IBEX 35

IBEX 35 brokers provide access to the stock market index for the Bolsa De Madrid, Spain’s primary stock exchange. Like all key equity indices, the Iberian Index is comprised of the most liquid stocks in the country. Banco Santander, Respol and Arcelor are just some of the 35 companies on the list. These members, plus others, have a total market cap of around £400 billion, making the IBEX 35 a relatively small index in comparison to others, like the FTSE 100, which is valued at over £2 trillion. However, with the total value of IBEX 35 stocks growing almost 7% in the last year, it offers attractive trading opportunities.

In this guide, we explain how to compare IBEX 35 brokers, from commissions and fees to platforms, apps and UK regulatory oversight. Our traders also unpack the history of the index and share investing tips and beginner-friendly strategies.

Best IBEX 35 Brokers

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    Founded in Australia in 2010, Pepperstone is a highly regarded broker specialising in forex and CFDs. Serving more than 400,000 clients globally, it provides access to over 1,300 financial instruments through popular platforms like MT4, MT5, cTrader, and TradingView. Its fee structure is both low and transparent. With regulation by reputable bodies such as the FCA, ASIC, and CySEC, Pepperstone guarantees a safe trading environment for traders at every level.

    Instruments Regulator Platforms
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto (only Pro clients), Spread Betting FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade, Quantower
    Min. Deposit Min. Trade Leverage
    $0 0.01 Lots 1:30 (Retail), 1:500 (Pro)
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    Established in Poland in 2002, XTB caters to over a million clients worldwide. This forex and CFD broker offers a robust regulatory framework, a diverse range of assets, and prioritises trader satisfaction. It provides an intuitive proprietary platform equipped with excellent tools to support aspiring traders.

    Instruments Regulator Platforms
    CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs FCA, CySEC, KNF, DFSA, FSC, SCA, Bappebti xStation
    Min. Deposit Min. Trade Leverage
    $0 0.01 Lots 1:30
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    IC Markets is an internationally acclaimed forex and CFD broker, admired for its competitive pricing, diverse trading instruments, and superior technology. Established in 2007 and based in Australia, the firm is under the regulation of ASIC, CySEC, and FSA. It has successfully drawn over 180,000 clients from more than 200 nations.

    Instruments Regulator Platforms
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto ASIC, CySEC, FSA, CMA MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower
    Min. Deposit Min. Trade Leverage
    $200 0.01 Lots 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
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    Interactive Brokers (IBKR), a leading brokerage, offers access to 150 markets across 33 countries and provides extensive investment services. With more than 40 years of experience, this Nasdaq-listed company complies with strict regulations from the SEC, FCA, CIRO, and SFC. It is among the most reliable brokers worldwide for traders.

    Instruments Regulator Platforms
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower
    Min. Deposit Min. Trade Leverage
    $0 $100 1:50
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    IC Trading belongs to the reputable IC Markets group. Designed for dedicated traders, it offers highly competitive spreads, dependable order execution, and sophisticated trading tools. However, it operates from Mauritius, an offshore financial centre, allowing high leverage but within a less regulated environment.

    Instruments Regulator Platforms
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Cryptos, Futures FSC MT4, MT5, cTrader, AutoChartist, TradingCentral
    Min. Deposit Min. Trade Leverage
    $200 0.01 Lots 1:500
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    Fusion Markets, an online broker since 2017, operates under the regulation of ASIC, VFSC, and FSA. Renowned for offering cost-effective forex and CFD trading, it provides various account options and copy trading solutions to suit diverse trading needs. New clients can begin trading with a simple three-step registration process.

    Instruments Regulator Platforms
    CFDs, Forex, Stocks, Indices, Commodities, Crypto ASIC, VFSC, FSA MT4, MT5, cTrader, TradingView, DupliTrade
    Min. Deposit Min. Trade Leverage
    $0 0.01 Lots 1:500
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    Trade Nation is a leading FX and CFD broker regulated in the UK and Australia, among other places. The company provides competitively priced fixed and variable spreads on over 1,000 assets. Traders benefit from advanced platforms and comprehensive training materials. Additionally, the Signal Centre offers valuable trade ideas.

    Instruments Regulator Platforms
    Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Spread Betting, Cryptos (Bahamas Entity Only) FCA, ASIC, FSCA, SCB, FSA MT4
    Min. Deposit Min. Trade Leverage
    $0 0.1 Lots 1:500 (entity dependent)

Safety Comparison

Compare how safe the IBEX 35 are and what features they offer to protect traders.

