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How to Choose a Forex Broker in Cyprus?

In this part, I will outline what traders need to consider when looking for a trustworthy broker in Cyprus.

How to verify if a broker is regulated?

There are several steps you can take to verify if a broker is regulated and to identify the regulatory body overseeing it. Upon visiting a broker’s website, scroll down to the bottom of the page to find the entity’s legal name. This is where the regulatory information is usually stated. You need to look for a reference/licensing number, which you can then use to verify the entity by going to the regulator’s own website and checking its registry of authorized entities. Here is a link to CySEC’s register of authorized brokers.

You also need to assess a broker’s transparency in relation to order execution and whether it can be trusted not to manipulate price action. You need to check whether the broker has a ‘best execution policy,’ publishes regular quality execution statements, and states its average execution speed.

You can also check out our comprehensive guide on the best regulated forex brokers.

How to check a broker’s protection level?

To find a trustworthy partner, make sure that the broker’s entity you choose is tightly regulated and complies with most industry safety requirements.

I have broken down the most important safety mechanisms to look for in a broker below:

• Segregation of client funds. Brokers must keep their clients’ funds in separate bank accounts from the ones used for their corporate capital. This is crucial for mitigating the risk of accounting errors.
• Negative balance protection. Negative balance protection means that a trader’s losses cannot exceed their account balance. This protection is indispensable when trading high-risk instruments, such as Contracts for Difference (CFDs).
• Limited market exposure. Limiting market exposure protects traders against adverse price fluctuations. That is why most top-tier regulators cap the maximum leverage allowed at , whereas less strict regulators can allow leverage as high as
• Compensation scheme. Depending on the jurisdiction where a broker is situated, a compensation scheme may also protect its clients against the company’s credit risk and liabilities. For instance, brokers regulated by the Cyprus Securities and Exchange Commission (CySEC) participate in the Investor Compensation Fund (ICF). In the unlikely event of the company becoming insolvent, traders can be compensated by up to 20, EUR. The Financial Services Compensation Scheme (FSCS) – under The Financial Conduct Authority (FCA) in the United Kingdom – protects traders by up to 85, GBP.

Read more about Best European regulated forex brokers.

Why do execution standards matter?

A broker may have many top-tier licenses, but that does not necessarily guarantee the fast and precise order execution performance that you may require or expect. There is also the risk of price manipulation with less reputable companies where the broker might engage in fraudulent activities, such as driving the price down to hit your stop-loss orders. To protect yourself, you need to look for several things:

• Best execution policy. Found in a broker’s legal documents, the best execution policy is a legal mandate that the broker will provide its clients with the most favorable price quotes under prevailing market conditions.
• Quality execution statements. Also found in the legal documents, these statements underscore a broker’s execution performance every year. You can find information about a broker’s execution venues, the number of trades that were executed with positive or negative slippage, and so forth.
• Average execution speed reports. More reputable brokers would also state what their average execution speed is, as recorded in the execution statement for the previous year. This is important, especially if you are a high-frequency trader, because it will inform you what kinds of strategies can be used with a given broker.

Precision and speed of order execution are also likely to be enhanced when a broker provides Virtual Private Server (VPS) hosting. As a rule of thumb, look for brokers that can accommodate fast order execution speeds no higher than milliseconds. See our guide on best forex brokers with VPS hosting.

Based on my experience as a high-frequency trader, I know how important quick and precise order execution is for implementing intraday strategies, such as scalping. I’ve also experienced price manipulation by less reputable brokers, so I can appreciate just how important to adhere to rigorous execution standards.

If a broker maintains a ‘best execution policy,’ regularly publishes execution quality statements, and demonstrates an average execution speed below 50 milliseconds, it can be regarded as a broker that ensures very good execution standards.

How to assess if a broker’s trading fees are competitive?

A broker may have several account types, each with different pricing mechanisms. The question is, how to know which one is best fitted for your particular style of trading? I will answer this question by providing an example with two distinct accounts, one STP and the other ECN:

The biggest difference between STP and ECN accounts, apart from the execution model, is the pricing mechanism. Usually, STP accounts afford commission-free trading and floating spreads, whereas ECN accounts have fixed commissions and raw spreads (typically starting from pips). At first glance, the former sounds more favorable because you only have to pay one cost – the spread – rather than two.

Many brokers recognize the psychological significance of this sort of thinking and seek to exploit it by raising the spreads on their STP accounts to the point where they are no longer the more competitive option. I will now demonstrate how to do a quick test for yourself to evaluate the competitiveness of a broker’s ECN and STP accounts.

Pick an instrument, say, the EURUSD. Suppose also that the spread on the pair is pips on a broker’s STP account and pips on its ECN account. There is also a $6 commission for trading a 1 lot (, units) contract. If the EURUSD pip value is $10, you can do a simple calculation to determine the value of a hypothetical position on the EURUSD executed on both account types. The formula is the value of a trade = spread x pip value + commission. When we pop in the above values, this is what we discover about our hypothetical broker:

No less than four of the five platforms selected by industry experts as the best brokers for are based and regulated in Cyprus.

According to a recently updated Traders Union article, five platforms stood out among their competitors on broker rankings in , boding well for their performance this year. 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.

Leading the list in Traders Union's ranking is RoboForex, for which users in Cyprus, are redirected to the RoboMarkets Ltd. website since RoboMarkets is the EU subsidiary of international multi-asset broker RoboForex. The site also notes that "Provided services and trading conditions at RoboMarkets and RoboForex are different."

In its article, Traders Union said that RoboForex platform stood out with both customer and expert reviews of its attainable trading requirements and attractive bonus for deposit offer.

