Best Forex Brokers in Portugal for 2024

Written by Naylyan Nazifova
Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 
, | Updated: May 15, 2024

Forex trading has become quite popular among Portuguese traders who are fortunate enough to be able to legally participate in this type of activity as long as they trade with a regulated brand. To ensure a safe trading environment, the country has its Securities Market Commission, Comissão do Mercado de Valores Mobiliários (CMVM) regulating the trading market in Portugal. The Portuguese watchdog issues licenses to forex brokers and takes regulatory measures when a company is breaching imposed safety guidelines.

Forex brokers operating in Portugal also must abide by regulations levied by the European Securities and Markets Authority (ESMA), with companies required to follow MiFID 2 derivatives. While it is not mandatory for Portuguese traders to join CMVM-regulated brokers, we recommend opting for companies that have been licensed by the local agency. To help you find the best trading platforms for your forex endeavors, we have reviewed some of the top-performing brokers that cater to Portuguese traders.

1Fusion Markets
Rating: 4.6 ⭐
74-89% of retail CFD accounts lose money
2Global Prime
Rating: 4.1 ⭐
74-89% of retail CFD accounts lose money
3XM Group
Rating: 2.7 ⭐
72.82% of retail investor accounts lose money
4easyMarkets
Rating: 4.5 ⭐
71% of retail investor accounts lose money
5Pepperstone
Rating: 4.5 ⭐
75.5% of retail investor accounts lose money
6eToro
Rating: 4.2 ⭐
51% of retail investor accounts lose money
7City Index
Rating: 4.2 ⭐
69% of retail investor accounts lose money
8FxPro
Rating: 3.9 ⭐
74% of retail investor accounts lose money
9Vantage FX
Rating: 3.4 ⭐
10XTB
Rating: 3.7 ⭐
80% of retail investor accounts lose money

Portuguese Forex Brokers Ranked by Trustpilot Score

Portuguese Forex Brokers Ranked by Spread Commission

Forex BrokerEURUSDUSDJPYEURGBPGBPUSD
1. Fusion Markets0.110.130.150.11
2. Global Prime0.130.280.280.22
3. FxPro0.250.380.670.37
4. easyMarkets0.71.01.00.9
5. XM Group0.80.91.50.9
6. XTB0.9141.32.2
7. Pepperstone1.01.01.21.0
8. Vantage FX1.01.01.21.0
9. eToro1.01.01.52.0
10. City Index1.11.81.62

Portuguese Forex Brokers Ranked by Commission per Lot

Forex BrokerCommission per lot
1. easyMarkets$0
2. eToro$0
3. City Index$0
4. Vantage FX$0
5. XTB$0
6. Fusion Markets$2.25 per lot
7. Pepperstone$3.50 on FX CFDs traded via Razor accounts
8. Global Prime$3.50 per lot
9. XM Group$3.50 per lot
10. FxPro$3.50 per lot

Important Note: The CMVM is the official regulator for financial activities carried out on the territory of Portugal, which also includes companies offering forex trading as well as other variations of financial services online. To always stay on track of the newest regulatory actions taken by the authority, we recommend heading to its official website or following CMVM’s X, Instagram, and LinkedIn accounts.

Top 10 FX Brokers in Portugal

  1. TRADE NOW74-89% of retail CFD accounts lose money
    Fusion Markets Broker Details
    RegulatorsASIC, Financial Services Authority of Seychelles, VFSC
    Min DepositNo min deposit
    Trading PlatformsMetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade
    Trustpilot Rating4.6 out of 1409 reviews
    Number of Forex Pairs to TradeOver 200
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.11
    USDJPY: 0.13
    EURGBP: 0.15
    GBPUSD: 0.11
    Forex Commission per Lot per Trade$2.25 per lot
    Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire
    Withdrawal MethodsVisa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple

    Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.

    In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.

    Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.

    With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.

