Spain's financial markets regulator, the Comisión Nacional del Mercado de Valores (CNMV), has been supervising investment firms since 1988 (CNMV, 2026). Under EU's MiFID II framework, CNMV-regulated brokers must maintain minimum capital between €75,000 and €730,000, segregate client funds, enforce negative balance protection, and participate in Spain's Investor Guarantee Fund — FOGAIN — which covers eligible investors up to €100,000 per person if a broker becomes insolvent (FOGAIN, 2026). We searched the CNMV's public register of authorised entities and verified the registration status of every broker listed below. Each entry links directly to its CNMV record.
Last verified: 18 March 2026 | Brokers checked: 11 | Source: CNMV Register of Authorised Entities
TL;DR: The brokers below hold verified entries in the CNMV register as of March 2026. Spanish retail traders get FOGAIN protection up to €100,000, mandatory negative balance protection, and maximum 1:30 leverage on major forex pairs under ESMA rules. Crucially: many international brokers serve Spanish clients through EU passporting from Cyprus or Luxembourg — not under direct CNMV supervision. Check which entity you're actually signing up with. And confirm status yourself on the CNMV register before depositing.
What Is the CNMV and Why Does It Regulate Forex Brokers?
The Comisión Nacional del Mercado de Valores was established in 1988 under Spain's Securities Markets Act as an independent supervisory authority under the Ministry of Economy (CNMV, 2026). It's the national competent authority for securities markets in Spain — the equivalent of the FCA in the UK or BaFin in Germany.
The CNMV's mandate is to supervise and inspect the Spanish securities markets, ensuring transparency and investor protection. That includes overseeing forex and CFD brokers that serve Spanish retail clients, either through direct authorisation or — and this matters a lot — through EU passporting notifications from other member states. Spain is an EU member state, so any firm holding a CySEC, BaFin, FCA, or other EEA regulator licence can legally serve Spanish clients by notifying the CNMV. They appear in the CNMV register but remain supervised by their home regulator.
That's a critical distinction this article addresses directly. A broker appearing in the CNMV register is not the same as a broker directly supervised by the CNMV.
| Detail | Value |
|---|---|
| Full Name | Comisión Nacional del Mercado de Valores |
| Abbreviation | CNMV |
| Jurisdiction | Spain (Kingdom of Spain) |
| Established | 1988 |
| Regulatory Framework | MiFID II / ESMA (EU member state) |
| Entity Types | Spanish Investment Firms (ESI), EEA Branches, Passporting Firms |
| Minimum Capital Requirement | €75,000–€730,000 depending on firm type (ESMA, 2024) |
| Compensation Scheme | FOGAIN — up to €100,000 per eligible investor |
| Segregated Funds Required | Yes — mandatory under MiFID II |
| Negative Balance Protection | Yes — mandatory for retail clients under ESMA rules |
| Max Retail Leverage (Forex Majors) | 1:30 |
| Public Registry URL | CNMV Register of Authorised Entities |
| Warning List URL | CNMV Warned Companies |
One thing the CNMV does that most European regulators don't: it maintains a publicly searchable "boiler room" database — a dedicated search engine for warned and unauthorised companies operating in Spain. In December 2024 alone, six entities were added to that list. The CNMV isn't passive about enforcement.
CNMV Verified Broker Database
The CNMV register distinguishes between three categories of firms serving Spanish clients:
- Spanish Investment Firms (ESI/SAV): Domestic firms incorporated and regulated directly by the CNMV
- EEA Branches (Sucursales): Foreign EEA firms with a physical Spanish branch, registered with the CNMV but supervised by their home regulator
- Passporting Firms (Libre Prestación): EEA firms operating in Spain without a branch — home regulator supervises, CNMV holds a notification record
FOGAIN coverage applies to Spanish investment firms and EEA branches with a Spanish presence. For passporting firms, the home country's compensation scheme applies instead.
