6 Best Forex Brokers in Cyprus
Last Update: March 14th, 2024
The 6 best Forex brokers in Cyprus revealed. We have explored and tested several prominent brokers to identify the 6 best.
In this in-depth guide you’ll learn:
- Which forex brokers are based in Cyprus?
- Is Forex Trading Legal in Cyprus?
- Best CySEC-Regulated Forex Brokers in the Middle East.
- Pros and cons of each broker.
- Popular FAQs about the best Forex brokers in Cyprus.
And lots more…
Let’s dive right in…
🏆 10 Best Forex Brokers
Broker Review Regulators Min Deposit Website 🥇 
Read Review ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA USD 100 Visit Broker >> 🥈 
Read Review FMA, FSA USD 50 Visit Broker >> 🥉 
Read Review FSCA, CySEC, DFSA, FSA, CMA USD 0 Visit Broker >> 4 
Read Review SFSA, FSCA, CySec* USD 5 Visit Broker >> 5 
Read Review FCA, CySEC, FSCA, SCB USD 100 Visit Broker >> 6 
Read Review FCA, FINMA, FSA, ASIC USD 0 Visit Broker >> 7 
Read Review CySEC, FCA, FSA, FSCA, Labuan FSA USD 100 Visit Broker >> 8 
Read Review Not Regulated 0.001 BTC Visit Broker >> 9 
Read Review ASIC, CySEC, FSCA, CMA USD 100 Visit Broker >> 10 
Read Review CySEC,MISA, FSCA USD 20 Visit Broker >>
What is a Forex broker in Cyprus?
Cyprus Forex Brokers is a portal featuring companies that provide financial and investment services.
6 Best Forex Brokers in Cyprus
- ☑️AvaTrade – Overall, Best for beginners and copy trading.
- ☑️FP Markets – Great for beginners, easy to use.
- ☑️eToro – Best for copy and crypto trading.
- ☑️XM – Great research and education.
- ☑️Oanda – Multi-asset CFD broker, intuitive platform.
- ☑️Pepperstone – Great ECN execution on the MT4 platform.
Best Forex Brokers in Cyprus
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulators | 📈 Minimum Spread |
| 1. AvaTrade | 👉 Open Account | CYP108.07 or $100 | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA | From 0.0 pips |
| 2. FP Markets | 👉 Open Account | CYP107.92 or $100 | ASIC, CySEC, FSCA, FSA, FSC | From 0.0 pips |
| 3. eToro | 👉 Open Account | CYP53.97 or $50 | CySEC, FCA | 0.9 pips |
| 4. XM | 👉 Open Account | CYP 4.63 in $5 | FSCA, IFSC, ASIC, CySEC, DFSA | From 0.0 pips |
| 5. Oanda | 👉 Open Account | There is no specific minimum deposit required | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CFTC | From 0.0 pips |
| 6. Pepperstone | 👉 Open Account | CYP69.68 in AU$200 | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | 0.0 pips |
6 Best Forex Brokers in Cyprus
Below, we have listed the 6 best Forex brokers in Cyprus that offer excellent trading conditions and sound regulation.
AvaTrade
Overview
AvaTrade is a leading online trading platform that offers a wealth of educational resources and user-friendly software, making it an ideal choice for traders in Cyprus.
Its comprehensive educational features, including video tutorials, webinars, and market analysis, empower traders of all levels to enhance their skills and make informed decisions.
The platform’s intuitive trading software and user-friendly interfaces ensure a seamless trading experience, enabling traders to execute trades efficiently and effectively.
