March 1, 2021 | AtoZ Markets – According to the recent report from Bank for International Settlements, forex trading has reached $6.6 trillion per day in 2019, where it was $5.1 trillion per day three years ago. The main reason for such an increase in daily trading volume is the F.X. swaps and growth of F.X. derivatives, which increased the opportunity for spot trading.
You can trade any CySEC regulated broker if you are located in any European country. In that case, you should follow a trading strategy using technical and fundamental analysis. However, choosing a regulated and right forex broker is the key to continue a hassle-free trading environment.
Forex trading is legal in Cyprus. Therefore, you can operate hassle-free trading from this country. Moreover, based on the performance and regulation, we have chronologically set up and reviewed some reputable brokers that are available for Cyprus traders.
Before proceeding further, you can find the entire table of contents of this guide about Forex trading in Cyprus.
(Table of contents section)
- Is Forex Trading Legal in Cyprus?
- How to Choose a Forex Broker in Cyprus?
- Top 10 Best Forex Brokers in Cyprus
- How to Open a Forex Trading Account in Cyprus
- How to Deposit or Withdraw Funds from Cyprus Forex Brokers
Is Forex Trading Legal in Cyprus?
Cyprus is considered as the home of forex brokers in the European country. The government of Cyprus provided an environment that has taken several companies to open physical offices there and take regulation from CySEC. Moreover, forex brokers operating from Cyprus provide a globally standard, which ensures clients fund protection, standard execution, low cost, and other facilities that investors seek.
What is CySEC?
CySEC stands from Cyprus Securities and Exchange Commission. It is the lock stock market regulating authority for Cyprus. Besides regulating the local stock market, CySEC regulates and provides licenses to forex brokers registered in CySEC, also known as Cypriot investment firms or CIFs.
CySEc also maintains a register of regulated forex brokers within Cyprus. It provides a proficiency exam for broker stuff and ensures that they provide the site under the regulatory environment in Cyprus. Moreover, two broken have to come Peter sensei to run the forex broker as per the client's requirement.
CySEC is also a signatory authority under the MiFID protocol. Cyprus provides regulation to forex brokers in countries that follow the signatory authority protocol. Therefore, forex Traders in any European country can get the CySEC regulation from any country under the MiFID protocol.
How to Choose a Forex Broker in Cyprus?
To open a forex broker from Cyprus, you have to find a broker that has a CySEC regulation. The good thing is that Cyprus is considered as the Hub of forex Traders and forex brokers as most of their forex brokers have a physical office in Cyprus. Moreover, traders feel comfortable trading with a broker with a CySEC regulation as it is familiar and reliable among traders.
Therefore it is not hard to find a forex broker with a physical office in Cyprus or provide the CySEC regulation. However, before opening an account, you should know the cost and benefit that they offer. Although most of the forex brokers are CySEC regulated, the cost and benefit for every broker are not the same.
Therefore finding the right broker with low-cost requires a lot of effort by roaming from one website to another website before taking the ultimate decision. However, if you go through the below section, you will find it easy to choose a forex broker in Cyprus.
Read More: How to trade cryptocurrency through your forex broker?
Top 10 Best Forex Brokers in Cyprus
There is no restriction for Cyprus traders in choosing forex brokers. There are many regulated and international brokers that provide service in Cyprus. In the following section, we will see the top best Forex brokers for Cyprus traders and some features of these are:
Plus500 is a Forex CFDs trading broker that is holding under the name of Plus500 Ltd. It operates through 3 different subsidiaries:
- Plus500UK Ltd,
- Plus500CY Ltd
- Plus500AU Pty Ltd.
Plus500 is an active sponsor of professional Soccer and Rugby teams. Moreover, this firm has been the official sponsor of Club Atletico de Madrid since 2016.
- What type of Forex broker is Plus500?
Plus500 is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, ETFs, options, and indices.
- Is Plus500 regulated in Cyprus?
Plus500 is regulated by the U.K.'s FCA, Cyprus Securities and Exchange Commission (CySEC), the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).
- How much does it cost to trade with Plus500 in Cyprus?
For EUR/USD, the spread is fixed at 0.6 pips. However, it's worth noting that financing rates are quite high.
- Which trading platforms does Plus500 offer to Cyprus traders?
Plus500 has a trading platform on iPhone, Android, and Windows and multilingual. It also has a Windows-based desktop platform. However, it does not provide Mt4 or Mt5 trading indicators, which might hurt investors.