Safety Comparison
Broker Trust Rating FCA Regulated Negative Balance Protection Guaranteed Stop Loss Segregated Accounts
Pepperstone 4.6
XTB 4.6
IC Markets 4.6
Interactive Brokers 4.5
IC Trading 2.8
Fusion Markets 3.5
Trade Nation 4.3

Payments Comparison

Compare which popular payment methods the IBEX 35 support and whether they have trading accounts denominated in British Pounds (GBP).

Payments Comparison
Broker GBP Account Debit Card Credit Card Neteller Skrill Apple Pay
Pepperstone
XTB
IC Markets
Interactive Brokers
IC Trading
Fusion Markets
Trade Nation

Mobile Trading Comparison

How good are the IBEX 35 at mobile trading using apps or other mobile interfaces.

Mobile Trading Comparison
Broker Mobile Apps iOS Rating Android Rating Smart Watch App
Pepperstone iOS & Android 4.4 4.1
XTB iOS & Android 4.7 4.1
IC Markets iOS & Android 3.1 4.2
Interactive Brokers iOS & Android 4.3 4.5
IC Trading iOS & Android 4.8 4.6
Fusion Markets iOS & Android 4.8 4.4
Trade Nation iOS & Android 4.1 3.5

Beginners Comparison

Are the IBEX 35 good for beginner traders, that might want an affordable setup to get started, along with good support and educational resources?

Beginners Comparison
Broker Demo Account Minimum Deposit Minimum Trade Support Rating Education Rating
Pepperstone $0 0.01 Lots 4.6 4
XTB $0 0.01 Lots 4.3 3.8
IC Markets $200 0.01 Lots 4.5 3.5
Interactive Brokers $0 $100 3 4.3
IC Trading $200 0.01 Lots 2.8 2.2
Fusion Markets $0 0.01 Lots 4.5 1.3
Trade Nation $0 0.1 Lots 4.5 3.8

Advanced Trading Comparison

Do the IBEX 35 offer features that allow for more advanced trading strategies?

Advanced Trading Comparison
Broker Automated Trading Pro Account Leverage VPS AI Low Latency Extended Hours
Pepperstone Expert Advisors (EAs) on MetaTrader 1:30 (Retail), 1:500 (Pro)
XTB Open API 1:30
IC Markets Expert Advisors (EAs) on MetaTrader, cBots on cTrader, Myfxbook AutoTrade 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Interactive Brokers Capitalise.ai & TWS API 1:50
IC Trading Expert Advisors (EAs) on MetaTrader, cBots on cTrader 1:500
Fusion Markets Expert Advisors (EAs) on MetaTrader, cBots on cTrader 1:500
Trade Nation Expert Advisors (EAs) on MetaTrader 1:500 (entity dependent)

Detailed Rating Comparison

Use this heatmap to compare our detailed ratings for all of the IBEX 35.

Detailed Rating Comparison
Broker Trust Platforms Mobile Assets Fees Accounts Support Research Education
Pepperstone 4.6 4.4 4.3 3.8 4.5 4 4.6 4.3 4
XTB 4.6 4 4.4 4 4.3 4 4.3 4.1 3.8
IC Markets 4.6 4 3.7 3.5 4.6 4 4.5 4 3.5
Interactive Brokers 4.5 3.3 4.4 4.7 4.3 3.5 3 4.4 4.3
IC Trading 2.8 4 4.7 3 4 3.5 2.8 3 2.2
Fusion Markets 3.5 4 4.6 3.3 4.4 4 4.5 3.5 1.3
Trade Nation 4.3 4.3 3.8 3.5 4.5 4.5 4.5 3.8 3.8

Our Take On Pepperstone

"Pepperstone is a premier trading platform, providing tight spreads, swift execution, and sophisticated charting tools for seasoned traders. Beginners benefit from no minimum deposit, comprehensive learning materials, and outstanding 24/7 support."
Tobias Robinson
Tobias Robinson
Reviewer

Pros

  • In recent years, Pepperstone has significantly enhanced the deposit and withdrawal process. By 2025, clients can use Apple Pay and Google Pay, while 2024 saw the introduction of PIX and SPEI for customers in Brazil and Mexico.
  • Pepperstone offers rapid execution speeds of approximately 30ms, enabling swift order processing and execution, making it ideal for traders.
  • Over the years, Pepperstone has consistently garnered recognition from DayTrading.com’s annual awards. Recently, it was honoured as the 'Best Overall Broker' in 2025 and was the 'Best Forex Broker' runner-up the same year.

