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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 2019
To find the best forex broker in Cyprus, we created a list of all CySEC authorised brokers, then ranked brokers by their 2019 Overall Ranking. Here is our list of the top forex brokers for Cyprus.
- Saxo Bank - Best Web Platform, Research
- XTB - Great Customer Service, Easy to Use Platform
- eToro - Best for Copy Trading
- Markets.com - 3.5 Stars
- Plus500 - 3.0 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 | Average Spread EUR/USD - Standard | Minimum Initial Deposit | Trust Score | Overall | Open Account |
|---|---|---|---|---|---|---|
| Saxo Bank | Yes | 0.900 | $2,000.00 | 94 | N/A | |
| eToro | Yes | 3.00 | $200 | 86 | N/A | |
| Plus500 | Yes | 0.600 | €100 | 84 | N/A | |
| Markets.com | Yes | 1.900 | $100 | 84 | N/A | |
| XTB | Yes | 0.900 | $250.00 | 83 | N/A | |
| easyMarkets | Yes | 1.800 | $100.00 | 74 | N/A | |
| XM Group | Yes | 1.600 | $5-100 | 71 | N/A | |
| ForexTime | Yes | 0.80 | $100 | 70 | N/A | |
| Instaforex | Yes | N/A | $1 | 68 | N/A | |
| iTrader | Yes | 0.700 | $250 | 67 | 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.
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"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.
