10 Best CySEC Regulated Forex Brokers for 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the top 10 CySEC Forex brokers based on our analysis:
- 1
IC Markets EU - Best CySEC regulated broker - 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. - 3FxPro EU - A wide selection of trading accounts. Various trading platforms. A diverse range of available markets and products.
- 4
FXOpen - Wide range of trading assets. Low spreads and commissions. Support for various trading platforms. - 5
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FBS EU - Low spreads and trading fees. Extensive database of educational materials and analytical tools. Wide range of trading assets. - 8
XM - Wide range of trading assets. Extensive educational resources. Tight spreads on the Ultra Low account. - 9
InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support. - 10
HF Markets EU - Wide selection of trading assets. A variety of educational materials and analytical reviews. Customer support is available in many languages.
The regulated Forex market guarantees high levels of trust and security, offering traders a reliable trading environment. This list of top CySEC-regulated Forex brokers is created to help you find the best trading platforms for 2024, making your decision-making process easier.
List of the Best CySEC Regulated Forex Brokers of 2024
We have thoroughly evaluated numerous firms to identify the best CySEC Forex brokers. Our analysis offers comprehensive profiles of each broker, enriched by genuine feedback from traders who have used their services. Whether new to Forex trading or looking for the perfect partner to navigate the financial markets, our detailed reviews will help you avoid common mistakes and guide you to the best platform to achieve your financial goals 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. 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.
4. FXOpen
FXOpen is a highly regulated broker with licenses from leading international bodies, which guarantees the safety of investments and compliance with strict standards. The broker offers a wide range of trading instruments, allowing traders to diversify their portfolios. Low spreads and commissions make FXOpen an attractive choice for those looking for a cost-effective trading environment. The availability of various platforms gives traders the flexibility to choose a trading instrument.
FXOpen is ideal for experienced traders who can analyze the market independently and make informed trading decisions without significant educational support. The broker is especially attractive to those who seek variety in trading tools and prefer to use advanced trading platforms.
Pros and Cons of FXOpen
Pros
- Wide range of trading assets.
- Low spreads and commissions.
- Support for various trading platforms.
Cons
- Lack of educational materials.
5. Exness
Broker Exness is one of the most attractive companies offering brokerage services for clients worldwide in the Forex market.
Partnership with leaders in financial analytics, minimal commissions, numerous positive client reviews, a well-established operational scheme, and a decent selection of real assets and account currencies makes trading with the broker profitable and secure.
Pros and Cons of Exness
Pros
- Wide selection of trading accounts.
- Instant fund withdrawal.
- Variety of trading platforms.
- A variety of analytical tools.
Cons
- Limited selection of educational materials.
- Average selection of markets and products.
- Deposit fees.
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. 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.
8. XM
XM broker offers a wide range of services, making it an attractive option for various traders. With over 1500 trading instruments, extensive educational resources, and numerous trading platforms, XM is ideally suited for beginners and experienced traders. Novice traders will particularly appreciate the accessible educational materials and low entry threshold, while professionals will find the competitive spreads and diversity of instruments appealing.
Pros and Cons of XM
Pros
- Wide range of trading assets.
- Extensive educational resources.
- Tight spreads on the Ultra Low account.
- Many analytical materials.
- Commission-free deposits and withdrawals.
Cons
- Inconsistency in technical support.
- Inactivity fee.
- Standard account has a higher spread than the market average.
9. InstaForex
InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.
InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.
Pros and Cons of InstaForex
Pros
- Large selection of trading instruments.
- PAMM accounts and the ForexCopy automatic trade copying service for passive income.
- 24/7 efficient customer support.
- Wide range of methods for depositing and withdrawing funds.
- Decent analytical section.
Cons
- Trading commissions are above average.
- No trading accounts with market execution of orders (ECN or STP).
- Broker commission on fund withdrawals.
10. 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.
Forex Trading Regulation in Cyprus
Forex trading in Cyprus is governed by stringent regulatory frameworks designed to protect traders and ensure market integrity. The primary regulatory body overseeing Forex trading in Cyprus is the Cyprus Securities and Exchange Commission (CySEC), which plays a crucial role in maintaining high standards in the financial markets.
Check out our guide to the best Forex brokers in Cyprus.
MiFID II and Consumer Protection
The Markets in Financial Instruments Directive II (MiFID II), implemented in 2018, introduced significant reforms to enhance transparency, improve investor protection, and increase market efficiency across the European Union. This legislation requires Forex brokers to adhere to strict standards, reducing the risk of fraud and safeguarding consumer interests.