Brokers sorted by entity type and registration number. Status verified against the CNMV public register, March 2026.
| Broker | CNMV Reg. # | Entity Name | Type | Status | Since | Compensation | Verify |
|---|---|---|---|---|---|---|---|
| Renta 4 | 1 | Renta 4, S.A. Sociedad de Valores | Spanish ESI | ✅ Active | 1989 | FOGAIN €100K | Registry → |
| XTB | 40 | XTB S.A., Sucursal en España | EEA Branch | ✅ Active | — | FOGAIN €100K | Registry → |
| IG | 121 | IG Europe GmbH, Sucursal en España | EEA Branch | ✅ Active | 2019 | EdW (Germany) | Registry → |
| Saxo Bank | 184 | Saxo Bank A/S | Credit Institution | ✅ Active | — | DGS (Denmark) | Registry → |
| Bestinver | 205 | Bestinver, Sociedad de Valores, S.A. | Spanish ESI | ✅ Active | 2003 | FOGAIN €100K | Registry → |
| Darwinex | 311 | Sapiens Markets EU Sociedad de Valores SA | Spanish ESI | ✅ Active | — | FOGAIN €100K | Registry → |
| Swissquote Bank | 514 | Swissquote Bank Europe S.A. | Credit Institution | ✅ Active | — | Luxembourg DGS | Registry → |
| eToro | 2534 | eToro (Europe) Limited | Passporting (CySEC) | ✅ Active | 2010 | ICF €20K (Cyprus) | Registry → |
| ActivTrades | 5018 | ActivTrades Europe S.A. | Passporting | ✅ Active | — | Luxembourg DGS | Registry → |
| Interactive Brokers | 5023 | IBKR entity — verify directly | Passporting | ⚠️ Verify | — | Home country | Registry → |
| Swissquote CM | 5159 | Swissquote Capital Markets Limited | Passporting | ✅ Active | — | Cyprus DGS | Registry → |
Registration numbers verified on the CNMV register as of March 2026. Compensation scheme varies by entity type — passporting firms use their home country's scheme.
Renta 4 — Spain's Oldest Registered Investment Firm
CNMV Registration: #1 | Entity: Renta 4, S.A. Sociedad de Valores | Type: Spanish Investment Firm | Since: 1989
Renta 4 holds the first registration number issued by the CNMV — literally #1, granted in July 1989. That's not a marketing claim. Check the CNMV's official list and it's right there at the top.
The firm offers Spanish and European equity trading alongside investment services. Fully domestic, directly supervised by the CNMV, covered by FOGAIN up to €100,000. The entity on your account and the entity in the CNMV register are the same — no offshore routing.
Verify on CNMV Register: View Renta 4's CNMV entry →
Key finding: The longest-standing CNMV-registered investment firm in Spain, fully domestic, with direct FOGAIN protection.
XTB — CNMV Branch Registration #40
CNMV Registration: #40 | Entity: XTB S.A., Sucursal en España | Type: EEA Branch (Poland) | Since: —
XTB's Spanish entity is a branch of XTB S.A., a firm originally from Poland and listed on the Warsaw Stock Exchange (WSE: XTB). The branch is registered with the CNMV as a foreign investment firm operating with a physical establishment in Spain.
Being an EEA branch means XTB operates under the supervision of Poland's KNF (financial supervisory authority) as the home regulator, but the Spanish branch is registered with and monitored by the CNMV for local conduct matters. Investor protection falls under FOGAIN for Spanish clients of the Spanish branch.
Verify on CNMV Register: View XTB's CNMV entry →
Key finding: Registered EEA branch, CNMV #40. FOGAIN applies.
IG Europe GmbH — German-Origin Branch Active Since 2019
CNMV Registration: #121 | Entity: IG Europe GmbH, Sucursal en España | Type: EEA Branch (Germany) | Since: 26 April 2019
IG's Spain-facing entity is IG Europe GmbH, authorised by Germany's BaFin and registered with the CNMV as a branch since April 2019. The registered address on the CNMV entry is Paseo de la Castellana 13, 1º Dcha., 28046 Madrid.
