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5 Best Forex Brokers in Cyprus for 2024

Looking for the top forex broker in Cyprus? Based on our hands-on analysis, we’ve identified 5 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Plamen Stoyanov
Reviewed By:
Aviva Gurevich
Updated: Feb 25, 2024

List of the Best Forex Brokers and Trading Platforms in Cyprus

Choice of over 850 trading instruments. Competitive pricing mechanism. Best execution policy. Diverse supporting content. Fast and precise order execution.

Wide range of tradable instruments. 7 diverse account types. Beginner-friendly platform with an easy learning curve. Probing educational and research materials.

Industry leader. Ultra-fast execution speeds under 13 milliseconds. An offering of 4 highly versatile platforms. Low floating spreads and fixed commissions.

Low trading costs. Comprehensive and well-rounded learning materials. Incorporates the seamless TradingView. Fast order execution speeds. Probing research content.

Listed on the London Stock Exchange (LSE). Fast order execution. Wide choice of tradable instruments. Professional-grade trading platform. Competitive fees.

Forex Trading in Cyprus

Over the years, Cyprus has become one of the biggest financial hubs in Europe. Brokers choose this destination to set up offices there and obtain a license from the national regulator because it is cost-effective and allows them to serve traders across the European Economic Area (EEA).

Brokers based in Cyprus are authorized and regulated by CySEC (the Cyprus Securities and Exchange Commission), mandating them to comply with the standardized European framework under MiFID. They must keep client funds in separate bank accounts from the ones used for their corporate capital, ensure negative balance protection, a compensation scheme, and cap the maximum retail leverage. All of this adds up to some of the most stringent safety mechanisms in the trading industry.

Choosing a Forex broker out of Cyprus may be a daunting task because it is hard to assess the competitiveness of two or more brokers’ offerings, which may differ in their scope and targeted audience. That is why we have developed this article to help you make better-informed decisions across several categories.

How Did FX Empire Select the Best Forex Brokers in Cyprus?

FXEmpire's Methodology

  • Regulation by CySEC. We only selected brokers that are licensed and regulated in Cyprus by the national regulatory body CySEC.
  • High transparency. We went over the legal documents of each of our picks and made sure they are very transparent and comply with every safety mechanism mandated by the regulator.
  • High execution standards. We checked each broker’s order execution standards and made sure they are fast and reliable.
  • EUR as a base currency. For the convenience of traders in Europe, we only selected brokers offering EUR as a base currency.
  • Choice of trading instruments from EU markets. We selected brokers with wide offerings of FX pairs, commodities, share CFDs, indices, and instruments from other European markets denominated in EUR.
  • Generally low trading fees. We evaluated spreads, commissions, and swaps afforded by brokers and made sure they fall below the industry average.
  • User-friendly and feature-rich platforms. We selected brokers offering user-friendly and feature-rich platforms that cater to both beginners and experienced traders.
  • Supporting content. We also looked for brokers that provide extensive and highly informative research and educational materials.
  • Local offices. We only selected brokers with offices in Cyprus.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s dive into the selected brokers.

Best Overall

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
    $100
  • Tradable Instruments
    8977
  • Fees
    Low

FP Markets was founded in 2005 and is headquartered in Australia. The derivatives broker, which offers over 850 instruments from different asset classes, has one of the best-calibrated services in the trading industry. With competitive prices, versatile platforms, and fast and reliable execution, FP Markets is equally suitable for high-frequency trading in short-term and longer-term position trading. The broker also supports automated and copy trading options.

Key Features:

  • CySEC-Regulated Entity: First Prudential Markets Ltd with license number 371/18
  • Offices in Cyprus: Limassol
  • Instruments From EU Markets: 17 currency pairs, 2 metals, 123 share CFDs, 5 indices, various ETFs
  • Average EURUSD Spread (Account Type): 1.1 pips (Standard account)
  • ECN Account Commissions: $6 round turn
  • Available Platforms: MetaTrader 4&5

For my review of FP Markets, I opened a Standard account with the broker. It features commission-free trading and floating spreads starting from 1.0 pips. In comparison, the ECN account type features a $6 round-turn commission per traded lot and raw spreads from 0.0 pips. The former meets the industry average, and the latter falls below it.

