List of Top CNMV Regulated FX & CFD Brokers in Spain (2025)

Spain represents one of Europe's most vibrant financial markets, with the Comisión Nacional del Mercado de Valores (CNMV) enforcing stringent retail trading regulations under the European Securities and Markets Authority (ESMA) framework. Spanish traders benefit from robust investor protection, transparent pricing, and access to world-class international brokers operating under strict compliance standards.

This comprehensive guide examines the top 10 CNMV and ESMA-regulated brokers serving the Spanish market in 2025, highlighting their strengths, regulatory compliance, and suitability for different trading profiles.

CNMV & ESMA Regulatory Framework

The Comisión Nacional del Mercado de Valores (CNMV) serves as Spain's primary financial markets regulator, established in 1988 as an independent agency under the Ministry of Economic Affairs and Transformation. The CNMV implements and enforces ESMA guidelines, which govern CFD and forex trading across all EU member states, ensuring investor protection and market integrity.

Key ESMA protection measures for retail traders include:

Leverage Limits: 30:1 for major forex pairs, 20:1 for minor pairs and gold, 10:1 for commodities, 5:1 for individual stocks, and 2:1 for cryptocurrencies.

Negative Balance Protection: Ensures traders cannot lose more than their account deposit.

Margin Close-Out Rule: Brokers must close positions if equity drops to 50% of the required margin.

Marketing Restrictions: The CNMV enforces strict bans on aggressive advertising and promotional bonuses that could encourage reckless trading.

The CNMV has been particularly proactive in restricting CFD marketing to retail clients and introducing additional margin requirements for high-risk leveraged products. Spanish traders can access both directly CNMV-registered brokers and those operating via EU passporting rights under MiFID II, provided they maintain full compliance with ESMA regulations.

Spanish Tax Considerations

Profits from CFD and forex trading in Spain are subject to capital gains tax under the savings income category. For Spanish residents, capital gains are taxed at progressive rates: 19% on the first €6,000, 21% on gains between €6,000 and €50,000, 23% on gains between €50,000 and €200,000, 27% on gains between €200,000 and €300,000, and 28% on gains exceeding €300,000.

Spanish tax residents must declare all trading profits in their annual tax returns using Modelo 100. Traders should maintain detailed records of all transactions, including entry and exit prices, dates, fees, and commissions, to accurately calculate taxable gains. Capital losses can be offset against capital gains in the same tax year, with unused losses carried forward for up to four years.

Top 10 FX & CFD Brokers in Spain

Here is a detailed breakdown of the leading brokers, assessing their core offerings, strengths, and potential drawbacks for Spanish traders.

1. INFINOX

INFINOX Broker Details

Founded in London in 2009, INFINOX is the best CFD broker in Spain, combining award-winning technology with highly competitive trading conditions under the ESMA framework. The broker's key advantage lies in its versatile account structure: a zero-commission STP account for straightforward trading and a raw-spread ECN account for professionals seeking institutional-grade execution.

INFINOX distinguishes itself with the proprietary IX Social platform, a leading-edge copy trading solution that enables traders to learn from and replicate the strategies of market experts. With robust FCA regulatory oversight and a commitment to innovation, INFINOX provides a secure and powerful environment for traders at all levels.

Regulatory Transparency: In January 2025, the FCA issued INFINOX a fine related to historic transaction reporting failures. The matter was resolved promptly, and the broker has since strengthened its reporting systems. INFINOX remains in full compliance with all regulatory obligations and continues to operate with the highest standards of client protection and market integrity.

Key Pros

• Strong FCA regulation with excellent client protection standards.
• Offers a true zero-commission trading account, providing exceptional value.
• Advanced proprietary social and copy trading platform (IX Social).
• High leverage options available for eligible professional clients.

Key Cons

• Not directly registered with CNMV (operates via EU passporting).

2. EightCap

EightCap Broker Details

EightCap is an award-winning broker known for its exceptional customer service and competitive trading conditions. Operating under FCA, ASIC, and CySEC regulation for international clients, it offers Spanish traders access to tight spreads, rapid execution, and a comprehensive suite of educational resources. Its Raw account provides institutional-grade pricing, making it ideal for active traders.

Key Pros

• Multi-jurisdictional regulation including FCA and ASIC.
• Ultra-competitive raw spreads starting from 0.0 pips.
• Excellent educational resources and market analysis.

Key Cons

• Not directly registered with CNMV.

3. FxPro

FxPro Broker Details

FxPro is a highly reputable broker known for its professional trading environment and commitment to no-dealing-desk (NDD) execution. A key strength is its exceptional platform diversity, offering MT4, MT5, cTrader, and its own FxPro Edge platform. This caters to all trading styles, from EA users on MetaTrader to scalpers who prefer the advanced order types on cTrader.

Key Pros

• Excellent selection of trading platforms, including cTrader.
• No-dealing-desk execution model enhances transparency.
• Strong regulatory oversight from CySEC and the FCA.

Key Cons

• Spreads on MetaTrader accounts are wider than on the commission-based cTrader platform.

4. BlackBull Markets

BlackBull Markets Broker Details

BlackBull Markets is a New Zealand-based broker offering an institutional-grade ECN trading environment. While not directly EU-regulated, it provides Spanish traders access to an impressive range of over 26,000 instruments, including stocks, indices, commodities, and cryptocurrencies. Its Prime account delivers raw interbank spreads with minimal commissions, making it highly competitive for cost-conscious traders.

