Table of Contents
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Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Best Forex Brokers in Cyprus in [year]

Cyprus is one of the most popular regulatory jurisdictions for Forex & CFD brokers. A combination is offered here of the protection of EU law with a relatively light regulatory touch. We have painstakingly reviewed every Cyprus-regulated Forex broker of consequence, and we present the details of the best on offer.

1
4.9/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
ECN-style trading
Daily market research and Autochartist access
2
4.8/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
CySEC-regulated subsidiary with a clean track record.
Investor compensation fund up to €20,000 or 90% of deposit.
3
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Segregated client deposits at Commonwealth Bank & professional indemnity insurance
Cryptocurrencies and e-wallets among 16 payment processors in 16+ currencies
4
4.6/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Euro deposits from €200 via four payment processors & Euro trading accounts.
28-plugin Smart Trader Tools package & Autochartist plugin.
5
4.5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
24/7 customer support & segregated accounts at ANZ Bank in New Zealand.
API trading for algorithmic traders & VPS hosting.

  • FP Markets, ECN trading with leverage up to 1:500.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • ACY Securities, Swap-free trading with the MT5 trading platform.
  • Pepperstone, Great ECN execution on MT4 platform.
  • BlackBull Markets, Best ECN trading environment, with scalping and hedging.

Best Cypriot Brokers Comparison

Regulators
ASIC, CySEC, FSCAASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFIDASICASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBFMA, FSA
Year Established
20052006201120102014
Execution Type(s)
ECN/STPMarket MakerECN/STP, Market MakerNo Dealing Desk, NDDECN/STP, No Dealing Desk
Minimum Deposit
$100
$100
$50
$200
$0
Average Trading Cost EUR/USD
1.1 pips0.9 pips1.1 pips ($11.00)1.1 pips1.3 pips
Average Trading Cost GBP/USD
1.4 pips1.5 pips1.1 pips ($11.00)1.6 pips2.0 pips
Average Trading Cost Gold
$0.21 $0.29 $0.15 $0.20 $0.90
Trading Platform(s)
MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5, cTrader, Trading ViewMetaTrader 4, MetaTrader 5, Trading View
Islamic Account
Negative Balance Protection
N/A

FP Markets

In Summary ECN trading with leverage up to 1:500

FP Markets has been in the financial services and forex brokering market for 16 years, during which time they have amassed a significant list of accolades, regulatory certificates, and, of course, a large asset selection. Whether you're a novice trader or a seasoned pro, FP Traders will provide you with the features and alternatives you've been looking for. This trustworthy forex broker is authorized by the Australian Securities and Investments Commission in Australia and the Cyprus Securities and Exchange Commission in Cyprus, providing you peace of mind that they are supervised by a respected regulator.

Read more on FP Markets »
4.9/5 in this category

Pros & Cons

  • Choice of trading platforms and auxiliary trading tools
  • Very competitive cost structure and excellent asset selection
  • Low minimum deposit requirement and leverage of up to 1:500
  • Well-regulated and trustworthy
  • Availability of Iress geographically restricted

AvaTrade

In Summary Highly regulated, choice of fixed or floating spreads

AvaTrade offers traders a well-balanced asset selection, including cryptocurrencies, ETFs, and options. It also shines with its trading platform choices, featuring its proprietary WebTrader and mobile app AvaTradeGO with Trading Central services, the specialized AvaTrade trading platforms, Ava Option and Ava Social, and MT4/MT5, which enable algorithmic trading with embedded copy trading services. It makes AvaTrade one of the best Forex brokers in Cyprus on my listing.

Beginner traders get excellent education via the AvaTrade Academy and the Guardian Angel MT4 plugin. The high-paying affiliate program with 145,000 registered partners and $300,000,000+ commission payouts caters to passive income seekers.

Read more on AvaTrade »
4.8/5 in this category

Pros & Cons

  • High quality educational offering via AvaAcademy
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special

ACY Securities

In Summary Swap-free trading with the MT5 trading platform

Traders at ACY Securities benefit from Capitalise AI, which enables algorithmic trading in a code-free environment, making ACY Securities one of the best Forex brokers in Cyprus. It also offers 15 MT4/MT5 plugins, works with 46 liquidity providers, and maintains an excellent trading infrastructure with order execution in under 30ms. ACY Securities also allows three free monthly withdrawals.

Beginner traders get high-quality research and education, while copy traders can diversify via MT4/MT5 copy trading services, Signal Start, and SoFinX. The Pro Zero and Bespoke accounts feature raw spreads from 0.0 pips for a $6.00 and $5.00 commission, respectively.

Read more on ACY Securities »
4.7/5 in this category

Pros & Cons

  • Large repository of daily analysis and educational content
  • Low spreads starting at 0 pips in the Spread Zero account
  • 16 payment processors, including cryptocurrencies
  • Competitive trading fees in its commission-based accounts
  • Only 1 regulator

Pepperstone

In Summary Great ECN execution on MT4 platform

The MT4, MT5, and cTrader platforms support algorithmic trading and have embedded copy trading services. Pepperstone also connects social traders to TradingView, where they can socialize with 50M+ traders and share ideas. The well-balanced selection includes cryptos and ETFs, and the commission-based account offers raw spreads from 0.0 pips for a €5.20 per lot commission.

Pepperstone offers VPS hosting for low-latency 24/5 Forex trading and API trading for advanced algorithmic traders with custom trading solutions. It makes Pepperstone one of the best Forex brokers in Cyprus on my listing for active traders using algorithmic trading, copy, and social trading.

