Best Forex Brokers In Cyprus 2024

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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.
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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.
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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
Updated

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.

10 Top Forex Brokers In Cyprus

These are the 10 highest-rated forex brokers and trading platforms in Cyprus based on our comprehensive analysis and first-hand observations:

Click a broker for details
  1. 1
    AvaTrade
    79% of retail accounts lose money with this provider.

    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5

    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
  2. 2
    FOREX.com
    20% Welcome Bonus Up To $5000
    69% of retail accounts lose money with this provider.

    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5

    $100
    0.01 Lots
    1:30
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
  3. 3
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.

    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  4. 4
    XM
    75.33% of retail accounts lose money.

    Ratings
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.5 / 5
    4.7 / 5
    3.9 / 5

    $5
    0.01 Lots
    1:30
    ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
    Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
    MT4, MT5
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF
  5. 5
    FxPro
    77.20% of retail accounts lose money with this provider.

    Ratings
    4.5 / 5
    3.8 / 5
    4.2 / 5
    4.3 / 5
    4.5 / 5
    4.1 / 5
    4.4 / 5
    4.3 / 5
    4.7 / 5
    4.3 / 5

    $100
    0.01 Lots
    1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
    FCA, CySEC, FSCA, SCB, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Futures
    FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
    Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
  6. 6
    FXCC
    100% First Deposit Bonus Up To $2000

    Ratings
    3.3 / 5
    3.5 / 5
    3 / 5
    4 / 5
    3.3 / 5
    4.3 / 5
    2 / 5
    2.5 / 5
    4.8 / 5
    4.4 / 5

    $0
    0.01 Lots
    1:500
    CySEC
    CFDs, Forex, Indices, Commodities, Crypto
    MT4
    Skrill, Neteller, Rapid Transfer, Sofort, Paysafecard, Visa, Bitcoin Payments, Credit Card, Debit Card, Mastercard, Wire Transfer, UnionPay, Ethereum Payments, Netbanx Asia, Boleto
    USD, EUR, GBP
  7. 7
    XTB
    78% of retail accounts lose money.

    Ratings
    4.5 / 5
    4 / 5
    4 / 5
    4.3 / 5
    4 / 5
    4.3 / 5
    4.1 / 5
    3.8 / 5
    4.7 / 5
    4.1 / 5

    $0
    0.01 Lots
    1:30 (EU) 1:500 (Global)
    FCA, CySEC, KNF, CNMV, DFSA, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs
    xStation
    PayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, Neteller
    USD, EUR, GBP, HUF
  8. 8
    Plus500
    80% of retail CFD accounts lose money.

    Ratings
    3.5 / 5
    4.1 / 5
    3.5 / 5
    4 / 5
    3.1 / 5
    4 / 5
    2 / 5
    3 / 5
    4.1 / 5
    4.3 / 5

    $100
    0.01 Lots
    1:30
    FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
    CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
    WebTrader, App
    PayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple Pay
    USD, EUR, GBP, AUD, ZAR, CZK
  9. 9
    Markets.com
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Ratings
    4.3 / 5
    3.8 / 5
    3.9 / 5
    3.8 / 5
    4 / 5
    3.8 / 5
    3.3 / 5
    3.8 / 5
    3.2 / 5
    4.5 / 5

    $100
    0.01 Lots
    1:30
    FCA, CySEC, ASIC, FSCA, FSC
    CFDs, Forex, Stocks, Commodities, Indices, Crypto, ETFs, Bonds, Spread Betting (UK Only)
    Markets.com Web/App Platform, MT4, MT5
    PayPal, Skrill, Neteller, Credit Card, Wire Transfer, Debit Card, iDeal, Sofort
    USD, EUR, GBP, ZAR, SEK, NOK, DKK, PLN, CZK, AED
  10. 10
    eToro
    51% of retail investor accounts lose money when trading with this provider. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

    Ratings
    4.8 / 5
    4 / 5
    4.5 / 5
    3 / 5
    4 / 5
    3.5 / 5
    4.5 / 5
    4.5 / 5
    4.8 / 5
    4 / 5

    $100
    $10
    1:30
    FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF
    CFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTs
    eToro Web, CopyTrader, TradingCentral
    Visa, Skrill, Neteller, Wire Transfer, Rapid Transfer, Swift, Debit Card, iDeal, Klarna, Sofort, PayPal, Trustly, Przelewy24
    USD

Here is a summary of why we recommend these brokers:

