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Best Forex Brokers in Cyprus for 2024

Steven Hatzakis

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

April 26, 2024

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. 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.

Cyprus Securities and Exchange Commission (CySEC) logo

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 74% and 89% 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 2024

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.

  • IG
    - Best overall broker, most trusted
  • FOREX.com - Excellent all-round offering
  • XTB - Great research and education
  • eToro - Best for copy and crypto trading
  • Capital.com
    - Great for beginners, easy to use
  • AvaTrade
    - Great for beginners and copy trading
  • Plus500
    - Multi-asset CFD broker, intuitive platform

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 my Overall rankings of the top forex brokers.

Company Accepts CY Residents Regulated by CySEC Average Spread EUR/USD - Standard Minimum Deposit Overall Rating Visit Site
IG logoIG check check 0.98 info £250.00 5/5 Stars Visit Site
FOREX.com logoFOREX.com check check 1.4 info $100 5/5 Stars
XTB logoXTB check check 1.00 info $0 info 5/5 Stars
eToro logoeToro check check 1 info $10-$10,000 4.5/5 Stars
Capital.com logoCapital.com check check 0.67 info $20 info 4.5/5 Stars Visit Site
AvaTrade logoAvaTrade check check 0.92 info $100 4.5/5 Stars Visit Site
Plus500 logoPlus500 check check N/A €100 4.5/5 Stars Visit Site
FXCM logoFXCM check check 0.74 info Starts from $50 4.5/5 Stars Visit Site
Pepperstone logoPepperstone check check 0.77 info $200 4.5/5 Stars Visit Site
XM Group logoXM Group check check 1.6 info $5 4.5/5 Stars Visit Site
FP Markets logoFP Markets check check 1.1 info $100 AUD 4.5/5 Stars Visit Site
IC Markets logoIC Markets check check 0.62 info $200 4.5/5 Stars Visit Site
Tickmill logoTickmill check check 0.51 info $100 4.5/5 Stars Visit Site
HFM logoHFM check check 1.2 info $0 4/5 Stars Visit Site
Trading 212 logoTrading 212 check check 1.9 info €10 4/5 Stars
easyMarkets logoeasyMarkets check check 0.9 info $50 4/5 Stars
Libertex (Forex Club) logoLibertex (Forex Club) check check N/A info $10 3.5/5 Stars
Saxo logoSaxo check 1.1 info $0 5/5 Stars Visit Site
BlackBull Markets logoBlackBull Markets check 0.76 info $0 4/5 Stars Visit Site
FlowBank logoFlowBank check N/A info $0 4/5 Stars
Trade Nation logoTrade Nation check 0.6 $0 4/5 Stars
Moneta Markets logoMoneta Markets check 1.27 info $50 4/5 Stars
ACY Securities logoACY Securities check 1.2 info $50 4/5 Stars Visit Site
Spreadex logoSpreadex check 0.81 info $0 4/5 Stars Visit Site

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.

securityWhy 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.

Article Resources

CySEC Website, CySEC Wikipedia

Compare Cyprus Brokers

easyMarkets vs HFM Capital.com vs eToro Spreadex vs ACY Securities Tickmill vs FlowBank FOREX.com vs Capital.com Libertex (Forex Club) vs HFM ACY Securities vs AvaTrade eToro vs eToro Saxo vs FlowBank HFM vs Tickmill FlowBank vs FOREX.com AvaTrade vs eToro

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Methodology

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 on the top forex brokers and 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.

About the Editorial Team

Steven Hatzakis
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

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

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.

Reink Media Group is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.

Forex.com: The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account.

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.
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