Here's the catch worth knowing: IG Group operates multiple entities across different jurisdictions. Spanish clients should verify their account agreement shows IG Europe GmbH — not an offshore IG entity. The CNMV entry confirms the Spanish branch is covered by Germany's Entschädigungseinrichtung der Wertpapierhandelsunternehmen (EdW), not FOGAIN. The maximum EdW coverage is €20,000 — significantly lower than FOGAIN's €100,000.
Verify on CNMV Register: View IG's CNMV entry →
Key finding: EEA branch from Germany. Home country (EdW) compensation applies — €20,000, not FOGAIN's €100,000.
Saxo Bank — Credit Institution #184
CNMV Registration: #184 | Entity: Saxo Bank A/S | Type: Credit Institution (Denmark) | Since: —
Saxo Bank is licensed as a full bank by the Danish Financial Supervisory Authority (Finanstilsynet), not merely as an investment firm. In the CNMV register, it appears under the credit institutions category rather than the investment firms list — both because of its banking status and because it passports investment services from Denmark.
This matters for compensation: Danish bank deposits fall under the Danish Guarantee Fund, not FOGAIN. For investment services specifically, coverage terms differ from Spain's domestic scheme.
Verify on CNMV Register: View Saxo Bank's CNMV entry →
Key finding: Credit institution registered in CNMV #184. Regulated by Danish FSA, not directly by CNMV.
Darwinex — Fully Spanish, CNMV #311
CNMV Registration: #311 | Entity: Sapiens Markets EU Sociedad de Valores SA | Type: Spanish Investment Firm | Since: —
Darwinex rebranded its legal entity to Sapiens Markets EU in recent years. The underlying firm remains a Spanish Sociedad de Valores — incorporated in Spain, supervised directly by the CNMV, headquartered at Calle de Recoletos 19, Bajo, 28001 Madrid.
It's one of the few firms in this database that combines a retail trading offering with a proprietary algo-trading marketplace. Fully domestic. FOGAIN coverage applies. No offshore entity complications.
Verify on CNMV Register: Search CNMV register →
Key finding: Spanish domestic firm, direct CNMV supervision, FOGAIN covered.
eToro — CySEC Passporting, CNMV #2534
CNMV Registration: #2534 | Entity: eToro (Europe) Limited | Type: Passporting from Cyprus (CySEC) | Since: 13 April 2010
eToro registered with the CNMV as a passporting firm in April 2010, operating under the freedom of providing services across the EU from its home licence in Cyprus. The CNMV holds a notification record — but the supervisory relationship is with CySEC, not the CNMV.
What that means for Spanish clients: investor compensation is through Cyprus's Investor Compensation Fund (ICF), capped at €20,000 — not FOGAIN's €100,000. Five times less. Not trivial if you have significant capital with the broker.
Verify on CNMV Register: View eToro's CNMV entry →
Key finding: Passporting from CySEC. ICF coverage (€20,000) applies, not FOGAIN (€100,000).
ActivTrades Europe — Luxembourg Passporting, CNMV #5018
CNMV Registration: #5018 | Entity: ActivTrades Europe S.A. | Type: Passporting from Luxembourg | Since: —
ActivTrades Europe is incorporated in Luxembourg and passports services to Spain under MiFID II. CNMV holds the notification record at #5018. Home country supervision is Luxembourg's CSSF (Commission de Surveillance du Secteur Financier).
Investor protection would fall under Luxembourg's compensation scheme rather than FOGAIN — coverage terms depend on Luxembourg's Investor Compensation Scheme (SIIL).
Verify on CNMV Register: View ActivTrades' CNMV entry →
Key finding: Passporting from Luxembourg. Luxembourg compensation scheme applies, not FOGAIN.
How to Verify a Broker's CNMV Licence Yourself
Don't rely on a broker's website or any third party. The CNMV's register is public, free, and updated in real time. Here's exactly how to use it.
Step 1: Go to the CNMV Register of Authorised Entities
Visit cnmv.es/portal/consultas/busquedaporentidad. The English version works, though some secondary pages may be in Spanish.