FP Markets incorporates the popular MetaTrader 4&5 platforms, which are feature-rich and easy to learn. Both platforms are also very customizable and easy to adapt to accommodate different styles of trading. I tested the performance of MetaTrader 5, which includes over 50 analytical tools. I found its wide selection of 21 timeframes to be its biggest advantage since it affords traders deep insight into evolving trading opportunities from different perspectives.

Pros
  • Low spreads.
  • Fast order execution.
  • Penetrating research and educational materials.
  • Wide choice of trading strategies.
Cons
  • No proprietary platform.

Best MT4

Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved.
  • Min Deposit
    $0
  • Tradable Instruments
    321
  • Fees
    Medium

We chose IronFX because it provides plenty of content and supporting tools for beginner traders who are typically interested in the beginner-friendly MetaTrader 4 (MT4) platform. The broker offers 7 account types, which I assessed to be diverse and made to serve different purposes. There is also a wide range of educational content to help newbies learn the basics of technical and fundamental analysis. IronFX was founded in 2010 and is headquartered in Cyprus.

Key Features:

  • CySEC-Regulated Entity: Notesco Financial Services Ltd with license number 125/10
  • Offices in Cyprus: Limassol
  • Instruments From EU Markets: 20 FX pairs, 2 commodities, 7 indices, 33 share CFDs, 2 futures
  • Average EURUSD Spread (Account Type): 1.0 pips (No Commission account)
  • ECN Account Commissions: $18 round turn
  • Available Platforms: MetaTrader 4

I consider MT4 a practical, if somewhat basic, platform. It comprises 30 technical indicators and 23 drawing tools to help chart artists gauge market sentiment and determine viable trading opportunities. The platform also supports 9 timeframes and offers 3 different methods for representing price action. Additionally, the platform permits automated trading via its Expert Advisors (EAs) feature.

I opened a ‘No Commission’ account, which offers commission-free trading with floating spreads, as implied by its name. I recorded a 1.0 pips spread on the EURUSD, which means that executing a full-sized position (100,000 units) costs $10. This meets the industry average.

Pros
  • Choice of account types.
  • Commission-free trading.
  • Wide range of educational materials.
  • Reliable research content.
Cons
  • No alternative platforms.

Best Low Spreads

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    2157
  • Fees
    Low

Founded in 2006, the London-based CFDs broker has grown into one of the biggest, if not the biggest, names in online trading. The competitiveness of FxPro’s fees really shines when one considers the quantity and quality of tools and features offered by the broker.

Key Features:

  • CySEC-Regulated Entity: FxPro Financial Services Ltd with license number 078/07
  • Offices in Cyprus: Limassol
  • Instruments From EU Markets: 19 FX pairs, 2 metals, 408 share CFDs, 8 indices, 3 futures
  • Average EURUSD Spread (Account Type): 0.4 pips (cTrader)
  • ECN Account Commissions: $7 round turn
  • Available Platforms: FxPro’s platform, cTrader, MetaTrader 4&5

The thing that stood out the most to me is that FxPro affords ultra-fast execution speeds of less than 13 milliseconds on average, ranking as one of the best in the industry. Only a handful of brokers deliver such seamless performance, which is available only against a minimum deposit requirement of $1000 with FxPro.

I tested the conditions of a cTrader account, which features floating spreads from 0.4 pips and a $7 round-turn commission per traded lot (100,000 units). Executing one full contract on the EURUSD pair will cost around $11 (0.4 pips x $10 pip value + $7 commission), which meets the industry average.

The cTrader platform is feature-rich with an intuitive design, which makes it easy to scale price action up and down. FxPro reports that less than 14% of all order requests are executed with a negative slippage, meaning that the broker is one of the best choices for high-frequency traders interested in precise order execution.

