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Best Forex Brokers In Cyprus 2024

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Written By
Michael MacKenzie
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Written By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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Edited By
James Barra
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Edited By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
Jemma Grist
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Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Updated
Aug 15, 2024

Discover the best forex brokers in Cyprus, exhaustively reviewed, rated and compared by our experts. Every forex platform we recommend accepts traders from Cyprus.

The top forex brokers in Cyprus are regulated by the Cyprus Securities and Exchange Commission (CySEC), provide EUR accounts, accept convenient deposit methods like PayPal, and facilitate trading on major currency pairs like the EUR/USD.

10 Top Forex Brokers In Cyprus

These are the 10 highest-rated forex brokers and trading platforms in Cyprus based on our comprehensive analysis and first-hand observations:

Click a broker for details
  1. 1
    AvaTrade
    79% of retail accounts lose money with this provider.
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  2. 2
    FOREX.com
    20% Welcome Bonus Up To $5000
    74-76% of retail accounts lose money with this provider.
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:30
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  3. 3
    Pepperstone
    CFDs 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
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  4. 4
    XM
    74.12% of retail accounts lose money.
    Ratings
    3.8 / 5
    4.3 / 5
    4 / 5
    3.8 / 5
    3.3 / 5
    4 / 5
    4.3 / 5
    4.3 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:30
    ASIC, CySEC, DFSA, IFSC
    CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
    MT4, MT5, TradingCentral
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, JPY
    Go To XM
  5. 5
    FxPro
    77.20% of retail accounts lose money with this provider.
    Ratings
    4.5 / 5
    3.8 / 5
    4.2 / 5
    4.3 / 5
    4.5 / 5
    4.1 / 5
    4.4 / 5
    4.3 / 5
    4.7 / 5
    4.3 / 5
    $100
    0.01 Lots
    1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
    FCA, CySEC, FSCA, SCB, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Futures
    FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
    Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
    Go To FxPro
  6. 6
    FXCC
    100% First Deposit Bonus Up To $2000
    Ratings
    3.3 / 5
    3.5 / 5
    3 / 5
    4 / 5
    3.3 / 5
    4.3 / 5
    2 / 5
    2.5 / 5
    4.8 / 5
    4.4 / 5
    $0
    0.01 Lots
    1:500
    CySEC
    CFDs, Forex, Indices, Commodities, Crypto
    MT4
    Skrill, Neteller, Rapid Transfer, Sofort, Paysafecard, Visa, Bitcoin Payments, Credit Card, Debit Card, Mastercard, Wire Transfer, UnionPay, Ethereum Payments, Netbanx Asia, Boleto
    USD, EUR, GBP
    Go To FXCC
  7. 7
    XTB
    CFDs 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
    4.5 / 5
    4 / 5
    4 / 5
    4.3 / 5
    4 / 5
    4.3 / 5
    4.1 / 5
    3.8 / 5
    4.7 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (EU) 1:500 (Global)
    FCA, CySEC, KNF, DFSA, FSC
    CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs
    xStation
    PayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, Neteller
    USD, EUR, PLN
    Go To XTB
  8. 8
    Plus500
    82% of retail CFD accounts lose money.
    Ratings
    3.5 / 5
    4.1 / 5
    3.5 / 5
    4 / 5
    3.1 / 5
    4 / 5
    2 / 5
    3 / 5
    4.1 / 5
    4.3 / 5
    $100
    Variable
    1:30
    FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
    CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
    WebTrader, App
    PayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple Pay
    USD, EUR, GBP, AUD, ZAR, CZK
    Go To Plus500
  9. 9
    eToro
    51% 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
    4.8 / 5
    4.2 / 5
    4.5 / 5
    3 / 5
    4 / 5
    3.5 / 5
    4.5 / 5
    4.5 / 5
    4.8 / 5
    4 / 5
    $100
    $10
    1:30
    FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF
    CFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTs
    eToro Web, CopyTrader, TradingCentral
    Visa, Skrill, Neteller, Wire Transfer, Rapid Transfer, Swift, Debit Card, iDeal, Klarna, Sofort, Trustly, Przelewy24
    USD, EUR, GBP
    Go To eToro
  10. 10
    Errante
    Ratings
    3.5 / 5
    3.5 / 5
    3.4 / 5
    3.3 / 5
    3.5 / 5
    3.3 / 5
    3 / 5
    3.3 / 5
    0 / 5
    0 / 5
    $50
    0.01 Lots
    1:500
    CySEC, FSA
    CFDs, Stocks, Indices, Forex, Metals, Energies, Cryptos
    MT4, MT5
    Visa, Mastercard, Debit Card, Credit Card, Neteller, Sticpay, Cashu, Skrill, Perfect Money, Volet, Bitcoin Payments, Ethereum Payments
    USD, EUR
    Go To Errante