Step 2: Select the Entity Type and Search
Choose "Investment Service Companies" (ESI) from the entity type dropdown. You can search by firm name. Try both the brand name and the legal entity name — they often differ. XTB trades as "XTB" but the legal entity in the register is "XTB S.A., Sucursal en España."
Step 3: Check Whether the Entry Is Active
An active registration means the firm is currently authorised. Look for any status flags or conditions. If the firm has been cancelled or suspended, the entry will show that. Some entries show a cancellation date — that means they're no longer authorised and you should treat them as unregulated.
Step 4: Identify the Entity Type
Note whether the broker is a Spanish domestic firm (ESI), an EEA branch (Sucursal), or a passporting firm (Libre Prestación). This tells you which regulator actually supervises the broker and, critically, which compensation scheme applies if they go insolvent.
Step 5: Confirm Your Account Agreement Matches
Open your account documents. The legal entity on your contract must match the entity name in the CNMV register. Firms with multiple entities — a CNMV-registered Spanish branch plus an offshore entity in SVG or Seychelles — may route new clients to the offshore entity by default. If your agreement names an entity that doesn't appear in the CNMV register, you have zero FOGAIN protection.
Step 6: Check the CNMV Warning List
Visit cnmv.es/portal/resultadobusqueda?tipo=1&lang=en — this is the CNMV's "boiler room" database of warned companies. Search the broker name. If it appears here, it's unauthorised. Don't deposit funds with any broker on this list.
What CNMV Regulation Actually Protects You From
CNMV regulation under MiFID II provides four concrete protections for retail forex traders. Understanding them precisely matters — because they have limits.
1. FOGAIN compensation up to €100,000
The Fondo de Garantía de Inversiones (FOGAIN) covers investors of insolvent Spanish investment firms and EEA branches with a Spanish establishment. The cap is €100,000 per person, per firm (FOGAIN, 2026). This activates when a CNMV-regulated firm becomes insolvent and cannot return client money. That's the same ballpark as the FCA's FSCS (£85,000) — and significantly better than CySEC's ICF (€20,000).
The FOGAIN coverage doesn't activate automatically in every scenario. It covers the situation where a firm is insolvent and cannot meet its obligations to clients. It doesn't cover trading losses, market risk, or situations where the firm is solvent but you're unhappy with a trade outcome.
2. Negative balance protection
Every retail CFD and forex account under CNMV/ESMA regulation has hard negative balance protection. If your account equity drops to zero during a flash crash or unexpected market move, the broker absorbs the loss. You can't owe your broker money as a retail client. This was implemented by ESMA in 2018 after events like the 2015 Swiss franc crisis showed how quickly leveraged retail accounts could go deeply negative.
3. Margin close-out at 50%
If your account equity falls to 50% of the required margin, the broker must close your open positions. Not at 30%, not at 10% — at 50%. This rule exists to prevent accounts from reaching zero in the first place. It's a forced risk management intervention that protects both you and the broker.
4. Maximum leverage limits
ESMA's product intervention rules are binding across all EU regulators, including the CNMV:
| Asset Class | Max Retail Leverage | Max Professional Leverage |
|---|---|---|
| Forex Majors (EUR/USD, GBP/USD, etc.) | 1:30 | Up to 1:500 (varies) |
| Forex Minors & Gold | 1:20 | Up to 1:500 |
| Major Indices | 1:20 | Up to 1:500 |
| Commodities (ex. gold) | 1:10 | Varies |
| Individual Equities | 1:5 | Varies |
| Cryptocurrencies | 1:2 | Varies |
Professional clients can apply for higher leverage by meeting two of three criteria: 10+ significant trades per quarter over the past 12 months; a portfolio exceeding €500,000; or relevant financial industry work experience. Professional status removes FOGAIN protection and negative balance protection. Most retail traders have no good reason to apply for it.
What CNMV regulation does NOT protect:
Trading losses are yours. If you take a bad trade, blow an account, or copy a poorly performing strategy, the CNMV can't help you. Regulation protects against broker misconduct and insolvency — not market risk.
