Best forex brokers in Spain
5 of the 7 brokers we review offer forex to residents of Spain. XTB leads, as it does wherever it qualifies; the other two places go to brokers available locally.
By Broksal Team, investing in forex and CFD markets since 2017. Updated . How we test
How we score
Each broker gets five sub-scores out of 5:
Regulation and safety (30%), trading costs (25%), platforms and tools (20%), range of markets (15%) and ease of use (10%). The overall score is the weighted average, rounded to one decimal.
Availability is checked against each broker's published country lists. The ranking order is editorial and reflects our commercial agreements, so it does not always follow the scores. Full methodology
Advertiser disclosure
Broksal is free to use because some brokers pay us a commission when you open an account through our links. This can influence which broker we feature and the order in which brokers appear.
Commissions never change the facts we publish about regulation, fees or country availability, and they cost you nothing.
Top 3 forex brokers for Spain
- 1
Our top pick in Spain
XTB
4.8Own platform, no minimum deposit, commission-free stocks and ETFs within a monthly limit
Forex CFDs Forex CFDs on xStation 5 with an average EUR/USD spread of about 0.8 pips on the Standard account and no commission.
- Minimum deposit
- No minimum
- Platforms
- xStation 5 (web & desktop), XTB mobile app
- Entity for Spain
- XTB S.A. — KNF (Poland)
- CFDs
- Yes
Show pros, cons and feesHide details
xStation 5: Market Watch with sentiment tabs on the left, an EUR/USD hourly chart with one-click order entry, and open positions below. Account number blurred. What we like
- Publicly listed in Warsaw with KNF, FCA and CySEC oversight
- No minimum deposit
- xStation 5 is fast, clean and has built-in market sentiment and calendars
- Real stocks and ETFs commission-free up to €100,000 monthly turnover
Watch out for
- No MetaTrader or cTrader
- Since March 2026 the international entity accepts residents of only a short list of countries
- Inactivity fee after 12 months without trading
Fees
CFDs are priced through the spread on the Standard account. Real stocks and ETFs are commission-free up to €100,000 of monthly turnover, then 0.2% (minimum €10). Currency conversion and overnight swap costs apply.
Best for
Beginners and active traders who want one app for CFDs and real stocks.
- 2
Interactive Brokers
4.7The widest market access here, with low costs and top-tier regulation
Serves Spain through its EU regulated entity
Spot forex and CFDs Interbank pricing from 0.1 pips with a 0.2 basis point commission (minimum $2); spot forex as well as forex CFDs.
- Minimum deposit
- No minimum
- Platforms
- Trader Workstation (TWS), IBKR Desktop, Client Portal (web) +2
- Entity for Spain
- Interactive Brokers Ireland Limited — Central Bank of Ireland
- CFDs
- Yes
Show pros, cons and feesHide details
Interactive Brokers homepage, showing the desktop platform and mobile app and the new AI-assisted analysis integrations. What we like
- Listed on Nasdaq and regulated by top-tier authorities worldwide
- Access to stocks, options, futures and bonds on 150+ markets
- No minimum deposit and no inactivity fee
- Accepts residents of most countries
Watch out for
- Trader Workstation has a steep learning curve
- CFDs are not available to US residents
- Account opening asks for more documents than most brokers
Fees
Two pricing plans: Fixed (one all-in commission) and Tiered (lower exchange-based commission plus pass-through fees). CFD commissions are charged per trade, with financing on overnight positions. There is no inactivity fee.
Best for
Experienced investors who want access to global exchanges.
- 3
IC Markets
4.6Raw spreads, MetaTrader, cTrader and TradingView in one account (now branded IC)
Serves Spain through its EU regulated entity
Forex CFDs Raw Spread account: about 0.1 pips on EUR/USD plus $7 per lot round turn, on MetaTrader, cTrader or TradingView.
