Key facts
- Regulator: CMVM (Comissão do Mercado de Valores Mobiliários)
- Retail leverage: up to 1:30 on major FX pairs
- Tax: generally 28% flat on capital gains, optional aggregation
Regulation
The CMVM supervises securities markets and investment services in Portugal. Residents can use CMVM-authorised firms or EEA brokers passported into Portugal. The CMVM publishes alerts about unauthorised entities.
Retail protections
- ESMA leverage limits and 50% margin close-out
- Negative balance protection
- No bonuses
Tax
Capital gains from financial instruments are generally taxed at a flat 28%. Taxpayers can opt to aggregate them with other income, which may be beneficial for lower earners. With foreign brokers, you report gains yourself in your annual return.
Choosing a broker
- Verify the broker on the CMVM's registers and alerts.
- Confirm the EU entity in your agreement.
- Prefer a euro account and Portuguese-language support if needed.
Forex brokers to compare in Portugal
Pepperstone (EU entities supervised by CySEC and BaFin) and IG (IG Europe GmbH, BaFin) serve clients in many EEA countries. Check that each broker accepts residents of Portugal before applying, and see our European broker rankings.
| Broker | EU entity | Retail loss rate |
|---|---|---|
| Pepperstone | CySEC / BaFin | 72.9% |
| IG | IG Europe GmbH (BaFin) | 74% |
Frequently asked questions
Is forex trading legal in Portugal?
Yes, with brokers authorised by the CMVM or passported from another EEA country.
How are trading gains taxed in Portugal?
Generally at a flat 28%, with the option to aggregate gains with other income at progressive rates.
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. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Tax information is general and may change. Consult a Portuguese tax adviser.