Binary Options Trading Spain
Spain has seen a surge in the number of residents looking to earn an income on-the-side. Many have turned to financial trading to help them to make a living. Currently, binary options trading in Spain is not regulated however this does not make it illegal, in fact it means the opposite.
In a country where it can be difficult to find good work, this type of trading opens up more avenues to earn money. As long as you have a mobile phone, tablet or laptop, and access to the internet, then you can trade in binary options. It is quick and easy to do and can turn instant profits. It is not without risks though, which must be considered.
With no regulation, choosing a broker can be tricky. How do you know that the broker that you are choosing is reliable and safe? Well there are many European brokers that are regulated in their own countries like Germany and Cyprus, or you can choose one that has MiFID licensing (EU regulation). Our service is designed to rate and recommend only the best.
Do you live in Spain and want to trade in binary options? In this guide you will learn:
- The regulations surrounding binary options trading in Spanish territory
- What features to look for when choosing a good online broker to use
- Whether you will incur taxes or other fees on your expected trading profits
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Local Broker Benefits
Whether you choose a local broker or an overseas broker, there are a number of benefits to look out for. Whilst the list is extensive here are a few to consider:
The payout is the money you receive for a successful trade, plus your original investment. These vary from broker to broker but currently sit at around an 85% profit rate. While you will find higher than this with some brokers, often this can be too good to be true so exercise caution. You will also find lower payouts offered. You need to weigh up what is important to you and look at the other benefits that the broker offers.
Welcome Bonuses And Deals
The welcome bonus is designed to push you to open an account with a particular broker. Some bonuses are bigger than others and some are outweighed by the benefits of using a particular platform. Usually they start at around $25 which is often the minimum trading amount required. Bonuses are either no deposit, which means that you can sign up to the site without making a deposit, or a deposit bonus, usually a percentage of what you deposit.
In this modern age of technology, we carry out most transactions from a mobile phone. Stopping to fire up the laptop can be time consuming and restricts us from transacting on the go. Mobile trading is now increasingly popular so it is important to choose a broker that has a good mobile trading platform. This will take either the form of an app which is suitable for iOS or Android, or a mobile friendly website.
If you have a query or an issue while trading or you want to ask a question, it is important that you can get hold of someone that can help. Make sure the broker that you choose offers customer service. This usually takes the form of a pop up live chat assistant which you can find by simply visiting the website. Other forms of contact include email, telephone or a list of FAQs. If you are unsure we recommend asking a question and seeing how long it takes to get a response.
Legal And Regulation
Is it legal to trade in Spain and what is the legislation that surrounds binary trading? Well in truth there is no regulation for trading in binary options in Spain. This doesn't make it illegal, quite the opposite. You are free to trade if you wish, either with a local broker or an offshore broker. Because of this lack of regulation, it means that many local brokers could be trading without any type of licensing. But how do you know? How do you make sure that you select a broker that isn't going to disappear with your money? Here are some tips to guide you:
Double check if you are unsure and, if you cannot find anything about the broker listed anywhere, then it is unlikely that they are a genuine broker.
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Paying Taxes And Fees
Like it's neighbour Italy, Income tax in Spain varies depending on the region in which you live. However, there are rough guidelines. Generally, income tax ranges from 19% on earnings over €12,450 to 47% for earnings of €60,000 or more. As any trading profits are classed as income, you need to ensure that you are declaring your profits in accordance with the tax laws of your region. Remember though that losses can be offset against the profits and you only pay tax on the actual money that you make.
In addition to taxes, there are additional fees that come with financial trading. How else does the broker make their money? For every successful trade, you will pay a percentage of your profits. Of course, if you lose a trade, you lose your initial investment on that trade. Brokers also charge withdrawal fees. This is often a fixed fee for administrating the withdrawal.
If you make several small withdrawals you will pay a fee numerous time so try to limit the amount of withdrawals that you make. You may also pay charges to your credit card provider or electronic payment provider, for each transaction. You must also factor in a currency conversion if you are trading in a currency other than Euros.
How we Recommend Brokers
Our job is to give the information you need to select the right broker. There are a number of ways in which we do this. In addition to rating and reviewing every broker, we also check out the trading requirements of each country and how to select a broker based on the country that you live in.
When we rate a broker, we are looking for a number of things. We check their payouts, licensing and regulation, the welcome bonuses and deals that they offer. We also test how easy it is to trade and whether they allow you to trade on the go. Another important factor is the customer service. We also rate and recommend the various trading features and tools that will help you trade more effectively. These include robot software and the various providers of this automated trading service.
Using our findings, we then present this information in a comprehensive and digestible format. All of the information is carefully put together by our financial trading experts allowing you to make an informed decision about who to choose to trade binary options with in Spain. Instead of spending hours trawling the web analysing the various brokers, you can read our reviews of the top brokers and make your decision. Then all you need to do is open an account and commence your trading experience.
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Frequently Asked Questions
Is binary trading in Spain legal and safe?
Yes, binary options trading in Spain is legal. The reason it is legal is that it is currently unregulated. This is where you need to make sure you choose your broker wisely. To ensure that your trading experience is a good one and that your money is safe, you must make sure you choose a reliable company. Our reviews and recommendations will help you to make the right decision.
Do I need to pay taxes on my trading profits?
If you are eligible to pay tax in Spain then you will need to pay income tax on your earnings. The tax laws in Spain vary as each region governs their own finances. If this is an additional income then you must follow the countries guidelines for declaring income and ensure that you do everything by the book. Don't forget to keep accurate records and offset your losses against your profits.
Can I test brokers before trading with real money?
Demo accounts and no deposit bonuses both allow you to test a broker before you risk your own money. The demo platform is virtual and so are the funds that you are awarded to trade with. A no deposit bonus lets you trade on the live platform, however this may only give you the opportunity to test on one or two trades. Sizes of bonuses vary between the various brokers.
Is it easy to make deposits and withdrawals?
Making a deposit is easy if you have an electronic method of payment. You will need a credit or debit card or an electronic wallet like Paypal or Skrill. Once you have made your deposit your funds are available immediately. If you are making a withdrawal the funds will be returned within three to five business days to the method you used to make the deposit. Please ensure that you check the fees for withdrawal and currency conversion.
Can I trade using my mobile or tablet device?
Most brokers now have either an app or a mobile friendly website. Both formats allow you to trade on the go from a mobile device or tablet. If you are unsure whether your broker offers a good mobile experience, it is worth checking out the website first. You will be able to tell just by visiting the website on your device or by searching in the App Store or Google play for an app.