    Key Pros

    • Offers some of the lowest spreads
    • ASIC clients enjoy a negative balance protection
    • Supports popular trading platforms
    • Offers two copy trading platforms
    • Supports fiat and crypto payment solutions

    Key Cons

    • Does not offer investor protection
    • Traders outside Australia have no negative balance protection
    • Cannot set up an account in a minor currency
  2. TRADE NOW74-89% of retail CFD accounts lose money
    Global Prime Broker Details
    RegulatorsASIC (No. 385620), VFSC (No. 40256)
    Min Deposit$0 (No min. deposit requirements)
    Trading PlatformsMT4 Desktop, MT4 Webtrader, MT4 Android
    Trustpilot Rating4.1 out of 100 reviews
    Number of Forex Pairs to Trade56
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.13
    USDJPY: 0.28
    EURGBP: 0.28
    GBPUSD: 0.22
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit Methods

    Visa, Mastercard, PayPal, Skrill, Neteller, Dragonpay, VNPay, Gate8, FasaPay, PromptPay, Pagsmile, QR Code (THB), BPAY, POLi, AstroPay, Bank Wire Transfer, Interac, Perfect Money, PayID, MiFinity, Jeton, XPay, Cryptocurrencies

    Withdrawal Methods

    Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

    Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.

    These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.

    Key Pros

    • Overseen by a top-tier financial regulator (ASIC)
    • No fees on deposits and withdrawals
    • Low fees for FX trading
    • Streamlined sign-up process
    • A broad range of currency pairs

    Key Cons

    • Could use more trading platforms
    • A limited range of educational resources
    • Does not offer Islamic or cent accounts
  3. TRADE NOW72.82% of retail investor accounts lose money
    XM Group Broker Details
    RegulatorsFCA (ref. no. 705428), (ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), MiFID, CFTC
    Min Deposit$5
    Trading PlatformsMetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT$ Multiterminal
    Trustpilot Rating2.7 out of 561 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.8
    USDJPY: 0.9
    EURGBP: 1.5
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit MethodsVisa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer

    Since its inception in 2009, XM managed to attract over 10,000,000 customers, providing the best trading experience for traders online. There are quite a few reasons for so many people trusting XM, with tight spreads and cost-effective pricing being just a few of them. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities like the FCA, CySEC, IFSC, ASIC, and many more reputable regulators.

    The brand offers more than 10 full-feature trading platforms that include the MetaTrader 4 and MetaTrader 5 platforms adapted for mobile trading on Android and iOS devices. Mt4 WebTrader, M5 WebTrader, and MT4 Multiterminal are also among the platforms available to XM traders, making trading equally easy and intuitive for any type of trader.

    No matter the account type you opt for, the least amount you are required to deposit to your XM account is $5, with the same limit also imposed on your withdrawals from XM. Conveniently enough, the brand supports a variety of banking methods, with bank cards, e-wallets, and bank transfers being among the solutions one can use to handle their XM balance.

    Key Pros

    • Traders can choose from over 10 platforms
    • Covers a great number of currency pairs
    • Regulated by major authorities
    • Offers smooth trading on the go
    • Supports different account types with tight spreads and low fees

    Key Cons

    • Trading platform’s design seems outdated
    • Not listed on stock exchange
    • Charges an inactivity fee
  4. TRADE NOW71% of retail investor accounts lose money
    easyMarkets Broker Details
    RegulatorsCySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).
    Min Deposit$100
    Trading PlatformseasyMarkets, MetaTrader 4, MetaTrader 5, TradingView
    Trustpilot Rating4.5 out of 1618 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 1.0
    EURGBP: 1.0
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer

    Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).

    Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.

    Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.6 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $100, with the broker supporting a wide selection of deposit methods.

