Best Day Trading Platforms and Brokers in Cyprus 2024
With a growing, euro-based economy and oversight from a highly active regulator, the Cyprus Securities and Exchange Commission (CySEC), interest in online trading is high among Cypriots.
We’ve listed the best day trading platforms in Cyprus following extensive tests. Many of these platforms cater specifically to active Cypriot traders with EUR accounts and access to the Cyprus Stock Exchange (CSE) or securities from across Europe and further afield.
Top 10 Platforms For Day Trading In Cyprus
Following our hands-on analysis of hundreds of online brokers, these 10 platforms continue to excel for short-term traders in Cyprus:
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1
AvaTrade79% of retail accounts lose money with this provider.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
2
PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
3
XM74.12% of retail accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:30ASIC, CySEC, DFSA, IFSCCFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, EnergiesMT4, MT5, TradingCentralCredit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, JPY -
4
LiteForex Europe
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:30CySEC, AFMCFDs, Forex, Indices, CommoditiesMT4, MT5Neteller, Skrill, Visa, QIWI, Mastercard, Perfect Money, Western Union, Credit CardUSD, EUR, GBP, CHF -
5
eToro51% of retail investor accounts lose money when trading with this provider. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100$101:30FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMFCFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTseToro Web, CopyTrader, TradingCentralVisa, Skrill, Neteller, Wire Transfer, Rapid Transfer, Swift, Debit Card, iDeal, Klarna, Sofort, Trustly, Przelewy24USD, EUR, GBP -
6
FOREX.com20% Welcome Bonus Up To $500074-76% of retail accounts lose money with this provider.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
7
InstaForexCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.44% 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 the risk of losing your invested funds.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€200 (€1 after account opening)0.01 Lots1:30 (Retail), 1:500 (Pro)CySECCFDs on Stocks, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Shares & ETFs, Shares BasketsMT4, MT5Skrill, Mastercard, Visa, Neteller, Wire Transfer, Przelewy24, Giropay, Rapid TransferUSD, EUR, GBP, PLN, CZK -
8
FxPro77.20% of retail accounts lose money with this provider.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)FCA, CySEC, FSCA, SCB, FSCCFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, VisaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN -
9
FXCC100% First Deposit Bonus Up To $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500CySECCFDs, Forex, Indices, Commodities, CryptoMT4Skrill, Neteller, Rapid Transfer, Sofort, Paysafecard, Visa, Bitcoin Payments, Credit Card, Debit Card, Mastercard, Wire Transfer, UnionPay, Ethereum Payments, Netbanx Asia, BoletoUSD, EUR, GBP -
10
XTBCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% -83% 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
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (EU) 1:500 (Global)FCA, CySEC, KNF, DFSA, FSCCFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFsxStationPayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, NetellerUSD, EUR, PLN
Here is a summary of why we recommend these brokers:
- AvaTrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
- Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
- XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It’s also highly regulated, including by ASIC and CySEC and offers a comprehensive MetaTrader experience.
- LiteForex Europe - LiteForex Europe is a CFD broker established in 2008 and authorized by the CySEC. The brokerage offers forex, commodities and indices via the MT4 and MT5 platforms. Spreads are ultra tight on ECN accounts and leverage is available up to 1:30 in line with EU regulations. LiteForex also offers a rich education centre for new day traders and social trading capabilities.
- eToro - eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 51% of retail CFD accounts lose money.
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- InstaForex - InstaForex is a forex and CFD broker founded in 2010. The broker offers diverse market coverage to millions of clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs.
- FxPro - Founded in 2006, FxPro is an established forex, CFD and spread betting broker offering 2100+ assets to over 2 million clients worldwide. The broker is regulated in 4 jurisdictions and offers reliable 24/5 customer support, earning it a high trust and safety score. FxPro has also picked up more than 100 industry accolades for its competitive trading conditions, including fast execution and deep liquidity.
- FXCC - FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Nevis and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.
- XTB - Founded in 2002 in Poland, XTB now serves more than 1 million clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 6400+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring day traders.