Additionally, AvaTrade provides access to a wide range of trading instruments, including forex, commodities, stocks, and cryptocurrencies, catering to diverse trading preferences. With its commitment to education and user-friendly platforms, AvaTrade stands out as a preferred choice for traders in Cyprus seeking a reliable and accessible trading solution.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA |
| 💻 Account Types | Retail Account, Professional Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | CYP108.07 or $100 |
| 📱 Platforms Supported | AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade |
| 📈 Range of Markets | Forex Stocks Commodities Cryptocurrencies Treasuries Bonds Indices Exchange-Traded Funds (ETFs) Options Contracts for Difference (CFDs) Precious Metals |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Instagram YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade assists clients in developing diversified investment portfolios by providing a diverse selection of trading instruments such as FX pairings, equities, commodities, indices, and cryptocurrencies. | AvaTrade's spreads may be higher than other brokers, leading to higher trading costs, particularly for frequent traders. |
| The integration of AvaTrade and ZuluTrade makes social trading easier by allowing users to see and replicate successful traders' tactics. | Additionally, the platform's research and analysis tools may be limited, preventing some traders from conducting thorough market research. |
| AvaProtect provides advanced charting and technical analysis, while AvaSocial facilitates social trading connections and AvaTradeGo simplifies mobile trading. | Novice traders may find the platform's advanced features and capabilities intimidating and time-consuming to learn. |
| AvaTrade provides its clients with a secure and dependable trading environment by conforming to the regulations of several recognized regulatory authorities, including the Financial Services Commission of the British Virgin Islands and the Central Bank of Ireland. | |
| AvaTrade provides traders with a variety of educational materials, including webinars, tutorials, and market research, to assist them enhance their skills and comprehension. |
Trust Score
AvaTrade has a high trust score of 96%
FP Markets
Overview
FP Markets is a reputable broker offering a plethora of features that make it an excellent choice for traders in Cyprus.
Renowned for its competitive pricing and transparent trading conditions, FP Markets provides tight spreads and low commissions, ensuring cost-effective trading. Its extensive range of trading instruments, including forex, commodities, indices, and cryptocurrencies, caters to diverse trading preferences, allowing traders in Cyprus to access multiple markets from a single platform.
Moreover, FP Markets offers advanced trading technology, including MetaTrader platforms and IRESS, facilitating seamless order execution and market analysis. The broker also boasts robust regulatory oversight, providing traders in Cyprus with confidence and security in their trading activities.
With its combination of competitive pricing, diverse asset selection, advanced technology, and regulatory compliance, FP Markets emerges as a compelling choice for traders in Cyprus seeking a reliable and comprehensive trading solution.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSCA, FSA, FSC |
| 💻 Account Types | MT4/5 Standard Account, an MT4/5 Raw Account, an MT4/5 Islamic Standard Account, and an MT 4/5 Islamic Raw Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | CYP107.92 or $100 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 IRESS cTrader FP Markets App |
| 📈 Range of Markets | Forex Shares Metals Commodities Indices Cryptocurrencies Bonds ETFs |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Traders benefit from FP Markets' advanced technical design. | As a result of FP Markets' global approach, not all regional payment options may receive equal attention. |
| Traders have access to extensive customer service offered by a dedicated and competent team. | While FP Markets offers a vast range of items, some traders may prefer local or niche markets. |
| FP Markets is overseen by several international bodies, including the FSCA, CySEC, ASIC, FSA, and FSC. | FP Markets calculates withdrawal fees for various payment methods. |
| FP Markets offers a wide range of instructional resources for traders looking to improve their trading skills. | |
| FP Markets offers a variety of account kinds to meet its clients' different trading preferences and requirements. |
Trust Score
FP Markets has a high trust score of 87%
eToro
Overview
eToro is a popular social trading platform offering a wide range of assets, including stocks, cryptocurrencies, forex, commodities, and indices, making it an attractive choice for traders in Cyprus.
With a user-friendly interface and innovative features like CopyTrader, which allows users to replicate the trades of successful investors, eToro provides a unique and accessible trading experience.
Additionally, eToro offers competitive spreads on its various assets, ensuring cost-effective trading for users. The platform’s proprietary trading platform is intuitive and easy to navigate, catering to both novice and experienced traders alike.
Furthermore, eToro’s emphasis on social trading fosters a collaborative environment where users can share insights and strategies, enhancing the overall trading experience.
With its diverse asset selection, competitive spreads, and user-friendly platform, eToro stands out as a compelling choice for traders in Cyprus looking to participate in global financial markets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA |
| 💻 Account Types | Personal Account Professional Account Corporate Account Islamic Account |
| 💵 Minimum Spread | From 0.9 pips |
| 💸 Minimum Deposit in CYP | CYP 53.97 or $50 |
| 📱 Platforms Supported | eToro proprietary platform |
| 📈 Range of Markets | Stocks. Indices. ETFs. Currencies. Commodities. Cryptoassets. |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube Telegram |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| eToro's revolutionary social trading platform enables users to interact with and replicate successful investors' decisions, increasing learning and perhaps improving trading performance. | eToro's research capabilities are fairly limited in comparison to other platforms, which may impede traders' ability to conduct in-depth analyses. |
| eToro provides a diverse variety of assets, including equities, cryptocurrencies, commodities, and FX pairings. | While eToro's spreads are competitive, they may be slightly higher than those offered by other brokers, which affects traders' trading costs. |
| eToro's basic design is simple to use, making it suitable for traders of all skill levels, including beginners. | The charting tools on eToro's platform are less robust than those available from other brokers, limiting traders' technical analysis abilities. |
| eToro provides CopyPortfolios, which are diversified investment portfolios managed by professionals and enable traders to invest in several assets with a single click. |
Trust Score
eToro has a trust score of 90%
XM
Overview
XM is a trusted forex broker offering a range of features that make it an appealing choice for traders in Cyprus. With its comprehensive range of trading instruments, including forex, commodities, stocks, and indices, XM provides ample opportunities for diversification.
