“We Didn’t Choose Lisbon for Back-Office Convenience,” Says Trade Nation Portugal CEO Luis dos Santos

Trade Nation, a London-based broker, has obtained a license from the Portuguese regulator Comissão do Mercado de Valores Mobiliários (CMVM), marking a strategic entry into the EU market. Luis dos Santos, CEO of Trade Nation Portugal, confirmed the approval, which took roughly twelve months from initial documentation to final authorization.

The broker has established its regional headquarters in Lisbon, a city known more for tech firms than financial services. Dos Santos emphasized that the choice was driven by Portugal's stable regulator and economy, not back-office convenience. The CMVM register lists only 46 registered investment firms, compared to established hubs like Cyprus.

Expansion Plans and Hiring

With the license in hand, Trade Nation is expanding its Portuguese operations, currently staffing ten people. Active recruitment is underway across marketing, business development, and software engineering roles, both in Portugal and beyond. The broker is targeting mid-to-high-end clients, with customer acquisition costs kept below $1,000. While Portugal is a primary focus for active traders through localized products like Portuguese equities, Germany is confirmed as a key target for European expansion, with France and Italy also seen as major opportunities.

Regulatory and Market Outlook

Despite ESMA's restrictive stance on leveraged products, including Spain's complete ban on CFD advertising, retail trading demand remains resilient. Dos Santos views EU regulation as a positive, noting that clients feel safer with regulated firms. He does not expect a regulatory domino effect from Spain's actions. Trade Nation uses AI across compliance, client service, and software development, but continues to hire, seeing AI as complementary. The CEO also predicts commodities and IPOs, such as the recent SpaceX listing, will drive retail trading volume in late 2026.

Product Strategy and Competition

Trade Nation excludes crypto perpetuals from its European entity, offering them only through offshore licenses in Seychelles, Bahamas, and South Africa. Dos Santos believes specialized CFD providers can coexist with multi-asset super-apps like Revolut, citing pricing transparency and expertise. The broker currently offers MT4 alongside its proprietary platform, with client-facing AI products on the roadmap.