  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.
  6. FXCC - FXCC's key selling point is its forex trading conditions. ECN spreads come in as low as 0.0 pips during peak trading hours, while it supports a wider range of currency pairs than the majority of rivals with over 70 forex assets. Additionally, you have access to MT4, which was built specifically for forex trading and excels for its charting tools.
  7. XTB - XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.
  8. Plus500 - Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.
  9. Markets.com - Markets.com offers 43 major, minor and exotic currency pairs. The range is around the industry average, though spreads are fairly competitive, starting from 0.6 pips for EUR/USD. There’s also an excellent range of tools and education, including forex calculators and trading videos.
  10. eToro - An above-average selection of 55 currencies are available with reasonable spreads averaging 0.9 pips on EUR/USD during peak hours. Aspiring traders can continuously hone their forex strategies by switching between demo mode and their live account any time, with full access to the broker's 100+ technical indicators.

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
AvaTrade logo
50+ 0.9 4.3 / 5 $100
FOREX.com logo
80+ 1.2 4.9 / 5 $100
Pepperstone logo
100+ 0.1 4.7 / 5 $0
XM logo
55+ 1.6 4.7 / 5 $5
FxPro logo
70+ 1.58 pips (Ave) 2.5 / 5 $100
FXCC logo
70+ 0.2 3.4 / 5 $0
XTB logo
70+ 1.0 4.8 / 5 $0
Plus500 logo
60+ 0.6 5 / 5 $100
Markets.com logo
67 0.70 pips (var) 3.9 / 5 $100
eToro logo
- 55 0.9 4.2 / 5 $100

AvaTrade

"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."

Rebecca Holden, Reviewer

AvaTrade Quick Facts

GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill

Cons

  • Traders from the US are not accepted
  • 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
  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners

FOREX.com

"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."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:30
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • 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.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.

Cons

  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • 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.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.

Pepperstone

"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."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.

Cons

  • 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.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
  • 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.

XM

"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."

Rebecca Holden, Reviewer

XM Quick Facts

GBPUSD Spread1.9
EURUSD Spread1.6
EURGBP Spread1.8
Total Assets55+
Leverage1:30
PlatformsMT4, MT5
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

Pros

  • Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
  • 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
  • XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights

Cons

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

FxPro

"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."

William Berg, Reviewer

FxPro Quick Facts

GBPUSD Spread2.39 pips (Ave)
EURUSD Spread1.58 pips (Ave)
EURGBP Spread1.74 pips (Ave)
Total Assets70+
Leverage1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
PlatformsFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN

Pros

  • FxPro maintains its position as a top no dealing desk (NDD) broker, with fast execution speeds under 13ms and co-located trading servers with Tier 1 banks
  • There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
  • Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals

Cons

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

FXCC

"FXCC continues to prove itself an excellent option for forex day traders with an extensive range of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and high leverage up to 1:500 in the ECN XL account. "

Rebecca Holden, Reviewer

FXCC Quick Facts

Bonus Offer100% First Deposit Bonus Up To $2000
GBPUSD Spread1.0
EURUSD Spread0.2
EURGBP Spread0.5
Total Assets70+
Leverage1:500
PlatformsMT4
Account CurrenciesUSD, EUR, GBP

Pros

  • There are no restrictions on short-term trading strategies like day trading and scalping
  • FXCC is trusted and licensed by the CySEC, a top-tier European regulator offering high standards of safeguarding
  • Competitive and transparent ECN spreads from 0.0 pips with zero commissions, making FXCC one of the cheapest forex brokers

Cons

  • FXCC’s single platform offering is a major drawback compared to many alternatives, notably AvaTrade which provides 5 platforms to suit different trader preferences
  • Although MetaTrader 4 continues to shine for technical analysis, the subpar design dampens the trading experience, especially compared to modern alternatives like TradingView
  • While the range of currency pairs exceeds most alternatives, the selection of additional assets is narrow, and notably, there are no stocks

XTB

"XTB stands out as a top choice for new day traders with the terrific xStation platform, commission-free pricing, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform. "

Christian Harris, Reviewer

XTB Quick Facts

GBPUSD Spread1.4
EURUSD Spread1.0
EURGBP Spread1.4
Total Assets70+
Leverage1:30 (EU) 1:500 (Global)
PlatformsxStation
Account CurrenciesUSD, EUR, GBP, HUF

Pros

  • First-class 24/5 customer support is available, including a friendly live chat with response times of under two minutes during testing.
  • XTB has boosted its interest rate on all uninvested balances (up to 5.2%) while competitors like eToro only offer up to 5% on balances of $50K+.
  • Opening an XTB account is a hassle-free, entirely online process that takes just a few minutes, making the entry into day trading smooth for new traders.

