Best stock brokers in Portugal
Almost every broker advertises "zero commission" — but the real cost shows up elsewhere: in currency conversion, volume thresholds, and which investor-protection scheme applies. We compared them using each broker’s own published figures, not those of comparison sites.
Independent: we earn no commission on any product listed on this page. The ranking follows only the criteria below.
Verdict: which to choose
Best supervision in Portugal
Supervised by the CMVM and the KNF, with the highest protection here (€20,100) and investing from €1.
Lowest real cost
A 0.15% FX fee (versus 0.5%) and no volume threshold — the difference that matters if you buy dollar-denominated assets.
Side-by-side comparison
| Product | Stock/ETF commission | Volume threshold | FX conversion | Minimum | Supervision | Protection |
|---|---|---|---|---|---|---|
 XTB | 0 % | 100 000 €/mês | 0,5 % | 1 € | CMVM e KNF | 20 100 € |
| Trading 212 | 0 % | Sem limite | 0,15 % | 10 € | CySEC (lic. 398/21) | ICF até 20 000 € |
How we ranked these
We receive no commission from any of these brokers. We verified every figure in the broker’s own documentation — several Portuguese comparison sites publish out-of-date values — and assessed them against these criteria:
- Real cost: brokerage commission, volume thresholds and FX conversion combined — not just the advertised "0%".
- Status in Portugal: CMVM supervision, or operating under another member state’s regulator.
- Investor protection: which scheme applies, and up to what amount.
- Accessibility: the minimum needed to start investing.
- Transparency: are terms published and verifiable without contacting a salesperson?
Product-by-product analysis
XTB
XTB S.A.
Supervised by the CMVM and the KNF (Poland)
Best for: Investors who value CMVM supervision and trade mostly in euros, below €100,000/month.
- Stock/ETF commission
- 0 %
- Volume threshold
- 100 000 €/mês
- FX conversion
- 0,5 %
- Minimum
- 1 €
- Supervision
- CMVM e KNF
- Protection
- 20 100 €
Strengths
- Supervised by the CMVM — status verifiable in the regulator’s public register
- Investor protection of €20,100, the highest in this comparison
- Invest from €1, with no opening, maintenance or withdrawal fees
Weaknesses
- A 0.5% FX conversion fee — more than triple the alternative
- Above €100,000/month it charges 0.2% per trade, minimum €10
Trading 212
Trading 212 Markets Ltd (Cyprus)
Registered in Cyprus (HE 409763) · supervised by CySEC, licence 398/21
Best for: Investors buying dollar assets, investing larger amounts, or wanting interest on idle cash.
- Stock/ETF commission
- 0 %
- Volume threshold
- Sem limite
- FX conversion
- 0,15 %
- Minimum
- 10 €
- Supervision
- CySEC (lic. 398/21)
- Protection
- ICF até 20 000 €
Strengths
- A 0.15% FX conversion fee — the lowest here
- No volume threshold on commission-free trading
- No custody fee, plus interest on uninvested cash (2.4% APY in euros)
Weaknesses
- Supervised by CySEC (Cyprus), not the CMVM
- Investor protection up to €20,000, below the alternative
- Card deposits above €2,000 cumulative cost 0.7%
Decided which one? Run it with your own numbers:
Calculate your capital gains →Frequently asked questions
Does "zero commission" mean investing is free?
Do I have to declare a foreign broker account on my Portuguese tax return?
Is my money protected if the broker fails?
Sources
- 1.XTB — conta e taxas: comissões, limite de volume, conversão cambial e proteção · XTB · retrieved 28 Jul 2026
- 2.Trading 212 — termos e comissões da conta Invest · Trading 212 · retrieved 28 Jul 2026
- 3.Registo de intermediários financeiros autorizados · CMVM — Comissão do Mercado de Valores Mobiliários · retrieved 28 Jul 2026