| Updated: October 4, 2024If you are on the lookout for a reputable broker, the following top list will present you with a number of excellent brokers that are licensed by the Cyprus Securities and Exchange Commission (CySEC). All 10 picks uphold high security and transparency standards, operating in full compliance with the requirements of the Cyprus regulator. Traders will additionally benefit from razor-sharp spreads, minimal commissions, and favorable trading conditions overall.
FP Markets73.85% of retail investor accounts lose money
Pepperstone75.5% of retail investor accounts lose money
IC Markets70.64% of retail investor accounts lose money
AvaTrade76% of retail investor accounts lose money
Libertex74.91% of retail investor accounts lose money
Admirals73% of retail investor accounts lose money
FxPro74% of retail investor accounts lose money
Swissquote61% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
XM Group72.82% of retail investor accounts lose moneyTop 10 CySEC Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 6,706 | 4.8 ⭐ |
| 2. Pepperstone | 2,533 | 4.7 ⭐ |
| 3. IC Markets | 37,770 | 4.6 ⭐ |
| 4. AvaTrade | 8,718 | 4.5 ⭐ |
| 5. Libertex | 9,406 | 4.0 ⭐ |
| 6. Admirals | 1,770 | 3.8 ⭐ |
| 7. FxPro | 235 | 3.7 ⭐ |
| 8. Swissquote | 2445 | 3.5 ⭐ |
| 9. Tickmill | 541 | 3.0 ⭐ |
| 10. XM Group | 723 | 2.2 ⭐ |
Comprehensive Comparison of the Top 10 CySEC Regulated Forex Brokers
| CySEC Forex Broker | Trading Platforms | Max Leverage | Trust Pilot Rating | License № |
|---|---|---|---|---|
| 1. FP Markets | MetaTrader4, MetaTrader5, WebTrader, IRESS | 1:30 for retail clients1:500 for professional clients | 4.8 ⭐ | 371/18 |
| 2. Pepperstone | TradingView, MT5, MT4, cTrader | 1:30 for retail clients1:500 for professional clients | 4.7 ⭐ | 388/20 |
| 3. IC Markets | MetaTrader4, MetaTrader5, cTrader, ZuluTrade | 1:30 for retail clients1:500 for professional clients | 4.6 ⭐ | 362/18 |
| 4. AvaTrade | MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial | 1:30 for retail clients1:400 for professional clients | 4.5 ⭐ | 347/17 |
| 5. Libertex | Libretex Trading Platform, MT4, MT5 | 1:30 for retail clients 1:600 for professional clients. | 4.0 ⭐ | 164/12 |
| 6. Admirals | MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader | 1:30 for retail clients1:500 for professional clients | 3.8 ⭐ | 201/13 |
| 7. FxPro | MT4, MT5, cTrader, FxPro Edge (proprietary) | 1:30 for retail clientsDynamic Leverage based on trading volume | 3.7 ⭐ | 078/07 |
| 8. Swissquote | CFXD, MetaTrader 4, MetaTrader5 | 1:30 for retail clients1:100 for professional clients | 3.5 ⭐ | 422/22 |
| 9. Tickmill | MT4, MT5, WebTrader, ZuluTrade | 1:30 for retail clients1:300 for professional clients | 3.0 ⭐ | 278/15 |
| 10. XM Group | MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT$ Multiterminal | 1:30 for retail clients1:300 for professional clients | 2.2 ⭐ | 120/10 |
Top 10 brokers licenced by CySEC
- 1. Pepperstone
Since its inauguration in 2010, Pepperstone has given forex enthusiasts the world over the opportunity to trade dozens of currency pairs. Its market selection is impressive in general, as in addition to forex, commodities, indices, shares, and other financial instruments are available.
In terms of licensing, Pepperstone’s operations are authorized by multiple trusted regulators, including ASIC, the UK’s FCA, and CySEC (388/20). In line with CySEC rules, Pepperstone offers negative balance protection to retail traders, and the maximum leverage available is capped at 1:30.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% 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. - 2. FP Markets
FP Markets is a broker that has been successful in earning and continuing to hold the seal of approval of CySEC ( 371/18). The broker boasts over 10,000 instruments, with forex aficionados, in particular, having the opportunity to trade 60+ currency pairs like EUR/USD, AUD/JPY, EUR/NZD, and more. Traders are pretty much spoilt for choice in terms of platforms, seeing as FP Markets supports MT4, MT5, cTrader, and TradingView.
Although FP Markets’ website is easy to navigate, if you ever find it difficult to find a piece of information or are in need of assistance in general, you can reach out to a representative of FP Markets’ support team. Customer support is available around the clock, seven days a week.