Pros
  • Ultra-fast order execution.
  • Choice of trading platforms.
  • Multiple supporting tools.
  • Low floating spreads.
Cons
  • High inactivity fee.

Best for Beginners

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.84% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $20
  • Tradable Instruments
    4342
  • Fees
    Medium

I have been reviewing brokers for more than two years, and Capital.com has the best offering for beginner traders I have ever seen, not only in Cyprus but globally. The Cyprus-based broker, which was founded in 2016, offers a choice of platforms, competitive prices, as well as an impressive collection of educational materials and supporting content.

Key Features:

  • CySEC-Regulated Entity: Capital Com SV Investments Limited with license number 319/17
  • Offices in Cyprus: Limassol
  • Instruments From EU Markets: 19 FX pairs, 511 share CFDs, 6 indices,
  • Average EURUSD Spread (Account Type): 0.6 pips (CFDs Leverage)
  • ECN Account Commissions: $0
  • Available Platforms: MetaTrader 4, TradingView, Capital.com’s proprietary

Beginners can learn quite a lot about technical and fundamental analysis, but what really sets Capital.com apart from other brokers is its vast collection of materials covering the intricacies of trading psychology. In my experience, learning about the psychology of trading is of crucial significance for your long-term success on the market. The broker has even developed a special educational mobile app, helping newbies learn on the go.

For the purposes of this review, I opened a CFDs Leverage account with Capital.com, which features commission-free trading and floating spreads from 0.6 pips. I assessed Capital.com’s trading fees to be below the industry average.

Beginners can use MetaTrader 4, which has an incredibly easy learning curve. Alternatively, they can choose between Capital.com’s proprietary platform and the seamless TradingView. The former also has an intuitive design and makes it easy to execute orders, whereas the latter affords in-depth analysis of price action behavior via its professional-grade charts.

Pros
  • Multilayered educational content.
  • Specialized learning app.
  • Competitive prices.
  • Choice of versatile platforms.
  • Fast order execution.
Cons
  • High swaps.

Best for Professional Traders

CFD Service, 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    2047
  • Fees
    Medium

Plus500 is a household name in the trading industry, delivering professional-grade services suited for experienced traders. What impressed me most in the offering are the hundreds of instruments from EU markets, which is ideal for those interested in more diverse trading opportunities. Plus500 was established in 2008 and is headquartered in Israel.

Key Features:

  • CySEC-Regulated Entity: Plus500CY Ltd
  • Offices in Cyprus: Limassol
  • Instruments From EU Markets: 16 FX pairs, 800+ share CFDs and ETFs, 14 indices, multiple options on FX pairs and shares.
  • Average EURUSD Spread (Account Type): 0.9 pips (Standard)
  • ECN Account Commissions: Not Applicable
  • Available Platforms: Proprietary Plus500 platform

Plus500 is listed on the London Stock Exchange (LSE), indicating its trustworthiness and stability. The broker operates as a market maker, providing superior execution standards and decreased risk of negative slippage. This makes it suitable for high-frequency traders interested in precise entities and exits in and out of trades.

The broker offers commission-free trading and floating spreads starting from 0.8 pips. I tested the competitiveness of its fees and determined that the broker’s pricing mechanism is slightly more competitive than the industry average.

Another great advantage of Plus500 is its professional-grade platform. It consists of over 100 technical indicators and other analytical tools, more than double the amount available with MetaTrader 4, making it ideal for experienced chart artists. The platform affords easy and sophisticated price action manipulation. Trading opportunities can be examined from multiple angles.

Pros
  • Strong global presence.
  • Listed on a major exchange.
  • Wide range of instruments from EU markets.
  • Feature-rich platform.
Cons
  • No phone support.

How to Choose a Forex Broker in Cyprus?

In this part, I will outline what traders need to consider when looking for a trustworthy broker in Cyprus.

How to verify if a broker is regulated?

