5 Best Online Forex Brokers in Cyprus – In Depth Review 2023

Want to jump straight to the answer? The best forex broker for traders is Avatrade

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Cyprus is considered one of the most important financial hubs in Europe and in the world. It is home to a lot of financial companies including forex brokers and others. In case you want to trade forex in the country, then you are in luck.

Cyprus is home to some of the best brokers out there and has opened its borders for global players to come in and offer these brokerage services to everyone. The brokers that operate in Cyprus are typically regulated by the Cyprus Securities and Exchange Commission CYSEC and other tier-1 agencies like the Financial Conduct Authority FCA and the US Securities and Exchange Commission.

However, with this incredible variety of brokers, it can be hard to pick a forex broker that actually meets your trading needs. Well, we did some extensive research on all available firms and came up with a list of the top 5. Find it here below.

Best Online Forex Brokers in Cyprus

5 Best Online Forex Brokers in Cyprus

Before we highlight the top five best forex brokers in Cyprus, we must start with a disclaimer. Forex CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money when trading CFDs with this list of brokers. A significant percentage of retail investor accounts lose money when trading CFDs so be careful before you dive in.

#1. Best Advanced for Non-US Traders: Avatrade

AvaTrade is one of the most reliable forex brokers in the world. Based in Ireland, the broker has a massive global reach and is regulated in up to seven tier-1 jurisdictions. AvaTrade is regulated by the Cyprus Securities and Exchange Commission CYSEC, the Financial Conduct Authority FCA, and the US Securities and Exchange Commission.

It is also regulated by other leading agencies including the Australian Securities and Investments Commission ASIC. This more or less makes AvaTrade a risk-free broker. There are also other incredible features to look forward to.

First, there is a good variety of trading platforms including the Metatrader 4 and 5 and of course the proprietary software offered by Ava. You also get to choose between different trading accounts, incredibly low fees, and one of the best customer support teams. If you are looking for one of the most respected Cyprus forex brokers, then AvaTrade has to be top of your list.

How does it work?

The way AvaTrade is set up is designed to give you easy access to the forex market without too much hassle. So, the first thing expected here is to open an account. As noted above, AvaTrade offers a wide range of trading account types for different traders.

These account types start from small retail investor accounts to advanced large volume institutional accounts. Choose one that works best for you and head over to the main website to sign up. Fill in the forms and upload all the verification documents needed. Registration typically takes less than 24 hours.

Once your account is approved, head to the deposits page and make your first deposit. The min deposit at AvaTrade is USD 100. As soon as the money is available in your trading account, you can now choose the trading platform you wish to use and start your investment journey.

Pros

• Offers a superb variety of trading platforms including platforms MT4 MT5
• You get low trading fees and tight spreads on various assets
• The broker is regulated by leading agencies around the world
• Over 1200 tradable assets are available on the platform
• Superior trading technology with advanced risk management tools
• Superb customer support team with state-of-the-art customer service

Cons

• The inactivity fees charged by this broker can be quite high
• You will need time to get acquainted with the trading platforms

Price

AvaTrade offers a spread-based pricing structure as well as fixed commissions for all trades. How much you pay however depends on trade volume, type of asset, and liquidity. The good news is that the spreads here are very tight. For instance, the EUR/USD pair, which is the most traded asset in the forex market, has spreads of as low as 0.9 pips.

This is way less compared to the industry average and besides, this figure will drop massively for the large trading volume. Please also note that there are inactivity fees charged for dormant accounts. These fees are in fact quite high so be aware of that.

 #2. Best Intermediate for Non-US Traders: FXCC

FXCC is rated one of the best Cyprus forex brokers for order execution, fast and efficient trading, and superior trading technology. The broker also has a wide range of tradable assets available and allows you to trade CFDs with leverage.

In fact, FXCC is headquartered in Cyprus and was founded in 2010 to give traders access to a huge variety of financial markets. Today, the brokerage has spread its reach and is available in several countries. FXCC is also regulated by the best tier 1 agencies including the Cyprus Securities and Exchange Commission CYSEC and others.