    Key Pros

    • Offers tight spreads and low fees
    • Supports trading of over 60 currency pairs
    • Regulated by several reputable authorities
    • Supports a wide range of payment methods
    • Offers a proprietary platform

    Key Cons

    • Number of supported products is somewhat limited
    • Does not offer copy trading platform
    • Traders from certain countries may have access to fewer payment methods
  5. TRADE NOW75.5% of retail investor accounts lose money
    Pepperstone Broker Details
    RegulatorsUK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA
    Min Deposit$0
    Trading PlatformsTradingView, MT5, MT4, cTrader
    Trustpilot Rating4.5 out of 2398 reviews
    Number of Forex Pairs to Trade90+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.0
    USDJPY: 1.0
    EURGBP: 1.2
    GBPUSD: 1.0
    Forex Commission per Lot per Trade$3.50 on FX CFDs traded via Razor accounts
    Deposit MethodsVisa, Mastercard, PayPal, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, PayPal, Bank Transfer

    Pepperstone was launched in 2010 by a group of seasoned traders but has greatly expanded its global presence since then, currently reaching over 400,000 traders worldwide. The company enjoys an immaculate reputation and operates with licenses from several top-tier regulators, including the FCA, ASIC, and CySEC. Pepperstone also ranks among the world’s largest brokerages, boasting an average daily trading volume of $12.6 billion.

    Customers of the award-winning company can trade with more than 1,200 financial instruments, ranging from stocks, indices, and ETFs to commodities and currency pairs. FX traders, in particular, can go long or short on over 90 major, minor, and exotic currency pairs. Spreads are highly competitive at Pepperstone, starting at zero pips for majors like EUR/USD traded via Raw accounts. MT4, MT5, TradingView, and cTrader all pose as viable platform options for Pepperstone customers. All these factors combined have earned Pepperstone an above-average rating of 4.5 stars at Trustpilot.

    Key Pros

    • Winner of multiple industry awards
    • Commission-free FX trades via standard accounts
    • Over 1,200 instruments across all major asset classes
    • Competitive spreads on FX trades via Razor accounts
    • Seamless withdrawals within 1 to 3 workdays

    Key Cons

    • A somewhat limited range of deposit and withdrawal options
    • High swap rates on overnight positions
  6. TRADE NOW51% of retail investor accounts lose money
    eToro Broker Details
    RegulatorsCySEC (No.109/10), FCA (No. FRN 583263), ASIC (No. 491139), SFAS (No.SD076), ADGM (No. 220073)
    Min Deposit$10
    Trading PlatformsProprietary web, mobile, and desktop platforms
    Trustpilot Rating4.2 out of 22902 reviews
    Number of Forex Pairs to Trade55
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.0
    USDJPY: 1.0
    EURGBP: 1.5
    GBPUSD: 2.0
    Forex Commission per Lot per Trade$0
    Deposit MethodseToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24
    Withdrawal MethodsPayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer

    Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators like CySEC, ASIC, and FCA. The brokerage provides a varied range of tradable instruments, including 55 currency pairs, 32 commodities, 21 equity indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.

    Forex traders will benefit from spreads as low as a single pip on major pairs like the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead. The broker’s proprietary platform is well-designed and user-friendly enough to accommodate novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.

    Key Pros

    • Offers trading with over 5,000 instruments
    • Ideal for social and copy trading
    • No commissions on forex trades
    • Effortless registration process
    • Offers negative balance protection

    Key Cons

    • Withdrawals are subject to additional processing fees ($5)
    • USD is the only base account currency
    • Charges inactivity fees on dormant accounts
  7. TRADE NOW69% of retail investor accounts lose money
    City Index Broker Details
    RegulatorsFCA (No. 446717), CySEC (No. 400/21), MAS, ASIC
    Min Deposit$250
    Trading PlatformsMT4, WebTrader (proprietary), TradingView
    Trustpilot Rating4.2 out of 314 reviews
    Number of Forex Pairs to Trade82
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.1
    USDJPY: 1.8
    EURGBP: 1.6
    GBPUSD: 2
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Visa Electron, Mastercard, Maestro, PayNow, Bank Transfer, Online Banking, PayPal, PayID, BPAY, EFT
    Withdrawal MethodsMastercard, Visa, Visa Electron, Maestro, PayPal, Bank Transfer

    City Index gives traders access to over 6,000 financial markets tradable at highly competitive pricing. Established in 1983, the company has a long track record of delivering low-cost trading with a varied range of financial instruments, including forex, stocks, equity shares, hard and soft commodities, bonds, and options. Spread betting is also available to customers from specific jurisdictions. City Index offers a superb proprietary web-based trading platform, although third-party software like MetaTrader 4 and TradingView also pose viable options for registered customers.