- What is the minimum deposit for Cyprus traders with Plus500?
When opening an account, you have to deposit a USD100 minimum. However, there is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.
- How is Plus500's Customer support in Cyprus?
Plus500 customer support is available 24/7, either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.
Forex.com's parent company, GAIN Capital Holdings, Inc. (NYSE: ), is publicly-traded and meets the highest standards of corporate governance, financial reporting, and disclosure. This company has provided trading opportunities since 2001 and allows trading in Forex, commodities, stocks, and cryptocurrencies.
- What type of Forex broker is forex.com?
forex.com is an ECN/STP broker that offers its clients several account types across two trading platforms.
- Is forex.com regulated in Cyprus?
Forex.com is a trading name of GAIN Global Markets Inc., which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033. Moreover, other variants of this broker are regulated by CySEC, FCA and ASIC.
- How much does it cost to trade with forex.com in Cyprus?
The spreads on all accounts are variable, which starts from as low as 0.0 pips.
- Which trading platforms does forex.com offer to Cyprus traders?
forex.com offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.
- What is the minimum deposit for Cyprus traders with forex.com?
Forex.com offers a recommended deposit of $1000 in each type of trading account.
- How is forex.com's Customer support in Cyprus?
Forex.com provides customer support through live chat, web contact form, mobile phone numbers, emails, and multilingual support.
Orbex is a CySec regulated broker that offers trading opportunities in Forex, indices, and commodities.
Although this broker is famous for its tight spread in gold, it has other features that might attract Cyprus investors.
- What type of Forex broker is Orbex?
Orbex is an ECN/STP broker that offers its clients several account types.
- Is Orbex regulated in Cyprus?
Orbex holds licenses from the CySEC.
- How much does it cost to trade with Orbex in Cyprus?
The spreads on all accounts are variable, which starts from as low as 0.8 pips.
- Which trading platforms does Orbex offer to Cyprus traders?
Orbex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and mobile.
- What is the minimum deposit for Cyprus traders with Orbex?
The minimum deposit for an account at Orbex starts from $200.
- How is Orbex's Customer support in Cyprus?
Orbex has multiple channels for customer support, including live chat, web contact form, mobile phone numbers, emails, and multilingual support.
HotForex is a forex and commodities broker that provides trading services to retail and institutional clients established in 2010.
If you're interested in more facts about HotForex, you can always check our HotForex review.
- What type of Forex broker is HotForex?
HotForex is an ECN/STP broker that offers its clients several account types across two trading platforms. Therefore, you can enjoy ECN trading opportunities by registering for a Zero Spread account besides the standard STP account.
- Is HotForex regulated in Cyprus?
HotForex holds licenses for different entities from different regulators, including the FCA, CySEC FSCA, DIFC, and the SFSA.
- How much does it cost to trade with HotForex in Cyprus?
The spreads on all accounts are variable, which starts from as low as 0.0 pips.
- Which trading platforms does HotForex offer to Cyprus traders?
HotForex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.
- What is the minimum deposit for Cyprus traders with HotForex?
The minimum deposit for an account at HotForex depends on the account type and region. For Cyprus traders, Micro accounts start at $5 deposits.
- How is HotForex's Customer support in Cyprus?
HotForex has multiple channels for customer support, including live chat, web contact form, mobile phone numbers, emails, and multilingual support.
SquaredFinancial, as a Global Investment Gateway, provides a full range of financial products and services as a real STP Forex broker. The company's customer support and Forex educational academy will help you manage, grow, or diversify your investments.
Traders can access a wide range of financial instruments to create their investment portfolio, including Energies, Forex, Metals, Indices, and Cryptocurrencies. Moreover, SquaredFinancial is focussing heavily on building partnerships and boasts a multilayer I.B./ Affiliate program. You can read the details of the SquaredFinancial Review by AToZmarkets.
- What type of Forex broker is SquaredFinancial?
SquaredFinancial is a Forex and CFD broker.
- Is SquaredFinancial regulated in Cyprus?
Squared Financial is licensed and regulated by the Cyprus Securities and Exchange Commission – CySEC (Licence Number: 329/17). The company is also a Member of the Investor Compensation Fund (ICF).
Moreover, SquaredFinancial (Seychelles) Ltd is a company registered in the Republic of Seychelles, Company Number: 8423788-1 Authorised and Regulated by the Financial Services Authority. FSA License Number: SD024.
- How much does it cost to trade with SquaredFinancial in Cyprus?
