Best Forex Brokers in Cyprus 2019

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Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

AvaTrade

Regulated By:ASIC, BVI, CBI, FSCA

Foundation Year:2006

Headquarters:Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland

Min Deposit:$100

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Your capital is at risk

Your capital is at risk

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

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90% of retail CFD accounts lose money

90% of retail CFD accounts lose money

eToro

Regulated By:ASIC, CySEC, FCA, MiFID

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

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75% of retail CFD investors lose money

75% of retail CFD investors lose money

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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76.4% of retail CFD accounts lose money

76.4% of retail CFD accounts lose money

Libertex

Regulated By:CySEC

Foundation Year:2014

Headquarters:Gladstonos and Karaiskaki Street, off 31, Limassol 3032, Cyprus

Min Deposit:$10

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Your capital is at risk

Your capital is at risk

Alpari

Regulated By:FSC

Foundation Year:1998

Headquarters:Mauritius

Min Deposit:N/A

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Your capital is at risk

Your capital is at risk

Forex Brokers in Cyprus Comparison Table

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
AvaTrade
Visit Broker>

Your capital is at risk

ASIC, BVI, CBI, FSCA

$100

1:30

ActTrader, MT4, MT5, Proprietary, Zulutrade

2006

Dealing Desk, Market Maker

Visit Broker>

Your capital is at risk

FXTM
Visit Broker>

90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

ECN, STP

Visit Broker>

90% of retail CFD accounts lose money

eToro
Visit Broker>

75% of retail CFD investors lose money

ASIC, CySEC, FCA, MiFID

$200

1:30

cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade

2007

Market Maker, No dealing desk, STP

Visit Broker>

75% of retail CFD investors lose money

Plus500
Visit Broker>

76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

Visit Broker>

76.4% of retail CFD accounts lose money

Libertex
Visit Broker>

Your capital is at risk

CySEC

$10

1:600

N/A

2014

Market Maker

Visit Broker>

Your capital is at risk

Alpari
Visit Broker>

Your capital is at risk

FSC

$null

1:1000

MT4, MT5

1998

ECN, STP

Visit Broker>

Your capital is at risk

How to Choose a Forex Broker in Cyprus

General Regulation & Cyprus Regulation

Cyprus is the home of the forex brokerage business in Europe as companies have taken advantage of the tempting business environment provided by the government there. To ensure that all forex brokers operating in Cyprus maintain globally accepted standards which ensure protection of investors, the Cyprus Securities and Exchange Commission (CySEC) was formed. Apart from providing regulation of the local stock market, CySEC also regulates and licenses all forex brokerages in Cyprus (classified as Cypriot Investment Firms or CIFs) as well as staff of these brokerages. CySEC maintains a register of licensed CIFs as well as CIFs that have been sanctioned. CySEC also administers a certification proficiency exam for staff of CIFs to ensure that those who work in these firms understand the regulatory environment of the forex market in Cyprus and have the required proficiency to handle forex brokerage needs of clients of the firms in which they work.

As a member state of the EU that is a signatory to the MiFID protocol, Cyprus also recognizes appropriately regulated forex brokers located in countries which are signatories to this protocol. Therefore, forex traders in Cyprus are not restricted to using just CySEC-regulated forex brokers.

Trading Platform & Software

As a forex trader, you will benefit from the opportunity to use various turnkey and proprietary trading platforms, spread across hundreds of forex brokers. Many brokers will offer you the opportunity to trade with web-based software, downloadable trade terminals and mobile trading software. Brands covered include the MT4/MT5, NinjaTrader, JForex, ActTrader, cTrader ECN platforms, etc.

Commissions & Spreads

Cyprus forex brokers who function as market makers do not charge commissions on forex trades. However, Cyprus forex brokers who operate the ECN model charge commissions on forex trades. Both categories of forex brokers charge commissions on CFD trading. The usual business model for Cyprus forex brokers is to charge a spread on all assets traded. The spread here varies with the asset, and typically starts at 0.5 pips for the most liquid currency pairs.

Account Types

Some Cyprus forex brokers will offer several account types to ensure that the needs of all categories of forex traders are met. Accounts are usually of the following types, even though the names may differ:

  1. Mini account – great for the beginner trader with a low deposit requirement and minimum lot size to be traded
  2. Standard or Gold account – often the most popular account type because of its conducive conditions and optimized trading terms
  3. Premium or VIP accounts – usually reserved for the high volume or professional trader. The benefits are usually better than the other account types but minimum deposit starts from around $20,000.

Customer Service

The customer service desk bridges the geographical gap between forex traders and forex brokers. Since everyone who trades forex cannot physically visit the broker, it is essential that Cyprus forex brokers highly efficient and knowledgeable customer service. Customer service is usually provided in English and other widely spoken European and Asian languages such as French, Spanish, German, Portuguese, Arabic and Mandarin.

Additional Services

Some Cyprus forex brokers will provide the following extra services:

  1. Forex VPS services
  2. Social trading

 

FAQ’s

  • Is Forex trading legal in Cyprus?

Yes it is, it’s legal and highly regulated too.

  • Does Cyprus regulate forex trading?

Cyprus regulates and licenses forex brokers as well as the personnel working in these brokerages.

  • Can Cyprus forex traders trade with brokers in other EU countries?

Yes, if those brokers are MiFID compliant which means that the brokers can passport their services across the whole of the Eurozone.

Here is a list of recommended Cyprus forex brokers that meet our conditions of reliability, service delivery as well as regulatory requirements.

Conclusion

It is highly recommended that Cyprus forex traders use only CySEC regulated or MiFID regulated forex brokers. This ensures that the forex brokers used are those who will segregate accounts and place the customer in a compensation scheme in case anything goes wrong.

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