Forex Trading in Portugal – Top Brokers

Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Forex trading in Portugal, a member of the Eurozone, remains a niche activity but continues to follow positive global retail margin FX growth trends. The domestic regulator Comissão do Mercado de Valores Mobiliários (CMVM) supervises firms operating in the Country dealing in the financial markets, while the European Securities and Markets Authority (ESMA) remains the super-regulator for the Eurozone. Trading with the right Forex broker in Portugal is essential, and my review highlights the core aspects for success and provides a quick guide for beginner Forex traders in Portugal.

The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all around broker
High floating leverage + fast execution
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
ECN-style trading
Daily market research and Autochartist access
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Trade 1,000+ financial instruments
Experience low, competitive spreads
Multiple funding and swift withdrawal options
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options

  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • Eightcap, Competitive pricing + excellent daily videos.
  • BlackBull Markets, Best ECN trading environment, with scalping and hedging.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.


5.0/5 in this category
In Summary
Best all-around broker with high floating leverage and fast execution

We have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

  • Excellent commission-based Forex pricing environment and transparency

  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app

  • Quality market research and educational content for beginner traders

  • Proprietary copy trading platform, low minimum deposit, and high leverage

  •  No cryptocurrencies and limited choice of commodities

FP Markets

5.0/5 in this category
In Summary
ECN trading with leverage up to 1:500

FP Markets, a CySEC-regulated broker, provides its services to traders in Portugal through its recognized subsidiary, passporting its license into the local market. Therefore, traders get an ESMA, CMVM, and MiFID-compliant broker, including the €20,000 investor compensation fund covering up to 90% of client deposits. Euro accounts are available, and FP Markets offers a broad range of tradable instruments including 60+ currency pairs, such as the usual Euro crosses, placing it among the list of preferred Forex brokers in Portugal. It also lists 125+ EU-listed equities and twelve cryptocurrency CFDs.

Traders benefit from MT4/MT5, upgraded via twelve plugins, which fully support algorithmic and social trading. Funding options include bank wires, credit/debit cards, Skrill, Neteller, PayPal, Sofort, and Giropay, are available payment processors.

  • Choice of trading platforms and auxiliary trading tools

  • Very competitive cost structure and excellent asset selection

  • Low minimum deposit requirement and leverage of up to 1:500

  • Well-regulated and trustworthy

  • Availability of Iress geographically restricted


5.0/5 in this category
In Summary
Competitive pricing + excellent daily videos

Eightcap EU LTD is the CySEC-regulated subsidiary of Australian-based Forex broker Eightcap, which passports its license to Portugal. Traders get the core MT5 trading platform and Euro accounts from a minimum deposit of €100. Eightcap has a more expensive commission-free account for casual Portuguese Forex traders and a competitive commission-based alternative for more demanding clients who require deep liquidity.

Traders can fund their accounts via bank wires, credit/debit cards, and Skrill. Available asset classes consist of Forex, commodities, indices, and shares, which include German-listed companies for EU-wide exposure. Beginner traders benefit from quality education, placing Eightcap among the leading Forex brokers in Portugal.

  • Low minimum deposit and high leverage of up to 1:500

  • Competitive cost structure

  • Excellent technology infrastructure and seasoned management team

  • Daily research and quality educational content

  • Limited leverage in some areas

BlackBull Markets

4.5/5 in this category
In Summary
Best ECN trading environment, with scalping and hedging

New Zealand-based BlackBull Markets caters to Portuguese-resident Forex traders from its Seychelles regulated subsidiary, BBG Limited. Whilst it does not have an EU-licensed unit, FP markets is recognized as one of the most-trusted offshore brokerage options in Portugal. With an excellent regulatory track record and competitive trading environment it has a lot to offer its clients. Traders get the MT4/MT5 platforms, upgraded via Autochartist, and can connect to the active TradingView community.

BlackBull Social, ZuluTrade, Myfxbook Autotrade, and embedded MT4/MT5 services cater to copy traders, making BlackBull Markets one of the leading Forex brokers in Portugal with high-quality trading tools, low trading fees, and high leverage.

  • ECN/NDD execution model with deep liquidity

  • Institution-grade pricing for retail traders via proprietary price aggregation

  • ZuluTrade and Myfxbook for social trading

  • Leverage of up to 1:500

  •  Limited deposit options


4.5/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade is an EU-headquartered Forex broker offering Portuguese Forex traders a secure partner. It is ranked among the market leaders in the online trading space. Based in Ireland, it has a reasonably priced commission-free pricing environment. It is noteworthy that this brokerage firm belongs to the group of Forex brokers in Portugal that offer an exceptional range of trading platforms to its clients. The proprietary web based AvaTrade WebTrader, AvaOptions, and the mobile app AvaTradeGO are available next to MT4/MT5, upgraded via Trading Central.

The MT4 Guardian Angel plugin provides an additional layer of protection and analysis by sending alerts and assisting with risk management and post-trade analysis. Euro accounts are available from a minimum deposit of €100.

  • High-quality educational offering via SharpTrader

  • Excellent choice of trading platforms catering to various trading needs

  • Broad asset selection and cross-asset diversification opportunities

  • Well-regulated and trusted broker with oversight from a central bank

  • Trading costs competitive but nothing special

Get Started with Forex in Portugal

Consider the below steps before starting Forex trading in Portugal:

1. Forex trading is a highly skilled profession, making education the critical first step.

2. Trading psychology and the importance of leverage and its relationship to risk management are two primary areas to master to achieve success.

