Spain · ES · Comisión Nacional del Mercado de Valores (CNMV)
Investing from Spain
Spain's FOGAIN is closest in shape to SIPC: a fund that pays out when the firm fails, capped per investor and per entity, with market losses explicitly outside it. The practical questions for a Spanish reader — which UCITS ETFs are available, how IRPF treats gains — are not ones a US-focused ranking can answer, and we have not researched them.
- Written by
- Juan Manuel Gonzalez
- Published
- Data verified
Investor protection — FOGAIN
€100,000 per investor, per entity
Triggered only by the insolvency or bankruptcy of the investment firm. Investment losses are excluded — they are treated as the risk inherent to investing — and the insolvency of an issuer is never covered. Because the limit is per entity, holding accounts at two firms means two separate limits.
CNMV — Fondo de garantía de inversiones (FOGAIN)What we verified
Read August 30, 2026- Regulator
- CNMV supervises investment firms and the Spanish securities market.
- Coverage is per entity
- An investor with accounts at several covered firms is protected up to €100,000 at each one.
- What is never covered
- Investment losses, and the insolvency of an issuer whose securities you hold. FOGAIN covers the failure of your broker, not the failure of what you bought through it.
Why there is no ranking on this page
Ranking brokers for Spain means knowing which legal entity would hold a resident’s account — and for most global brands that is not the US broker-dealer whose name is on the app. It is a different company, under Comisión Nacional del Mercado de Valores (CNMV) rather than the SEC, with different protection behind it. Publishing our US ranking here and changing the country name would be the single most misleading thing this site could do.
What is on this page instead is the part we could verify from primary sources: who regulates brokers here, and what happens to your assets if one fails. That is the question most comparison content skips, and it is the one that does not change with a fee schedule.
What has to be verified before we rank anything here
- 01Which legal entity of each broker would hold a resident's account, and its licence number with the local regulator
- 02Whether that entity publicly accepts residents of this country, and what identity documentation it requires
- 03Accepted deposit and withdrawal methods, and any local payment rails
- 04Available base currencies and the published currency conversion cost
- 05Which products are restricted or unavailable to residents
- 06General tax treatment of brokerage accounts held by residents, framed as background rather than advice
Scheduled for phase 3 of our market roadmap. In the meantime, our guide to investor protection covers what these schemes do and do not do, and why the entity matters more than the brand.
Affiliate disclosure
We currently have no affiliate or commercial relationship with any broker on this site, and every outbound link is a plain link. If that changes, it will be disclosed here and on the broker's row. Read the full disclosure.
Risk warning
Investing involves risk, including the possible loss of principal. Nothing on this site is personalized investment advice, a recommendation to buy or sell any security, or a solicitation. Figures are read from public sources on the dates shown and can change without notice — verify anything you intend to act on with the provider directly. Read the full risk disclosure.