Cons

  • Although its market range has improved, its crypto offerings remain limited compared to brokers specialising in this sector, lacking real coin investment options.
  • Pepperstone's demo accounts expire after 30 days, which may not provide sufficient time to explore various platforms and evaluate trading strategies.
  • Pepperstone doesn't offer cTrader Copy, a favoured feature for copying trades found in the cTrader platform, which is available on other platforms such as IC Markets. However, Pepperstone has launched its own user-friendly copy trading app.

Our Take On XTB

"XTB emerges as an ideal option for novice traders, offering the impressive xStation platform, zero commission pricing, no required minimum deposit, and outstanding educational resources, many of which are conveniently integrated into the platform."

Pros

  • XTB has raised its interest rate on uninvested funds and introduced zero-fee ISAs for UK clients, offering access to 3,000 stocks and 700 ETFs for diverse investment opportunities.
  • Setting up an XTB account is straightforward and fully online, requiring only a few minutes. This simplicity eases new traders into the world of trading.
  • Top-notch customer support, available 24/5, includes a welcoming live chat with response times under two minutes during tests.

Cons

  • The research tools at XTB are commendable but have the potential to excel further. Enhancing them with access to top-tier third-party services like Autochartist, Trading Central, and TipRanks would significantly elevate their offering.
  • XTB has stopped supporting MT4, restricting traders to its own platform, xStation. This decision may discourage experienced traders accustomed to using the MetaTrader suite.
  • XTB lacks a raw spread account, a feature increasingly offered by competitors such as Pepperstone. This omission might not satisfy traders seeking the most competitive spreads.

Our Take On IC Markets

"IC Markets provides excellent pricing, swift execution, and easy deposits. With cutting-edge charting tools like TradingView and the Raw Trader Plus account, it continues to be a preferred option for intermediate and advanced traders."

Pros

  • IC Markets provides some of the industry's narrowest spreads, offering 0.0-pip spreads on major currency pairs. This makes it an extremely cost-effective choice for traders.
  • In 2025, IC Markets earned DayTrading.com's accolade for 'Best MT4/MT5 Broker' due to its top-tier MetaTrader integration. This achievement highlights the broker's continuous refinement over the years to enhance the platform experience.
  • As a well-regulated and reputable broker, IC Markets focuses on client safety and transparency to provide a dependable global trading experience.

Cons

  • Certain withdrawal methods incur fees, including a $20 charge for wire transfers. These costs can reduce profits, particularly with frequent withdrawals.
  • Although there are four top-tier third-party platforms available, the absence of in-house software or a trading app tailored for novice traders is notable.
  • The tutorials, webinars, and educational resources require enhancement, lagging behind competitors such as CMC Markets, which diminishes their appeal to novice traders.

Our Take On Interactive Brokers

"Interactive Brokers ranks highly for seasoned traders due to its robust charting platforms, live data, and bespoke layouts via the new IBKR Desktop app. Its competitive pricing and sophisticated order choices appeal to traders, and its wide equity options are industry-leading."

Pros

  • The new IBKR Desktop platform combines the top features of TWS with customised tools such as Option Lattice and MultiSort Screeners, providing an impressive trading experience for traders of all skill levels.
  • IBKR is a highly respected brokerage, regulated by top-tier authorities, ensuring the integrity and security of your trading account.
  • Interactive Brokers has been awarded Best US Broker for 2025 by DayTrading.com. This accolade highlights its dedication to traders in the US, offering exceptionally low margin rates and access to global markets at minimal expense.

Cons

  • IBKR offers a variety of research tools, but their inconsistent placement across trading platforms and the 'Account Management' webpage creates a confusing experience for users.
  • You are limited to a single active session per account, meaning you cannot use both your desktop programme and mobile app at the same time. This restriction can occasionally lead to a frustrating experience for traders.
  • Support can be sluggish and frustrating. Tests reveal that you may face challenges reaching customer service quickly, which could result in delays in issue resolution.

Our Take On IC Trading

"IC Trading offers an ideal environment, featuring top-tier execution speeds of around 40 milliseconds, extensive liquidity, and advanced charting tools, perfect for scalpers, traders, and algorithmic traders."
Christian Harris
Christian Harris
Reviewer

Pros

  • The streamlined digital account setup allows traders to commence trading swiftly, eliminating lengthy paperwork. Testing shows the process takes mere minutes.
  • IC Trading offers top-tier spreads, with some major currency pairs like EUR/USD featuring spreads as low as 0.0 pips, making it an excellent choice for traders.
  • Trading Central and Autochartist provide valuable technical analysis and actionable ideas. These tools are readily available within the account area or on the cTrader platform.

