Best Forex Brokers in Cyprus for 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the top 10 Forex brokers in Cyprus based on our analysis:
- 1
IC Markets EU - Best Forex broker in Cyprus - A wide range of trading assets. Low spreads. Variety of trading platforms. - 2
Pepperstone EU - Wide selection of trading platforms. Tight spreads and favourable trading conditions. A large number of trading instruments, including over 600 CFDs on stocks. - 3
AvaTrade EU - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources. - 4FxPro EU - A wide selection of trading accounts. Various trading platforms. A diverse range of available markets and products.
- 5
Deriv EU - Simple and fast account opening process. Low commission structure. Convenient methods for account funding and withdrawal without commission. - 6
- 7
ActivTrades Europe - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides. - 8
FBS EU - Low spreads and trading fees. Extensive database of educational materials and analytical tools. Wide range of trading assets. - 9
HF Markets EU - Wide selection of trading assets. A variety of educational materials and analytical reviews. Customer support is available in many languages. - 10
Oanda EU - Tight spreads. Efficient and secure processes for account funding and withdrawals. Extensive market and product offerings.
This detailed guide is created to assist you in selecting a broker that ideally matches your trading strategy while safeguarding your investments. The brokers featured here are noted for their distinctive attributes, cutting-edge technology, and robust security measures, ensuring an exceptional trading experience in Cyprus's dynamic Forex market.
List of the Best Forex Brokers in Cyprus in 2024
1. IC Markets
IC Markets EU is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets EU
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
2. Pepperstone
Pepperstone EU is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.
The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.
The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.
Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.
Pros and Cons of Pepperstone EU
Pros
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- A large number of trading instruments, including over 600 CFDs on stocks.
Cons
- Lack of diversity in types of trading accounts.
3. AvaTrade
AvaTrade EU is well-suited for traders seeking a variety of trading instruments and user-friendly trading platforms. It can appeal to both beginners looking to start trading and experienced traders who want to expand their knowledge and skills.
Pros and Cons of AvaTrade EU
Pros
- A wide selection of financial assets.
- Innovative trading platforms.
- Highly rated educational resources.
Cons
- Limited trading account options.
- Account inactivity fee.
4. FxPro
FxPro EU provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. The company offers extensive educational materials and analytical tools to aid in decision-making.
This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro EU
Pros
- A wide selection of trading accounts.
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
5. Deriv
Deriv Europe is ideally suited for traders who value a secure, well-regulated trading environment with a straightforward approach. It is particularly beneficial for those starting trading due to its user-friendly platforms and simple account management processes.
Pros and Cons of Deriv EU
Pros
- Simple and fast account opening process.
- Low commission structure.
- Convenient methods for account funding and withdrawal without commission.
- High-level technical support with fast and quality responses.
Cons
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are limited to a blog and lack comprehensive learning resources.
6. Admirals
Admirals EU is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.
Pros and Cons of Admirals EU
Pros
- Low trading fees.
- Wide range of payment methods.
- Extensive analytical resources.
- A rich collection of educational materials.
Cons
- Inactivity fee.
- Some users complain about the intrusiveness of the support service.
7. ActivTrades
ActivTrades is suitable for beginner traders who value simplicity and intuitive trading platforms, as well as a variety of educational materials to improve their skills. Moreover, this broker can be a suitable option for experienced traders who prefer to trade various instruments and use the powerful features of the MetaTrader 4, MetaTrader 5, and TradingView platforms.
Pros and Cons of ActivTrades Europe
Pros
- Wide range of trading assets.
- A wide variety of trading platforms.
- Extensive training materials including webinars, videos, articles and guides.
- Professional support team.
Cons
- Lack of diversity in trading accounts.
8. FBS
FBS Europe emerges as a broker well-suited for traders seeking a reliable and secure trading environment complemented by competitive trading conditions. With its robust regulatory framework, comprehensive educational resources, and multilingual support, FBS appeals to novice and experienced traders who prioritize learning and support in their trading journey.
