1. Home

Best Forex Brokers In Cyprus 2024

Written By

Michael MacKenzie

Written By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Apr 28, 2024

Discover the best forex brokers in Cyprus, exhaustively reviewed, rated and compared by our experts. Every forex platform we recommend accepts traders from Cyprus.

The top forex brokers in Cyprus are regulated by the Cyprus Securities and Exchange Commission (CySEC), provide EUR accounts, accept convenient deposit methods like PayPal, and facilitate trading on major currency pairs like the EUR/USD.

5 Top Forex Brokers In Cyprus

These are the 5 highest-rated forex brokers and trading platforms in Cyprus based on our comprehensive analysis and first-hand observations:

1. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
2. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
3. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
4. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
5. FxPro - FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.

Best Forex Brokers In Cyprus 2024 Comparison

Best Forex Brokers In Cyprus 2024 Comparison

Broker	CySEC Regulated	EUR Account	Forex Assets	EUR/USD Spread	Forex App Rating	Minimum Deposit	Visit
	✔	✔	50+	0.9	4.3 / 5	$100	Visit
	✔	✔	80+	1.2	4.9 / 5	$100	Visit
	✔	✔	100+	0.1	4.7 / 5	$0	Visit
	✔	✔	55+	1.6	4.7 / 5	$5	Visit
	✔	✔	70+	1.58 pips (Ave)	2.5 / 5	$100	Visit
	✔	✔	70+	0.2	3.4 / 5	$0	Visit
	✔	✔	70+	1.0	4.8 / 5	$0	Visit
	✔	✔	60+	0.6	5 / 5	$100	Visit
	✔	✔	67	0.70 pips (var)	3.9 / 5	$100	Visit
	✔	-	55	0.9	4.2 / 5	$50	Visit
	✔	✔	50+	From 1.5 pips (Standard Account)	-	$50	Visit
	✔	✔	55	From 1.6	-	$250	Visit
	✔	-	45+	0.3	-	$50	Visit
	✔	-	55	1.8	-	$100	Visit
	✔	✔	40+	0.1	3.3 / 5	$20	Visit

#1 - AvaTrade

Visit

Review

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team

• GBPUSD Spread: 1.5
• EURUSD Spread: 0.9
• EURGBP Spread: 1.5
• Total Assets: 50+
• Leverage: 1:30 (Retail) 1:400 (Pro)
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

• There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
• WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
• The broker offers reliable 24/5 multilingual customer support with fast response times during testing

Cons

• It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
• There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
• A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners

Visit AvaTrade

#2 - FOREX.com

Visit

Review

Why We Chose FOREX.com

FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team

• GBPUSD Spread: 1.3
• EURUSD Spread: 1.2
• EURGBP Spread: 1.4
• Total Assets: 80+
• Leverage: 1:200 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Pros

• With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
• There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
• The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.

Cons

• Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
• Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
• Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.

Visit FOREX.com

#3 - Pepperstone

Visit

Review

Why We Chose Pepperstone

Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team

• GBPUSD Spread: 0.4
• EURUSD Spread: 0.1
• EURGBP Spread: 0.4
• Total Assets: 100+
• Leverage: 1:30 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

• Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
• Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
• There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.

Cons

• Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
• Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
• Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.

Visit Pepperstone

#4 - XM

Visit

Review

Why We Chose XM

XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team

• GBPUSD Spread: 1.9
• EURUSD Spread: 1.6
• EURGBP Spread: 1.8
• Total Assets: 55+
• Leverage: 1:30
• Platforms: MT4, MT5

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

Pros

• Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
• XM is a hugely respected broker authorized by tier-one regulators
• 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries

Cons

• PayPal deposits are not supported
• There is weak regulatory oversight through the global entity
• There's $5 inactivity fee after only 3 months, though this won't affect active traders

Visit XM

#5 - FxPro

Visit

Review

Why We Chose FxPro

FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.

"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."

- DayTrading Review Team

• GBPUSD Spread: 2.39 pips (Ave)
• EURUSD Spread: 1.58 pips (Ave)
• EURGBP Spread: 1.74 pips (Ave)
• Total Assets: 70+
• Leverage: 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
• Platforms: FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade

About FxPro

Founded in 2006, FxPro is an established forex, CFD and spread betting broker offering 2100+ assets to over 2 million clients worldwide. The broker is regulated in 4 jurisdictions and offers reliable 24/5 customer support, earning it a high trust and safety score. FxPro has also picked up more than 100 industry accolades for its competitive trading conditions, including fast execution and deep liquidity.