3. Trading with one of the Forex brokers in Portugal listed here can ensure a trustworthy environment and competitive edge.

4. Traders should understand the impact of trading costs, use leverage intelligently, and have realistic expectations. Therefore, defining and following a suitable strategy and an appropriate risk management profile are essential.

5. Market events can stimulate price action, break established trends, and cause volatility, meaning traders must follow the news and analyze the potential for a change in sentiment.

6. Using take profit and stop loss orders is important to control risk and achieve your objectives in trading. Placing them with each order ticket entry represents an example where traders should not let emotions cloud their decision making.

How to Choose a Forex Broker in Portugal

Portuguese-resident Forex traders should consider the following issues:

  • Regulation - A 10+ year clean operational history will reduce counterparty exposure and the risk of scams or fraud.
  • Local-currency accounts - Euro accounts are generally available, but Forex traders can save currency conversion fees by using US Dollar accounts.
  • Local payment methods - Bank wires and credit/debit cards are available at all brokers. Some offer localized options like Klarna/Sofort or Giropay, and Portuguese Forex traders may consider cryptocurrencies as deposit options.
  • Spread sizes - Traders should avoid brokers with commission-based spreads exceeding 0.1 pips during the most liquid trading periods for major currency pairs.
  • Fees - Competitive fees remain at or below $6.00 per 1.0 standard lot with volume-based rebate programs.
  • Products - A broad-based selection of 60+ currency pairs ensure diversification opportunities.
  • Asset diversity - Forex traders can diversify via other asset classes such as commodities, index CFDs, and cryptocurrencies.
  • Customer service in native language - Many brokers offer Portuguese customer support and have a Portuguese website.
  • Account type diversity - The primary account types are commission-free, spread markup and commission-based on volume traded.
  • Demo account - A crucial trading tool is unlimited demo accounts with customization options.
  • Mobile trading - Most brokers offer MT4/MT5 mobile apps, while some have developed proprietary alternatives.
  • Deposits/Withdrawals - Third-party processing and currency conversion fees are costs traders should consider.

The Pros & Cons of Forex Trading in Portugal

The pros of Forex trading in Portugal are:

  • 24/5 decentralized trading.
  • Euro-based currency accounts are widely available.
  • Lower minimum capital requirements than other asset classes.
  • Portfolio diversification via copy trading
  • Passive income opportunities
  • Frictionless financial transactions

The potential cons of Forex trading in Portugal are:

  • A fundamental misunderstanding of Forex trading, its requirements, and possibilities/risks
  • Potential language barrier
  • False sense of accomplishment from demo trading
  • Disrespect of Forex trading as a high-skilled profession
  • A lack of sufficient margin trading capital mixed with unrealistic trading expectations could lead to overtrading, frustration, and inefficient trading.
  • Inadequate risk management taking a casual approach to the potential for downside risk.

Forex Trading Licenses & Regulators in Portugal

As a Eurozone member, Portugal and its financial markets participants fall under the supervision of the ESMA and the MiFID II regulatory framework, enforced by the CMVM. Most Forex brokers catering to Portuguese traders’ passport their licenses from other EU jurisdictions, often Cyprus. There are no restrictions on Portuguese Forex traders to trade with offshore brokers, and most Forex brokers accept Portuguese clients, as Portugal has no dominant domestically regulated online brokers.

What Trading Instruments May be Traded in Portugal?

Portugal maintains an open-market economy and financial markets are not restricted for Portuguese traders. There are no currency exchange controls, and Portugal has adopted a welcoming stance on fintech firms, startups, and cryptocurrencies with its attractive tax regime. Traders have access to all trading instruments their brokers offer, with CFD trading the most popular asset form, followed by long-term investments.

Is Forex Trading Legal in Portugal?

Forex trading in Portugal is legal, and whilst the Portuguese Forex market is comparatively small, it emerged as one of the more competitive ones across the increasingly restrictive EU-regulated landscape. Cryptocurrency regulation is the latest example, and many Portuguese-resident Forex traders prefer brokers offering cryptocurrency CFDs. All Forex brokers active in Portugal must comply with MiFID II, provide negative balance protection, and an investor compensation fund.

Bottom Line

Despite its relatively small size the market for Forex in Portugal continues to lead innovation across the more restrictive and often counter-productive EU-wide regulatory environment, governed by the ESMA. The rules on cryptocurrencies and CFDs being the latest examples of regulatory burden. Portugal uses its autonomy to ensure a competitive Forex market, and Portuguese-resident Forex traders may choose between EU-licensed Forex brokers or ultra-competitive offshore Forex brokers.


Is Forex trading legal in Portugal?

Yes, Forex trading is legal in Portugal, supervised by the CMVM under the ESMA, and compliant with MiFID II.

Is Forex taxable in Portugal?

Yes, Portugal has a 28% capital gains tax, but Forex traders should always consult a qualified legal professional to obtain accurate tax advice.

Is Portugal crypto tax-free?

In Portugal, the VAT tax does not apply to cryptocurrency transactions, but traders may have to pay other taxes, such as the capital gains tax. Therefore, cryptocurrency traders should consult with a qualified legal professional as the tax landscape in Portugal, especially as trading in cryptocurrencies, continues to evolve.

Can you make money with Forex trading in Portugal?

Yes, the framework exists for individuals to make money with Forex trading in Portugal, but it depends 100% on the trader.

Can I trade Forex in Portugal?

Yes, you can trade Forex in Portugal, it is both legal and accessible.

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.