Best Forex Brokers In Cyprus 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:
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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
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 -
3
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 -
4
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 -
5
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 -
6
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 -
7
XTBCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-83% 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 -
8
Plus50082% of retail CFD accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100Variable1:30FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSACFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, CryptoWebTrader, AppPayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple PayUSD, EUR, GBP, AUD, ZAR, CZK -
9
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 -
10
TopFX100% Universal Bonus T&Cs Apply
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500CySEC, FSACFDs, Forex, Shares, Indices, Metals, Energies, ETFs, CryptocurrencyMT4, cTrader, AutoChartist, TradingCentralVisa, Mastercard, Debit Card, Credit Card, Wire Transfer, Swift, Apple Pay, Google Wallet, Skrill, Neteller, Bitcoin Payments, Ethereum Payments, Perfect Money, Dragonpay, M-Pesa, FasaPay, PIX Payment, Sticpay, Bitwallet, Przelewy24, Sofort, iDealUSD, EUR, GBP
Here is a short overview of each broker's pros and cons
- AvaTrade - AvaTrade delivers 50+ currency pairs with tight spreads from 0.9 pips and zero commissions. Trade majors, minrs, and exotics 24/5 on leading forex platforms, notably MT4, with sophisticated charting tools and forex education to sharpen your edge, including a dedicated guide to 'Currency Trading'.
- 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.
- 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.
- 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.
- FxPro - FxPro offers 70+ currency pairs but no minors and stands out with its ultra-fast execution speeds and tight spreads averaging 0.45 pips on EUR/USD. Forex traders can also build test and deploy short-term trading strategies on the industry-leading MT4 software, with expert advisors (EAs) for algo trading.
- 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.
- 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.
- 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.
- 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.
- TopFX - TopFX provides access to a wide range of 60+ currency pairs. This includes major pairs like EUR/USD and GBP/USD, minor pairs like AUD/NZD and EUR/GBP, and exotic pairs such as USD/TRY and USD/ZAR. The exact types of pairs available may vary depending on the platform used, but leverage, stop-out levels, and minimum and maximum lot sizes remain constant at 0.01/100 lots, respectively.
Best Forex Brokers In Cyprus 2024 Comparison
| Broker | CySEC Regulated | EUR Account | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit |
|---|---|---|---|---|---|---|
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✔ | ✔ | 50+ | 0.9 | / 5 | $100 |
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✔ | ✔ | 80+ | 1.2 | / 5 | $100 |
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✔ | ✔ | 100+ | 0.1 | / 5 | $0 |
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✔ | ✔ | 55+ | 0.8 | / 5 | $5 |
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✔ | ✔ | 70+ | 0.45 | / 5 | $100 |
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✔ | ✔ | 70+ | 0.2 | / 5 | $0 |
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✔ | ✔ | 70+ | 1.0 | / 5 | $0 |
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✔ | ✔ | 60+ | Dynamic | / 5 | $100 |
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✔ | ✔ | 55 | 0.9 | / 5 | $100 |
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✔ | ✔ | 60+ | 0.0 | - | $50 |
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
| GBPUSD Spread | 1.5 |
|---|---|
| EURUSD Spread | 0.9 |
| EURGBP Spread | 1.5 |
| Total Assets | 50+ |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| 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.
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
Cons
- 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.
- 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.
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
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 Offer | 20% Welcome Bonus Up To $5000 |
|---|---|
| GBPUSD Spread | 1.3 |
| EURUSD Spread | 1.2 |
| EURGBP Spread | 1.4 |
| Total Assets | 80+ |
| Leverage | 1:30 |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- 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
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- 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.
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."
Pepperstone Quick Facts
| GBPUSD Spread | 0.4 |
|---|---|
| EURUSD Spread | 0.1 |
| EURGBP Spread | 0.4 |
| Total Assets | 100+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- 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.
- 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
- 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.
- 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.
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
| GBPUSD Spread | 0.8 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 1.5 |
| Total Assets | 55+ |
| Leverage | 1:30 |
| Platforms | MT4, MT5, TradingCentral |
| Account Currencies | USD, EUR, GBP, JPY |
Pros
- 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.
- 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’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.
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.
- 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.
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
| GBPUSD Spread | 0.6 |
|---|---|
| EURUSD Spread | 0.45 |
| EURGBP Spread | 0.73 |
| Total Assets | 70+ |
| Leverage | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
| Platforms | FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- FxPro offers four reliable charting platforms, notably the intuitive FxPro Edge, with over 50 indicators, 7 chart types and 15 chart timeframes.
- 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.
Cons
- 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.
- 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.