Best Day Trading Platforms and Brokers in Cyprus 2024 Comparison
| Broker | CySEC Regulated | EUR Account | Minimum Deposit | Markets | Platforms | Leverage |
|---|---|---|---|---|---|---|
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✔ | ✔ | $100 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | 1:30 (Retail) 1:400 (Pro) |
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✔ | ✔ | $0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade | 1:30 (Retail), 1:500 (Pro) |
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✔ | ✔ | $5 | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies | MT4, MT5, TradingCentral | 1:30 |
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✔ | ✔ | $50 | CFDs, Forex, Indices, Commodities | MT4, MT5 | 1:30 |
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✔ | ✔ | $100 | CFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTs | eToro Web, CopyTrader, TradingCentral | 1:30 |
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✔ | ✔ | $100 | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | 1:30 |
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✔ | ✔ | €200 (€1 after account opening) | CFDs on Stocks, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Shares & ETFs, Shares Baskets | MT4, MT5 | 1:30 (Retail), 1:500 (Pro) |
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✔ | ✔ | $100 | CFDs, Forex, Stocks, Indices, Commodities, Futures | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
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✔ | ✔ | $0 | CFDs, Forex, Indices, Commodities, Crypto | MT4 | 1:500 |
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✔ | ✔ | $0 | CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs | xStation | 1:30 (EU) 1:500 (Global) |
AvaTrade
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
AvaTrade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures |
| Regulator | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
- AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
- Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
Cons
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Christian Harris, Reviewer
Pepperstone Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Regulator | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
Cons
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
XM
"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."
XM Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies |
| Regulator | ASIC, CySEC, DFSA, IFSC |
| Platforms | MT4, MT5, TradingCentral |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, JPY |
Pros
- XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
- XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
- XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
Cons
- Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable or web-accessible solution for a more beginner-friendly user experience with unique features.
- XM is falling behind the curve by not offering cTrader and TradingView which are increasingly being favored over MetaTrader for their smoother user experience and superior charting packages.
LiteForex Europe
"LiteForex is a good option for active day traders with variable spreads from 0.0 pips, daily analysis and high-quality training guides. The forex copy system also lets you duplicate the positions of experienced traders."
William Berg, Reviewer
LiteForex Europe Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Indices, Commodities |
| Regulator | CySEC, AFM |
| Platforms | MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, CHF |
Pros
- LiteForex offers a client-oriented approach, with personal manager assigned to each trader and 24/5 multilingual customer support
- LiteForex has been established for 15+ years and is regulated by a trusted regulator, CySEC
- Fast ECN execution model with low spreads from 0.0 pips
Cons
- Cryptocurrency trading is not offered
- The range of day trading markets is limited compared to alternatives, with no share CFDs offered
- There is no swap-free trading account for Muslim day traders
eToro
"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."
eToro Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTs |
| Regulator | FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF |
| Platforms | eToro Web, CopyTrader, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | $10 |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP |
Pros
- Top copy traders can receive annual payments up to 1.5% of assets under copy in the broker's Popular Investor Program
- The web platform and mobile app perform better in user reviews and app rankings than top competitors, including AvaTrade
- The broker's services are great for beginners, with commission-free stock trading, a low minimum deposit and an unlimited demo
Cons
- Traders will face currency conversion fees for account denominations other than USD
- There are limited contact methods aside from the in-platform live chat
- There is a $30 minimum withdrawal amount and a $5 fee, which will affect novices with low capital
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
FOREX.com Quick Facts
| Bonus Offer | 20% Welcome Bonus Up To $5000 |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto |
| Regulator | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
InstaForex
"InstaForex maintains its position as a top forex broker, with more currency products than most rivals. The tight spreads and low minimum deposits make it accessible to all experience levels, especially those familiar with the MT4 and MT5 platforms."
InstaForex Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs on Stocks, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Shares & ETFs, Shares Baskets |
| Regulator | CySEC |
| Platforms | MT4, MT5 |
| Minimum Deposit | €200 (€1 after account opening) |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, PLN, CZK |
Pros
- The broker is a particularly good pick for serious forex traders, with over 100 currency pairs, tight spreads from 0.0 pips and a market-leading selection of curated forex market resources
- The broker is accessible for beginners, with low minimum deposits and zero-commission trading available.
- InstaForex delivers a superb day trading environment, with the powerful MT4 and MT5 platforms offering dozens of technical analysis tools, automation capabilities and multiple order types
Cons
- The broker’s website and client cabinet feel outdated and difficult to navigate for newcomers
- Customer support is available only in EN, CZ, PL, and SK.
- The broker provides trading instruments only in the form of CFDs.
FxPro
"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."
