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6 Best Forex Brokers in Cyprus

Last Update: May 23rd, 2024

Best Forex Brokers in Cyprus

 

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

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit 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

  1. ☑️AvaTrade – Overall, Best for beginners and copy trading.
  2. ☑️FP MarketsGreat for beginners, easy to use.
  3. ☑️eToro – Best for copy and crypto trading.
  4. ☑️XM – Great research and education.
  5. ☑️Oanda Multi-asset CFD broker, intuitive platform.
  6. ☑️Pepperstone – Great ECN execution on the MT4 platform.

 

Best Forex Brokers in Cyprus

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulators📈 Minimum Spread
1. AvaTrade👉 Open AccountCYP108.07 or $100Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISAFrom 0.0 pips
2. FP Markets👉 Open AccountCYP107.92 or $100ASIC, CySEC, FSCA, FSA, FSCFrom 0.0 pips
3. eToro👉 Open AccountCYP53.97 or $50CySEC, FCA0.9 pips
4. XM👉 Open Account
CYP 4.63 in $5FSCA, IFSC, ASIC, CySEC, DFSAFrom 0.0 pips
5. Oanda👉 Open Account

There is no specific minimum deposit requiredFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CFTCFrom 0.0 pips
6. Pepperstone👉 Open AccountCYP69.68 in AU$200ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB0.0 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.  

 

AvaTrade

 

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 

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
💻 Account TypesRetail Account, Professional Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositCYP108.07 or $100
📱 Platforms SupportedAvaTradeGO

AvaOptions

AvaSocial

MetaTrader 4

MetaTrader 5

DupliTrade

ZuluTrade
📈 Range of MarketsForex

Stocks

Commodities

Cryptocurrencies

Treasuries

Bonds

Indices

Exchange-Traded Funds (ETFs)

Options

Contracts for Difference (CFDs)

Precious Metals
📊 Demo AccountYes
✴️ Social Trading OfferedInstagram

Facebook

Twitter

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. 

 

FP Markets 

 

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 

FeatureInformation
⚖️ RegulationASIC, CySEC, FSCA, FSA, FSC
💻 Account TypesMT4/5 Standard Account, an MT4/5 Raw Account, an MT4/5 Islamic Standard Account, and an MT 4/5 Islamic Raw Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositCYP107.92 or $100
📱 Platforms SupportedMetaTrader 4

MetaTrader 5

IRESS

cTrader

FP Markets App
📈 Range of MarketsForex

Shares

Metals

Commodities

Indices

Cryptocurrencies

Bonds

ETFs
📊 Demo AccountYes
✴️ Social Trading OfferedLinkedIn

Twitter

Facebook

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.  

 

eToro

 

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 

FeatureInformation
⚖️ RegulationCySEC, FCA
💻 Account TypesPersonal Account

Professional Account

Corporate Account

Islamic Account
💵 Minimum SpreadFrom 0.9 pips
💸 Minimum Deposit in CYPCYP 53.97 or $50
📱 Platforms SupportedeToro proprietary platform
📈 Range of MarketsStocks.

Indices.

ETFs.

Currencies.

Commodities.

Cryptoassets.
📊 Demo AccountYes
✴️ Social Trading OfferedFacebook

Twitter

LinkedIn

YouTube

Instagram

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.  

 

XM

 

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 

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
💻 Account TypesMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum Deposit in CYPCYP 4.63 in $5
📱 Platforms SupportedMetaTrader 4, MetaTrader 5, XM Mobile App
📈 Range of MarketsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
📊 Demo AccountYes
✴️ Social Trading OfferedFacebook

Twitter

YouTube

Instagram

LinkedIn
👉 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.  

 

OANDA

 

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 

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CYSEC
💻 Account TypesStandard Account

Core Account

Swap-Free Account

Demo Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum Deposit in CYPThere is no specific minimum deposit required
📱 Platforms SupportedMetaTrader 4

OANDA Platform

TradingView
📈 Range of MarketsIndex CFDs

Forex

Metals

Commodity CFDs

Bonds CFDs

Precious Metals

Real-time Rates
📊 Demo AccountYes
✴️ Social Trading OfferedFacebook

Twitter

LinkedIn

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.

 

Pepperstone

 

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 

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
💻 Account TypesStandard Account

Razor Account

Professional Account

Demo Account

Islamic Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum Deposit in CYPCYP69.68 in AU$200
📱 Platforms SupportedMetaTrader 4

MetaTrader 5

cTrader

TradingView

Myfxbook

Duplitrade
📈 Range of MarketsForex

Indices

Shares

Commodities

Cryptocurrencies

Futures

Options
📊 Demo AccountYes
✴️ Social Trading OfferedLinkedIn

Twitter

Facebook

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%  

 

Best Forex Brokers in Cyprus

 

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. 

FAQs

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. 

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. 

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.

Yes, Trading forex (currencies) internationally is popular among 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. 

Forex markets operate 24 hours a day, five days a week. The busiest trading hours often coincide with overlapping sessions of major financial centers. 

Cyprus-based traders utilize various risk management strategies such as setting stop-loss orders.