The ForexBrokers.com annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.
Trading forex (currencies) internationally is popular among traders. Before any fx broker in Cyprus can accept forex and CFD traders as clients, they must become authorised by the Cyprus Securities and Exchange Commission (CySEC), which is the financial regulatory body in Cyprus. CySEC's website is cysec.gov.cy. We recommend Cypriot residents also follow CySEC on twitter, @CySEC_official.
CySEC was formed in 2001, and in 2004 the country became a member of the European Union (EU), which made CySEC part of MiFID regulation. For a historical breakdown, here's a link to the Cyprus Securities & Exchange Commission's webpage on Wikipedia.
Best Cyprus Forex Brokers 2020
To find the best forex brokers in Cyprus, we created a list of all CySEC authorised brokers, then ranked brokers by their Trust Score. Here is our list of the top forex brokers for Cyprus.
- Plus500 - Best for beginners overall
- Saxo Bank - Best VIP client experience
- XTB - Best customer service, great platform
- eToro - Best copy trading platform
- XM Group - 4.0 Stars
- easyMarkets - 3.5 Stars
Cyprus Forex Brokers Comparison
Compare Cypriot authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Trust Score.
| Forex Broker | Accepts CY Residents | Regulated by CySEC | Average Spread EUR/USD - Standard | Minimum Initial Deposit | Trust Score | Overall | Visit Site |
|---|---|---|---|---|---|---|---|
| Plus500 | Yes | Yes | 0.600 | €100 | 99 | N/A | |
| Saxo Bank | Yes | Yes | 0.600 | $10,000.00 | 98 | N/A | |
| XTB | Yes | Yes | 0.780 | $0.00 | 92 | N/A | |
| eToro | Yes | Yes | 3.00 | $200 | 91 | N/A | |
| XM Group | Yes | Yes | 1.600 | $5-100 | 81 | N/A | |
| easyMarkets | Yes | Yes | 0.900 | $100.00 | 81 | N/A | |
| ForexTime | Yes | Yes | 0.80 | $100 | 70 | N/A | |
| Instaforex | Yes | Yes | N/A | $1 | 69 | N/A | |
| iTrader | Yes | Yes | 0.700 | $250 | 66 | N/A | |
| IG | Yes | 0.700 | £250.00 | 99 | Visit Site | ||
| Swissquote | Yes | N/A | $1000.00 | 99 | N/A | ||
| FOREX.com | Yes | 1.00 | $50.00 | 93 | Visit Site | ||
| City Index | Yes | 0.800 | £50.00 | 93 | N/A | ||
| Pepperstone | Yes | 1.130 | $200.00 | 83 | N/A | ||
| ThinkMarkets | Yes | N/A | $250.00 | 79 | N/A | ||
| Vantage FX | Yes | 1.400 | $100 | 79 | N/A | ||
| IC Markets | Yes | 1.100 | $200 | 73 | N/A | ||
| Alpari | Yes | 0.92 | $100.00 | 69 | N/A | ||
| FX Choice | Yes | N/A | $100 | 54 | N/A |
How to Verify CySEC Authorisation
To identify if a forex broker is regulated as a Cypriot Investment Firm (CIF) by CySEC, the first step is to identify the register number from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from FxPro's website,
FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence no. 078/07) .
Next, look up the firm on CySEC's website to validate the CIF register number is, in fact, legitimate. Here is the official CySEC page for FxPro.
More Forex Guides
- Best Forex Brokers 2020
- Best Forex Brokers for Beginners 2020
- Best Forex Brokers for Copy Trading 2020
- Best MetaTrader Brokers 2020
- Compare Forex Brokers
Methodology
For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
