Best Forex Brokers Portugal for 2022

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

Published January 10, 2022
Last modified August 17, 2022

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

Trading forex (currencies) in Portugal is popular among residents. While recommended, forex brokers are not required to become authorised by the Comissão do Mercado de Valores Mobiliários (CMVM) to accept residents of Portugal as customers.

The Comissão do Mercado de Valores Mobiliários is the financial regulatory body in Portugal. Website: https://www.cmvm.pt. We also recommend residents of Portugal follow the CMVM on Twitter: https://twitter.com/CMVM_pt.

The CMVM was established in 1991 and is responsible for making sure financial markets are stable, mediating conflicts between financial entities, and assisting the Finance Minister with other tasks. For a historical breakdown, here's a link to the Comissão do Mercado de Valores Mobiliários webpage on Wikipedia.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of 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.

Best Forex Brokers Portugal

To find the best forex brokers in Portugal, we created a list of all brokers that list Portugal as a country they accept new customers from. We then ranked brokers by their Overall ranking.

Here is our list of the best forex brokers in Portugal.

IG

- Best overall broker, most trusted
Saxo Bank - Best web-based trading platform
XTB - Great research and education
AvaTrade - Great for beginners and copy trading
FXCM - Excellent trading platforms and tools
Admiral Markets - Great for MetaTrader
IC Markets - Best MetaTrader broker overall

Portugal Forex Brokers Comparison

Compare Portugal authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

Company	Accepts PT Residents	Average Spread EUR/USD - Standard	Minimum Initial Deposit	Overall Rating	Visit Site
IG	check	0.828 (September 2021)	£250.00	starstarstarstarstar	Visit Site
Saxo Bank	check	0.8 (August 2020)	$2,000	starstarstarstarstar
XTB	check	0.9 (Q3 2021)	$0	starstarstarstarstar_border
AvaTrade	check	0.91 (Aug 2020)	$100	starstarstarstarstar_border
FXCM	check	1.4 (Q2 2020)	Starts from $50	starstarstarstarstar_border
Admiral Markets	check	0.8 (July 2021)	$100	starstarstarstarstar_border
IC Markets	check	0.62 (August 2021)	$200	starstarstarstarstar_border
Capital.com	check	0.6 (July 2021)	$20	starstarstarstarstar_border
XM Group	check	1.6 (Aug 2020)	$5	starstarstarstarstar_border
Pepperstone	check	0.77 (November 2021)	$200	starstarstarstarstar_border
FP Markets	check	1.2 (August 2022)	$100 AUD	starstarstarstarstar_border
Tickmill	check	0.27 (September 2021)	$100	starstarstarstarstar_border
HYCM (Henyep)	check	0.6 (Sept 2021)	$100	starstarstarstarstar_border
HFM	check	1.2 (August 2021)	$5	starstarstarstarstar_border
FlowBank	check	N/A	$0.00	starstarstarstarstar_border
Vantage	check	1.22 (August 2021)	$200	starstarstarstarstar_border
Moneta Markets	check	1.22 (August 2021)	$50	starstarstarstarstar_border
Trade Nation	check	0.6	$0	starstarstarstarstar_border
BlackBull Markets	check	0.845 (October, 2021)	$50	starstarstarstarstar_border
ACY Securities	check	1.2 (Sept 2021)	$50	starstarstarstarstar_border
VT Markets	check	1.2 (September 2021)	$200	starstarstarstarstar_border
easyMarkets	check	0.9 (as of Mar 2020)	$100	starstarstarstarstar_border
LegacyFX	check	0	$500	starstarstarstar_borderstar_border

How to Verify CMVM Authorisation

Unfortunately, the CMVM does not provide a list of authorized forex brokers; however, residents can contact the CMVM directly to verify authorisation.

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Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Read more on forex trading risks.

About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.