Best Forex Brokers Portugal for 2023
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.
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:
- 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|
|Saxo Bank||0.9||0||Read Review|
|FXCM||1.38||Starts from $50||Read Review|
|XM Group||1.6||$5||Read Review|
|Admiral Markets||0.8||$100||Read Review|
|FP Markets||1.1||$100 AUD||Read Review|
|IC Markets||0.62||$200||Read Review|
|BlackBull Markets||0.827||$0||Read Review|
|HYCM (Henyep Capital Markets)||0.6||$20||Read Review|
|Trade Nation||0.6||$0||Read Review|
|Moneta Markets||1.27||$50||Read Review|
|ACY Securities||1.2||$50||Read Review|
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.
Why regulation is important
Choosing a licensed, well-regulated forex broker is a crucial step if you want toavoid forex scams. My educational series dedicated to forex scams shows you how to identify common forex scams and demonstrates what you can do if think you've been scammed. I also explain how crypto enthusiasts and bitcoin traders can spot common crypto scams.
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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.
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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.