Best Forex Brokers Cyprus for 2022

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

Published January 10, 2022
Last modified August 17, 2022

The ForexBrokers.com annual forex broker review (six 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. Here's 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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Cyprus Forex Brokers 2022

To find the best forex brokers in Cyprus, we created a list of all CySEC authorised brokers, then ranked brokers by their Overall ranking. Here is our list of the top forex brokers for Cyprus.

XTB - Great research and education
eToro - Best for copy and crypto trading
AvaTrade - Great for beginners and copy trading
Plus500 - Trusted broker, great for beginners
Admiral Markets - Great for MetaTrader
IC Markets - Best MetaTrader broker overall
Capital.com - Great for beginners, easy to use

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 Overall ranking.

Company	Accepts CY Residents	Regulated by CySEC	Average Spread EUR/USD - Standard	Minimum Initial Deposit	Overall Rating	Visit Site
XTB	check	check	0.9 (Q3 2021)	$0	starstarstarstarstar_border
eToro	check	check	1 (August 2021)	$10-$200	starstarstarstarstar_border
AvaTrade	check	check	0.91 (Aug 2020)	$100	starstarstarstarstar_border
Plus500	check	check	0.6 (as of Aug 2018)	€100	starstarstarstarstar_border
Admiral Markets	check	check	0.8 (July 2021)	$100	starstarstarstarstar_border
IC Markets	check	check	0.62 (August 2021)	$200	starstarstarstarstar_border
Capital.com	check	check	0.6 (July 2021)	$20	starstarstarstarstar_border
XM Group	check	check	1.6 (Aug 2020)	$5	starstarstarstarstar_border
Pepperstone	check	check	0.77 (November 2021)	$200	starstarstarstarstar_border
FP Markets	check	check	1.2 (August 2022)	$100 AUD	starstarstarstarstar_border
Tickmill	check	check	0.27 (September 2021)	$100	starstarstarstarstar_border
HYCM (Henyep)	check	check	0.6 (Sept 2021)	$100	starstarstarstarstar_border
HFM	check	check	1.2 (August 2021)	$5	starstarstarstarstar_border
easyMarkets	check	check	0.9 (as of Mar 2020)	$100	starstarstarstarstar_border
LegacyFX	check	check	0	$500	starstarstarstar_borderstar_border
IG	check		0.828 (September 2021)	£250.00	starstarstarstarstar	Visit Site
Saxo Bank	check		0.8 (August 2020)	$2,000	starstarstarstarstar
FlowBank	check		N/A	$0.00	starstarstarstarstar_border
Vantage	check		1.22 (August 2021)	$200	starstarstarstarstar_border
Moneta Markets	check		1.22 (August 2021)	$50	starstarstarstarstar_border
Trade Nation	check		0.6	$0	starstarstarstarstar_border
BlackBull Markets	check		0.845 (October, 2021)	$50	starstarstarstarstar_border
ACY Securities	check		1.2 (Sept 2021)	$50	starstarstarstarstar_border
VT Markets	check		1.2 (September 2021)	$200	starstarstarstarstar_border

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.

Popular Forex Guides

Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with 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. Read more on forex trading risks.

About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.