Traders in Cyprus benefit from competitive spreads and low fees, ensuring cost-effective trading conditions. Additionally, XM offers a variety of trading platforms, including MetaTrader 4 and MetaTrader 5, renowned for their advanced charting tools and order execution capabilities.
The broker also provides educational resources and market analysis, empowering traders to make informed decisions. With its commitment to transparency and regulatory compliance, evidenced by its oversight from reputable regulatory bodies, XM offers a secure and reliable trading environment for traders in Cyprus.
Overall, XM’s diverse asset selection, competitive pricing, advanced trading platforms, and regulatory adherence position it as a compelling option for traders seeking a dependable brokerage service.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 💻 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit in CYP | CYP 4.63 in $5 |
| 📱 Platforms Supported | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 📈 Range of Markets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| XM, a globally recognized forex broker, unlocks a vast spectrum of trading possibilities across global markets for its clientele. | XM's cryptocurrency offerings are more limited compared to its competitors, potentially constraining traders seeking diverse crypto assets. |
| For novice traders, XM introduces a cent account, allowing them to commence trading with modest investments, effectively managing risk exposure. | Inactive accounts may trigger penalties, posing a challenge for traders who don't frequently engage in trading activities. |
| XM's platform offers competitive margins, not only boosting cost-efficiency but also maximizing profit potential for traders. | During volatile market conditions, XM's variable spreads may appear wider, impacting traders' perceptions of cost. |
| With a wealth of educational resources like seminars and webinars, XM aids traders in expanding their trading knowledge and skills. | Unlike some rivals, XM's deposit incentives aren't consistently fixed, which could hinder traders seeking additional benefits. |
| XM facilitates effective communication with customer support available in multiple languages. By offering a diverse range of financial instruments including commodities, indices, cryptocurrencies, and forex, XM empowers its clients to build well-rounded trading portfolios. | The varying fee structure across account types at XM can be confusing for some traders, leading to uncertainty. |
Trust Score
XM has a high trust score of 90%
Oanda
Overview
Oanda stands out as an excellent choice for traders in Cyprus due to its unique trading platform, comprehensive range of assets, and advanced analytical tools.
The Oanda platform offers a user-friendly interface combined with powerful features, allowing traders to execute trades efficiently and effectively.
Additionally, Oanda provides access to a diverse selection of assets, including forex, commodities, indices, and bonds, enabling traders in Cyprus to diversify their portfolios and capitalize on various market opportunities.
One of Oanda’s strengths lies in its analytical tools, which encompass advanced charting capabilities, technical indicators, and market sentiment analysis, empowering traders to make well-informed decisions.
Furthermore, Oanda’s commitment to transparency and regulatory compliance instills trust among traders, ensuring a secure trading environment. Overall, Oanda‘s unique platform, wide range of assets, and advanced analytical tools make it a compelling choice for traders in Cyprus seeking a reliable and comprehensive trading solution.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CYSEC |
| 💻 Account Types | Standard Account Core Account Swap-Free Account Demo Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit in CYP | There is no specific minimum deposit required |
| 📱 Platforms Supported | MetaTrader 4 OANDA Platform TradingView |
| 📈 Range of Markets | Index CFDs Forex Metals Commodity CFDs Bonds CFDs Precious Metals Real-time Rates |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| OANDA offers traders the flexibility to trade positions of any size, promoting precise risk management and catering to varying capital levels. | While OANDA offers a diverse array of currency pairs, its offering of other financial instruments like equities and commodities may be narrower compared to rival brokers, potentially limiting trading options for certain investors. |
| With no minimum deposit requirement, OANDA ensures accessibility for traders regardless of their initial capital limitations. | OANDA sets minimum trade sizes for specific instruments, which may exceed those of competitors, potentially limiting flexibility for traders with smaller accounts. |
| Utilizing the 'Core Pricing + Commission' model, OANDA ensures transparent pricing through transaction-based commissions and ultra-tight spreads, providing traders with clear insight into their trading costs. | Despite offering basic research and analysis tools, OANDA's selection may lack depth compared to competitors, potentially deterring traders seeking more comprehensive market insights. |
| OANDA equips traders with risk management tools like trailing stops and guaranteed stop-loss orders, aiding in loss prevention and profit protection. | During periods of high market volatility, OANDA's spreads may widen, potentially increasing trading costs for traders. |
| The award-winning fxTrade platform by OANDA boasts an intuitive interface, advanced charting tools, and customizable features, enhancing the trading experience with seamless functionality for users. | While OANDA offers customer support through various channels, assistance during weekends and non-trading hours may be limited, potentially causing delays in resolving queries. |
Trust Score
Oanda has a trust score of 91%
Pepperstone
Overview
Pepperstone stands out as an excellent choice for traders in Cyprus, offering a range of features tailored to enhance their trading experience.