Here is a summary of why we recommend these brokers:

  1. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  2. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  3. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  4. XM - XM offers a strong selection of currency pairs with no re-quotes or hidden charges, while spreads have come down over the years, now starting from 0.8 pips on the EUR/USD in the commission-free account.
  5. FxPro - FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.
  6. FXCC - FXCC's key selling point is its forex trading conditions. ECN spreads come in as low as 0.0 pips during peak trading hours, while it supports a wider range of currency pairs than the majority of rivals with over 70 forex assets. Additionally, you have access to MT4, which was built specifically for forex trading and excels for its charting tools.
  7. XTB - XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.
  8. Plus500 - Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.
  9. eToro - An above-average selection of 55 currencies are available with reasonable spreads averaging 0.9 pips on EUR/USD during peak hours. Aspiring traders can continuously hone their forex strategies by switching between demo mode and their live account any time, with full access to the broker's 100+ technical indicators.
  10. Errante - Errante traders can access 50+ forex pairs with leverage up to 1:500 (location dependant). The broker offers fast execution and tight spreads, especially to clients with VIP and Tailor-Made accounts.

Best Forex Brokers In Cyprus 2024 Comparison

Best Forex Brokers In Cyprus 2024 Comparison
Broker CySEC Regulated EUR Account Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit
AvaTrade logo
✔ ✔ 50+ 0.9 4.3 / 5 $100
FOREX.com logo
✔ ✔ 80+ 1.2 4.9 / 5 $100
Pepperstone logo
✔ ✔ 100+ 0.1 4.7 / 5 $0
XM logo
✔ ✔ 55+ 0.8 4.7 / 5 $5
FxPro logo
✔ ✔ 70+ 1.58 pips (Ave) 2.5 / 5 $100
FXCC logo
✔ ✔ 70+ 0.2 3.4 / 5 $0
XTB logo
✔ ✔ 70+ 1.0 4.8 / 5 $0
Plus500 logo
✔ ✔ 60+ Dynamic 5 / 5 $100
eToro logo
✔ ✔ 55 0.9 4.2 / 5 $100
Errante logo
✔ ✔ 50+ From 1.5 pips (Standard Account) - $50

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."

Jemma Grist, Reviewer

AvaTrade Quick Facts

GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more

Cons

  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
  • Traders from the US are not accepted
  • There is no ECN account with raw spreads
Visit AvaTrade
AvaTrade Review

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."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:30
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, 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.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.

Cons

  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • 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.
Visit FOREX.com
FOREX.com Review

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

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • 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.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.

Cons

  • 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.
  • 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.
Visit Pepperstone
Pepperstone Review

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."

Christian Harris, Reviewer

XM Quick Facts

GBPUSD Spread0.8
EURUSD Spread0.8
EURGBP Spread1.5
Total Assets55+
Leverage1:30
PlatformsMT4, MT5, TradingCentral
Account CurrenciesUSD, 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’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.
  • 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.

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.
  • 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.
Visit XM
XM Review

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."

William Berg, Reviewer

FxPro Quick Facts

GBPUSD Spread2.39 pips (Ave)
EURUSD Spread1.58 pips (Ave)
EURGBP Spread1.74 pips (Ave)
Total Assets70+
Leverage1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
PlatformsFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN

Pros

  • There are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
  • There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
  • 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
Visit FxPro
FxPro Review

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. "

Jemma Grist, Reviewer

FXCC Quick Facts

Bonus Offer100% First Deposit Bonus Up To $2000
GBPUSD Spread1.0
EURUSD Spread0.2
EURGBP Spread0.5
Total Assets70+
Leverage1:500
PlatformsMT4
Account CurrenciesUSD, EUR, GBP

Pros

  • There are no deposit fees except industry-standard mining charges on cryptos, which is advantageous for active traders
  • Competitive and transparent ECN spreads from 0.0 pips with zero commissions, making FXCC one of the cheapest forex brokers
  • There are no restrictions on short-term trading strategies like day trading and scalping

