Forex brokers in Spain are regulated by the Comision Nacional del Mercado de Valores (CNMV), known in English as the National Securities Market Commission of Spain. In addition, all Spanish forex brokers are also overseen by the European Securities and Markets Authority (ESMA), just like forex brokers in all other EU countries.
Because of the ESMA’s influence, Spanish forex brokers are all required to offer negative balance protection, as well as capping leverage at 1:30 for their non-professional clients. Spanish forex traders looking for higher leverage should therefore instead consider signing up with a forex broker outside of the EU, for example in Switzerland or New Zealand.