FBS stands out for its commitment to providing a user-friendly and supportive trading experience, making it a solid choice for traders focused on forex and major financial instruments.
Pros and Cons of FBS EU
Pros
- Low spreads and trading fees.
- Extensive database of educational materials and analytical tools.
- Wide range of trading assets.
Cons
- Limited choice of trading accounts.
- Limited trading platforms.
9. HF Markets
HF Markets Europe is a reliable and appealing Forex broker, offering a wide selection of trading assets, a variety of account types, and access to the popular trading platforms MetaTrader 4 and MetaTrader 5. With its regulation and industry experience, the company has earned a reputation as a dependable partner for European traders of varying experience levels.
HF Markets is recommended for those seeking a trustworthy and vetted broker with favorable trading conditions and customer support.
Pros and Cons of HF Markets EU
Pros
- Wide selection of trading assets.
- A variety of educational materials and analytical reviews.
- Customer support is available in many languages.
Cons
- There is no alternative to MetaTrader.
- High swaps and wide spreads.
10. Oanda
OANDA Europe best suits intermediate to advanced traders who value a regulated trading environment, diverse market access, and robust trading platforms. These traders will likely benefit the most from OANDA's offerings and may find the limited educational resources and support hours less of a concern. Beginners might need to supplement their learning with external resources.
Pros and Cons of Oanda EU
Pros
- Tight spreads.
- Efficient and secure processes for account funding and withdrawals.
- Extensive market and product offerings.
- High-quality trading platforms.
- Quality analytics.
Cons
- Limited diversity in account offerings.
- High swaps.
- Limited educational resources.
Regulation of Forex Brokers in Cyprus
In Cyprus, the activities of Forex and CFD brokers are governed by stringent rules and regulations designed to protect investors, ensure the integrity of trading operations, and maintain financial stability. The primary regulatory authority in the country is the Cyprus Securities and Exchange Commission (CySEC), which sets and enforces compliance standards for financial institutions, including Forex brokers.
CySEC ensures that brokers adhere to norms related to the transparency of financial operations, the segregation of client funds, and the provision of accurate risk information. This includes mandatory risk warnings and restrictions on leverage, which help minimize the likelihood of significant losses for traders.
Additionally, Cyprus complies with European Union legislation, such as the Markets in Financial Instruments Directive (MiFID II), which promotes harmonization and efficiency of financial markets across Europe. This provides further protection for investors by establishing standards for operational transparency and risk management.
This robust regulatory framework makes Cyprus one of the most reliable and secure markets for Forex trading. Thanks to strict regulations, traders in Cyprus can trust in the protection of their interests and the stability of their interactions with brokers, creating optimal conditions for successful Forex trading.
How We Compiled the List of Top Forex Brokers in Cyprus
Our approach to identifying the leading Forex trading platforms in Cyprus involved meticulous precision and a comprehensive set of benchmarks:
Thorough Research and Evaluation: We began by assembling an extensive Forex brokers list that met our predefined criteria. Each broker was meticulously scrutinized through a detailed evaluation methodology to assess their services and operational efficiency in an unbiased manner.
Regulatory Adherence: We focused on brokers regulated by recognized financial authorities such as the Cyprus Securities and Exchange Commission (CySEC) and other reputable European regulators like BaFin, FCA, or the Austrian Financial Market Authority (FMA). This ensures the brokers operate transparently and comply with stringent financial standards.
Trading Conditions and Platforms: We evaluated brokers based on their trading conditions, including spreads, fees, minimum deposits, and the variety of trading instruments available. The quality and usability of their trading platforms were also assessed, with a preference for those offering popular platforms like MetaTrader 4 and MetaTrader 5, as well as proprietary platforms with advanced features.
Customer Support and Localization: The quality of customer support was a key factor, particularly the availability of support in Greek and accessible communication channels. We also considered brokers that offer localized services, such as websites and educational resources in Greek, to better serve Cypriot traders.
