If you don't understand these two, your investment decisions will be just guessing blindly.

Entering the investment world, the first hurdle is to understand the concepts clearly. Many people confuse acciones and participaciones, resulting in purchasing products they don’t actually want. But how big is the difference between these two? Just like buying stocks and bonds are completely different, the distinction between acciones and participaciones relates to your rights, returns, and risk tolerance.

First, Understand What Exactly an Acciones Is

Acciones essentially represent a division of ownership in a company. When you buy acciones of a company, you become an owner of that enterprise, even if only a small part. This status is crucial—it grants you multiple rights.

First is the dividend right. As long as the company makes a profit and the shareholders’ meeting approves dividends, you are entitled to your share of the profits. Next is the right to information, allowing you to access key information about the company’s financial status and operations. Plus, there’s the voting right—at the shareholders’ meeting, you have a voice and voting power, meaning you can influence major company decisions.

There’s also a less obvious right called preemptive subscription right. When the company raises additional capital or issues convertible bonds, existing accionistas have the priority to buy new shares. Lastly, in case of bankruptcy and liquidation, you have the right to receive the remaining assets after debts are paid.

All these rights stem from a core identity: you are an accionista (shareholder), the owner of the company.

Key Details About Acciones

Not all companies have acciones. Only corporations (Sociedades Anónimas) can issue acciones. When a company’s acciones are listed on a stock exchange, trading becomes very flexible—you can buy and sell anytime through a broker, without needing to know the counterparty. Prices are determined by supply and demand, and can fluctuate significantly.

However, listing is entirely voluntary. Many high-quality companies are not listed; their acciones exist but are not traded publicly. Even listed companies may retain some shares that are not publicly available.

Acciones come in various types. Common acciones give holders full rights. Preferred acciones have priority in dividends and liquidation but lack voting rights. No-voting acciones are similar to common acciones but without voting rights. There are also redeemable acciones, which have a fixed term; the company can buy them back at an agreed time.

The Relationship Between Acciones and Bolsa Is Not That Simple

People often say “acciones are traded on the bolsa,” but this understanding is incomplete. Acciones can be traded on the bolsa or not. If listed, liquidity is high, and prices are transparent. If not listed, selling acciones requires finding a buyer directly, which is much more complicated.

Then, There Are Participaciones—An Underestimated Investment Tool

Participaciones are also a division of ownership in a company, but the rules are completely different. First, any type of enterprise can issue participaciones, not just corporations.

Here’s a critical difference: participaciones holders do not have voting rights. You can receive dividends but cannot participate in decision-making. This makes participaciones more akin to a debt instrument rather than ownership. Moreover, participaciones are not traded on public markets at all, resulting in very low liquidity. To sell your participaciones, you must find a buyer yourself, and the price is determined by the company’s current financial situation and future outlook, not by market forces.

When Investing in Funds, You Are Also Buying Participaciones

Have you heard of “fund participaciones”? When you buy an investment fund, you are actually purchasing the fund’s participaciones. Investment funds typically require at least 100 participants and over 3 million euros in capital. The fund company manages investments, and a custodian holds the assets. The fund pools all assets into a single portfolio, then divides it into participaciones distributed to investors.

The Ways to Buy and Sell These Two Products Are Worlds Apart

Trading acciones is very convenient. If listed, you can buy and sell through any broker, bank, or trading platform quickly, regardless of who the counterparty is. The market matches supply and demand, with real-time price fluctuations.

Trading participaciones is much more difficult. There is no public market or exchange; everything is done privately. You need to know a buyer or seller, negotiate the price, and go through cumbersome procedures. This is why participaciones have such low liquidity.

accionista vs partícipe: The Fundamental Difference in Identity

These two identities represent entirely different roles.

An accionista is an owner of the company. You own a part of the enterprise, enjoy the benefits of its growth, and bear the risks of its decline. You have the right to participate in major decisions, receive dividends, and access operational information. Your interests are closely tied to the company’s. Acciones do not have a fixed term—you can hold them indefinitely.

A partícipe is more like a creditor of the company. You have a fixed dividend right but no say in company decisions. Participaciones usually have a predetermined validity period; they can be renewed or terminated at maturity. Your relationship is “lend funds → receive interest → get principal back at maturity,” not “become an owner.”

A Little-Known but Very Important Issue: Bankruptcy Priority

If a company goes bankrupt and assets are liquidated, the money is distributed to different creditors in a specific order called prelación.

Secured creditors (e.g., mortgage debt holders) are paid first. Next come ordinary creditors. Accionistas are always last—if assets are insufficient to cover all debts, shareholders are likely to lose everything. This is especially important for those investing in small-cap stocks and distressed companies’ acciones: if the company encounters problems, your entire investment could become worthless.

Comparing Both Side by Side

Why Can You Usually Only Buy acciones or CFDs on Platforms?

On platforms like MiTrade, you typically only see acciones and CFDs on acciones, not participaciones. The reason is simple: participaciones have poor liquidity and are unsuitable for short-term trading. CFDs, due to low costs, flexible leverage, and support for short selling, are especially popular among professional traders.

CFD and acciones may look the same (price movements are identical, and dividends can be received), but they are fundamentally different—holding a CFD does not make you an accionista. You have no voting rights, no participation in shareholder meetings, and no other shareholder rights. But for most traders, this isn’t an issue, because their goal isn’t to influence the company but to profit from price movements and dividends.

Final Advice

Understanding the difference between acciones and participaciones is crucial, as it directly impacts your investment decisions and risk management. If you want control and long-term involvement, acciones are the right choice; if you only seek stable dividends without decision-making rights, participaciones might suffice. But remember, both the liquidity of acciones and the risks of participaciones are factors that require careful consideration.

Most importantly, always keep in mind the prelación order—during bankruptcy, accionistas are the last to receive any payout. This fact should constantly remind you to manage risks prudently.