10 per quarter for non-AU traders; 20 per quarter and notional volume of AU$1,000,000 per 4 quarters in the last 1 year 73.85% of retail CFD accounts lose money - 3. XM Group
XM boasts licenses from a range of supervisory entities, with CySEC (120/10), the KNF, BaFin, and CONSOB being among the regulators that have granted XM their seals of approval. The broker is known for its low spreads for forex (can go below 1 pip), and its selection of currency pairs encompasses EUR/USD, AUD/USD, GBP/CHF, and many others.
For individuals who are new to forex or trading in general, XM offers excellent content when it comes to education. A wealth of educational videos and tutorials are available, and users may also choose to learn via live webinars and Q&As.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.82% 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. - 4. AvaTrade
AvaTrade is a broker that has been around for almost two decades, and it is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 347/17. The broker has earned a number of accolades throughout the years, among the most recent of which being the 2023 Most Reliable Trading Platform UK, rewarded by the World Business Stars Magazines.
As AvaTrade’s CySEC authorization allows it to accept clients from various European countries, the website supports languages like English, Portuguese, Italian, and Finnish, to name a few. Customer support is multi-lingual as well, and clients can contact the support team via live chat, phone, or email.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. - 5. Tickmill
Licensed by CySEC under license number 278/15, Tickmill is characterized by its impressive market selection, fantastic trading tools, and low spreads. As far as trading platforms go, individuals experienced with MetaTrader 5 or its predecessor will be pleased to learn that both are supported by Tickmill. Mobile trading is also facilitated via Tickmill’s mobile application, which can be downloaded from the App Store, Google Play, or the website itself. In addition, users may choose between two account types: Classic and Raw. The latter boasts spreads as low as 0.0 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 6. Libertex
Libertex is a part of the Libertex Group, an entity that has been in operation since 1997. It is licensed by CySEC (license number 164/12), and more information is provided on the regulator’s register of licensed entities. There are several options to choose from in terms of platforms, including MetaTrader 4 and 5, as well as Livertex’s in-house developed platform. The types of markets available at Libertex vary greatly, including but not limited to forex, stocks, metals, and indices.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.91% 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. - 7. FxPro
There is a lot to like about FXPro if you are looking to trade forex. Its spreads tend to be relatively low, there are plenty of financial currency pairs available, and the broker is fully authorized to operate in a range of countries by CySEC under license number 078/07.
Moreover, when it comes to the platform one can go with users can pick between a range of options, starting with FxPro’s own proprietary platform. Alternatively, users can go with MT4, MT5, and cTrader. If you are torn, you can pay a visit to FxPro’s platform comparison page.
Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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. - 8. Admirals
Founded in 2001, Admiral Markets (now known as Admirals) is a broker that is regulated by Cyprus’ financial regulator (license number 201/13). As per CySEC’s rules, Admirals makes sure to segregate clients’ funds in secure banking accounts, negative balance protection is available, and the leverage for retail clients cannot exceed 1:30 when it comes to forex. However, for professionals, the leverage limit is far larger at 1:500. If you are looking to branch out and trade other financial instruments in addition to forex, Admirals will prove to be a suitable broker, seeing as its market selection includes commodities, ETFs, stocks, and more.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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. - 9. IC Markets
Judging by its excellent 4.8 score on Trustpilot, IC Markets is a broker that many traders have decided to rely on, which is far from surprising given the broker’s regulatory status. ASIC and Britain’s FCA are among the regulators that have granted IC Markets their seals of approval, and the same goes for CySEC (license number 362/18). You can view further details on IC Markets’ CySEC license page.
If you are looking to trade with low spreads, IC Markets might just prove to be the perfect broker. With a Standard account, a given client can enjoy spreads that start at 0.8 pips, while going with either of the Raw Spread account options will lower the minimum spread to 0.0 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% 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. - 10. Swissquote
Launched in 1996, Swissquote is one of the earliest online brokers to begin catering to retail forex traders. Swissquote is regulated by the Cyprus Securities and Exchange Commission under license number 422/22, and it boasts licenses by a number of other reputable supervisory entities, including the UK’s FCA.
The broker has much to offer in terms of financial instruments, giving clients the opportunity to trade forex, ETFs, stocks, and more. Both MT4 and MT5 are supported when it comes to platforms, and there are several account types retail traders can pick from, as well as one designated for professionals.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% 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.
About the Regulator
Any forex brokers looking to operate in Cyprus need to earn the seal of approval of the country’s Securities and Exchange Commission, also known as CySEC. This regulatory entity was established in 2001, and seeing as it oversees the financial services industry of Cyprus, its rules are practically the same as those of the Markets in Financial Instruments Directive 2014 (MiFID II). This comes with the perk of negative balance protection being offered by CySEC-regulated brokers. Moreover, a restriction of 1:30 applies when it comes to the leverage one can utilize when it comes to major airs, while for minor pairs, the limit is 1:20.