User Feedback: We incorporated genuine feedback from traders who have used these brokers to provide a well-rounded view of each broker's strengths and weaknesses. This includes aspects like ease of use, customer service experiences, and overall satisfaction.
By carefully considering these factors, we have compiled a list of the top Forex brokers in Cyprus, ensuring that they meet the high standards expected by Cypriot traders.
FAQ
Is Forex Trading Legal in Cyprus?
Yes, forex trading is legal in Cyprus. It is regulated by the Cyprus Securities and Exchange Commission (CySEC), ensuring that brokers comply with strict financial standards and provide a secure trading environment.
Why Are There Many Forex Brokers in Cyprus?
Cyprus is a popular hub for Forex brokers due to its favorable regulatory environment, membership in the European Union, and strategic geographic location. CySEC provides a robust regulatory framework that attracts many brokers to establish their operations in Cyprus.
What Is the Best Forex Broker in Cyprus?
The best forex broker in Cyprus varies depending on individual trading needs and preferences. Some of the top brokers include XM, IC Markets, and Pepperstone, known for their strong regulatory compliance, excellent customer support, and competitive trading conditions.
Which Broker Is Safest in Cyprus?
The safest brokers in Cyprus are those regulated by CySEC and other reputable European regulatory bodies such as FCA or BaFin. Examples include XM and Pepperstone, which offer robust security measures and adhere to stringent regulatory standards.
Which Broker Is Best for Beginner Traders in Cyprus?
For beginner traders in Cyprus, brokers like XM and Exness are ideal due to their user-friendly platforms, extensive educational resources, and supportive customer service.
Which Broker Is Best for Professional Traders in Cyprus?
Professional traders in Cyprus may prefer brokers such as IC Markets or Pepperstone, which offer advanced trading platforms, low spreads, and a wide range of trading instruments.
What Is the Best Forex Trading Platform in Cyprus?
The best forex trading platforms in Cyprus include MetaTrader 4 (MT4) and MetaTrader 5 (MT5) due to their comprehensive tools, user-friendly interface, and widespread acceptance among traders. Many brokers also offer their proprietary platforms with advanced features. For more information, you can check out MetaTrader 4 brokers.
What Does a Forex Broker Do?
A forex broker acts as an intermediary between traders and the forex market, providing a platform for trading currencies. They offer access to various trading instruments, leverage, and market analysis tools while facilitating the execution of trades.
How Much Money Do I Need to Start Forex Trading?
The amount of money needed to start forex trading varies by broker, but you can begin with as little as $100. Some brokers offer micro accounts with even lower minimum deposit requirements, allowing new traders to start with minimal capital.
Can I Trade Forex Without a Broker?
No, trading forex without a broker is not possible for retail traders. Forex brokers provide the necessary platform and market access needed to execute trades.
How to Verify if a Broker Is CySEC Regulated?
To verify if a broker is CySEC regulated, visit the CySEC website and use their search function to check the broker's license status. A regulated broker will have a valid license number listed on the CySEC registry.
How to Avoid Forex and CFD Scams?
Avoid forex and CFD scams by choosing brokers regulated by reputable authorities like CySEC. Conduct thorough research, read reviews, verify regulatory status, and be cautious of offers that seem too good to be true.
What Protections Do CySEC-Regulated Brokers Offer?
CySEC-regulated brokers offer several protections, including segregated client funds, negative balance protection, and participation in investor compensation schemes. These measures ensure a high level of security for traders' funds.
Do You Need to Pay Taxes on Forex Trading in Cyprus?
Yes, profits from forex trading in Cyprus are subject to taxation. Traders must declare their earnings and comply with local tax regulations.
Is Cryptocurrency Trading Available in Cyprus?
Yes, cryptocurrency trading is available in Cyprus. Many CySEC-regulated brokers offer crypto trading as part of their range of trading instruments.