There are several steps you can take to verify if a broker is regulated and to identify the regulatory body overseeing it. Upon visiting a broker’s website, scroll down to the bottom of the page to find the entity’s legal name. This is where the regulatory information is usually stated. You need to look for a reference/licensing number, which you can then use to verify the entity by going to the regulator’s own website and checking its registry of authorized entities. Here is a link to CySEC’s register of authorized brokers.

You also need to assess a broker’s transparency in relation to order execution and whether it can be trusted not to manipulate price action. You need to check whether the broker has a ‘best execution policy,’ publishes regular quality execution statements, and states its average execution speed.

You can also check out our comprehensive guide on the best regulated forex brokers.

How to check a broker’s protection level?

To find a trustworthy partner, make sure that the broker’s entity you choose is tightly regulated and complies with most industry safety requirements.

I have broken down the most important safety mechanisms to look for in a broker below:

  • Segregation of client funds. Brokers must keep their clients’ funds in separate bank accounts from the ones used for their corporate capital. This is crucial for mitigating the risk of accounting errors.
  • Negative balance protection. Negative balance protection means that a trader’s losses cannot exceed their account balance. This protection is indispensable when trading high-risk instruments, such as Contracts for Difference (CFDs).
  • Limited market exposure. Limiting market exposure protects traders against adverse price fluctuations. That is why most top-tier regulators cap the maximum leverage allowed at 1:30, whereas less strict regulators can allow leverage as high as 1:2000.
  • Compensation scheme. Depending on the jurisdiction where a broker is situated, a compensation scheme may also protect its clients against the company’s credit risk and liabilities. For instance, brokers regulated by the Cyprus Securities and Exchange Commission (CySEC) participate in the Investor Compensation Fund (ICF). In the unlikely event of the company becoming insolvent, traders can be compensated by up to 20,000 EUR. The Financial Services Compensation Scheme (FSCS) – under The Financial Conduct Authority (FCA) in the United Kingdom – protects traders by up to 85,000 GBP.

Read more about Best European regulated forex brokers.

Why do execution standards matter?

A broker may have many top-tier licenses, but that does not necessarily guarantee the fast and precise order execution performance that you may require or expect. There is also the risk of price manipulation with less reputable companies where the broker might engage in fraudulent activities, such as driving the price down to hit your stop-loss orders. To protect yourself, you need to look for several things:

  • Best execution policy. Found in a broker’s legal documents, the best execution policy is a legal mandate that the broker will provide its clients with the most favorable price quotes under prevailing market conditions.
  • Quality execution statements. Also found in the legal documents, these statements underscore a broker’s execution performance every year. You can find information about a broker’s execution venues, the number of trades that were executed with positive or negative slippage, and so forth.
  • Average execution speed reports. More reputable brokers would also state what their average execution speed is, as recorded in the execution statement for the previous year. This is important, especially if you are a high-frequency trader, because it will inform you what kinds of strategies can be used with a given broker.

Precision and speed of order execution are also likely to be enhanced when a broker provides Virtual Private Server (VPS) hosting. As a rule of thumb, look for brokers that can accommodate fast order execution speeds no higher than 100 milliseconds. See our guide on best forex brokers with VPS hosting.

Based on my experience as a high-frequency trader, I know how important quick and precise order execution is for implementing intraday strategies, such as scalping. I’ve also experienced price manipulation by less reputable brokers, so I can appreciate just how important to adhere to rigorous execution standards.

If a broker maintains a ‘best execution policy,’ regularly publishes execution quality statements, and demonstrates an average execution speed below 50 milliseconds, it can be regarded as a broker that ensures very good execution standards.

How to assess if a broker’s trading fees are competitive?

A broker may have several account types, each with different pricing mechanisms. The question is, how to know which one is best fitted for your particular style of trading? I will answer this question by providing an example with two distinct accounts, one STP and the other ECN:

The biggest difference between STP and ECN accounts, apart from the execution model, is the pricing mechanism. Usually, STP accounts afford commission-free trading and floating spreads, whereas ECN accounts have fixed commissions and raw spreads (typically starting from 0.1 pips). At first glance, the former sounds more favorable because you only have to pay one cost – the spread – rather than two.