With offices in Limassol, RoboMarkets was Established in and received its license as a European broker in RoboMarkets is regulated by the CySEC, under license No. /

According to its website, RoboMarkets is a multi-asset broker offering more than 3, instruments for trading. The company has grown rapidly in the past years, and now provides professional services for institutional and retail clients from Europe.

Exness claimed the second spot, recognized as the best platform offering optimal trading conditions for active traders.

Exness (Cy) Ltd is a Cyprus Investment Firm, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number / It also has offices in Limassol.

Third is Tickmill, a highly regulated and award-winning, multi-regulated Forex and CFD provider Forex broker, has also made Limassol its corporate home. Tickmill Europe Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission as a CIF limited company. License number: /15

FxPro, another market favorite, secured the fourth spot with its sophisticated trading instruments and low spread offer. Another company with offices in the district of Limassol, it has License Number /07 at CySEC.

Completing TU's top five list is Hong Kong-based AAFX, a broker, according to the expert portal, that is known for zero-fee, zero-commission, and low-margin requirements since its founding in It is also the only one of the five that does not appear to have a direct connection to Cyprus.

As noted on its website, Traders Union is a financial portal aiming to provide traders and investors with the necessary information to make their endeavours in the financial markets profitable.

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 eunic-brussels.eu We recommend Cypriot residents also follow CySEC on twitter, @CySEC_official.

CySEC was formed in , and in 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

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.

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 eunic-brussels.eu Overall ranking.

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. /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.

Article Resources

CySEC Website, CySEC Wikipedia

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Methodology

At eunic-brussels.eu, 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

All content on eunic-brussels.eu 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 is the Global Director of Research for eunic-brussels.eu Steven previously served as an Editor for Finance Magnates, where he authored over 1, 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 eunic-brussels.eu 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 eunic-brussels.eu 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.

Huzefa Hamid

Cyprus is one of the most popular regulatory jurisdictions for Forex & CFD brokers. A combination is offered here of the protection of EU law with a relatively light regulatory touch. We have painstakingly reviewed every Cyprus-regulated Forex broker of consequence, and we present the details of the best on offer.

• FP Markets, ECN trading with leverage up to
• AvaTrade, Highly regulated, choice of fixed or floating spreads.
• ACY Securities, Swap-free trading with the MT5 trading platform.
• Pepperstone, Great ECN execution on MT4 platform.
• BlackBull Markets, Best ECN trading environment, with scalping and hedging.

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ASIC, CySEC, FSCA	ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID	ASIC	ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB	FMA, FSA
ECN/STP	Market Maker	ECN/STP, Market Maker	No Dealing Desk, NDD	ECN/STP, No Dealing Desk
$	$	$50	$	$0
pips	pips	pips ($)	pips	pips
pips	pips	pips ($)	pips	pips
$	$	$	$	$
MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based	Other, MetaTrader 4, MetaTrader 5, Web-based+	MetaTrader 4, MetaTrader 5	MetaTrader 4, MetaTrader 5, cTrader, Trading View	MetaTrader 4, MetaTrader 5, Trading View
			N/A
Visit Website	Visit Website	Visit Website	Visit Website	Visit Website

Once you have decided that a Cyprus-based and -regulated Forex broker suits your regulatory and geographic needs, you will have plenty of choices – it is still an extremely popular location for brokers. The most important considerations you should have in making your choice are the broker’s reputation, fees, and range of assets offered. The best approach is to make a shortlist from range of assets and reputation, then compare our assessments of the complete fee structures to see what will give you the best deal for your trading style.

The Cyprus Securities and Exchange Commission (CySEC), the financial regulator of Cyprus, originally created a great balance between a business-friendly regulatory and tax environment. It combined this with ensuring good protection for traders, resulting in an inflow of Forex brokers setting up in this attractive environment. While it was not perfect, CySEC established itself as the primary regulator for international Forex brokers. Cyprus must comply with the European Securities and Markets Authority (ESMA), being a European Union member country, despite regulating its financial system capably.

Residents of the E.U. have a good reason to seek a broker regulated within an E.U. member state such as Cyprus, in that if a problem arises with the broker, it is relatively easy for them to act and get redress for any wrongdoing on the part of the broker, compared to Forex brokers lying far offshore.

The ESMA regulates the EU single market and supersedes national regulators such as CySEC. Following the global financial crisis, followed by the now-defunct binary options industry and the surging popularity of cryptocurrencies, the ESMA imposed some major regulatory changes on all EU-based financial firms and traders. They consisted of banning bonuses and limiting leverage available to retail traders to

The motive behind the ESMA regulatory changes, protested by many brokers who predicted an exodus of business to friendly jurisdictions, was the protection of traders. The ESMA acted under the beliefs that leverage increases risk, and bonuses reward aggressive marketing campaigns with more substantial deposits. The first part is arguably incorrect, as many analysts see an absence of risk management as the primary cause of excessive losses, not overleveraged trading accounts. There is also a distinct difference between advertised maximum leverage and the applied one.

Following the ESMA regulatory changes, many Cyprus Forex brokers established regulated subsidiaries in other jurisdictions. Today, Cyprus tends to cater almost exclusively to EEA resident traders. There are no restrictions on traders from the EEA opening accounts with international brokers regulated outside the EU. While some traders will find the trading environment at Cyprus Forex brokers uncompetitive and counter-productive, with equal or better investor protection arguably existing elsewhere, traders resident inside the EU looking for a Forex broker should seriously consider opening an account under Cyprus regulation for peace of mind, while carefully viewing the terms offered and balancing the risk of opening accounts under weaker external regulation against the more flexible trading conditions which are likely to be offered there.