The Role of CySEC
CySEC is the main regulatory authority in Cyprus that enforces MiFID II. CySEC is responsible for licensing and supervising investment firms to ensure they comply with European regulations. All Forex brokers operating in Cyprus must register with CySEC and adhere to its regulatory standards, which include maintaining sufficient capital, implementing robust risk management practices, and ensuring transparency in operations.
Other Regulators in the European Union
In addition to CySEC, several other regulatory bodies in the European Union also play significant roles in overseeing Forex trading and ensuring market integrity. These include:
Financial Conduct Authority (FCA): Based in the UK, the FCA is one of the most reputable global regulators. It ensures that financial markets are honest, fair, and effective so that consumers get a fair deal. The FCA imposes strict standards on brokers, including stringent capital requirements and robust compliance measures.
Autorité des Marchés Financiers (AMF): The AMF regulates financial markets in France. It oversees the proper functioning of markets and ensures the protection of investors. The AMF enforces rigorous regulatory standards and monitors the activities of brokers to maintain market integrity.
BaFin (Federal Financial Supervisory Authority): BaFin is the regulatory authority in Germany. It is responsible for supervising banks, financial services institutions, insurance undertakings, and trading in securities. BaFin ensures that financial institutions comply with national and European regulations, thereby safeguarding the stability and integrity of the financial system.
Commissione Nazionale per le Società e la Borsa (CONSOB): CONSOB is the Italian regulatory authority responsible for regulating the Italian securities market. It aims to protect investors, ensure market transparency, and foster the development of the financial market.
These regulators contribute to a cohesive regulatory environment in Europe, ensuring that Forex trading is conducted in a fair, transparent, and secure manner.
How Forex Regulation in Cyprus Differs from Other Regions
The regulatory environment in Cyprus is known for its stringent standards compared to many other regions. The capital requirements, leverage restrictions, and mandatory participation in compensation schemes ensure a high level of consumer protection and market integrity. In contrast, other regions may have more lenient regulations, potentially exposing traders to higher risks. European regulations aim to create a fair and transparent trading environment, ensuring that traders' interests are well-protected.
Below is a comparison table highlighting the key differences between Forex regulations in Cyprus and other major regions:
| Aspect | Cyprus (CySEC) | USA (CFTC, NFA) | Australia (ASIC) | Japan (JFSA) |
|---|---|---|---|---|
| Capital Requirements | Minimum net capital varies, typically over €125,000 | Minimum net capital of $20 million | No set minimum, but must be adequate | Varies, e.g., ¥50 million |
| Leverage Limits | 30:1 for major pairs, lower for minors and commodities | 50:1 for major pairs, 20:1 for minors | 30:1 for retail clients | 25:1 for retail clients |
| Negative Balance Protection | Mandatory | Not mandatory | Not mandatory, but commonly offered | Not mandatory |
| Hedging | Allowed | Prohibited | Allowed | Allowed |
| Compensation Scheme | Investor Compensation Fund (up to €20,000) | No compensation scheme | No compensation scheme | No compensation scheme |
| Regulatory Oversight | Regular audits, strict compliance checks | Regular audits, strict compliance checks | Regular audits, compliance checks | Regular audits, compliance checks |
| Client Fund Segregation | Mandatory | Mandatory | Mandatory | Mandatory |
| Bonuses and Promotions | Prohibited | Prohibited | Prohibited | Prohibited |
| Market Conduct | Strict guidelines on transparency and fair practices | Strict guidelines on transparency and fair practices | Focus on transparency and fair practices | Strict guidelines on fair practices |
CySEC Regulation of Forex Brokers
The Cyprus Securities and Exchange Commission (CySEC) plays a crucial role in regulating brokers in Cyprus, ensuring market integrity and protecting traders from fraudulent activities.
What is the CySEC?
CySEC is the financial regulatory authority of Cyprus, established in 2001. As Cyprus is a member of the European Union, CySEC operates under the framework of the Markets in Financial Instruments Directive II (MiFID II). CySEC's primary mission is to safeguard market integrity, protect investors, and ensure that its members meet high ethical standards. CySEC regulates investment services, transactions in transferable securities, and the collective investment and asset management sectors.
Requirements and Restrictions for CySEC-Regulated Brokers
Top CySEC-regulated Forex brokers must meet several stringent requirements and abide by specific restrictions to protect traders and ensure market stability:
Capital Requirements: Brokers must maintain a minimum net capital to meet their financial obligations and protect clients from broker insolvency. This requirement varies depending on the services offered by the broker.