FXCC also delivers low fees and tight spreads, a leverage of 1:500, and a reliable customer support team that strives to offer the best customer service. The only downside with FXCC is the fact that it has a single trading platform. But other than that, it is one of the best forex brokers out there.

How Does it Work

Based in Cyprus, one of the most liberal financial centers in the world, you can be sure opening an account with FXCC is a breeze. You only need to verify your identity and address and after that, you will be good to go.

Before you open a trading account here, it is important to remember that a huge percentage 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 money rapidly due to leverage.

Nonetheless, once you open an account, go ahead and fund it using the various deposit methods offered by FXCC. You can then access the Metatrader 4 trading platform and start to trade forex and other assets. Cyprus in essence is the leader when it comes to accommodative financial regulations. You should be able to trade at FXCC with minimal restrictions.

Pros

• Offers leveraged trading with max leverage of up 1:500 in some assets
• Regulated by the Cyprus Securities and Exchange Commission CYSEC and other tier-1 regulators
• You get tight spreads on various assets for lower fees
• A wide range of tradable assets are also available here

Cons

• You only get the MT4 trading platform and nothing else
• The broker is not open to US investors

Pricing

Over the years, FXCC has built a reputation as one of the most affordable brokers in the world. As the best forex brokers in the market, FXCC uses a spread-based system to charge for its financial services. The great thing is that spreads on various assets are very low.

In fact, in the EUR/USD Pair, spreads are as low as 0.1 pips and this may even be lower if the trade volume is high. There are no fixed commissions here. Do not however forget that there will always be inactivity charges and a min deposit of USD 100 for new accounts.

#3. Best Overall Broker: Forex.com

Forex.com is a major brand in forex trading. The platform is owned by a company called StoneX Group which is actually publicly traded on the NASDAQ exchange. This gives it a bit of credibility but that is not all. The platform is also regulated by some of the leading agencies including the Securities and Exchange Commission in the US, the Financial Conduct Authority FCA also in the US, and the Australian Securities and Investment Commission ASIC.

Forex.com has also invested heavily in developing a superb variety of trading platforms, including its own proprietary software and the MT4 and MT5 platforms as well. The broker also has some in-depth forex trading materials for new investors. It also offers in-depth research on certain assets to help you make informed investment decisions. This helps you reduce the risk of losing your money rapidly due to leverage.

You will also get efficient customer service thanks to a dedicated team of customer support, tight trading spreads, advanced trading tools, and some 4500 tradable assets to buy and sell on the platform.

How does it work?

Cyprus in a nutshell is one of the best places to trade forex with Forex.com since the requirements are very lax. In fact, head over to the main Forex.com site and hit the sign-up button. Fill in the registration details required and upload the documents needed. If indeed everything is correct, your account will be ready within hours.

There are several account types to choose from though. Pick the one that suits your forex trading goals and head over to make your first deposit. Now that the deposit is in, it’s time to choose your preferred trading platform and start trading. Please note that there is a min deposit of USD 100 for new accounts here. Do not also forget to take advantage of the extensive research offered by the broker to make your trades more profitable.

Pros

• The broker is regulated by some of the most reliable tier-1 agencies around the world
• Offers tight spreads and low fixed commission for various accounts
• You can open and verify your trading account in a matter of hours
• You also get extensive research on Cyprus forex and other assets to help you make the best investment
• A wide range of trading platforms to choose from.

Cons

• Very high inactivity fees
• Trading CFDs with this provider can be expensive

Price

The best forex brokers will always have a pros-cons list. But one area where Forex.com really excels is on the fees. In fact, the broker offers some of the lowest fees in Cyprus forex right now. This of course is based on a spread system and will be determined by the type of assets you are buying and the volume.

There are also standard fixed commissions but they are all low as well. For instance, fixed commissions of USD 5 are charged for a single lot of 100k. Spreads on the EUR/USD pair on the other hand start from as low as 0.2 pips. Eventually, even a combination of fixed commissions and spreads are still well within the average fees charged in the forex market.