The spread of this broker is started from 0.0 pips.
- Which trading platforms make SquaredFinancial offers to Cyprus traders?
SquaredFinancial offers Mt4, for desktop, web, ios, and android.
- What is the minimum deposit for Cyprus traders with SquaredFinancial?
Traders can start trading with a minimum deposit of $100 in a Gold Account.
- How is SquaredFinancial Customer support in Cyprus?
The customer support of SquaredFinancial is satisfactory and provides accountability Solutions as soon as possible.
Fondex is a multi-asset financial broker. It offers traders from around the world the ability to trade over 1000 instruments, across Forex, Shares, Indices, Energies, Metals, ETFs & Cryptos, all from one platform.
Fondex cTrader also offers four different ways of trading, on the same interface – manual trading, copy trading, automated trading, following trading signals. The Company is authorized to provide the investment services specified in these Terms of Business. Read Full Fondex Broker review by AtoZMarkets.
- What type of Forex broker is Fondex?
Fondex is a Forex and CFD broker.
- Is Fondex regulated in Cyprus?
Fondex™ is a trading name of TopFX Ltd regulated by CySEC (License No: 138/11) and FSA Seychelles (License No: SD037).
- How much does it cost to trade with Fondex in Cyprus?
The spread of this broker is started from $2.5 per Standard Lot and $1 per side for 100 Shares & ETFs. Moreover, Zero commissions on Indices and Cryptos.
- Which trading platforms make Fondex offer to Cyprus traders?
Fondex offers Fondex cTrader Trade, Fondex cTrader Copy, and Fondex cTrader Automate on web and mobile platform
- What is the minimum deposit for Cyprus traders with Fondex?
Traders can start trading with a minimum deposit of $1 in their cTrader platform.
- How is Fondex Customer support in Cyprus?
The customer support of Fondex is satisfactory. The Live Chat Function is available 24/5, and clients are expected to be initially greeted with an automated message until a Support agent picks up their inquiry.
Capital.com is an Online CFD broker, which is authorized and regulated by the Financial Conduct Authority (FCA) and by the Cyprus Security and Exchange Commission (CySEC). This broker offers several trading instruments with its proprietary platform, which is very easy to use. Various trust factors, a wide range of tradable assets, and strong regulation make this broker unique and trustworthy than other brokers.
- What type of Forex broker is Capital.com?
Capital.com is a Forex and CFD broker.
- Is Capital.com regulated in Cyprus?
Capital Com S.V. Investments Limited is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 319/17.
Capital Com (U.K.) Limited is registered in England and Wales with company registration number 10506220. Authorized and regulated by the Financial Conduct Authority (FCA), under register number 793714.
- How much does it cost to trade with Capital.com in Cyprus?
Capital.com charges a floating spread, which is very competitive. Furthermore, this broker does not take any charge for making withdrawal or deposit and having education material.
- Which trading platforms make Capital.com offer to Cyprus traders?
Capital.com offers Capital.com web trading platform, CFD trading app, and spread betting.
- What is the minimum deposit for Cyprus traders with Capital.com?
Traders can start trading with a minimum deposit of $3000.
- How is Capital.com Customer support in Cyprus?
The customer support of Capital.com is satisfactory. The Live Chat Function is available 24/5, and clients are expected to be initially greeted with an automated message until a Support agent picks up their inquiry.
LegacyFX started its business in 2012 that has a decent user feedback score. This broker is backed by A.N. (All-New Investments Limited), which is a corporate operator. The office of LegacyFX is situated in Q Tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus.
- What type of Forex broker is LegacyFX?
LegacyFX is a Forex and CFD broker.
- Is LegacyFX regulated in Cyprus?
LegacyFX has got lots of regulations from CySEC, MiFID, VFSC, BaFin, FCA, and NBRB.
- How much does it cost to trade with LegacyFX in Cyprus?
LegacyFX takes charges if any trade is held overnight and if they are not applied to the trader’s accounts.
However, LegacyFx has the right to take out the swap-free opportunities as it was mentioned at their T&C Section 63.2 & 63.3
- Which trading platforms make LegacyFX offer to Cyprus traders?
LegacyFX offers the LegacyFX MT5 trading platform.
- What is the minimum deposit for Cyprus traders with LegacyFX?
Traders can start trading with a minimum deposit of $500.
- How is LegacyFX Customer support in Cyprus?
The customer support of LegacyFX is available five days a week from Monday to Friday from 8:00-24:00 (GMT+3). Moreover, you can send them an email and an integrated messaging service through their website.