Leverage Restrictions: Leverage is limited to a maximum of 30:1 for major currency pairs and lower for minor pairs and commodities. This limitation aims to reduce the risk of significant losses for traders and promote responsible trading.
Negative Balance Protection: Brokers must provide negative balance protection, ensuring that traders cannot lose more than their initial investment. This rule is designed to prevent traders from incurring excessive losses and facing financial hardship.
Registration with CySEC: All Forex brokers must be registered with CySEC to ensure they comply with regulatory standards and are subject to regular oversight. This registration enhances the credibility of brokers and protects traders from fraudulent activities.
Ensuring Fund Security: Brokers are required to segregate client funds from their operational funds. This segregation protects client funds from being used for other purposes, providing an additional layer of security.
Investor Compensation Fund (ICF): CySEC-regulated brokers must participate in the ICF, which compensates clients in case of broker insolvency, further enhancing the protection of traders' funds.
How to Check if a Forex Broker is Regulated by CySEC?
To verify if a Forex brokerage is regulated by CySEC, follow these steps:
Go to CySEC's official website.
Navigate to the "Public Register" section, which lists all entities regulated by CySEC.
Enter the broker's name or license number in the search bar to view their registration status and regulatory history.
Check the broker's registration details, including their compliance history and any disciplinary actions taken against them.
Ensure that the broker prominently displays their CySEC license number on their website and cross-check this information with the details on CySEC's website.
Benefits of Trading with CySEC Licensed Brokers
Trading with a CySEC-regulated broker provides several benefits:
Investor Compensation Fund (ICF): Protection of client funds up to €20,000 in case of broker insolvency.
Strict Compliance: Brokers must adhere to strict regulatory standards, including maintaining sufficient capital and providing transparent operations.
Regular Audits: CySEC conducts regular audits to ensure brokers comply with the regulations and maintain fair trading practices.
Negative Balance Protection: Ensures that traders cannot lose more than their initial investment, protecting them from significant losses.
By following these steps and understanding the benefits, traders can ensure they are engaging with reputable and secure Forex brokers regulated by CySEC.
How to Find the Best CySEC Regulated Broker
Selecting a reliable broker is critical for successful online trading in the international currency market. To identify a top CySEC-regulated Forex broker, it's essential to carefully evaluate a range of critical parameters that align with your personal requirements and trading style. It’s crucial that the chosen broker meets your expectations and lacks drawbacks that could hinder your trading. When choosing a Forex broker, consider the following aspects:
Ensure the Broker is Regulated by CySEC: Make sure the broker is regulated by the Cyprus Securities and Exchange Commission (CySEC). This guarantees the broker's compliance with stringent standards for reliability, transparency, and ethical conduct. CySEC regulation offers robust protection against fraud and ensures that brokers maintain high standards of financial integrity.
Assess the Variety of Account Types: The choice of account type should match your experience and the size of your trading capital. Check if the broker offers various accounts suitable for beginners, experienced traders, and institutional clients. Look for features such as different leverage options, minimum deposit requirements, and account-specific benefits.
Evaluate the Trading Platforms Provided: Choose a broker that offers robust, user-friendly platforms compatible with your trading strategies, such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), or proprietary platforms. Ensure the platforms have advanced charting tools, technical indicators, and automated trading capabilities.
Examine the Trading Conditions: Review the spreads, commissions, minimum deposits, and lot sizes offered by the broker. Ensure they align with your trading needs and that the costs associated with trading are reasonable and competitive. Low spreads and transparent fee structures are critical for minimizing trading costs.
Check the Quality and Responsiveness of Customer Service: Ensure the broker offers multiple communication methods that are convenient for you, such as phone, email, and live chat support. The availability of 24/7 customer support can be particularly beneficial for addressing urgent issues.
Look for Educational Resources and Trading Tools: A good broker should offer webinars, tutorials, market analysis, and advanced charting tools to help you enhance your trading skills and make informed decisions. Access to high-quality educational content can significantly improve your trading performance.
Ensure Segregated Client Accounts: Verify that the broker maintains segregated client accounts to protect your funds. This means your money is kept separate from the broker’s operational funds, reducing the risk of misappropriation. CySEC mandates such practices to safeguard traders' investments.
Research the Broker’s Reputation: Read reviews and testimonials from other traders to gauge the broker's reputation. A broker with a positive reputation is more likely to provide a reliable and satisfactory trading experience. Look for feedback on the broker’s reliability, customer service, and overall trading conditions.
