4 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.

1
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
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
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
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

FXTM is one of the most reputable forex brokers in the world, and it is governed by three different regulatory bodies. CySEC, CIF, and FSCS are examples of these regulators. Such regulators provide traders with the assurance that their money will be safe, and that any investments made through FXTM are legitimate and regulated by the appropriate authorities. When traders deposit money with FXTM, for example, they may rest comfortable that the corporation is not using their money for personal advantage. Client deposit accounts are kept fully separate from company accounts. In addition, the company's websites use modern SSL encryption to protect client information.

FXTM Pros & Cons

Pros

  • Excellent commission-based Forex pricing environment and transparency

  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app

  • Quality market research and educational content for beginner traders

  • Proprietary copy trading platform, low minimum deposit, and high leverage

Cons

  • Limited choice of cryptocurrencies and commodities

FP Markets

5.0/5 in this category
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.

FP Markets Pros & Cons

Pros

  • 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

Cons

  • Availability of Iress geographically restricted

AvaTrade

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

AvaTrade could be the answer if you're new to trading and seeking for a forex trading app to help you out. This well-known broker goes above and beyond to help inexperienced traders succeed on their trading adventure. AvaTrade offers a wealth of training resources to its users. The trading training tools include over 200 educational videos and 40 different courses that are available to all members. These classes contain vital information that will assist beginning traders in making the best judgments possible. Traders from South Africa and the British Virgin Islands should use AvaTrade. This is especially true for traders from various parts of the world that require larger maximum leverage. With over 50 currency pairings, almost 30 commodities, many cryptocurrencies, CDFs, assets, certain bonds, metals, and much more, you will have a wide range of trading possibilities.

Pros

  • High-quality educational offering via SharpTrader

  • 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

Cons

  • Trading costs competitive but nothing special

BlackBull Markets

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

Founded in New Zealand, BlackBull Markets has been on the forex trading scene since their launch in 2014. The main focus of this forex broker is on the Electronic Communication Network. The company is regulated by two governing bodies namely the FSA (Seychelles Financial Services Authority) and the FMA (New Zealand Financial Markets Authority). Their main regulator is of course the FMA, and their main base of operation is located in New Zealand. BlackBull Markets offers a good variety of trading assets that traders can choose from including a large index of currency pairs, commodities, and more. It is however worth noting that they do not offer crypto and equity trading.

Pros

  • 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

Cons

  • Cryptocurrencies and equity trading not available

  • No MT4/MT5 plug-ins offered

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.