ETFinance may be a branded online brokerage owned by Magnum F.X. (Cyprus) Ltd. The Broker is licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC) and offers a lot of forex pairs and CFDs on its MetaTrader4 platform.
- What type of Forex broker is ETFinance?
ETFinance is a Forex and CFD broker.
- Is ETFinance regulated in Cyprus?
Magnum F.X. (Cyprus) Ltd, is a leading Cyprus investment company that is fully licensed and controlled by the Cyprus Securities and Exchange Commission (CySEC).
- How much does it cost to trade with ETFinance in Cyprus?
ETFinance charges no trading fees or commissions on Forex CFD trading. It takes a low commission on other instruments like commodities. The main aim of the broker is to earn profit from the spread.
- Which trading platforms make ETFinance offers to Cyprus traders?
ETFinance offers the ETFinance MT4 trading platform and web trader.
- What is the minimum deposit for Cyprus traders with ETFinance?
Traders can start trading with a minimum deposit of $500.
- How is ETFinance Customer support in Cyprus?
There are options to connect with customer support staff by phone or email, also as via the very convenient and always accessible live chat. Customer support staff are helpful, polite and knowledgeable.
Xtrend was established in 2016 and operated by Rynat Trading Limited. It has a registered office and correspondence address in Cyprus.
- What type of Forex broker is XTrend?
XTrend is a Forex and CFD broker.
- Is XTrend regulated in Cyprus?
Rynat Trading Ltd is registered as a Cyprus Investment Firm (CIF) with the registration number HE344135.
Moreover, Rynat Trading Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF license number 303/16.
- How much does it cost to trade with XTrend in Cyprus?
XTrend charges commissions, on average, 0.2 pips spread on EURUSD. Moreover, XTrend Forex Trading App asks for 0.04 USD per 100 Base Currency Units traded as commission.
- Which trading platforms make XTrend offer to Cyprus traders?
XTrend offers XTrend proprietary trading platform.
- What is the minimum deposit for Cyprus traders with XTrend?
Traders can start trading with a minimum deposit of $500.
- How is XTrend Customer support in Cyprus?
You can access Xtrend Trading App in six languages, including English, Chinese (Mandarin), Portuguese, Italian, Spanish, and German. XTrend customer support is available 24/7.
How to Open a Forex Trading Account in Cyprus
To open a forex trading account, traders have to follow some necessary steps. The steps involved in opening an account can vary from broker to broker, but the procedure involves the following:
- CySEC does not require any country barrier for opening an account in the forex broker in Cyprus. You can open an account from any country that does not conflict with that regulation in Cyprus, whether you live within the European country or outside the European country. Moreover, CySEC provides the same standard to all traders from every country.
- To open a broker under the CySEC regulation, you should find a broker regulated under CySEC by searching them online.
- You can find brokers by searching their name online with the available regulation.
- Later on, you can register with the broker by following some easy steps. Opening an account in a forex broker requires some information about you that is very easy to provide.
- The back office will verify your documents, and you will be asked to send proof of your address. They will send unique login details and send unique login details of your trading account once your information is fully verified.
- After getting verified, you can download the trading platform. In most of the forex trading brokers, MT4 and MT5 is the most reliable trading platform. Moreover, you can also choose the cTrader platform if you want to trade with advanced features.
- After downloading the trading platform and setting the trading template, you are ready to deposit your account.
How to Deposit or Withdraw Funds from Cyprus Forex Brokers
If you are inside the Eurozone, you can make deposits through Credit cards, Bank transfers, and other online payment methods. All Eurozone countries follow the same currency; therefore, it is not difficult for a trader to deposit from a European country.
However, if you live outside the Eurozone country, making deposits through bank transfer might be difficult as some countries have restrictions on transferring money outside the country. In that case, most traders use e-currency like, Neteller, Skrill, Webmoney, Perfect Money, PayPal, or Zoom.
In most cases, you have to withdraw the money from the same payment method that you have deposited. Furthermore, for making withdrawals of profit, you can choose any payment method.
Further About Best Brokers in Cyprus
Thousands of forex brokers have a physical office in Cyprus and are regulated under the CySEC. Therefore, instead of testing all of these, you can choose the right one from the AtoZ broker review directory.
However, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis.
Do you still have questions about trading Forex in Cyprus? Then feel free to write a comment below or contact our team directly.
This article was written by MD Rockybul Hasan.