Key Pros

• Massive range of over 26,000 tradable instruments.
• True ECN pricing with ultra-low commissions.
• Accepts cryptocurrency deposits for convenient funding.

Key Cons

• Not regulated by an EU authority like CNMV or CySEC.

5. IC Markets

IC Markets Broker Details

IC Markets is globally renowned for its institutional-grade "True ECN" trading environment, serving Spanish clients via its CySEC-regulated entity. It is a top choice for traders who prioritize ultra-low costs, offering some of the tightest spreads and lowest commissions in the world. Its infrastructure is built for speed and reliability, making it ideal for algorithmic traders and scalpers.

Key Pros

• Globally recognized for extremely low spreads and commissions.
• True ECN model with deep liquidity and fast execution.
• Excellent selection of advanced trading platforms (MT4, MT5, cTrader).

Key Cons

• Not directly registered with CNMV (operates via EU passporting).

6. Trade Nation

Trade Nation Broker Details

Trade Nation is a UK-based broker with a strong reputation for simplicity and transparency. Regulated by the FCA and ASIC, it offers Spanish traders a straightforward, commission-free trading experience with competitive fixed and variable spreads. Its proprietary platform is particularly user-friendly, making it an excellent choice for beginners.

Key Pros

• Strong FCA and ASIC regulation.
• Zero-commission trading with competitive spreads.
• User-friendly proprietary platform alongside MT4.

Key Cons

• More limited instrument range compared to larger brokers.

7. AvaTrade

AvaTrade Broker Details

AvaTrade is a globally recognized broker regulated across multiple jurisdictions, including the Central Bank of Ireland for EU clients. It offers Spanish traders a comprehensive suite of platforms, including the innovative AvaOptions for options trading. With extensive educational resources and dedicated customer support in Spanish, AvaTrade is ideal for traders at all levels.

Key Pros

• Multi-jurisdictional regulation including the Central Bank of Ireland.
• Innovative AvaOptions platform for options trading.
• Extensive educational resources and customer support in Spanish.

Key Cons

• Spreads are wider than some ECN competitors.

8. First Prudential Markets

First Prudential Markets Broker Details

First Prudential Markets (FPM) is a Mauritius-based broker offering Spanish traders access to forex, commodities, and indices via the popular MetaTrader platforms. While regulated by the FSC rather than an EU authority, FPM provides a straightforward, commission-free trading experience with competitive spreads and responsive customer support.

Key Pros

• Zero-commission trading model.
• Competitive spreads and low minimum deposit.
• Access to MetaTrader 4 and 5 platforms.

Key Cons

• Not regulated by an EU authority like CNMV or CySEC.

9. eToro

eToro Broker Details

eToro has revolutionized social trading with its innovative platform that allows traders to follow and copy the strategies of successful investors. Regulated by CySEC for EU clients, eToro offers Spanish traders access to CFDs, real stocks, ETFs, and cryptocurrencies. Its user-friendly interface and vast social trading community make it ideal for beginners and those seeking a collaborative trading experience.

Key Pros

• Industry-leading social and copy trading platform.
• Access to real stocks, ETFs, and cryptocurrencies.
• Large, active trading community with millions of users.

Key Cons

• Spreads are wider than dedicated forex brokers.

10. CMC Markets

CMC Markets Broker Details

CMC Markets is a London Stock Exchange-listed broker with over 30 years of experience in the financial markets. Its proprietary Next Generation platform is highly regarded for its advanced charting, pattern recognition tools, and comprehensive market analysis. Serving Spanish clients under FCA regulation, CMC Markets offers access to over 12,000 instruments, making it one of the most diverse brokers available.

Key Pros

• Publicly listed company with strong financial backing.
• Award-winning proprietary platform with advanced tools.
• Vast range of over 12,000 instruments.

Key Cons

• Not directly registered with CNMV.

How to Choose the Best Forex Broker for Your Needs

Selecting the right broker is a personal decision that depends on a trader's strategy, experience level, and financial goals. Industry experts suggest evaluating brokers based on several core principles.

Prioritize strong regulation. The safety of funds is non-negotiable. Always choose a broker that is fully compliant with ESMA standards via top-tier regulators like the FCA, CySEC, or directly with CNMV. A broker like INFINOX, with FCA oversight, demonstrates a commitment to client protection, including segregated funds and negative balance protection. Spanish traders benefit from the added security of the FOGAIN compensation scheme, which protects up to €100,000 per client at CNMV-authorized firms.

Analyze the full cost of trading. It is important to look beyond advertised spreads. Traders should consider commissions, overnight swap fees, and any potential inactivity charges. A zero-commission account, such as the INFINOX STP account, can offer significant value and simplicity, while an ECN account may be more cost-effective for high-volume trading.

Assess your trading style. A trader's approach is paramount. For example, a scalper needs the fast execution and low costs of IC Markets or Tickmill, while an investor might prefer the social trading features of eToro or the extensive instrument range of CMC Markets. For those new to the markets, a broker with a strong copy trading platform like IX Social might be a perfect fit.

Evaluate platforms and tools. The trading platform is the trader's gateway to the markets. It is crucial to test a broker's platform through a demo account to ensure it is stable, intuitive, and equipped with the necessary tools. INFINOX provides both the industry-standard MT4/MT5 and its innovative IX Social and IX SYNC platforms to cater to diverse needs.

Ultimately, the best broker is one that aligns with a trader's journey. By offering a blend of competitive costs, advanced technology, and unwavering support, INFINOX positions itself as a trusted partner in the financial markets.

Broker Comparison Table (2025)