Best Forex Brokers Cyprus for 2023
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 2023
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 - Multi-asset broker, great for beginners
- Capital.com - Great for beginners, easy to use
- XM Group - Good for algo trading
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 Deposit||Overall Rating||Visit Site|
|Plus500||0.8 (August 2021)||€100|
|FP Markets||1.2||$100 AUD|
|HYCM (Henyep Capital Markets)||0.6||$20|
|Libertex (Forex Club)||N/A||$10|
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.
Why forex regulation is important
Choosing a reputable, well-regulated forex broker is a crucial step towards avoiding forex scams. My educational series dedicated to forex scams shows you how to identify common forex scams and provides helpful information about what to do if you've been scammed. I also explain how crypto enthusiasts and bitcoin traders can spot common crypto scams.
Find the best forex brokers in Europe
- Best Forex Brokers Austria for 2023
- Best Forex Brokers Cyprus for 2023
- Best Forex Brokers Denmark for 2023
- Best Forex Brokers Finland for 2023
- Best Forex Brokers France for 2023
- Best Forex Brokers Germany for 2023
- Best Forex Brokers Ireland for 2023
- Best Forex Brokers Italy for 2023
- Best Netherlands Forex Brokers 2023
- Best Forex Brokers Norway for 2023
- Best Forex Brokers Poland for 2023
- Best Forex Brokers Portugal for 2023
- Best Forex Brokers Spain for 2023
- Best Forex Brokers Sweden for 2023
- Best Swiss Forex Brokers for 2023
- Best Forex Brokers Turkey for 2023
- Best Forex Brokers Ukraine for 2023
- Best UK Forex Brokers for 2023
Popular Forex Guides
- Best Forex Brokers
- Best Forex Brokers for Beginners
- Best Forex Brokers for Copy Trading
- Best MetaTrader Brokers
- Best Forex Brokers for TradingView
- Best Forex Trading Apps
- Best Zero Spread Forex Brokers
- Compare the Best Forex Brokers
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team, led by Steven Hatazkis, conducts thorough testing on a wide range of features, products, and services. We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Our research team collects and validates thousands of data points each year.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s regulatory status and number of held regulatory licenses.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.
We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.
Read our full explanation and accounting of our research and testing process to 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.