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. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
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
easyMarkets67% of retail accounts lose money with this provider.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250.01 lots1:30CySEC, ASIC, FSCA, FSC, FSACFDs, Forex, Stocks, Indices, CommoditieseasyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentralUnionPay, Credit Card, Bitcoin Payments, Debit Card, AstroPay, Perfect Money, WebMoney, Sticpay, Visa, Wire Transfer, Mastercard, Ethereum PaymentsUSD, EUR, GBP, CAD, AUD, JPY, ZAR, TRY, SEK, NOK, CHF, HKD, SGD, PLN, CZK, MXN, CNY -
9
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, FSACFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa, Google Wallet, Bitcoin Payments, Ethereum PaymentsUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN -
10
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
Here is a short overview of each broker's pros and cons
- AvaTrade - Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
- 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.
- easyMarkets - Established in 2001, easyMarkets has made for a name for itself as a trusted, fixed spread broker. Improvements to its tools over the years, from adding the MetaTrader suite and TradingView to enhancing its exclusive risk management tools like dealCancellation, mark it out from the competition.
- FxPro - Established in 2006, FxPro has emerged as a trusted non-dealing desk (NDD) broker offering trading on over 2,100 markets to more than 2 million clients worldwide. It has scooped over 100 industry awards and counting for its competitive conditions for active traders.
- 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.
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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✔ | ✔ | $25 | CFDs, Forex, Stocks, Indices, Commodities | easyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral | 1:30 |
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✔ | ✔ | $100 | CFDs, Forex, Stocks, Indices, Commodities, Futures | FxPro Edge, 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 |
AvaTrade
"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."
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
- AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low day trading margins.
- The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
- Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
Cons
- Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
- The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
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 boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- 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’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 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 customer support has delivered over years of testing, with 24/5 assistance in 25 languages, response times of <2 minutes and now a growing Telegram channel.
Cons
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
- 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.
- 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.
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 offers a range of proprietary mobile app tools which are ideal for traders who want to analyze the markets on the go
- There's a comprehensive analytics portal by Claws&Horns, which offers video reviews, expert insights and short-term trading signals
Cons
- Fees are fairly high, with spreads starting from 2.0 pips in the Classic account and $10 forex commissions in the ECN account
- There is no swap-free trading account for Muslim day traders
- There are limited funding methods compared to other brands
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
- The broker's services are great for beginners, with commission-free stock trading, a low minimum deposit and an unlimited demo
- There's a comprehensive online training academy with accessible resources, from bitesize articles to comprehensive courses
- Top copy traders can receive annual payments up to 1.5% of assets under copy in the broker's Popular Investor Program
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
- The lack of additional charting platforms like MT4 will reduce the appeal for seasoned day traders accustomed to using third-party software
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
- 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.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- 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.
Cons
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- 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 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
- 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
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.
easyMarkets
"easyMarkets provides fixed spreads starting at 0.7 pips, making it an excellent choice for beginners seeking predictable trading costs. After adding a Bitcoin-based account, it’s also a stand-out option for crypto-focused traders who want to deposit, trade, and withdraw in digital currencies."
easyMarkets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities |
| Regulator | CySEC, ASIC, FSCA, FSC, FSA |
| Platforms | easyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral |
| Minimum Deposit | $25 |
| Minimum Trade | 0.01 lots |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, TRY, SEK, NOK, CHF, HKD, SGD, PLN, CZK, MXN, CNY |
Pros
- With 20+ years in the industry, multiple awards, and authorization from two ‘green tier’ regulators, easyMarkets continues to earn its reputation as a secure broker for active traders.
- easyMarkets added Bitcoin as a base currency in 2019. This marks it out against most of the market and eliminates the need to convert crypto to fiat, reducing conversion fees and simplifying management for crypto-focused traders.
- Unlike variable spreads offered by 90%+ of brokers we've tested, easyMarkets provides fixed spreads from 0.7 pips. This makes trading costs predictable, a significant advantage for beginners and those trading in volatile markets.
Cons
- easyMarkets does not offer a zero-spread account like Pepperstone, which can be a drawback for day traders and high-frequency traders who require minimal transaction costs.
- easyMarkets is falling behind by not providing the copy trading features you get at category leader eToro, which are popular among beginners looking to follow the strategies of experienced traders.
- While easyMarkets provides solid educational resources for beginners, they fall short for advanced traders. The Academy offers well-structured courses and engaging gamification, but the overall content lacks depth.
FxPro
"FxPro is a stellar option for day traders, sporting exceptionally fast execution speeds under 12ms, competitive fees that were lowered in 2022, and terrific charting platforms in MT4, MT5, cTrader and FxPro Edge."
FxPro Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Futures |
| Regulator | FCA, CySEC, FSCA, SCB, FSA |
| Platforms | FxPro Edge, 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
- FxPro's Wallet is a standout feature that allows traders to manage funds securely. By segregating unused funds from active trading accounts, the Wallet provides additional protection and convenience.
- FxPro operates under a 'No Dealing Desk' (NDD) model, ensuring fast and transparent order execution, often under 12 milliseconds, ideal for short-term trading strategies.
- FxPro offers four reliable charting platforms, notably the intuitive FxPro Edge, with over 50 indicators, 7 chart types and 15 chart timeframes.
Cons
- There are no passive investment tools like copy trading or interest paid on cash. While active traders may not miss these, competitors like eToro catering to active and passive investors have more comprehensive offerings.
- Despite a growing Knowledge Hub and a $10M funded demo account, FxPro is geared towards advanced traders, with beginners potentially finding the account and fee structure complex.
- While FxPro provides 24/5 customer support through multiple channels that performed well during testing, it lacks 24/7 availability, which can disadvantage traders needing assistance outside traditional market hours.
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
- Competitive and transparent ECN spreads from 0.0 pips with zero commissions, making FXCC one of the cheapest forex brokers
Cons
- There is a threadbare selection of research tools like Trading Central and Autochartist, value-add features available at category leaders like IG
- While the range of currency pairs exceeds most alternatives, the selection of additional assets is narrow, and notably, there are no stocks
- FXCC’s single platform offering is a major drawback compared to many alternatives, notably AvaTrade which provides 5 platforms to suit different trader preferences
Methodology
To find the best day trading brokers in Cyprus, we examined our directory of 216 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 216 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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