5 Best Forex Brokers in Cyprus in 2021

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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.

Top Brokers in Cyprus

1
FXTM
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.
Best all around broker
High floating leverage + fast execution
2
FP Markets
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
3
AvaTrade
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.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
4
BlackBull Markets
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.
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders

FXTM, Best all-around: high floating leverage + fast execution.
FP Markets, ECN trading with leverage up to 1:500.
AvaTrade, Highly regulated, choice of fixed or floating spreads.
BlackBull Markets, Competitive ECN trading environment with scalping and hedging available.

FXTM

5.0/5 in this category
In Summary
Best all-around: high floating leverage + fast execution

We have made FXTM our top-rated broker because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Unique Features

Headquarters

Cyprus

Regulation

CySEC, FCA, FSC, CMA

Year Founded

2011

Type of Broker

Instant/Market Execution

Minimum Deposit

$50

Maximum Leverage

Flexible

Type of Platform

MetaTrader 4, MetaTrader 5

FXTM, or “ForexTime”, has been around for a long time: they were founded in 2011. Recent years have seen them continue to steadily expand their business, and they are well- regulated by the U.K., Cyprus, Mauritius, and South Africa. The brand is owned by private companies incorporated in the U.K., Cyprus, and Mauritius. Customers of FXTM have access to more than 57 Forex currency pairs and crosses, precious metals, the major energies, equity indices, big cryptocurrencies, and a few individual American stocks. Talking of stocks, FXTM are quite unique in the area of trading stocks, as they enable direct trading through real legal ownership, not just wrapped as CFDs like almost every other similar brokerage offers.

FXTM offers traders a choice between two of the most popular execution models: customers may open either an ECN-type account, or one that trades by “straight-through processing”. Clients have a straight choice between two trading platforms, with both MetaTrader 4 and MetaTrader 5 on offer.

Through their Mauritius regulator, FXTM offer leverage as high as 1000 to 1. In the U.K. and Cyprus, they are limited by law from offering more than 30 to 1.

If you are looking for a broker with a good copy trading program, it is worth taking a serious look at FXTM’s “FXTM Invest” copy trading program.

FXTM Pros & Cons

Advantages

  • Excellent client deposit protection

  • Low minimum deposit

  • Free MT4 add-ons and VPS hosting

  • Good educational tools

Disadvantages

  • No cryptocurrencies or exotic currencies

  • Low leverage for retail traders

  • Internal withdrawal fees and an inactivity fee

FP Markets

5.0/5 in this category
In Summary
ECN trading with leverage up to 1:500

fpmarkets is an Australian brokerage which launched in 2005. Headquartered in Sydney, Australia’s financial capitol, they have carved out a solid niche for themselves as the best Forex / CFD broker enjoying ASIC regulation. Australian regulators are much more relaxed about leverage than their counterparts in the U.S.A., U.K., and the E.U. and so fpmarkets can offer a maximum leverage as high as 500 to 1.

For most traders, the standout unique selling point of this broker lies in the incredibly wide range of tradable assets offered, providing an opportunity to trade over ten thousand individual stocks and shares. These go beyond the typical U.S.A. and U.K. companies and include a good selection of publicly traded shares on the Hong Kong and Sydney exchanges, as you might expect from an Australasian-facing broker like fpmarkets. Also, over 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin are also on the menu here.

Unique Features

Headquarters

Australia

Regulation

CySEC, ASIC

Year Founded

2005

Type of Broker

No Dealing Desk

Minimum Deposit

$100

Maximum Leverage

1:500

Type of Platform

MetaTrader 4, MetaTrader 5, Web-based, IRESS

They offer an unusual hybrid ECN/STP execution model which means that their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.

Traders can scalp and hedge at this broker, whose fast ECN execution speed makes it a natural home for scalpers. Clients may choose between the MetaTrader 4 and MetaTrader 5 platforms, and shares can be traded through the IRESS trading platform which includes access to level 2 exchange data.

FP Markets Pros & Cons

Advantages

  • 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

Disadvantages

  • Availability of Iress geographically restricted

FP Markets is an Australian multi-asset broker with more than $1 billion in daily trading volume, serving clients from 80+ countries. Founded in 2005 in Australia, FP Markets grew into a trusted brand over the past 15+ years with more than 100 employees. The upgraded MT4/MT5 trading platforms, via the Trader Tools consisting of twelve plug-ins, present clients with a competitive edge. We have conducted an in-depth review of this CFD broker to provide traders with a complete overview of the trading environment at FP Markets.

