Key facts
- Regulator: CNMV (Comisión Nacional del Mercado de Valores)
- Retail leverage: up to 1:30 on major FX pairs
- Marketing: CNMV has restricted the promotion of CFDs to retail investors
- Tax: savings income, progressive rates from 19%
Regulation
The CNMV supervises securities markets and investment firms in Spain. It requires brokers to warn clients that CFDs are complex and risky, and it has introduced restrictions on the marketing of CFDs to retail investors. Brokers can serve Spanish clients if authorised by the CNMV or passported from another EEA country.
Retail protections
- ESMA leverage limits and 50% margin close-out
- Negative balance protection
- No bonuses or incentives
- Risk warnings and appropriateness tests
Tax
For individuals, gains and losses from CFDs and similar products generally form part of the savings tax base, taxed at progressive rates starting at 19%. Losses can generally be offset against gains within the savings base, subject to rules. Foreign brokers don't withhold Spanish tax, so you declare gains yourself.
Checking a broker
- Search the CNMV's registers of authorised and passported firms.
- Check the CNMV's warnings on unauthorised entities.
- Confirm the EU entity in your client agreement.
Forex brokers to compare in Spain
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 Spain 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 Spain?
Yes, with brokers authorised by the CNMV or passported into Spain from another EEA country.
How are trading gains taxed in Spain?
Generally as savings income at progressive rates starting at 19%.
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 Spanish tax adviser.