Pros

• There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
• Comprehensive analysis and trading tools are available for seasoned traders, including signals powered by Trading Central and VPS hosting
• Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals

Cons

• FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
• There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
• There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade

Visit FxPro

How We Rate Forex Brokers In Cyprus

All our top-ranked forex brokers for Cyprus traders achieve high rankings in the following key areas:

Trust

After years of monitoring hundreds of forex trading platforms, we’ve learnt the best sign of a reliable brokerage is authorization from a respected regulator.

Forex traders in Cyprus have the benefit of direct coverage from a ‘Green-Tier’ regulator – the Cyprus Securities & Exchange Commission (CySEC).

This provides forex traders in the region with important safeguards, notably access to the Investor Compensation Fund (ICF), which insures client funds up to €20,000 in case of broker insolvency.

The CySEC also regularly issues warnings about fraudulent brokers and forex trading scams.

I recommend checking whether a forex broker is regulated by the CySEC using the regulator’s database. Simply enter the firm’s name in the search function.

Michael MacKenzie

Author

Forex Markets

The best forex trading platforms in Cyprus offer a wide range of currency pairs, providing diverse trading opportunities.

Our analysis of over 400 forex brokers shows that the top platforms support upwards of 50 currency pairs, though some excel with more than 80 majors, minors and exotics, including an excellent range of Euro (EUR) pairs, such as the EUR/USD, EUR/GBP and EUR/JPY.

Account Funding

Our first-hand experience using forex brokers in Cyprus shows the importance of hassle-free accounts and funding to ensure a smooth trading experience.

Opting for a EUR account will make deposits and trade management convenient for forex traders in Cyprus, while also reducing or eliminating currency conversion fees.

We also evaluate the range of payment options, favoring firms with secure deposit solutions like PayPal, WebMoney, and Skrill, which are all popular in Cyprus.

Forex Platforms

Our thousands of hours testing forex brokers show the best firms stand out with user-friendly and powerful platforms, accommodating short-term trading strategies.

MetaTrader 4 remains the most popular third-party software available at Cyprus forex brokers and is great for charting, algo trading and day trading. However, I don’t like its clunky design and it’s geared towards experienced forex traders.

TradingView is an increasingly popular alternative with aspiring forex traders, featuring real-time data, integrated news feeds, and an active social trading community.

Alternatively, the in-house platforms offered by some leading brokers, including AvaTrade and Forex.com, are often a great starting point for newer forex traders with intuitive designs and beginner-friendly tutorials.

Value

Many traders will say that ‘low fees’ are a priority when choosing a broker, but our extensive experience in the forex industry shows that ‘value’ – balancing low fees with excellent trading tools – is more important.

We evaluate the typical fees you will incur placing day trades on currency pairs like EUR/USD and EUR/GBP. We analyze minimum spreads but also average spreads, as these can be more reliable.

Our experts also consider the availability of raw spread accounts with low commissions, as these are particularly popular with experienced forex day traders.

Then we weigh the access to research tools, educational materials for newer traders and the speed and reliability of order executions, as these can all contribute to a complete and enjoyable forex trading experience.

Methodology

We utilized our extensive forex broker database to identify those accepting traders in Cyprus, ranking them by their overall score which takes into account performance in key areas:

FAQ

Is Forex Trading Legal In Cyprus?

Not only is forex trading legal in Cyprus, but the country is known widely as a center for retail forex trading and is home to a highly respected regulator in the Cyprus Securities & Exchange Commission.

Also make sure you are aware of your tax liabilities according to the Tax Department of Cyprus before trading currencies online.

Who Regulates Forex Brokers And Trading Platforms In Cyprus?

The Cyprus Securities and Exchange Commission, or CySEC, is the regulator that oversees retail forex trading.

The CySEC is a first-rate regulator that enforces the strict rules laid out in the European Union’s Markets in Financial Instruments Directive (MiFID), which were designed to ensure transparency and fair dealing.

How Much Money Do I Need To Start Trading Forex In Cyprus?

Our tests and direct use of forex brokers accepting traders from Cyprus show that you’ll typically need up to €250 to start trading currencies.

That said, there are options for lower-budget traders, Pepperstone is an excellent forex broker for example, allowing you to set up a live account with no minimum deposit.