Cons

  • The demo account expires after just four weeks, a serious limitation for traders who wish to thoroughly test the xStation platform and practice short-term strategies before committing real funds.
  • XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
  • Trading fees are competitive with average spreads of around 1 pip on the EUR/USD but still trail the cheapest brokers like IC Markets, plus there's an inactivity fee after 12 months.

Plus500

"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."

Christian Harris, Reviewer

Plus500 Quick Facts

GBPUSD Spread1.1
EURUSD Spread0.6
EURGBP Spread1.4
Total Assets60+
Leverage1:30
PlatformsWebTrader, App
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, CZK

Pros

  • The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
  • You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
  • Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface

Cons

  • Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
  • Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
  • The absence of social trading means users can’t follow and replicate the trades of experienced traders

Markets.com

"Markets.com is best for active traders looking for a regulated broker with low fees and fast execution speeds of 82ms. Beginners will also enjoy the in-house platform with its user-friendly interface, clear navigation and dynamic charts."

Jemma Grist, Reviewer

Markets.com Quick Facts

GBPUSD Spread1.3 pips (var)
EURUSD Spread0.70 pips (var)
EURGBP Spread1.0 pip (var)
Total Assets67
Leverage1:30
PlatformsMarkets.com Web/App Platform, MT4, MT5
Account CurrenciesUSD, EUR, GBP, ZAR, SEK, NOK, DKK, PLN, CZK, AED

Pros

  • Traders can access the MT4 and MT5 software, which offer dozens of technical tools and a huge online community for scripts, bots and custom tools
  • Markets.com continues to offer a strong proprietary platform with a TradingView-powered charting interface, pro-level technical analysis and custom alerts
  • There are no deposit/withdrawal charges, account registration or order admin costs

Cons

  • The single retail account option doesn't offer traders any choice of trading conditions, or any additional perks for active trading
  • Unlike some top competitors like XM, customer support is not available on the weekend
  • There are no auto or copy trading terminals outside of the MetaTrader platforms, such as DupliTrade

eToro

"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."

Christian Harris, Reviewer

eToro Quick Facts

GBPUSD Spread1.9
EURUSD Spread0.9
EURGBP Spread1.3
Total Assets55
Leverage1:30
PlatformseToro Web, CopyTrader, TradingCentral
Account CurrenciesUSD

Pros

  • Charts are powered by TradingView and offer strong technical analysis features, including 9 chart types and over 100 indicators
  • Exciting investment portfolios are available covering traditional market trends as well as tech, crypto and more
  • The copy trading app facilitates a best-in-class social environment, with an engaging social feed and community chat

Cons

  • The lack of additional charting platforms like MT4 will reduce the appeal for seasoned day traders accustomed to using third-party software
  • Traders will face currency conversion fees for account denominations other than USD
  • There are no guaranteed stop loss orders which would be a useful risk management feature for beginners

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 benefit from 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.
author image
Michael MacKenzie
Author
  • Plus500 has earned our trust after years of real-money trading with no withdrawal issues, CySEC authorization, 15+ years of industry experience, and a listing on the London Stock Exchange.

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.

  • Forex.com continues to excel for its extensive selection of forex assets, featuring 80+ currency pairs including 22 which contain the EUR, catering to beginners to advanced forex traders.

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.

  • XM ranks consistently among the most flexible FX brokers in Cyprus with 10 account currencies including EUR and an excellent range of payment options including Skrill and Neteller.

Forex Platforms

Our thousands of hours of 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.

Pepperstone's TradingView platform with EUR/USD
Pepperstone TradingView Charting Platform

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.

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Demo accounts are the best way to try out a forex broker’s platform options and decide if they suit you before trading with real money.
  • Pepperstone offers a superb range of forex platforms for day traders with four top-rated options: MT4, MT5, cTrader and TradingView. They are also all available as mobile apps for iOS and Android.

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.

IC Markets EUR pair spreads
IC Markets EUR Forex Spreads

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.

  • IC Markets has long been one of our best-value forex trading platforms thanks to its tight spreads from 0 on major currency pairs, low commissions, rebates, fast execution speeds and a suite of powerful tools.

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:DayTrading.com broker testing methodology overview

  • Regulatory compliance, notably with the CySEC.
  • Variety in forex assets, covering popular currency pairs in Cyprus.
  • Ease of use in platforms, including advanced charting and trading tools.
  • Competitive pricing without sacrificing order execution quality or trading features.
  • Reasonable deposit thresholds and secure payment options for Euro transactions.

FAQ

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, 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.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com