AvaTrade

4.5/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade was founded in 2006 in Dublin, Ireland. They are one of the largest and most famous Forex / CFD brokers in the world and became well-known for offering their clients a choice of fixed or floating spread cost of trading models. They enjoy an extremely high and strong level of regulation, making them a favorite for traders who are extremely nervous about the security of their deposit, which in Ireland can be protected by a strong investor deposit protection provision. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava’s maximum leverage offered runs as high as 400 to 1.

Unique Features

Headquarters

Ireland

Year Founded

2006

Type of Broker

ECN/STP

Minimum Deposit

$100

Maximum Leverage

1:400

Type of Platform

MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based

In addition to their longevity and safe reputation, clients know that through AvaTrade they have access to a broad range of asset classes through which diversification can be achieved successfully: AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. Even better, and unusually, 2 bonds and 6 ETFs are also on the menu. The diversity offered here stands out.

Whether you are located within the European Union or not, all branches of AvaTrade will offer you negative balance protection, above and beyond what is mandated by the law. This means that under no circumstances will any client of AvaTrade ever be held liable by the firm for an amount larger than their deposit.

 

AvaTrade Pros & Cons

Advantages

  • Well-regulated globally, with the Bank of Ireland, the primary regulator

  • Low minimum deposit and in-depth educational tools

  • Wide asset choice across seven sectors

  • Superior mobile trading platform

Disadvantages

  • Low leverage for retail traders

  • High quarterly inactivity fee

  • Unacceptable cost for AvaProtect

BlackBull Markets

4.5/5 in this category
In Summary
Competitive ECN trading environment with scalping and hedging available

BlackBull Markets is a relative newcomer as a Forex broker, being founded in 2014 in New Zealand, which along with Australia, has become something of a haven for exciting Forex brokerages. Like many antipodean brokerage houses, BlackBull Markets is an ECN broker, offering raw spreads and competitive commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1.

Unique Features

Headquarters

New Zealand

Regulation

FSA, FMA

Year Founded

2014

Type of Broker

ECN/STP

Minimum Deposit

$200

Maximum Leverage

1:500

Type of Platform

MetaTrader 4, MetaTrader 5

In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia

BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should not worry the average trader who is more concerned to have a normal range of markets to trade without being overly worried about diversification.

BlackBull Markets impresses through a kind of quiet confidence – they do not make extravagant claims, they simply focus on providing the basics required for ECN trading well and at a reasonable cost.

BlackBull Markets requires a minimum deposit of $200 which may put it out of the range of traders intending to make smaller deposits, at least initially.

 

BlackBull Markets Pros & Cons

Advantages

  • High leverage of up to 1:500

  • ECN/NDD execution model from a minimum deposit of $2,000

  • Competitive ECN pricing environment and volume-based rebate program

  • VPS hosting and social trading support via market-leading providers

Disadvantages

  • Limited asset selection

  • No MT4 upgrades despite labeling itself as a FinTech company

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), the financial regulator of Cyprus, originally created a great 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 setting up in this attractive environment. While it was not perfect, CySEC established itself as the primary regulator for international Forex brokers. Cyprus must comply with the European Securities and Markets Authority (ESMA), being a European Union member country, despite regulating its financial system capably.

Residents of the E.U. have a good reason to seek a broker regulated within an E.U. member state such as Cyprus, in that if a problem arises with the broker, it is relatively easy for them to act and get redress for any wrongdoing on the part of the broker, compared to Forex brokers lying far offshore.

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 on all EU-based financial firms and traders. They consisted of banning bonuses and limiting leverage available to retail traders to 1:30.

The motive behind the ESMA regulatory changes, protested by many brokers who predicted an exodus of business to friendly jurisdictions, was the protection of traders. The ESMA acted under the beliefs that leverage increases risk, and 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 regulated outside the EU. While some traders will find the trading environment at Cyprus Forex brokers uncompetitive and counter-productive, with equal or better investor protection arguably  existing elsewhere, traders resident inside the EU looking for a Forex broker should seriously consider opening an account under Cyprus regulation for peace of mind, while carefully viewing the terms offered and balancing the risk of opening accounts under weaker external regulation against the more flexible trading conditions which are likely to be offered there.

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.