Red Flags: When "CNMV-Regulated" Isn't What It Seems
A broker appearing in the CNMV register is not proof of strong oversight. Here are the specific situations where the protection is weaker than it looks.
Passporting without FOGAIN coverage
The most common scenario. A broker holds a CySEC licence, passports to Spain, appears in the CNMV register at number 2534 (or similar), and tells Spanish clients it's "CNMV regulated." Technically accurate — but misleading. The broker is supervised by CySEC. Compensation comes from Cyprus's ICF (€20,000), not FOGAIN (€100,000). That €80,000 gap is real if the firm collapses.
Offshore entity routing
Some broker groups maintain a CNMV-registered entity alongside offshore entities in SVG, Seychelles, or Belize. The CNMV-registered entity appears in their marketing. The offshore entity is where your account actually sits. Spot this by checking your account opening documents and client agreement: the entity name there must match the CNMV register entry. If it says "XYZ Markets Ltd (SVG)" instead of a named EU entity, you have zero CNMV protection.
Clone firms impersonating legitimate brokers
The CNMV has specifically warned about clones of well-known brokers. In 2023–2024, fake websites impersonating IG Group — using names like "Finance IG" at domains finance-ig.com and financeig.com — targeted Spanish investors (Finance Magnates, 2023). These clone firms copy real registration numbers and put them on fraudulent websites. The defence: always navigate to the CNMV register yourself and check that the registered website address matches what you're visiting.
Cancelled or suspended registrations
Firms that lost their CNMV registration may still appear in the register — but with a cancellation date. A cancelled entry is not an active one. Some brokers operate under a different offshore entity while still referencing their historical CNMV connection in marketing. Check the status in the register entry before trusting any historical claim.
"Authorised" vs. "Registered" for crypto providers
From 2023, the CNMV began registering crypto-asset service providers under a separate regime — before the EU's MiCA framework came fully into force. Being on the crypto-assets register is not the same as being authorised as an investment firm. These are different legal frameworks with different investor protections. Don't conflate them.
Recent CNMV Enforcement Actions Against Forex Brokers
The CNMV issues warnings against unauthorised entities regularly. December 2024 saw six new additions to the warning list in a single update — all claiming to offer investment services to Spanish residents without authorisation.
| Date | Entity | Action | Details |
|---|---|---|---|
| December 2024 | Global Alliance SEC / Bitles Limited | Warning | Unlicensed investment services in Spain |
| December 2024 | EliteVision (elitvision.eu) | Warning | Unlicensed investment services |
| December 2024 | FX Infinity (fxinfinity.net) | Warning | Unlicensed forex trading services |
| December 2024 | SeneKpital (senekpital.com) | Warning | Unlicensed investment services |
| December 2024 | Ibermeridian (ibermeridian.com) | Warning | Unlicensed investment services |
| December 2024 | Prime Vertical Market | Warning | Unlicensed investment services |
| March 2024 | 7 entities (batch) | Warning | Unlicensed operators targeting Spain |
| 2023–2024 | "Finance IG" clones | Warning | Clone firms impersonating IG Group |
Sources: BrokersView/FastBull, Finance Magnates, CNMV Warning List
The CNMV's enforcement pattern is consistent: it focuses on unauthorised operators rather than fining existing licence holders for minor violations. Formal enforcement actions against licensed firms are published through official CNMV resolutions. For the current full list, search the CNMV enforcement notices directly.
The Bottom Line on CNMV Regulated Forex Brokers
CNMV regulation means EU-standard investor protection — MiFID II leverage limits, mandatory negative balance protection, and FOGAIN coverage up to €100,000 for Spanish investment firms and EEA branches. The FOGAIN limit matches the FCA's FSCS in approximate value and dwarfs CySEC's €20,000 ICF. That's genuinely strong retail trader protection by European standards. The catch: most international forex brokers serving Spanish clients do so through EU passporting from Cyprus, Luxembourg, or Germany — not under direct CNMV supervision. Your compensation scheme depends on which entity actually holds your account. Check your client agreement before depositing. Verify the entity name against the CNMV register. And search the broker on the CNMV warning list before you commit any funds. For other EU regulatory frameworks, see our guides to CySEC regulated brokers and FCA regulated brokers.