It should also be noted that thanks to Cyprus’ status as a member of the European Union, a broker with a CySEC license will be considered to be regulated in countries belonging to the European Economic Area.
Requirements for Obtaining a Cypriot Forex Brokerage License
Here is more detailed information on the licensing criteria and requirements forex brokers must satisfy to receive authorization from the Cyprus Securities and Exchange Commission (CYSEC).
- Application fees: Upon submitting their applications, brokers interested in receiving CySEC licenses must pay application fees ranging from €7,500 to €12,000 based on the services they seek to provide.
- Minimum capital requirements: Minimum capital requirements start at €75,000 for forex brokers that provide investment advice without holding customer funds. Brokerage firms that hold client funds, provide investment advice and manage portfolios on customers’ behalf must meet a minimum capital threshold of €150,000. Market makers must satisfy the highest minimum capital requirements of €750,000. Setting up an account at a Cypriot bank is also necessary.
- Application assessment timeframe: The Cypriot financial regulator normally requires four to nine months to evaluate license applications, depending on its workload. Further delays are possible in the event of incomplete license applications.
- Physical presence required: License applicants must set up physical offices in the country to qualify for evaluation as registered Cyprus Investment Firms (CIFs). Office renting costs per square meter typically range from €6 to €10 in Larnaca, from €8 to €15 in Nicosia, and from €15 to €30 in Limassol.
- Key employees: License applications must contain comprehensive information about key employees with proof of their spotless reputation. Key personnel members include risk managers, internal and external auditors, compliance control officers, and four or more company directors (two non-executives and two executives). At least three of the four company directors must reside in the country.
- Corporate tax rates: Cyprus-resident brokerages are subject to corporate taxes of 12.5%. The country’s low corporate tax rates render it a highly appealing licensing destination for forex brokers looking to legally service EU and EEA customers.
- Client funds segregation: Forex brokers seeking CySEC’s approval must segregate client assets from their operating capital by storing them in separate accounts at approved tier-one banks based in the EU. Barclays and Lloyds are two prominent examples that come to mind. The practice ensures traders can access their money if a broker becomes insolvent and prevents licensees from misusing their clients’ funds.
- Investor protection scheme: CySEC licensees must deposit a certain amount in the Investor Compensation Fund (ICF) to ensure clients can recover their money if the brokers begin to struggle financially or file for bankruptcy. Retail clients of CySEC-licensed forex brokerages are eligible for a maximum compensation of €20,000 per person.
- Other requirements: Documentation packages submitted by license applicants must contain a detailed three-year business plan and a financial plan with quarterly projections of the companies’ budget and revenue for the first three years of operation. The CIF registration itself requires submitting certified copies of the passports of the broking firm’s directors and beneficial owners. License applicants must clearly outline their anti-money laundering and risk management policies.
Getting a license from the Cyprus Securities and Exchange Commission is by no means an easy task, seeing as there are a number of conditions a broker would need to meet. An application encompasses various documents that cover pretty much all of the requirements that a company needs to meet for a CySEC license. Once the application has been submitted, applicants can wait up to six months for the regulator to give its final verdict.
First and foremost, a company needs to provide proof that it is based in Cyprus. Next, a contribution amount must be paid, and this needs to be done with a Central Bank of Cyprus account. Membership in the Association of International Investment Firms of Cyprus is also mandatory, and this also comes at a cost. Proof of this must be included in the application documentation. Another requirement that has to do with finance is the authorized capital, and its amount is reliant on whether the application concerns a consultant, broker agent, or liquidity provider.
Applicants must have a compliance officer who is to oversee the company’s anti-fraud and anti-money laundering (AML) measures and compliance. A risk manager and an internal auditor must also be employed. Any aspiring licensee needs to meet typical requirements, such as having a board of directors and having individuals covering a range of management positions. They should all lack a criminal record and not be bankrupt.
Speaking of safety and security, both a Know Your Client (KYC) policy and one centered around anti-fraud and anti-money laundering (AML) are compulsory. Last but not least, none of the individuals in management positions must have a bankruptcy status.
All in all, it is evident that any entity licensed by CySEC has gone through a lot of effort to obtain such authorization. As such, it is safe to assume most CySEC-licensed brokers would do whatever possible to adhere to the regulator’s rules and keep their license.
Is Your Money Protected?
As established, Cyprus is a member of the European Union, and it therefore falls under ESMA’s MiFID II. This, in turn, means that CySEC’s rules are pretty strict when the safety of customer funds is concerned.
Firstly, traders can rest assured that no CySEC broker will mingle client funds with company money. Instead, all customer money is segregated into separate banking accounts. We should also stress that for retail traders, negative balance protection is available. Earlier, we also noted that leverage at CySEC brokers must be capped so as to help prevent traders from incurring excessive losses.
