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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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
AvaTrade logo
50+ 0.9
$100 Visit
FOREX.com logo
80+ 1.2
$100 Visit
Pepperstone logo
100+ 0.1
$0 Visit
XM logo
55+ 1.6
$5 Visit
FxPro logo
70+ 1.58 pips (Ave)
$100 Visit
FXCC logo
70+ 0.2
$0 Visit
XTB logo
70+ 1.0
$0 Visit
Plus500 logo
60+ 0.6
$100 Visit
Markets.com logo
67 0.70 pips (var)
$100 Visit
eToro logo
- 55 0.9
$50 Visit
Errante logo
50+ From 1.5 pips (Standard Account) - $50 Visit
OBR Invest logo
55 From 1.6 - $250 Visit
MultiBank FX logo
- 45+ 0.3 - $50 Visit
Capex logo
- 55 1.8 - $100 Visit
HYCM logo
40+ 0.1
$20 Visit

#1 - AvaTrade

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

  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • Day traders can access stable spreads and zero commissions with no hidden fees

Cons

  • Traders from the US are not accepted
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
  • There is no ECN account with raw spreads

#2 - FOREX.com

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

  • 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.
  • 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.
  • 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.

Cons

  • 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.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.

#3 - Pepperstone

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

  • 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.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.

Cons

  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
  • 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.

#4 - XM

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

  • Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
  • The broker offers premium research including market sentiment, fundamental insights and strategy builders
  • Accessible trading accounts with a $5 minimum deposit and fast account opening

Cons

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

#5 - FxPro

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 are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
  • 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

Cons

  • There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
  • The broker charges a $10 inactivity fee after 6 months of account dormancy, though this is more lenient than many brokers
  • There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue

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.

Details of Plus500's CySEC license
Plus500 CySEC License
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.
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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 EUR currency markets
Forex.com EUR Currency Pairs
  • 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 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.

💡
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 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 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.

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