    Over 80 major, minor, and exotic currency pairs are available to FX traders at City Index. Average spreads go as low as 0.5 pts, with no commissions on spot forex trades and forex CFDs. The broker enjoys an excellent reputation for delivering lightning-fast order execution, with few to no requotes. Currency-pair orders are filled within 0.02 seconds on average. City Index is overseen by ASIC, FCA, and CySEC and provides tier-1 bank liquidity. Its parent company (StoneX Group) is publicly listed on Nasdaq, further adding to the broker’s excellent reputation.

    Key Pros

    • No commissions on spot forex and CFD trades
    • Lightning-fast speed of order execution
    • Long track record spanning over 40 years
    • Over 1 million registered customers
    • Excels in delivering quality educational content

    Key Cons

    • No support for MT5 for the time being
    • Higher min. deposit requirements compared to rival brokers
    • Stores client funds in top-tier banks like J.P. Morgan
  8. TRADE NOW74% of retail investor accounts lose money
    FxPro Broker Details
    RegulatorsFCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052)
    Min Deposit$100
    Trading PlatformsMT4, MT5, cTrader, FxPro Edge (proprietary)
    Trustpilot Rating3.9 out of 209 reviews
    Number of Forex Pairs to Trade70
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.25
    USDJPY: 0.38
    EURGBP: 0.67
    GBPUSD: 0.37
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit MethodsVisa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay
    Withdrawal MethodsBank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller

    Founded in 2006, FxPro is a multi-award-winning broker that provides online trading services with licenses granted by the financial regulators of the UK, Cyprus, and the Bahamas. Over 2,100 instruments are tradable at FxPro via a variety of platforms, including MT5, MT4, cTrader, and proprietary software. Customers can dip their toes into forex, commodity, index, stock, and cryptocurrency trading at FxPro.

    Forex traders, in particular, will benefit from over 70 major, minor, and exotic currency pairs tradable with fixed or marked-up floating spreads, depending on the platform and account type. Orders are filled at ultra-low latency, ensuring lightning-fast execution of under 13 milliseconds. FxPro stores the money of its clients in segregated accounts at major international banks and offers negative balance protection to all retail customers, regardless of their trading volume and country.

    Minimum deposits at FxPro align with industry standards at $100, although new customers are generally recommended to start with at least $1,000 in their live accounts. Deposits and withdrawals incur no additional transaction fees at FxPro. Cards, bank transfers, and e-wallets are all viable funding options for clients with live accounts.

    Key Pros

    • Over 2,100 CFDs across six asset classes
    • Zero fees on deposits and withdrawals
    • Floating spreads with no commissions on MT4 FX trades
    • Winner of over 100 industry awards
    • Fills orders within less than 13 milliseconds

    Key Cons

    • FX spreads are slightly higher than industry averages
    • Charges maintenance fees after six months of inactivity
  9. Vantage FX Broker Details
    RegulatorsFCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491)
    Min Deposit$50
    Trading PlatformsMetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading
    Trustpilot Rating3.4 out of 3033 reviews
    Number of Forex Pairs to Trade40+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.0
    USDJPY: 1.0
    EURGBP: 1.2
    GBPUSD: 1.0
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto
    Withdrawal MethodsVisa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto

    Vantage is an online broker offering traders over 1,000 CFD products, with competitive pricing offering members of the company to enjoy the best value for their investments and sales. Founded in 2009, the broker has proven to be one of the most trustworthy names in this industry, with authorities like ASIC, FCA, FSCA, CIMA, and VFSC regulating the services provided by Vantage.