FxPro Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Futures |
| Regulator | FCA, CySEC, FSCA, SCB, FSC |
| Platforms | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
- Comprehensive analysis and trading tools are available for seasoned traders, including signals powered by Trading Central and VPS hosting
- FxPro maintains its position as a top no dealing desk (NDD) broker, with fast execution speeds under 13ms and co-located trading servers with Tier 1 banks
Cons
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
- The broker charges a $10 inactivity fee after 6 months of account dormancy, though this is more lenient than many brokers
- FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
FXCC
"FXCC continues to prove itself an excellent option for forex day traders with an extensive range of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and high leverage up to 1:500 in the ECN XL account. "
FXCC Quick Facts
| Bonus Offer | 100% First Deposit Bonus Up To $2000 |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Indices, Commodities, Crypto |
| Regulator | CySEC |
| Platforms | MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP |
Pros
- FXCC is trusted and licensed by the CySEC, a top-tier European regulator offering high standards of safeguarding
- As an MT4 broker, FXCC offers advanced charting tools and excellent support for algo traders, especially when combined with the free VPS
- There are no restrictions on short-term trading strategies like day trading and scalping
Cons
- Although MetaTrader 4 continues to shine for technical analysis, the subpar design dampens the trading experience, especially compared to modern alternatives like TradingView
- There is a threadbare selection of research tools like Trading Central and Autochartist, value-add features available at category leaders like IG
- High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
XTB
"XTB stands out as a top choice for new day traders with the terrific xStation platform, commission-free pricing, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform. "
XTB Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs |
| Regulator | FCA, CySEC, KNF, DFSA, FSC |
| Platforms | xStation |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (EU) 1:500 (Global) |
| Account Currencies | USD, EUR, PLN |
Pros
- The xStation platform continues to impress with its user-friendly interface and intuitive features, including customizable news feeds, sentiment heatmaps, and trader calculator, reducing the learning curve for newer traders.
- With an excellent range of educational materials, including training videos and articles integrated into the platform, XTB supports traders at all levels.
- First-class 24/5 customer support is available, including a friendly live chat with response times of under two minutes during testing.
Cons
- The demo account expires after just four weeks, a serious limitation for traders who wish to thoroughly test the xStation platform and practice short-term strategies before committing real funds.
- XTB does not offer a raw spread account, which is becoming increasingly common among competitors like Pepperstone, and may disappoint day traders looking for the tightest spreads.
- The research tools at XTB are good but could be great if they went beyond in-house features with access to leading third-party tools such as Autochartist, Trading Central and TipRanks.
Methodology
To find the best day trading brokers in Cyprus, we examined our directory of 265 online platforms, pinpointed all those that accept Cypriot traders, and ranked them by their overall score.
Our ratings combine 100+ data points with findings from our hands-on evaluations in key areas:
- We made sure each broker accepts Cypriot day traders.
- We only recommended brokers that are CySEC-regulated.
- We favored brokers with competitive day trading fees.
- We prioritized brokers with a range of financial markets.
- We focused on brokers with powerful charting platforms.
- We ensured each broker offers clear requirements for leverage trading .
- We investigated each broker’s order execution quality.
- We checked that each broker offers an accessible minimum deposit.
How To Choose A Day Trading Broker In Cyprus
After thousands of hours testing platforms, we’ve learned there are several factors to consider when choosing a broker for day trading:
Trust & Regulation
Brokers with a strong industry reputation and authorization from a trusted regulator maintain a secure trading environment, helping to protect investors from trading scams.
For example, in 2023, Cyprus police warned investors of a telephone scam where fraudsters impersonated representatives from the local watchdog, the Cyprus Securities and Exchange Commission (CySEC).
As a ‘green tier’ regulator, the CySEC flags fraudulent activities, enforces legal action where appropriate and administers robust safeguarding measures.
Notably for short-term traders, these include negative balance protection so you can’t lose more than your balance and limiting leverage for retail traders to 1:30, capping potential losses.
- AvaTrade remains a top pick for Cypriot investors with authorization from the CySEC (among other green tier licenses) and a stellar reputation since 2006. Day traders can also feel assured of robust protections, particularly AvaProtect, which insures losses up to $1 million.
Day Trading Fees
Day trading involves making frequent transactions, so competitive pricing is key to keeping costs down.
The top brokers offer narrow spreads on markets that will be of interest to traders in Cyprus, such as EUR/USD and, where applicable, low commission fees.
Non-trading fees can also impact profit margins, so we look for charges on deposits and/or withdrawals.
With that said, it’s important to consider the overall service provided, since higher fees may be justified in return for superior tools. For example, you might get live economic updates from the European Central Bank which could impact the euro’s value.