With Pepperstone, traders gain access to a wide selection of trading instruments, including forex, commodities, indices, and cryptocurrencies, allowing for diversified portfolio management. The broker provides competitive spreads and low commissions, ensuring cost-effective trading conditions.
Pepperstone’s advanced trading platforms, such as MetaTrader 4 and MetaTrader 5, offer powerful analytical tools and customizable features, facilitating efficient trade execution and market analysis. Moreover, Pepperstone prioritizes regulatory compliance, holding licenses from reputable authorities, and instilling trust and confidence among traders.
Additionally, the broker offers comprehensive educational resources, including webinars and tutorials, empowering traders to enhance their skills and make informed trading decisions.
Overall, Pepperstone’s combination of diverse assets, competitive pricing, advanced technology, regulatory adherence, and educational support makes it an attractive option for traders in Cyprus seeking a reliable and comprehensive trading solution.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 💻 Account Types | Standard Account Razor Account Professional Account Demo Account Islamic Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit in CYP | CYP69.68 in AU$200 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 cTrader TradingView Myfxbook Duplitrade |
| 📈 Range of Markets | Forex Indices Shares Commodities Cryptocurrencies Futures Options |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone Markets focuses on FX and Contracts for Difference (CFD) trading. The organisation follows strict procedures to protect client money and investor interests. | There are no fixed spreads given. |
| Pepperstone Markets provides local deposit and withdrawal alternatives for the convenience of its traders. | Additional costs may apply to the Islamic Account. |
| Pepperstone Markets is subject to stringent regulatory scrutiny in several international jurisdictions. | Due to geographical constraints, traders are required to present documentary evidence proving their place of abode throughout the Islamic Account conversion procedure. |
Trust Score
Pepperstone has a high trust score of 92%
Conclusion
Overall, when selecting a Forex trader in Cyprus, consider factors such as regulatory compliance, asset variety, trading platforms, fees, and educational resources. By prioritizing reliability, transparency, and support tailored to your trading needs, you can make an informed decision and navigate the Forex market effectively.
Frequently Asked Questions
How does Cyprus’s status as a financial hub impact Forex trading opportunity?
Cyprus’s status as a financial hub attracts numerous Forex brokers and financial institutions, providing traders with access to a diverse range of trading opportunities, competitive pricing, and advanced trading tools.
What are the available methods for funding Forex trading accounts for traders in Cyprus?
Cyprus-based traders can fund their Forex trading accounts through bank transfers, credit/debit cards, electronic payment systems, and other methods supported by Forex brokers operating in the region.
Which forex brokers are based in Cyprus?
These are RoboForex, Exness, Tickmill, FxPro, and AAFX. Of these, all but AAFX are connected to Cyprus, being regulated by CySEC and having offices on the island.
Is forex trading Legal in Cyprus?
Yes, Trading forex (currencies) internationally is popular among traders.
Are there any unique challenges or advantages for Cyprus-based traders?
Cyprus-based traders benefit from the country’s favorable regulatory environment and access to a wide range of financial services. However, they may face challenges related to currency exchange rate fluctuations and potential geopolitical risks affecting market sentiment.
What are the typical trading hours for Forex markets in Cyprus?
Forex markets operate 24 hours a day, five days a week. The busiest trading hours often coincide with overlapping sessions of major financial centers.
How do Cyprus-based traders navigate potential currency exchange rate fluctuations?
Cyprus-based traders utilize various risk management strategies such as setting stop-loss orders.
Top 4 Brokers