    Trading at Vantage FX is possible through several platforms, including MetaTrader 4 and 5, TradingView, and ProTrader. Copy Trading is also available to Vantage FX clients, with the broker receiving the ForexBrokers’ recognition for the Best in Class for Copy Trading in 2024. Copy Trading is available on the Vantage FX app, offering smooth trading on the go for both Android and iOS users.

    Once they decide to top up their Vantage FX account, traders will be able to choose from methods like credit and debit cards, bank transfers, e-wallets like Neteller and Skrill, crypto wallets, and the instant banking service of Boleto. Keep in mind that some methods are country-specific and may not be available to all traders using the services of Vantage FX. You can fund your account with as little as $50 or the equivalent in another currency.

    Key Pros

    • Regulated by reputable authorities
    • Offers over 1,000 CFD products
    • Supports various popular platforms
    • Enables easy copy trading on mobile app
    • Tight spreads and low commission for forex traders

    Key Cons

    • Some banking methods are exclusive to certain markets
    • Could add more currency pairs to its products
    • Limited educational materials
  10. 10. XTB
    TRADE NOW80% of retail investor accounts lose money
    XTB Broker Details
    RegulatorsFCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (N/A), FSCA (N/A), FSA (N/A)
    Min Deposit$0
    Trading PlatformsxStation 5, xStation Mobile
    Trustpilot Rating3.7 out of 1044 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.9
    USDJPY: 14
    EURGBP: 1.3
    GBPUSD: 2.2
    Forex Commission per Lot per Trade$0
    Deposit MethodsPayPal, Bank Transfers, Skrill, Visa, Mastercard
    Withdrawal MethodsBank Transfers, Visa, Mastercard, Skrill

    Established in 2002 under the name X-Trade, XTB is a broker of Polish origin that traders from across the globe gravitate towards thanks to its low fees, excellent reputation, and versatile selection of financial instruments that encompasses forex, stocks, ETFs, and more.

    This broker’s operations are overseen by multiple regulatory entities, including but not limited to Poland’s Financial Supervision Authority (KNF) and the British Financial Conduct Authority (FCA). What is more, it also offers negative balance protection, which is an absolute must for many modern traders.

    Although XTB does not support the familiar MT4, MT5, NinjaTrader, or cTrader platforms, the broker does offer its proprietary xStation 5 platform. It comes in several variants, the first one being the convenient web platform. There are also dedicated software applications for desktop computers and smartphone devices.

    Key Pros

    • Bears the seal of approval of both the FCA and the KNF, along with other regulators
    • Mobile-friendly platform
    • Offers negative balance protection
    • Standard users are not charged commission when it comes to forex
    • Low fees

    Key Cons

    • Traders from the US cannot register and trade at XTB
    • No support for MT5 and other popular platforms
    • Withdrawals under certain thresholds are accompanied by fees

Is Forex Trading Legal in Portugal?

Trading major currency pairs as well as some exotic pairs is a legal and fully regulated activity for residents of Portugal. As mentioned above, the regulation of this market falls under the remit of the CMVM but since Portugal is a member of the EU, forex brokers operating in the country are also required to follow guidelines stipulated by ESMA.

While we recommend that Portuguese traders invest their money only with brokers that have CMVM’s seal of approval, it is not mandatory to register with brands that have obtained a license from the Portuguese regulator. Brands licensed by other major regulators like the FCA and the CySEC may also be a good option for Portuguese traders, offering them a secure and fair trading environment.

Following MiFID 2 derivatives, Portuguese brokers are required to provide fair trading conditions to their clients, ensuring a safe investing environment while offering easy access to a wide range of markets. Investors’ protection is one of the main goals of both ESMA and the CMVM, meaning Portuguese traders can rest assured they are in good hands as long as they choose a properly regulated forex broker.