Cons

  • Although IC Trading operates under the reputable IC Markets group, it is licensed by the FSC in Mauritius, a regulator known for its limited financial transparency and lack of robust safeguards.
  • Unlike IC Markets, IC Trading lacks support for social trading via the IC Social app or the ZuluTrade platform.
  • Customer support was inadequate during testing, with multiple live chat attempts going unanswered and emails ignored. This raises significant concerns regarding their capacity to manage urgent trading issues.

Our Take On Fusion Markets

"Fusion Markets offers forex traders competitive pricing with minimal spreads, low commissions, and new TradingView integration. It is an excellent choice, especially for Australian traders, given its base and regulation by ASIC."

Pros

  • The market analysis tools, Market Buzz and Analyst Views, are excellent for identifying opportunities and are seamlessly incorporated into the client dashboard.
  • Fusion Markets provides exceptional support, characterised by rapid, friendly, and efficient responses. Unlike other platforms, it doesn't utilise automated chatbots, ensuring traders experience a seamless interaction.
  • The selection of charting platforms and social trading features is outstanding. Options like MT4, MT5, cTrader, and the newer TradingView meet diverse trader preferences.

Cons

  • The broker stands out with its extensive selection of currency pairs, surpassing most competitors. However, its alternative investment options are merely average, lacking stock CFDs outside the US.
  • The demo account, lasting only 30 days, is limited in its effectiveness as a trading tool when used with a live account.
  • Unlike AvaTrade, there is no specialised trading platform or app tailored for beginners, which is a significant disadvantage.

Our Take On Trade Nation

"Trade Nation is ideal for novice traders seeking diverse markets on an easy-to-use platform. It offers no minimum deposit, complimentary funding options, and robust educational resources."

Pros

  • A variety of trading platforms and apps, such as MT4, make the brand suitable for experienced traders.
  • Beginners benefit from a modest initial deposit.
  • The trading firm provides narrow spreads and a clear pricing structure.

Cons

  • Reduced legal safeguards with an offshore entity.

Choosing IBEX 35 Brokers

  • Products – The best brokers with access to IBEX 35 offer derivatives like CFDs. These allow traders to magnify their purchasing power and returns using leverage. FXCM, for example, offers 1:10 leverage on its IBEX CFD. Other popular vehicles include ETFs and spread betting (tax-free in the UK).
  • Platforms – IBEX 35 brokers offer different platforms and apps. One of the most popular is MetaTrader 4 (MT4), however, increasingly brokerages are offering their own proprietary platforms. CMC markets is a good example, providing the highly regarded MT4 & MT5, but also their own web platform.
  • Fees & Commission – The best IBEX 35 brokerages offer tight spreads with low or zero commissions. Pepperstone, for instance, offers a 5-point average spread on the IBEX. Also look out for deposit and withdrawal charges, overnight holding fees, and inactivity penalties. These costs can all cut into your profits.
  • Regulation – In the UK, the top IBEX 35 brokers are regulated by the Financial Conduct Authority. The FCA is the body responsible for overseeing firms that offer trading products to retail clients. Importantly, they also ensure online brokers comply with rules designed to protect retail investors, including limiting leverage, restricting the use of misleading bonuses and advertisements, and providing negative balance protection.
  • Payments – Leading brokers with access to the IBEX 35 offer cheap deposit options and immediate transfers. Popular payment methods among UK traders include debit card, PayPal, Skrill and wire transfer.

How To Start Trading IBEX 35

Pick Your Strategy

Firstly, understand your motivation for trading the IBEX 35. Are you looking to build steady, low-risk gains, or are you looking to trade short-term in the pursuit of high-risk, high-rewards?

Warren Buffet famously said that ‘risk comes from not knowing what you are doing’. Once you understand this, you can choose a suitable investing vehicle and develop an approach.

Choose A Product

One of the most popular products among day traders is the CFD, or Contract for Difference. CFDs are exactly as described, rather than purchasing the underlying asset, you are entering into a contract for the difference in settlement price between the opening and closing position.

IBEX 35 brokers offering CFDs tend to have lower fees and are quick to process, making them suitable for short-term trading. With that said, they are less suitable for holding overnight positions due to the charges imposed.

ETFs, or exchange-traded funds are another option. They can be bought and sold on a stock exchange or broker, just like the shares that the IBEX 35 is comprised of. ETFs are touted as a safer way to trade than picking individual stocks as they are diversified across multiple sectors.