Cons

  • There is a threadbare selection of research tools like Trading Central and Autochartist, value-add features available at category leaders like IG
  • Although MetaTrader 4 continues to shine for technical analysis, the subpar design dampens the trading experience, especially compared to modern alternatives like TradingView
  • High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
Visit FXCC
FXCC Review

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. "

Christian Harris, Reviewer

XTB Quick Facts

GBPUSD Spread1.4
EURUSD Spread1.0
EURGBP Spread1.4
Total Assets70+
Leverage1:30 (EU) 1:500 (Global)
PlatformsxStation
Account CurrenciesUSD, EUR, PLN

Pros

  • Opening an XTB account is a hassle-free, entirely online process that takes just a few minutes, making the entry into day trading smooth for new traders.
  • First-class 24/5 customer support is available, including a friendly live chat with response times of under two minutes during testing.
  • With an excellent range of educational materials, including training videos and articles integrated into the platform, XTB supports traders at all levels.

Cons

  • Not being able to adjust the default leverage level of XTB products is frustrating, as manual adjustment can significantly mitigate trade risk, especially in forex and CFD trading.
  • 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.
Visit XTB
XTB Review

Plus500

"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."

Christian Harris, Reviewer

Plus500 Quick Facts

GBPUSD SpreadDynamic
EURUSD SpreadDynamic
EURGBP SpreadDynamic
Total Assets60+
Leverage1:30
PlatformsWebTrader, App
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, CZK

Pros

  • You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
  • The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
  • Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended hours trading on 7 stock CFDs

Cons

  • Algo trading and scalping are not supported, which may deter some day traders
  • The absence of social trading means users can’t follow and replicate the trades of experienced traders
  • Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
Visit Plus500
Plus500 Review

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."

Christian Harris, Reviewer

eToro Quick Facts

GBPUSD Spread1.9
EURUSD Spread0.9
EURGBP Spread1.3
Total Assets55
Leverage1:30
PlatformseToro Web, CopyTrader, TradingCentral
Account CurrenciesUSD, EUR, GBP

Pros

  • The broker's services are great for beginners, with commission-free stock trading, a low minimum deposit and an unlimited demo
  • eToro is a world-renowned brand with top-tier global regulation and a 25M+ user community
  • eToro has finally introduced EUR and GBP accounts, cutting conversion fees and providing a trading experience more tailored to local needs

Cons

  • Traders will face currency conversion fees for account denominations other than USD
  • The lack of additional charting platforms like MT4 will reduce the appeal for seasoned day traders accustomed to using third-party software
  • There are no guaranteed stop loss orders which would be a useful risk management feature for beginners
Visit eToro
eToro Review

Errante

"We recommend Errante for users seeking multi-asset trading on the MT4 and MT5 platforms. The copy trading platform and straightforward sign-up process will also suit newer traders."

William Berg, Reviewer

Errante Quick Facts

GBPUSD SpreadFrom 1.5 pips (Standard Account)
EURUSD SpreadFrom 1.5 pips (Standard Account)
EURGBP SpreadFrom 1.5 pips (Standard Account)
Total Assets50+
Leverage1:500
PlatformsMT4, MT5
Account CurrenciesUSD, EUR

Pros

  • Supports cTrader, MT4 and MT5 platforms
  • Good selection of educational content and useful trading tools
  • Good range of cryptocurrencies including Bitcoin

Cons

  • High deposits to unlock advanced account tiers with more favorable trading terms
  • Small selection of shares
  • Advanced educational content is expensive to unlock
Visit Errante
Errante Review

How We Rate Forex Brokers In Cyprus

All our top-ranked forex brokers for Cyprus traders achieve high rankings in the following key areas:

Trust

After years of monitoring hundreds of forex trading platforms, we’ve learnt the best sign of a reliable brokerage is authorization from a respected regulator.

Forex traders in Cyprus benefit from direct coverage from a ‘Green-Tier’ regulator – the Cyprus Securities & Exchange Commission (CySEC).

This provides forex traders in the region with important safeguards, notably access to the Investor Compensation Fund (ICF), which insures client funds up to €20,000 in case of broker insolvency.

The CySEC also regularly issues warnings about fraudulent brokers and forex trading scams.

I recommend checking whether a forex broker is regulated by the CySEC using the regulator’s database. Simply enter the firm’s name in the search function.
author image
Michael MacKenzie
Author
  • Plus500 has earned our trust after years of real-money trading with no withdrawal issues, CySEC authorization, 15+ years of industry experience, and a listing on the London Stock Exchange.