Securities Market Commission (CMVM) Regulation Info

As already mentioned, the CMVM is the main regulatory body responsible for overlooking the trading market in Portugal, licensing brokers, and making sure they are compliant with licensing guidelines and regulations. The regulatory body’s inception followed the passing of Decree-Law No. 142-A/91, with the CMVM being an entirely independent agency with financial autonomy.

One of the main goals of the CMVM is to ensure that financial markets in Portugal continue developing in a stable and secure environment. To obtain operational licenses, brokers are required to meet some requirements that ensure safe and fair trading for Portuguese investors. CMVM-regulated companies must regularly issue financial and other types of reports to prove they are capable of offering financial services to Portuguese traders.

In addition to issuing licenses to financial entities, the CMVM is also responsible for inflicting penalties on those who have breached regulatory guidelines, with public statements notifying traders about each company that has been participating in illegal trading practices.

How Can I Verify CMVM Authorization?

While the Media section on CMVM’s official website regularly publishes notices about any entity illegally operating in Portugal, there is also an easy way to verify whether a broker has been licensed by the local authority. While brokers authorized by the CMVM should provide such information on their official websites, you can also head to the Financial intermediaries register of the regulator and look at the list of companies that have been licensed by the CMVM.

Alternatively, traders can always contact the help center of the regulator body and ask for additional information about any broker they consider joining for their forex trading activities.

Are My Funds Safe with Forex Brokers Operating in Portugal?

You can be certain that by choosing a CMVM-regulated broker or an entity that has been licensed by any of the major EU regulators, your money will be handled with the utmost care. To keep your funds protected, Portuguese brokers utilize a wide range of industry-standard security tools that protect you from any malicious attacks. What is more, regulated Portuguese brokers are required to keep their customers’ money in segregated accounts, keeping them away from the entity’s funds.

We should mention that Portuguese traders will enjoy additional protection thanks to organizations like the Investor Compensation Scheme and the Deposit Guarantee Fund. If investors happen to become victims of any illicit practices or a broker’s mistake, they can apply for a refund. Keep in mind that this applies only to customers who have been trading with forex brokers licensed and regulated by the CMVM.

Portuguese traders can also enjoy an extra safety net while trading with regulated brokers as ESMA regulations have imposed certain measures that reduce the risk and help investors avoid spending more than they can afford while trading.

Do Portuguese Brokers Provide Negative Balance Protection?

Negative balance protection is a security feature that may be found at quite a few forex brokers operating in Portugal. Typically, so-called tier-1 regulators like the CySEC, ASIC, and FCA require mandatory negative balance protection for customers, allowing them to balance the risk levels while trading forex pairs and other products. Luckily, since Portuguese brokers are required to comply with MiFID 2 derivatives, they must offer their clients negative balance protection. This option eliminates the risk of losing more than what you have deposited into your trading account.

Negative balance protection is extremely useful when trading with higher leverage and you can easily end up losing amounts that significantly exceed your trading balance. However, professional trading accounts may not appreciate the restrictive nature of this feature, which is why brokers allow those who classify as professional traders to make riskier operations and have no negative balance protection applied to their accounts.

Do Traders Pay Tax on Forex Trading in Portugal?

It is always crucial to be aware of the financial laws and rules within your country of residence and taxes are an important factor to consider before you start trading currency pairs. Under Portuguese laws, profits generated from forex trading can be subject to taxation. However, the tax rates depend on factors like the amount of the profit, traders’ financial situation, and any potential agreements between Portugal and other countries.

While Portugal has adopted a capital gains tax of 28%, to make sure whether they are obligated to pay any surcharges, Portuguese traders are advised to contact local tax professionals. That way, they can be aware of any recent changes and potential tax obligations related to their forex trading profits.

How Does the Available Leverage of CMVM-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?

When it comes to the maximum leverage Portuguese forex traders can enjoy while trading with a regulated broker, we should keep in mind that all companies offering financial services on the territory of Portugal follow strict ESMA rules. That means the unified maximum leverage of 30:1 on major currency pairs and 20:1 on non-major forex pairs will apply to all brokers operating in the EU. That also includes forex brokers authorized to operate in Portugal.