Strategy Tips

The IBEX 35 is a relatively volatile index, meaning there is potential for profit with short-term strategies. However, analysing the historical prices of the IBEX 35 shows that the index has not outperformed its rivals in recent years, partially due to its exposure to the tourism industry during the pandemic. This has not been great for long-term positions opened pre-2020.

With that said, analysis shows that Spain’s economy is shifting, with a heavier focus on technology, making the European nation more resilient to this type of challenge in the future.

Make A Trade

Once you have registered with one of the best IBEX 35 brokers and opened a live account, make a starting deposit. You can then download the broker’s platform and search for the instrument.

Next, open an order. You will likely need to choose between an instant or pending order, enter the position size, plus any stop loss and take profit levels.

Once opened, monitor your position and exit in line with your IBEX 35 trading strategy.

Live Price Chart

How The IBEX 35 Works

The IBEX is formed of the 35 most liquid stocks traded on the Bolsa De Madrid. It is the chief stock market index in the country and is home to big names, including Telefónica (TEF), Banco Santander (SAN), and Siemens Gamesa (REE).

The IBEX 35 is a market capitalisation-weighted index (the number of shares x price per share). This means not all the stocks listed carry the same weight. For example, large-cap firms have a higher weighting, thus their rises and falls have a bigger impact on the value of the index as a whole. Iberdrola and Santander have the largest weighting (10%>).

Importantly, the IBEX 35 is often used as a benchmark for the Spanish economy, attracting traders looking to speculate on the country’s short-term, medium-term, and long-term prospects.

History

Having turned just 30 years old in 2022, the IBEX 35 has a relatively short trading history. It was founded in 1992, just before the infamous dot com boom.

It has performed strongly over the years, particularly between 2000 and 2007 when strengthening Spanish economics saw stock prices rise well in comparison to competing European indices. In particular, when Spain joined the Euro in 2002, IBEX 35 companies experienced a boost, which in turn, led to growth in the products offered, including ETFs, futures, options and other financial derivatives.

However, Spain’s economy struggled hugely during the pandemic because of its reliance on tourism, so trading IBEX 35 was tough for those holding long positions. On the infamous ‘Black Monday’, global markets dived and the IBEX 35 fell 8.1%, one of the largest in history.

More recently, the IBEX 35 has become diversified, with increasing representation from technology and renewable energy companies. This makes it an attractive investment opportunity for long-term traders.

Opening Hours

Most IBEX 35 index brokers offer trading hours in line with the underlying exchange. This means online investing is typically available between 07:00 and 19:00 GMT with no break.

Bottom Line On IBEX 35 Brokers

IBEX 35 brokers offer access to the principle stock market index in Spain. Retail investors can go long or short on the Spanish economy using a variety of investing products, including leveraged CFDs.

Several leading UK platforms offer the IBEX 35. Use our ranking of the best IBEX 35 brokers to get started.

FAQ

What Is The IBEX 35?

The IBEX 35 is an index from Bolsa De Madrid which is home to the largest and most liquid stocks in Spain. The index is primarily composed of publicly-traded companies operating in financial services, utilities and communications sectors.

Importantly, it is used to gauge the overall health of the country and the Spanish economy. The IBEX 35 is also known as the Spain 35 index.

Which Companies Are In The IBEX 35?

While the list has changed over the years (more than 100 have made the ranks), some of the big players, such as BBVA (financial services), Acerinox (steel), and Telefonica (telecommunications), remain static. Others have sadly ceased trading, like Reyal Urbis (construction), which went bust in 2018. Other popular stocks include Ferrovial (transport), Naturgy (energy), and IAG (airlines).

Which Brokers Offer Access To The IBEX 35?

Among the best UK brokers with access to the Spain 35 index are Pepperstone and IG. Both firms are regulated by the FCA and offer retail-friendly derivatives, plus market-leading platforms, apps and tools.

Alternatively, see our full list of IBEX 35 brokers.

How Can I Trade The IBEX 35?

To start investing in the IBEX 35, you first need to choose an online brokerage. You can then pick a trading vehicle, such as CFDs or ETFs, depending on whether you are seeking short-term profits or long-term gains. Finally, register for a investing account and open a position in line with your chosen strategy.

Are There UK-Regulated Brokers With IBEX 35?

Yes – Pepperstone and IG hold licenses with the UK Financial Conduct Authority. Both firms offer negative balance protection, use segregated accounts, and are routinely audited by third parties, providing an added layer of trust and credibility.