Forex Markets

The best forex trading platforms in Cyprus offer a wide range of currency pairs, providing diverse trading opportunities.

Our analysis of over 400 forex brokers shows that the top platforms support upwards of 50 currency pairs, though some excel with more than 80 majors, minors and exotics, including an excellent range of Euro (EUR) pairs, such as the EUR/USD, EUR/GBP and EUR/JPY.

  • FOREX.com continues to excel for its extensive selection of forex assets, featuring 80+ currency pairs including 22 which contain the EUR, catering to beginners to advanced forex traders.

Account Funding

Our first-hand experience using forex brokers in Cyprus shows the importance of hassle-free accounts and funding to ensure a smooth trading experience.

Opting for a EUR trading account will make deposits and trade management convenient for forex traders in Cyprus, while also reducing or eliminating currency conversion fees.

We also evaluate the range of payment options, favoring firms with secure deposit solutions like PayPal, WebMoney, and Skrill, which are all popular in Cyprus.

  • XM ranks consistently among the most flexible FX brokers in Cyprus with 10 account currencies including EUR and an excellent range of payment options including Skrill and Neteller.

Forex Platforms

Our thousands of hours of testing forex brokers show the best firms stand out with user-friendly and powerful platforms, accommodating short-term trading strategies.

MetaTrader 4 remains the most popular third-party software available at Cyprus forex brokers and is great for charting, algo trading and day trading. However, I don’t like its clunky design and it’s geared towards experienced forex traders.

TradingView is an increasingly popular alternative with aspiring forex traders, featuring real-time data, integrated news feeds, and an active social trading community.

Pepperstone's TradingView platform with EUR/USD
Pepperstone TradingView Charting Platform

Alternatively, the in-house platforms offered by some leading brokers, including AvaTrade and FOREX.com, are often a great starting point for newer forex traders with intuitive designs and beginner-friendly tutorials.

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Demo accounts are the best way to try out a forex broker’s platform options and decide if they suit you before trading with real money.
  • Pepperstone offers a superb range of forex platforms for day traders with four top-rated options: MT4, MT5, cTrader and TradingView. They are also all available as mobile apps for iOS and Android.

Value

Many traders will say that ‘low fees’ are a priority when choosing a broker, but our extensive experience in the forex industry shows that ‘value’ – balancing low fees with excellent trading tools – is more important.

We evaluate the typical fees you will incur placing day trades on currency pairs like EUR/USD and EUR/GBP. We analyze minimum spreads but also average spreads, as these can be more reliable.

IC Markets EUR pair spreads
IC Markets EUR Forex Spreads

Our experts also consider the availability of raw spread accounts with low commissions, as these are particularly popular with experienced forex day traders.

Then we weigh the access to research tools, educational materials for newer traders and the speed and reliability of order executions, as these can all contribute to a complete and enjoyable forex trading experience.

  • IC Markets has long been one of our best-value forex trading platforms thanks to its tight spreads from 0 on major currency pairs, low commissions, rebates, fast execution speeds and a suite of powerful tools.

Methodology

We utilized our extensive forex broker database to identify those accepting traders in Cyprus, ranking them by their overall score which takes into account performance in key areas:DayTrading.com broker testing methodology overview

  • Regulatory compliance, notably with the CySEC.
  • Variety in forex assets, covering popular currency pairs in Cyprus.
  • Ease of use in platforms, including advanced charting and trading tools.
  • Competitive pricing without sacrificing order execution quality or trading features.
  • Reasonable deposit thresholds and secure payment options for Euro transactions.

FAQ

Not only is forex trading legal in Cyprus, but the country is known widely as a center for retail forex trading and is home to a highly respected regulator, the Cyprus Securities & Exchange Commission.

Also make sure you are aware of your tax liabilities according to the Tax Department of Cyprus before trading currencies online.

Who Regulates Forex Brokers And Trading Platforms In Cyprus?

The Cyprus Securities and Exchange Commission, or CySEC, is the regulator that oversees retail forex trading.

The CySEC is a first-rate regulator that enforces the strict rules laid out in the European Union’s Markets in Financial Instruments Directive (MiFID), which were designed to ensure transparency and fair dealing.

How Much Money Do I Need To Start Trading Forex In Cyprus?

Our tests and direct use of forex brokers accepting traders from Cyprus show that you’ll typically need up to €250 to start trading currencies.

That said, there are options for lower-budget traders, Pepperstone is an excellent forex broker for example, allowing you to set up a live account with no minimum deposit.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com