In Spain, as in all of the EU, forex brokerage companies are overseen by both the national regulator and the EU’s regulator, the European Securities and Markets Authority (ESMA). In the case of Spain, the national regulator is known as the Comision Nacional del Mercado de Valores (CNMV) in Spanish, and the National Securities Market Commission of Spain in English.
As a result of rules introduced by the ESMA in 2018, forex brokers in Spain and other EU countries can no longer offer high trading leverage. Instead, leverage with these brokers is now limited to just 1:30 on major FX pairs. However, many brokers are working to circumvent this law by setting up locally regulated entities outside of the EU. This way, even a trader who uses a forex broker from Spain can get high leverage as long as the broker allow him or her to trade with its non-EU-based entity.