- Pepperstone consistently stands out for its excellent pricing for active traders, including raw spreads from 0.0 on EUR/USD and 2.0 on the Euro Currency Index. You also get access to AutoChartist, a market-leading technical analysis tool that identifies chart patterns on assets like the Eurostoxx 50.
Market Coverage
Day traders often want access to a wide range of markets, enabling them to build a diverse portfolio.
Many of our recommended platforms offer a broad range of local markets, including major, minor and exotic EUR currency pairs and notable export and import commodities in Cyprus, such as gasoline and corn.
While Cypriot stocks are not widely offered, our tests show many brokers allow you to explore a range of popular European stocks and indices which you can conveniently trade in Euros.
- IG offers some of the best opportunities for Cypriot traders, with a vast range of 17000+ markets including EUR currency pairs and popular local stocks like Bank of Cyprus. Unusually, you can also trade out of hours, including weekend markets like EUR/USD.
Platforms & Tools
A powerful charting platform is crucial for technical analysis – a popular approach to identifying short-term trading opportunities.
The best brokers offer a range of platforms to suit different experience levels and requirements, with MetaTrader 4 and MetaTrader 5 being the most widely available.
I enjoy using the sleeker workspaces provided by cTrader and TradingView – the former being a great option for experienced traders with coding expertise, and the latter offering the best user-friendly solution for newer traders in my opinion.I especially appreciate TradingView’s highly intuitive workspace which I can fully customize to view Bank of Cyprus data, alongside an integrated news feed, earnings reports and market sentiment.
- Vantage delivers a superb range of platforms catering to various needs, including MT4, MT5, TradingView and a proprietary solution, ProTrader. There’s also a great copy trading platform for aspiring traders, as well as the DupliTrade automated trading solution. It has something for everyone.
Execution Quality
The best day trading brokers offer fast and reliable order execution, which is especially important for fast-paced strategies like scalping and algo trading.
Optimum conditions require fast speeds, ideally meeting our benchmark of <100 milliseconds, as well as minimal delays and price slippage. This will help you lock in desired prices and move quickly in and out of positions when trading volatile securities, such as the Cyprus Cement PCL.
- FOREX.com provides excellent execution for active traders, with speeds hitting around 50 milliseconds on major assets. It has also reported that 43.83% of orders were executed at a better price than the requested price.
Leverage & Margin
Leveraged trading gives you greater exposure than your initial budget would otherwise allow, making it very popular with active traders. However, day traders need to understand margin requirements before opening leveraged positions.
For example, let’s say I want to trade shares in Bank of Cyprus with leverage of 1:5, and I speculate that the bank will announce a strong Q1 in their latest earnings report.If my prediction is correct, my potential gains from a €500 deposit would multiply 5x, to €2500.
That said, so too would my losses if I’m wrong, underscoring the importance of risk management and tools like stop-loss orders which can help limit losses.
- Deriv offers leverage up to 1:30 on major currency pairs like EUR/USD, in line with Cyprus’ requirements, alongside a useful margin calculator making it easy to understand the required outlay. The brand also stands out by offering multipliers up to x30 where you can’t lose more than your original stake – appealing to newer traders.
Account Funding
Our investigations into 265 brokers show most day trading platforms allow you to open an account for less than €250, though some stand out with no minimum deposit – ideal for budget traders.
It’s worth considering a broker that offers convenient and locally supported payment methods in Cyprus. For example, according to findings by Online Solutions, PayPal remains one of the most popular options among Cypriots.
FAQ
Who Regulates Day Trading Platforms In Cyprus?
The Cyprus Securities and Exchange Commission (CySEC) is a ‘green tier’ regulator responsible for licensing day trading brokers in Cyprus.
Among other EU authorities, which can accept Cypriot traders through the EU passporting scheme, it sets the standard for safeguarding measures that protect retail traders.
Which Is The Best Broker That Accepts Day Traders In Cyprus?
Use our list of the best day trading platforms in Cyprus to find a suitable firm.
If you’re looking for domestic markets, for example, IG offers notable Cypriot stocks and EUR currency pairs among thousands of other global opportunities. It’s also got some of the best research and education resources I’ve seen, tailored to all experience levels.
Recommended Reading
Article Sources
- Cyprus Economy Expected To Grow In 2024 - European Commission
- Cyprus Stock Exchange (CSE)
- Cyprus Telephone Scam - Finance Magnates
- Cyprus Securities and Exchange Commission (CySEC)
- European Central Bank (ECB)
- Bank of Cyprus Holdings
- Payment Methods Cyprus - Online Solutions
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