Many brokers recognize the psychological significance of this sort of thinking and seek to exploit it by raising the spreads on their STP accounts to the point where they are no longer the more competitive option. I will now demonstrate how to do a quick test for yourself to evaluate the competitiveness of a broker’s ECN and STP accounts.

Pick an instrument, say, the EURUSD. Suppose also that the spread on the pair is 0.9 pips on a broker’s STP account and 0.1 pips on its ECN account. There is also a $6 commission for trading a 1 lot (100,000 units) contract. If the EURUSD pip value is $10, you can do a simple calculation to determine the value of a hypothetical position on the EURUSD executed on both account types. The formula is the value of a trade = spread x pip value + commission. When we pop in the above values, this is what we discover about our hypothetical broker:

This is just a hypothetical example, but hopefully, it illustrates how more can be less in trading. So it’s worthwhile evaluating the costs of a broker you consider opening an account with for yourself before doing so. Explore the most competitive options in our comprehensive guides on the best STP and best ECN forex brokers.

How to Choose a Trading Platform?

A trading platform is your window into the market. It allows you to observe price action behavior and study potential opportunities for placing orders. Technical traders use a platform’s array of indicators, drawing tools, and other features to examine various price patterns, changes in volatility, liquidity, and so on to gauge the most favorable times to enter or exit the market.

The best platforms are also the most versatile ones. They include a wide spectrum of technical indicators, such as Fibonacci retracement levels, oscillators, trend-based and range-based indicators, and others, as well as drawing tools, such as trend lines, channels, wedges, etc. They are also the ones that allow you to easily scale price action up and down.

The retail industry’s most popular platforms, MetaTrader 4 and MetaTrader 5, have established themselves as benchmarks for simplicity and reliability over the years. While they offer a decent range of technical indicators and drawing tools for multi-timeframe analysis, their rugged design becomes evident when compared to newer and sleeker platforms. Although MetaTrader is suitable for beginners, those seeking more advanced trading capabilities may require a sophisticated platform. Read more about the platforms in our detailed guides on the best MT4 and best MT5 forex brokers.

In response, some brokers have developed their own proprietary platforms, which offer convenience and additional features not found in MetaTrader. These platforms allow for instrument search by asset class, easy scaling of price action, and execution of complex box orders. Ultimately, the choice of the best platform for you boils down to a trade-off between simplicity and practicality. Check out our carefully curated list of forex brokers featuring the best trading platforms in our dedicated guide.

What to Avoid When Choosing a Forex Broker in Cyprus?

Here is a quick rundown of some of the most important things to avoid:

  • Unregulated brokers. Trading with an unregulated broker exposes you to a higher risk of fraud or unethical business practices, as they are not bound by any regulatory standards or rules. Additionally, in case of any disputes or if the broker goes bankrupt, there might be no legal recourse or compensation schemes available to recover your funds.
  • Lack of client protection. Avoid brokers that cannot ensure more than two of the following: segregated funds, negative balance protection, compensation scheme, and maximum leverage for retail traders no bigger than 1:100
  • Low execution quality. Try to avoid brokers that cannot ensure more than two of the following: best execution policy, regular quality execution statements, and average execution speed under 100 milliseconds.
  • High spreads and commissions. Sidestep brokers with floating spreads from 1.8 pips or above on STP accounts and with round-turn commissions above $7 on ECN accounts.

And if you are still uncertain, you can always check out our database of reviews to sort out the most competitive brokers.

How to Avoid Forex and CFD Scams?

Scammers rely on the gullibility of traders. A common tactic fraudsters employ is to promise quick and easy profits at no risk to the trader. Often, scammers would use labels that closely resemble the brands of real and legitimate companies. That is why regulators like the FCA have registers where traders can read about such fraudulent companies pretending to be others.

