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Best Forex Brokers in Portugal for 2024

Steven Hatzakis

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

October 22, 2024

ForexBrokers.com has been reviewing online forex brokers for over eight 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 51% 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:

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 my overall rankings of the top forex brokers.

Company Accepts PT Residents Average Spread EUR/USD - Standard Minimum Deposit Overall Rating
IG logoIG
check 0.98 info £250.00 5/5 Stars
Interactive Brokers logoInteractive Brokers
check 0.59 info $0 5/5 Stars
XTB logoXTB
check 1.00 info $0 info 5/5 Stars
Capital.com logoCapital.com
check 0.67 info $20 info 4.5/5 Stars
AvaTrade logoAvaTrade
check 0.93 info $100 4.5/5 Stars
Pepperstone logoPepperstone
check 1.00 info $0 4.5/5 Stars
XM Group logoXM Group
check 1.6 info $5 4.5/5 Stars
FP Markets logoFP Markets
check 1.1 info $100 AUD 4.5/5 Stars
Tickmill logoTickmill
check 0.51 info $100 4.5/5 Stars
IC Markets logoIC Markets
check 0.62 info $200 4.5/5 Stars
BlackBull Markets logoBlackBull Markets
check 0.76 info $0 4/5 Stars
Vantage logoVantage
check 1.30 info $50 4/5 Stars
HFM logoHFM
check 1.2 info $0 4/5 Stars
Questrade logoQuestrade
check N/A $250 4/5 Stars
ActivTrades logoActivTrades
check 0.98 info 0 4/5 Stars
Trade Nation logoTrade Nation
check 0.6 $0 4/5 Stars
Moneta Markets logoMoneta Markets
check 1.38 info $50 4/5 Stars
Spreadex logoSpreadex
check 0.81 info $0 4/5 Stars
easyMarkets logoeasyMarkets
check 0.8 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

Choosing a licensed, well-regulated forex broker is a crucial step if you want to avoid 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.

Compare Portugal Brokers

BlackBull Markets vs Questrade AvaTrade vs ActivTrades Spreadex vs Vantage Questrade vs ActivTrades Vantage vs Vantage Interactive Brokers vs Trade Nation Tickmill vs Vantage ActivTrades vs Questrade XM Group vs easyMarkets Trade Nation vs Spreadex easyMarkets vs Capital.com Capital.com vs AvaTrade

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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 on the top forex brokers and 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.

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 is the Global Director of Online Broker 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 Managing Editor at ForexBrokers.com. An experienced media professional, John has 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 a 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.

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