Best Forex Brokers in Portugal 2018
If you are based in Portugal, lucky you! But if you’re looking for a broker that deals with Portuguese traders then you will need our help. We have carried out research into all of the brokers that serve your market, and come up with a list of the very best of these brokers, based on their reliability, superior product and excellent service. Here’s our list.
How to Choose a Forex Broker in Portugal
There is no global central marketplace in forex market which means every part of the world manages its online trading industry in a different way. Portugal, which has a healthy economy, is a ripe place for forex brokers that want to offer regulated brokerage services to clients. Portugal is big on consumer rights and as such the environment proves to be a healthy one for both local brokers and offshore ones offering their services into the country. When you are looking for a Portuguese broker one of the first areas you should consider after regulation, is the overall customer service, does the broker offer its services in the local language? The broker should also offer a wide asset selection and good trading conditions. We’ll discover what that means later in this article.
General Regulation & Portuguese Regulation
Comissão do Mercado de Valores Mobiliários (CMVM) is the Portuguese Securities Market Commission for forex broker regulation. They are able to offer their licensed member brokers the ability to offer their services across the whole of the Eurozone, and likewise other European regulated brokers may offer their services inside Portugal. Ever since they came into existence in 1991, CMVM has been responsible for monitoring the conduct of every individual and firm that operates in the securities and financial markets. This established regulatory authority has complete supervisory and financial autonomy, when it comes to regulating the market’s various financial entities. They take the matter of regulation very seriously, as their primary goal to is to keep local investors safe from unscrupulous dealings.
Trading Platform & Software
As a Portuguese forex trader, what are some of the trading platforms and software available to you? There are a number of different proprietary and turnkey software systems that Portuguese forex brokers provide for trading. Besides the standard MT4 program, there are also JAVA-based trading software available and software such as NinjaTrader. Platforms ideally should also include a web-based and mobile version.
Commissions & Spreads
When it comes to a broker’s salary, their income primarily comes from the commissions and spreads. There are some brokers that opt-out of receiving any commission and solely depend on a percentage of the spread, while other brokers will choose to receive a commission and a small percentage of the spread (this is the difference between the buy and sell price). It is important that you are aware of the risks of dealing with a wider spread, because it can greatly reduce the amount of profit you receive.
Portuguese brokers will provide a variety of different account types. Some of the most accounts are:
- Micro Account – Sometimes offered as a starter, practice account.
- Mini Account – An account that is perfect for beginning traders;
- Standard Account – The most commonly used trading account.
- VIP Account – A favorite account for institutions and high-end traders. The conditions are normally better and include perks, such as free signals, withdrawal privileges and a free VPN service that will increase the platform’s speed
With forex trading, you can trade 24 hours a day. As such you would expect the benefit of having customer service around the clock and the ability to actually talk to a live person instead of an automated system. You would of course expect the customer care to be available in the Portuguese language.
Additional services include free trade alerts, an education center on trading, daily news and market analysis, plus an economic calendar. Other features might include a copytrading service and sometimes bonuses.
In order to have a fulfilling trading experience as a Portuguese trader, it’s important to first choose a reliable broker that offers you good conditions. Below we have outlined the very brokers that work within the Portuguese market.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|