strategy

The breakout strategy is most commonly used by traders who trade when market volatility is the lowest. Traders using the breakout strategy look for periods when their currency pair is following a sideways pattern. They track this pattern until a “breakout” candlestick forms — that is, a candlestick with boundaries that go outside of the standard pattern. This breakout candlestick may indicate the beginning of a trend movement, which may act as a buy or sell signal depending on its form.   

Forex Trading Example in Spain

How exactly does forex trading work — and is it really possible to make money on the forex market? Let’s take a look at a basic example of how you might earn money trading forex as a resident of Spain or a traveler.

Imagine that you open a brokerage account and fund it with €10,000. Your broker offers you 10:1 leverage, which means that you have the power to trade with €100,000 if you choose to use it.

You believe that the value of the USD will rise in comparison to the EUR soon. You use all of your leverage to convert your EUR to USD, which is currently trading at a rate of 1:1.12. This means that when you use all of your capital and your leverage, you’re left with $112,000 USD.

A few days later, you see that you were correct — 1 EUR is now worth only 1.09 USD. You decide that now is the right time to convert your entire lot of USD back to your base currency. After your conversion, you’re left with about €102,752 EUR. After you account for what you borrowed in leverage, you made a profit of about €2,752 EUR on this transaction. 

Making Money with Forex in Spain

It’s legal and safe to earn money trading forex in Spain. Spanish traders are at an advantage over traders in other countries because the Spanish forex industry is well-regulated. Spanish investors enjoy protections from the Comision Nacional del Mercado de Valores and the Ministry of Economy and Finance of Spain as well as the Markets in Financial Instruments Directive that controls the forex markets of the European Union. 

The euro is also an exceptionally strong base currency, as the world’s second most popular base currency. This means that the euro showcases a stronger sense of liquidity and maintains its value well when compared to other currencies.

There are a few steps that forex traders should take to protect themselves when trading for the 1st time. Be sure that you only work through a licensed broker — though Spain enjoys a very high level of oversight, forex scams do still exist. You should also be very careful when using leverage, especially when trading minor currency pairs.

Take Your First Steps Into Forex

With more than $5 trillion moving in and out of the market on a daily basis and near around-the-clock availability, there’s little question why forex trading is so popular. However, this doesn’t mean that you’re guaranteed to make money forex trading — especially as a 1st-time trader. Be sure to practice your trading strategy using a demo account or paper trading account before you invest any of your own money.  

Get a Forex Pro on Your Side, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with’s Active Trader Program

Learn more about’s low pricing and how you can get started trading with