Frequently Asked Questions
Is the CNMV a strong regulator?
Yes. The CNMV is Spain's primary securities regulator, operating within the EU's MiFID II framework enforced by ESMA. Spanish retail traders get FOGAIN protection up to €100,000, mandatory negative balance protection, 1:30 leverage caps on major forex pairs, and mandatory client fund segregation. By European standards, it's a Tier 1 regulator comparable to Germany's BaFin or France's AMF in regulatory rigour.
How do I check if a forex broker is CNMV regulated?
Go to the CNMV's authorised entity search and search by the broker's name or legal entity name. Confirm the entry is active and the entity type matches what the broker told you. Also search the broker on the CNMV warning list. Never rely on the broker's own website as confirmation.
What does FOGAIN cover and how do I claim?
FOGAIN covers eligible investors of insolvent Spanish investment firms and EEA branches with a Spanish establishment. The maximum is €100,000 per person, per firm (FOGAIN, 2026). Coverage activates when the CNMV declares a firm insolvent and unable to return client money. Claims are handled through FOGAIN directly — visit fogain.com for the current claims process.
What's the difference between a CNMV-regulated broker and a CySEC broker serving Spain?
A CNMV domestic firm or EEA branch is supervised by the CNMV (or its home regulator) and covered by FOGAIN (up to €100,000). A CySEC broker passporting into Spain appears in the CNMV register but is supervised by Cyprus and covered by the ICF (up to €20,000). Same MiFID II rules on leverage and negative balance protection apply to both — but the compensation schemes differ by €80,000.
What is the maximum leverage with a CNMV-regulated broker?
Under ESMA rules, retail clients get 1:30 on major forex pairs, 1:20 on minor pairs and gold, 1:10 on commodities, 1:5 on individual shares, and 1:2 on cryptocurrencies. These limits apply uniformly across all EU member states and have been in place since 2018.
Can a CNMV broker go bust and take my money with them?
Any firm can fail financially. What CNMV regulation provides is a safety net: FOGAIN covers eligible investors up to €100,000 if a CNMV-supervised firm becomes insolvent. Segregated client fund requirements mean your trading capital should be held separately from company operating money. Regulation reduces both the probability and consequence of broker failure — it doesn't eliminate either.
Are all brokers that accept Spanish clients CNMV regulated?
No. Many offshore brokers accept Spanish clients without any CNMV registration. They're technically operating illegally in Spain, but enforcement against offshore entities is difficult. The CNMV's warning list grows regularly with such firms. If a broker isn't listed in the CNMV register, it is not CNMV regulated — whatever its marketing says.
Why does the CNMV maintain a "boiler room" warning list?
Fraud targeting Spanish investors is a documented, ongoing problem. The CNMV's warned companies database lists entities that have offered investment services to Spanish residents without authorisation — typically unlicensed operations soliciting deposits through cold calling, fake trading platforms, or social media ads. It's actively maintained and updated. Check it at cnmv.es/portal/resultadobusqueda?tipo=1 for any broker you're evaluating.
Can I file a complaint against a CNMV-regulated broker?
Yes. First, use the broker's internal complaints procedure (required under MiFID II). If unresolved within two months, file with the CNMV's Investor Assistance Department through the electronic office at sede.cnmv.gob.es. For passporting brokers regulated in other EU states, complaints should go to the home regulator's equivalent department.
Related Resources
- CySEC Regulated Forex Brokers — many brokers serving Spain passport from Cyprus under CySEC's supervision
- FCA Regulated Forex Brokers — UK regulation with £85,000 FSCS protection
- BaFin Regulated Forex Brokers — Germany's securities regulator, the home supervisor for IG Europe GmbH