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Best Forex Brokers Portugal for 2023

Steven Hatzakis

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

July 17, 2023

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. 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.

CMVM

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 74% and 89% 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
  • Capital.com - Great for beginners, easy to use
  • XM Group - Good for algo trading

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 Deposit Overall Rating Visit Site
IG logoIG check 0.98 info £250.00 5/5 Stars Visit Site
Saxo Bank logoSaxo Bank check 0.9 info 0 5/5 Stars Read Review
XTB logoXTB check 1.07 info $0 5/5 Stars Read Review
AvaTrade logoAvaTrade check 0.92 info $100 4.5/5 Stars Read Review
FXCM logoFXCM check 1.38 info Starts from $50 4.5/5 Stars Read Review
Capital.com logoCapital.com check 0.67 info $20 info 4.5/5 Stars Read Review
XM Group logoXM Group check 1.6 info $5 4.5/5 Stars Read Review
Pepperstone logoPepperstone check 0.77 info $200 4.5/5 Stars Read Review
Admiral Markets logoAdmiral Markets check 0.8 info $100 4.5/5 Stars Read Review
FP Markets logoFP Markets check 1.1 info $100 AUD 4.5/5 Stars Read Review
IC Markets logoIC Markets check 0.62 info $200 4.5/5 Stars Read Review
Tickmill logoTickmill check 0.51 info $100 4.5/5 Stars Read Review
BlackBull Markets logoBlackBull Markets check 0.827 info $0 4/5 Stars Read Review
HFM logoHFM check 1.2 info $0 4/5 Stars Read Review
FlowBank logoFlowBank check N/A info $0 4/5 Stars Read Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) check 0.6 info $20 4/5 Stars Read Review
Eightcap logoEightcap check 1.0 info $100 4/5 Stars Visit Site
Trade Nation logoTrade Nation check 0.6 $0 4/5 Stars Read Review
Moneta Markets logoMoneta Markets check 1.27 info $50 4/5 Stars Read Review
ACY Securities logoACY Securities check 1.2 info $50 4/5 Stars Read Review
easyMarkets logoeasyMarkets check 0.9 info $50 4/5 Stars

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.

securityWhy regulation is important

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Find the best forex brokers in Europe

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Methodology

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team, led by Steven Hatazkis, conducts thorough testing on a wide range of features, products, and services. We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Our research team collects and validates thousands of data points each year.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s regulatory status and number of held regulatory licenses.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.

We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.

Read our full explanation and accounting of our research and testing process to 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 Editorial Team

Steven Hatzakis
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

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

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.

81% of retail investor accounts lose money when trading CFDs with this provider.

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.
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