Naturally, the maximum available leverage will be the same across other member states of the EU. Due to the high risk that comes with higher leverage, other jurisdictions have adopted the same leverage limitations, with regulators like the FCA (in the UK) and ASIC (in Australia) imposing the same maximum of 30:1 on major forex pairs and 20:1 on non-major currency pairs.

Different markets may have significantly higher leverage maximums, which may be appreciated by some traders but it also leads to higher risk while trading. Such markets also do not offer negative balance protection, which is something to consider while trading with higher leverage. For brokers authorized to operate in the US, the mandatory maximum leverage on major pairs is 50:1, but offshore regulators like the FSA, overseeing brokers operating in locations like the Seychelles, can offer leverage up to 1:500.

It should be noted that while Portuguese traders may encounter maximum leverage of 30:1 on major pairs and even lower on non-major pairs, these limits apply only to regular trading accounts. Meanwhile, traders who qualify for professional trading status can significantly boost the maximum leverage they can enjoy.

What do you need to qualify to be designated as a professional trader in Portugal?

Mandatory maximum leverage limits and negative balance protection are tools introduced by ESMA and other major financial service regulators, offering traders more balanced risk levels and a safer trading experience. That said, many expert traders who can afford to trade higher volumes do not appreciate the limitations that can significantly cut down their potential profits. That is why, ESMA has introduced a set of conditions that may allow investors to apply for professional trading accounts and enjoy higher leverage and lower commission rates.

To prove they can be designated as professional traders, Portuguese broker customers must provide several documents to the respective brands they trade with. Experience, knowledge, and portfolio volume are the three factors that can help you classify as a professional trader in Portugal.

According to ESMA, traders must fulfill at least two of the following three conditions to qualify for professional trading accounts:

  • Traders must have made 10 significant transactions per quarter in the previous 12 months
  • Traders must have at least one year of experience working in the financial service sector
  • The minimum worth of traders’ portfolios of financial instruments must be at least €500,000

Most regulated forex brokers in Portugal offer their clients to either open professional accounts or upgrade from retail traders to professionals. To qualify for the professional trading perks, broker clients must provide a set of documents proving their eligibility for the professional trading status.

What trading platforms are available to Portuguese traders

Portuguese traders have the opportunity to use some of the most popular trading platforms when they choose to trade with any of the CMVM-regulated forex brokers. While you may encounter quite a few brands offering their exclusive proprietary platforms with unique features, you will also discover plenty of brokers featuring platforms like MetaTrader 4 and 5, WebTrader as well as mobile trading options.


MT4MetaTrader 4: Probably the most commonly supported platform, with multiple Portuguese brokers offering forex traders smooth trading via the MT4 platform. Its design allows an equally intuitive trading experience for both beginners and experienced traders, with a decent number of forex trading tools making placing orders a walk in the park.


MetaTrader 5MetaTrader 5: Typically, MT5 is an option that is more suitable for more experienced traders, offering an extensive selection of markets, adding to the FX and CFD options that are available in MT4. Advanced tools like technical analysis and charts also allow a better trading experience, with most brokers offering MT5 for both desktop and mobile devices.


WebTraderWebTrader: Another popular platform variation you can discover at a large number of Portuguese forex brokers is WebTrader. Compared to MT4, WebTrader is much more convenient for beginners, allowing them instant access to a decent selection of markets and several trading tools that can help them track markets. Since WebTrader is directly available on any popular web browser, traders are not required to install any software to start trading.


cTradercTrader: This platform variant is typically appreciated by more experienced traders as it combines a user-friendly interface with a large number of advanced trading features like charts, technical analysis, and drawing tools. Many consider cTrader to be one of the more modern platforms for trading, allowing traders faster executions and better insights into various markets.


Below you can find some useful references with links to organisations that monitor the forex market in Portugal.

  1. Comissão do Mercado de Valores Mobiliários (CMVM)
  2. CMVM financial intermediaries register for licensed companies