By considering all these criteria, you can make an informed choice of a CySEC-regulated Forex broker. We recommend starting with a demo account to practically test the broker's services and platforms in a risk-free environment. This way, you can ensure the broker meets your expectations before committing to real capital.
How We Compiled the List of the Top CySEC Regulated Forex Brokers
The selection of the top Forex brokers regulated by CySEC was based on well-balanced criteria:
The ranking of brokers is done considering our comprehensive Forex brokers list, which evaluates multiple aspects of each broker's offerings and performance.
The best brokers received high scores according to our methodology. This methodology includes assessing factors such as regulatory compliance, trading conditions, platform usability, customer support, and overall reputation.
All the listed companies are regulated by the Cyprus Securities and Exchange Commission (CySEC). This ensures that traders have access to brokers that comply with stringent European regulatory standards and provide a secure trading environment.
These standards ensure that our list of Forex brokers meets stringent reliability criteria and offers the trading conditions necessary for safe and effective Forex market operations. By adhering to these criteria, we aim to provide traders with trustworthy options for their Forex trading needs in Europe.
Conclusion
Choosing the right Forex broker is a critical step towards successful trading in the currency market. Reliability, regulation, trading conditions, and the quality of customer support are all crucial factors to consider when making your decision. Our top list of the best CySEC-regulated Forex brokers is designed to assist you in this challenging choice, providing all the necessary information and recommendations based on thorough analysis and honest user feedback. We hope the data provided will help you find the best broker that meets your individual needs and empower you to confidently embark on the path to financial independence and success in the European Forex market.
FAQ
What is CySEC Regulation?
CySEC Regulation refers to the oversight and regulatory framework provided by the Cyprus Securities and Exchange Commission (CySEC). Established in 2001, CySEC is responsible for supervising and regulating the financial markets in Cyprus, ensuring transparency, integrity, and investor protection. As a member of the European Union, CySEC operates under the MiFID II (Markets in Financial Instruments Directive II) framework, allowing brokers licensed by CySEC to offer services across the EU.
Is CySEC a Reliable Regulator?
Yes, CySEC is considered a reliable regulator. It adheres to stringent European Union regulations under MiFID II, ensuring high standards of financial transparency, integrity, and investor protection. While CySEC has faced criticism in the past, it has significantly strengthened its regulatory framework and enforcement measures in recent years, making it a trusted authority in the financial industry.
What Protections Do CySEC-Regulated Forex Brokers Offer?
CySEC-regulated brokers offer several protections to clients, including:
Segregation of Client Funds: Client funds are kept separate from the broker’s operational funds, ensuring they are protected in case of broker insolvency.
Investor Compensation Fund (ICF): Provides compensation of up to €20,000 per client if the broker fails to fulfill its obligations.
Regular Audits and Supervision: Continuous monitoring and auditing of brokers to ensure compliance with regulatory standards.
Negative Balance Protection: Ensures clients cannot lose more than their initial investment.
Can I Trade Crypto with CySEC Brokers?
Yes, many CySEC brokers offer cryptocurrency trading. These brokers provide access to various digital currencies such as Bitcoin, Ethereum, and others, allowing traders to diversify their portfolios and take advantage of the growing crypto market. However, it's important to verify if the specific broker you are interested in offers this service.
What is the Investor Compensation Fund (ICF)?
The Investor Compensation Fund (ICF) is a scheme established by CySEC to protect retail clients of CySEC-regulated brokers. If a broker fails to meet its financial obligations, the ICF compensates clients up to a maximum of €20,000. This fund ensures that investors' assets are protected, providing an additional layer of security and trust.
Which CySEC Forex Broker is Best for Beginners?
For beginners, brokers like XM and FBS are highly recommended. These brokers offer extensive educational resources, user-friendly platforms, and demo accounts to help new traders get started. They also provide excellent customer support and competitive trading conditions, making them suitable for novice traders.
What are Typical Trading Costs with Forex Brokers Regulated by CySEC?
Typical trading costs with CySEC-regulated brokers include:
Spreads: The difference between the bid and ask price, can vary depending on the broker and the currency pair.
Commissions: Some brokers charge a commission per trade, especially on ECN accounts.
Swap Fees: Fees for holding positions overnight.
Deposit/Withdrawal Fees: Some brokers may charge for deposits and withdrawals, though many offer free transactions.
Inactivity Fees: Charges applied if an account is inactive for a specified period.
These costs can vary widely, so it's important to review the fee structure of each broker before opening an account.