FAQ
A broker’s licenses will typically be listed in the footer section of its homepage or on a page specifically designated for its regulation. To verify that the CySEC license a broker presumably has is legitimate, however, your best course of action will be to check the regulator’s register of licensed entities.
This will vary depending on your broker of choice. Some have chosen to create their own platforms, and usually, they give clients the opportunity to use other options. Others offer platforms such as MT4, MT5, cTrader, and more, typically allowing users to pick whichever platform they prefer.
In general, yes. In fact, if you go with a broker from our top list, you are likely to have access to trading markets such as commodities, shares, cryptocurrencies, and ETFs, among others.
Making deposits is simple and something you can do as soon as you finish your account application process. To top up your balance, simply navigate to your broker’s “wallet” or “deposit” section and pick from one of the payment methods. Typically, this will include bank cards, digital wallets, and bank transfers.
If you are a retail trader and stick to a CySEC-regulated broker, then no. The 1:30 cap does not apply to professional traders, however, so becoming a professional is what you can do if you are adamant about being able to try with higher leverage someday.
You might also be interested in exploring forex brokers regulated by other institutions
- FCA (United Kingdom) Regulated Forex Brokers
- IFSC (Belize) Regulated Forex Brokers
- FSA (Seychelles) Regulated Forex Brokers
- VFSC (Vanuatu) Regulated Forex Brokers
- ASIC (Australia) Regulated Forex Brokers
| Top 30 CySEC-Regulated Forex Brokers Ranked by Trustpilot Score | ||||
|---|---|---|---|---|
| CySEC Broker | License Number | Trading Platforms | Max Leverage (Retail) | Trustpilot Rating |
| Markets.com | 092/08 | MT4, MT5 | 1:30 | 4.7 / 5 |
| BDSwiss | 199/13 | MT4, MT5, Proprietary | 1:30 | 4.7 / 5 |
| Trading 212 | 398/21 | Proprietary | 1:30 | 4.6 / 5 |
| GoMarkets | 322/17 | MT4, MT5, cTrader, WebTrader | 1:30 | 4.6 / 5 |
| OQtima | 406/21 | MT4, MT5, cTrader | 1:30 | 4.6 / 5 |
| easyMarkets | 079/07 | MT4, MT5, TradingView | 1:30 | 4.5 / 5 |
| NAGA | 204/13 | MT4, MT5, Proprietary | 1:30 | 4.5 / 5 |
| Skilling | 357/18 | MT4, cTrader | 1:30 | 4.4 / 5 |
| JustMarkets | 401/21 | MT4, MT5 | 1:30 | 4.4 / 5 |
| Eightcap | 246/14 | MT4, MT5, TradingView | 1:30 | 4.3 / 5 |
| ThinkMarkets | 215/13 | MT4, MT5, ThinkTrader | 1:30 | 4.3 / 5 |
| Capital.com | 319/17 | MT4, TradingView | 1:30 | 4.2 / 5 |
| eToro | 109/10 | Proprietary | 1:30 | 4.2 / 5 |
| City Index | 400/21 | MT4, TradingView | 1:30 | 4.2 / 5 |
| FXCM | 392/20 | MT4, TradingView, ZuluTrade, Capitalise AI, Trading Station | 1:30 | 4.2 / 5 |
| Plus500 | 250/14 | Proprietary | 1:30 | 4.1 / 5 |
| RoboMarkets | 191/13 | MT4, MT5, TradingView, Proprietary | 1:30 | 4.0 / 5 |
| FXView | 367/18 | MT4, MT5, ActTrader | 1:30 | 4.0 / 5 |
| XTB | 169/12 | Proprietary | 1:30 | 3.7 / 5 |
| IronFX | 125/10 | MT4, Trade Copier | 1:30 | 3.7 / 5 |
| iFOREX Europe | 143/11 | Proprietary | 1:30 | 3.7 / 5 |
| FBS | 331/17 | MT5, MT4 | 1:30 | 3.5 / 5 |
| Axi Trade | 433/23 | MT4, Proprietary | 1:30 | 3.4 / 5 |
| SquaredFinancial | 329/17 | MT4, MT5 | 1:30 | 3.3 / 5 |
| AAA Trade | 244/14 | MT5 | 1:30 | 3.1 / 5 |
| Alvexo | 236/14 | Proprietary | 1:30 | 3.1 / 5 |
| HF Markets | 183/12 | MT4, MT5, Proprietary | 1:30 | 2.8 / 5 |
| InstaForex | 266/15 | Proprietary | 1:30 | 2.7 / 5 |
| TopFX | 138/11 | MT4, cTrader | 1:30 | 2.7 / 5 |
| ATFX | 285/15 | MT4 | 1:30 | 2.5 / 5 |