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Best Forex Brokers in Cyprus 2020

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With so many forex brokers located inside Cyprus, how are you meant to choose the best one for you? With the competition this fierce the only way to truly know what’s what is by referring to the FXEmpire list of best Cyprus Brokers. Our list is built from research conducted by us and by user feedback.

The brokers below represent the best forex brokers for trading  in Cyprus.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
AvaTrade
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Your capital is at risk

ASIC, BVI, CBI, FSCA

$100

1:30

ActTrader, MT4, MT5, Proprietary, Zulutrade

2006

Dealing Desk, Market Maker

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Your capital is at risk

FXTM
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90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

ECN, STP

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90% of retail CFD accounts lose money

eToro
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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

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75% of retail CFD investors lose money

Plus500
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76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

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76.4% of retail CFD accounts lose money

Alpari
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Your capital is at risk

FSC

$5

1:1000

MT4, MT5

1998

ECN, STP

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Your capital is at risk

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.

Here’s a list of The Best Forex Brokers for trading in Cyprus

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

AvaTrade is an online trading and investing platform that gives you access to foreign currencies, CFDs (contracts for difference), and cryptocurrency trading through its mobile, web, and desktop trading platforms.

AvaTrade is an international provider of trading platforms for forex, CFD, and cryptocurrency traders. With the contracts for difference (CFD) trading for stocks, bonds, indices, ETFs and commodities.

AvaTrade was founded in 2006 and it headquartered in Dublin, Ireland. It offers retail, options, and professional accounts.

Pros Cons
  • Support for AvaTrade platforms on desktop and mobile as well as MetaTrader 4.
  • Guardian Angel system uses advanced analysis to manage your risk.
  • Customer support available in 14 languages.
  • No MetaTrader 5 support (website says that it is coming soon)
  • Inactivity fee on stagnant accounts
  • Desktop platform features are limited on Mac computers

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

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available. 

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spreads
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

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

eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading. Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter what their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.

Pros: Cons:
  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
  • Spreads are higher than average
  • Does not have the MetaTrader platform

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

Plus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.

You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 300:1. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK.

Pros: Cons:
  • Support for 2000+ products to trade across global markets,including Forex, commodities, shares, indices
    and cryptocurrency CFDs
  • No commission and low spread costs
  • Advanced trades and fast execution
  • Licensed in several regulatory hubs, and publicly listed
  • Only CFDs, no direct Forex trades
  • High rates on margin/leverage accounts
  • Less research data than some competitors

Alpari

Regulated By:FSC

Foundation Year:1998

Headquarters:Mauritius

Min Deposit:$5

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Your capital is at risk

Alpari has a rich history dating back to 1998. In 2014, Alpari relaunched as Alpari International which is the business name of Exinity Limited, a company that is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.

Alpari International is the business name of Exinity Ltd who is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.

Pros: Cons:
  • Wide range of trading accounts, some offering commission-free trading
  • Access Forex ECN with 1:1000 leverage
  • Trade on MetaTrader 4 and MetaTrader 5 across Desktop, Web and Mobile
  • Access the Alpari Copy Trading programme
  • Limited trader education
  • Non-existent research tools

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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