- Minimum deposit
- From $0 (varies by entity)
- Platforms
- MetaTrader 4, MetaTrader 5, cTrader +1
- Entity for Spain
- IC Markets (EU) Ltd — CySEC
- CFDs
- Yes
Show pros, cons and feesHide details
IC EU homepage after the rebrand from IC Markets: raw spreads from 0.0 pips and leverage up to 1:30 for EU retail clients. What we like
- Raw Spread accounts with low commissions
- Four platforms, including cTrader and TradingView
- ASIC and CySEC regulated entities
- Popular with automated and high-volume traders
- Rebranded to IC in 2026; same regulated entities
Watch out for
- Not available in the US, Canada, Israel or New Zealand
- Minimum deposit depends on the entity you are assigned
- Thin education and research compared with XTB or IBKR
Fees
Raw Spread accounts charge a commission per lot on top of raw interbank spreads (on MetaTrader it is $3.50 per side per standard lot). The Standard account has no commission and wider spreads. Swaps apply overnight.
Best for
Cost-sensitive and algorithmic traders.
Also available in Spain:
XM 4.6
eToro 4.3
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. Consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Each broker publishes its own current loss percentage on its website.
Forex from Spain: the rules
Retail leverage on major currency pairs is capped at 30:1 for residents of Spain, and 20:1 on other pairs, with negative balance protection. Locally, financial services are supervised by the CNMV.
Freedom24 has a local subsidiary and office in Spain. XTB has offered stock options to Spanish clients since 2026 and plans to launch spot crypto in Spain.
Best time to trade currencies from Madrid
Major currency pairs are usually most liquid while London and New York are both open: 15:30–17:30 local time (UTC+2, early October 2026). The forex week runs from Sunday 23:00 to Friday 23:00 local time.
Tax
CFD gains are part of the savings tax base, taxed progressively from 19% up to 30% on the highest band. Accounts at foreign brokers above €50,000 must be reported on form 720. This is general information, not tax advice. More on trading from Spain.
All 7 brokers we review, checked for forex in Spain
| Broker | Status | Access | Entity for Spain |
|---|---|---|---|
| XTB | #1 in this ranking | Forex CFDs | XTB S.A. — KNF (Poland) |
| XM | Available | Forex CFDs | Trading Point of Financial Instruments Ltd — CySEC |
| IC Markets | #3 in this ranking | Forex CFDs | IC Markets (EU) Ltd — CySEC |
| Interactive Brokers | #2 in this ranking | Spot forex and CFDs | Interactive Brokers Ireland Limited — Central Bank of Ireland |
| Freedom24 | No forex here | — | — |
| IQ Option | Not available in Spain | — | — |
| eToro | Available | Forex CFDs | eToro (Europe) Ltd — CySEC |
Forex rankings in countries bordering Spain
| Country | Brokers offering forex | #1 |
|---|---|---|
| 🇦🇩 Andorra | 4 | XM |
| 🇫🇷 France | 6 | XTB |
| 🇵🇹 Portugal | 5 | XTB |
| 🇲🇦 Morocco | 4 | XM |
Frequently asked questions
What is the best forex broker in Spain?
XTB, in our ranking. Forex CFDs on xStation 5 with an average EUR/USD spread of about 0.8 pips on the Standard account and no commission. Interactive Brokers and IC Markets complete the top 3.
Which brokers offer forex to residents of Spain?
Of the brokers we review: XTB (forex cfds), XM (forex cfds), IC Markets (forex cfds), Interactive Brokers (spot forex and cfds) and eToro (forex cfds).
What are the rules for forex in Spain?
Retail leverage on major currency pairs is capped at 30:1 for residents of Spain, and 20:1 on other pairs, with negative balance protection.
When is forex most liquid in Spain?
Usually 15:30–17:30 local time, while London and New York are both open (early October 2026 times).
Which forex broker has the lowest costs?
On a one-lot EUR/USD trade, Interactive Brokers was cheapest in our fee comparison, followed by XTB and IC Markets at about $8. For small trades the $2 minimum commission at IBKR makes XTB cheaper.
Availability last checked 6 October 2026. Brokers change their country lists without notice; the broker's sign-up form is the final word.