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 |
|---|---|
| GBPUSD Spread | 1.0 |
| EURUSD Spread | 0.2 |
| EURGBP Spread | 0.5 |
| Total Assets | 70+ |
| Leverage | 1:500 |
| Platforms | MT4 |
| Account Currencies | USD, EUR, GBP |
Pros
- There are no restrictions on short-term trading strategies like day trading and scalping
- There are no deposit fees except industry-standard mining charges on cryptos, which is advantageous for active traders
- The free education section, including the 'Traders Corner' blog, offers a large selection of materials that will serve all experience levels
Cons
- High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
- 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
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
| GBPUSD Spread | 1.4 |
|---|---|
| EURUSD Spread | 1.0 |
| EURGBP Spread | 1.4 |
| Total Assets | 70+ |
| Leverage | 1:30 (EU) 1:500 (Global) |
| Platforms | xStation |
| Account Currencies | USD, 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.
- XTB offers fast withdrawals with same-day payments if requested before 1 pm, ensuring day traders have quick access to their funds.
- First-class 24/5 customer support is available, including a friendly live chat with response times of under two minutes during testing.
Cons
- Trading fees are competitive with average spreads of around 1 pip on the EUR/USD but still trail the cheapest brokers like IC Markets, plus there's an inactivity fee after 12 months.
- 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.
- XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
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."
Plus500 Quick Facts
| GBPUSD Spread | Dynamic |
|---|---|
| EURUSD Spread | Dynamic |
| EURGBP Spread | Dynamic |
| Total Assets | 60+ |
| Leverage | 1:30 |
| Platforms | WebTrader, App |
| Account Currencies | USD, EUR, GBP, AUD, ZAR, CZK |
Pros
- 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
- The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders
- Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
Cons
- Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
- The absence of social trading means users can’t follow and replicate the trades of experienced traders
- Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
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
| GBPUSD Spread | 1.9 |
|---|---|
| EURUSD Spread | 0.9 |
| EURGBP Spread | 1.3 |
| Total Assets | 55 |
| Leverage | 1:30 |
| Platforms | eToro Web, CopyTrader, TradingCentral |
| Account Currencies | USD, EUR, GBP |
Pros
- Exciting investment portfolios are available covering traditional market trends as well as tech, crypto and more
- The copy trading app facilitates a best-in-class social environment, with an engaging social feed and community chat
- Top copy traders can receive annual payments up to 1.5% of assets under copy in the broker's Popular Investor Program
Cons
- There is a $30 minimum withdrawal amount and a $5 fee, which will affect novices with low capital
- There are limited contact methods aside from the in-platform live chat
- Traders will face currency conversion fees for account denominations other than USD
TopFX
"TopFX is a strong choice for day trading due to ultra-low latency with execution times under 25 milliseconds. It also offers access to advanced charting platforms, MT4 and cTrader, with tight spreads and low commissions that can significantly reduce costs for active traders."
TopFX Quick Facts
| Bonus Offer | 100% Universal Bonus T&Cs Apply |
|---|---|
| GBPUSD Spread | 0.0 |
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.1 |
| Total Assets | 60+ |
| Leverage | 1:500 |
| Platforms | MT4, cTrader, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP |
Pros
- TopFX is committed to supporting a diverse range of day traders, including those who prefer manual, algorithmic, and strategy-based trading with a choice of three flexible accounts (Zero, Raw and VIP).
- TopFX continues to deliver first-class support following years of real-money trading with responses on live chat in minutes and email replies in 24 hours for technical assistance.
- Active traders get reliable trade execution with speeds under 25ms, combined with consistent pricing, no slippage or requotes, and fast deposits and withdrawals during testing.
Cons
- TopFX supports only two platforms (cTrader and MT4), so there's no option to trade with MT5 or the increasingly popular TradingView. The lack of a proprietary platform for beginner traders is also an entry barrier.
- Despite a growing selection of 600+ instruments, you can't invest directly in real assets, such as stocks, ETFs, and crypto, and TopFX does not offer interest on uninvested cash like alternatives such as IBKR.
- Although it produces in-house market analysis content, notably the Daily Market Digest, and includes Autochartist and Trading Central, the woeful educational offering is limiting for beginners, especially compared to category leaders like XTB.
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.
- 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.
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.
- 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.
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:
- 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
Is Forex Trading Legal In Cyprus?
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.
Recommended Reading
Article Sources
- Cyprus Securities and Exchange Commission (CySEC)
- CySEC Regulated Forex Brokers Directory
- Cyprus Investor Compensation Fund (ICF)
- CySEC Investment Scam Warning
- Cyprus Tax Department
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