The best and easiest way to protect yourself is to make sure you work with a trustworthy and transparent broker. You can find a comprehensive list of reliable brokers by jurisdiction here.

Another important consideration is online safety. Be cautious about where you leave your personal information. Registering your details on suspicious pop-ups that promise enormous profits could lead to your contact information landing on a scammer’s dialing list. Remember, no licensed broker would make unsolicited cold calls.

The next time you get contacted out of the blue with promises of becoming the next Warren Buffet, you must remember that you are most likely speaking to a scammer. I think that nowhere is the “if something sounds too good to be true…” saying more accurate than in the world of trading. That is why you should do your due diligence before opening an account with any broker.

Our Methodology

Here at FX Empire, we have pioneered a unique methodology for evaluating Over-the-counter (OTC) derivatives brokers worldwide. Our goal is to provide a comprehensive picture of a broker’s pros and cons so that our readers can make informed decisions. We understand their need to choose the best partner for their particular goals and needs.

Our team of dedicated professionals is working continuously to improve our system and keep it up-to-date with current market trends. We test each broker systematically by employing over 250 variables across nine categories:

  • Trust
  • Fees
  • Account Types
  • Tradable Instruments
  • Platforms and Tools
  • Deposits and Withdrawals
  • Customer Support
  • Research
  • Education

We strive to be as objective as possible, which is why our rigorous examinations are devoid of any personal bias as much as possible. We review the licenses of all the subsidiaries of a broker and check the fine print in the Client Agreement. The reliability of a broker is further determined based on the regulation, fees, and general transparency of the website.

We collect essential information by opening a live account with a broker entity and testing its services in real-time. We measure the spreads, swaps, and commissions on its most popular account type and compare our findings to the industry average.

We also test the functionality of the available platforms, the number and types of tradable instruments, the reliability of customer support, and the quality of the research and educational materials.

For this guide, we only considered Cyprus-based brokers with a high overall that are safe and secure. We evaluated the competitiveness of their trading fees, usability of available platforms, average execution speeds, supporting content, and more.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

The Cyprus Securities and Exchange Commission (CySEC) is the national financial regulator of Cyprus.
Segregated client funds, negative balance protection, maximum retail leverage of 1:30, and insurance of client funds of up to EUR 20,000 under the Investor Compensation Fund (ICF).
Brokers must comply with ESMA’s MiFID II framework, have offices in Cyprus, and have a capital of at least EUR 730,000.
Cyprus is a preferred destination by forex brokers because being licensed there is cost-effective, and it allows them to serve clients all over Europe.
Some of the top forex brokers licensed in Cyprus include FP Markets, IronFX, Plus500, FxPro, and Capital.com.
Capital.com offers the best conditions for beginner traders. Its fees are low, it offers several platforms, and its educational content is wide and diverse.
Plus500, which has a professional-grade platform, an impressive offering of tradable instruments, competitive costs, and supports ultra-fast order execution.
Trading platforms are used by different traders for different purposes, which is why it is impossible to single out a specific platform. Plus500, FxPro, and Capital.com all have excellent proprietary platforms. And then there are third-party services like the seamless TradingView.
The capital gains tax you are required to pay on profits generated from trading leveraged products depends on your residency. For further information, please check with your national tax authority.
Yes, trading leveraged cryptocurrency assets is permitted in Cyprus.
This is a safety mechanism ensuring that your losses incurred from trading cannot exceed your account balance.
The provision of negative balance protection should be stated in the broker’s client agreement.
A compensation scheme protects traders in the unlikely event that their broker should go bankrupt and default on its debt. In such rare cases, traders can be compensated for their incurred losses by up to a certain amount stated in the scheme.
Brokers who are regulated in Cyprus by CySEC are required to participate in the Investor Compensation Fund (ICF), guaranteeing compensations of up to EUR 20,000.
Brokers are required to keep their corporate capital in separate bank accounts from the ones used for their client’s funds.
This information should be stated in its Client Agreement.

About the Author

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.