Read more on Pepperstone »
4.6/5 in this category

Pros & Cons

  • Excellent choice of trading platforms consisting of MT4/MT5, and cTrader
  • Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
  • Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
  • Leverage of up to 1:30 and superb trade execution
  • Demo accounts have 30-day time limits

BlackBull Markets

In Summary Best ECN trading environment, with scalping and hedging

I rank BlackBull Markets among the best Forex brokers in Cyprus due to its cutting-edge trading infrastructure, including superb data feeds from 66+ third-party providers and deep liquidity pools. It also ensures market-leading diversification via 26,000+ assets featuring 200+ currency pairs, while traders benefit from competitively priced, commission-free, and commission-based ECN trading accounts.

BlackBull Markets upgrades MT4/MT5 with the Autochartist plugin, but traders additionally get cTrader and the proprietary mobile app BlackBull Trader. Copy traders can explore the in-house proprietary BlackBull Markets alternative, ZuluTrade, and Myfxbook Autotrade. BlackBull Markets also connects social traders with 50M+ peers at TradingView.

Read more on BlackBull Markets »
4.5/5 in this category

Pros & Cons

  • ECN/NDD execution model with deep liquidity
  • Institution-grade pricing for retail traders via proprietary price aggregation
  • ZuluTrade and Myfxbook for social trading
  • Leverage of up to 1:500
  • Limited deposit options

Once you have decided that a Cyprus-based and -regulated Forex broker suits your regulatory and geographic needs, you will have plenty of choices – it is still an extremely popular location for brokers. The most important considerations you should have in making your choice are the broker’s reputation, fees, and range of assets offered. The best approach is to make a shortlist from range of assets and reputation, then compare our assessments of the complete fee structures to see what will give you the best deal for your trading style.

Cyprus Forex Regulations

The Cyprus Securities and Exchange Commission (CySEC) originally created a balance between a business-friendly regulatory and tax environment. It combined this with ensuring good protection for traders, resulting in an inflow of Forex brokers. CySEC-regulated Forex brokers must comply with the European Securities and Markets Authority (ESMA), despite regulating its financial system capably.

The ESMA regulates the EU single market and supersedes national regulators such as CySEC. Following the 2008 global financial crisis, followed by the now-defunct binary options industry and the surging popularity of cryptocurrencies, the ESMA imposed some major regulatory changes. They consisted of banning bonuses and limiting retail leverage to 1:30.

The ESMA acted under the belief that leverage increases risk, and that Forex brokers with bonuses reward aggressive marketing campaigns with more substantial deposits. The first part is arguably incorrect, as many analysts see an absence of risk management as the primary cause of excessive losses, not overleveraged trading accounts. There is also a distinct difference between advertised maximum leverage and the applied one.

Following the ESMA regulatory changes, many Cyprus Forex brokers established regulated subsidiaries in other jurisdictions. Today, Cyprus tends to cater almost exclusively to EEA resident traders. There are no restrictions on traders from the EEA opening accounts with international brokers.

Tips for Choosing a Forex Broker in Cyprus

While traders have different preferences and requirements, I focused on the below aspects during my best Forex brokers in Cyprus listing, as they apply to all traders.

Traders should look for the following:

  • Regulation - A clean regulatory track record with the CySEC spanning 10+ years.
  • Low trading fees - A competitive cost structure and low swap rates, including positive ones. Commission-free Forex spreads on major currency pairs should not exceed 0.9 pips, while raw spread commissions should max out at $7.00 per lot.
  • Trading platforms - Traders should ensure algorithmic, copy, and mobile trading capabilities. Many traders will want to use MT5 brokers or MT4 brokers.
  • Asset diversity - A balanced, liquid asset selection.
  • Deposits/Withdrawals - No deposit fees and low minimum transaction requirements.

Is Forex Legal in Cyprus?

As a former international Forex trading hub, Forex trading is legal in Cyprus. While the 2018 ESMA regulatory changes diminished its standing globally, Cyprus continues to play a crucial role in Forex trading across the EEA. During my best Forex brokers in Cyprus listing and research, I found that many international Forex brokers prefer Cyprus as their EEA hub, as it combines a business-friendly tax environment, in-depth knowledge, support services, and infrastructure.

CySEC requires all Forex brokers to segregate client deposits from corporate funds, offer negative balance protection, and maintain an investor compensation fund protecting up to €20,000 or 90% of client deposits.

You might also be interested in reviewing the below top brokers:

FAQs

Does Cyprus tax worldwide income?

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Cyprus taxes worldwide income on all tax residents. Therefore, Cypriot tax residents must consult with licensed professionals to comply with local rules and regulations.

How much is a Forex license in Cyprus?

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It depends on the model a Forex broker applies for, but the government registration costs range between €4,000 and €7,000, plus an additional €5,000 for cryptocurrency trading. Market makers must have approximately €125,000 in capital, while STP/ECN brokers require roughly €730,000. It excludes costs for the investor compensation fund and business requirements, like office space, technology, employees, legal and compliance departments, auditors, marketing, and customer support.

Is Forex taxable in Cyprus?

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Forex traders must pay taxes in Cyprus but should consult a licensed professional for tax advice to ensure compliance with local rules and regulations.

Why are there so many Forex brokers in Cyprus?

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Cyprus was a significant international Forex trading center due to its mix of business-friendly conditions and taxes until 2018. Today, it is the core EEA hub for international brokers catering to EEA-resident traders.

Huzefa Hamid
About Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.