Forex trading is a popular activity in Cyprus, with many forex companies operating in the country. These companies are regulated by the Cyprus Securities and Exchange Commission (CySEC) and offer a range of trading platforms for traders to choose from.
In this article, we will be discussing the top forex platforms for Cyprus based on our conversation with a user who was interested in finding the best forex companies in Cyprus.
We will be reviewing the pros and cons of each platform, including
- FOREX.com,
- XTB,
- eToro,
- AvaTrade,
- Plus500,
- Capital.com,
- XM Group,
- IC Markets,
- Fortrade,
- FxPro,
- Admirals,
- Tickmill,
- Pepperstone,
- FXOpen, and
- FP Markets.
Forex.com
FOREX.com is a global forex and CFD broker that is regulated by many financial authorities, including the top-tier UK FCA. It provides everything you need for forex trading, including low forex fees, many currency pairs, and lots of technical research tools.
Pros:
- Low forex fees
- Great variety of currency pairs
- Diverse technical research tools
- No commission
- Excellent mobile app
- Low minimum deposit
Cons:
- Product portfolio limited to forex and CFDs
- High stock CFD fees
- Non-user-friendly desktop platform
- More custom options available elsewhere
Overall, FOREX.com is a great choice for forex traders due to its low forex fees and broad range of currency pairs. However, those interested in stocks, funds, and bonds might want to look elsewhere, as these products are not available.
XTB
XTB is a global online broker that was founded in 2002 and is headquartered in Warsaw, Poland. It is regulated by top-tier financial authorities, including the UK FCA, and offers a wide range of trading products, including CFDs, forex, real stocks, and ETFs for some European clients.
Pros:
Commission-free stocks and ETFs (under 100k invested monthly) for some European clients
Free and fast deposit and withdrawal
Easy and fast account opening
Highly advanced trading suite that comes packed with analysis tools
One of the best high-leverage brokers (up to 1:500 available)
Cons:
Product portfolio limited mostly to CFDs
Inactivity fee charged
S&P 500 index CFD fee $3.3
Overall, XTB is a solid choice for traders looking for a reliable CFD and forex broker with competitive fees. It also offers commission-free stock and ETF trading for some European clients.
eToro
eToro is a global online broker that was founded in 2007 and is headquartered in Israel. It is regulated by top-tier financial authorities and offers a wide range of trading products, including CFDs, forex, real stocks, and ETFs for some European clients.
Pros:
- Platform offers an engaging communal experience
- Cryptocurrency holdings may be transferred off the platform
- Comprehensive educational resources
- Social investing: Ability to match moves of popular traders
- Advanced trading features in mobile app
Cons:
- Not available in New York, Hawaii, Minnesota and Nevada
- Limited customer service
- No crypto-to-crypto trading pairs
- Service not available in all states
Overall, eToro is a solid choice for traders looking for a reliable CFD and forex broker with competitive fees. It also offers commission-free stock and ETF trading for some European clients.
AvaTrade
AvaTrade is a global forex and CFD broker that was founded in 2006. It is regulated by multiple top-tier financial authorities, including the Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC).
The account opening process is easy and fully digital, and AvaTrade offers various deposit and withdrawal options, all of which are free of charge. It also has diverse and user-friendly research and education tools.
Pros:
- Easy and fast account opening
- Free deposit and withdrawal options
- Great research tools
- Over 1,250 financial instruments
- Zero commission fees
- Extra low spreads and competitive swap rates
- Modern and intuitive platforms
- Mobile trading app
- Free social trading signals
- Trading Central market analysis tool
- Variety of account funding options
- 7 Regulations in 6 continents
Cons:
- Only CFDs, forex, and cryptos offered
- High inactivity fees
- Average forex fees
- Minimum $100 deposit
- US clients are not accepted
- No cryptocurrency deposits or withdrawals
- Inactivity fee after 3 months of inactivity
Overall, AvaTrade is a solid choice for forex and CFD traders looking for an option to use MetaTrader platforms. However, its product portfolio is limited to forex, various CFDs (for stocks, indexes, commodities, etc.), and cryptos. Inactivity fees are high, and forex trading fees are not the most competitive on the market.
Plus500
Plus500 is a global CFD broker listed on the London Stock Exchange’s Main Market and regulated by many authorities, including the UK’s FCA and CySEC of Cyprus.
Plus500 has a simple, easy-to-use site, with an especially well-designed mobile platform. Its account opening process and customer support are great. In our test, we managed to open an account within a day. Plus500 also provides a demo account that can be opened immediately.
Pros:
- Easy-to-use platform
- Great account opening
- Quick and helpful customer support
- Seamless mobile trading
- Low spreads and commissions
- Unlimited demo account
Cons:
- Mediocre research tools
- Average CFD fees
- Only derivatives are available
- Not open to U.S. residents
Overall, Plus500 is a solid choice for experienced traders looking for an easy-to-use platform and a great user experience. However, its research tools are mediocre and its CFD fees are average.
Capital.com
Capital.com is a global CFD broker that was founded in 2016 and is headquartered in Cyprus. It is regulated by several top-tier financial authorities, including the UK’s FCA and CySEC of Cyprus. Capital.com offers a wide range of trading instruments, including more than 3,700 CFDs across multiple asset classes such as forex, stocks, indices, commodities, and cryptocurrencies.
Pros:
- Low forex CFD fees
- Great account opening experience
- Excellent email and chat support
- More than 3,700 CFDs to trade
- Industry-leading artificial intelligence to help improve your skills as a trader
- Comprehensive educational section
Cons:
- Only CFD and spread betting (for UK clients) available
- Smaller account currencies not available
- Missing price alert on the web platform
Overall, Capital.com is a solid choice for CFD traders looking for excellent trading platforms, an outstanding CFD selection, and a smooth account opening experience. Its trading platforms are intuitive and easy to use, making it suitable even for beginner traders. However, it’s important to note that only CFDs are available, so those interested in other asset classes may want to look elsewhere.
XM Group
XM Group is a global forex and CFD broker that was founded in 2009. It is regulated by multiple top-tier financial authorities, including the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). XM Group offers a wide range of trading instruments, including forex, stocks, indices, cryptos, and commodities. It provides its clients with demo and real accounts to trade forex online.
Pros:
- Tight spreads from 0.0 pips
- Low commission fees
- Reliable execution speeds at the best available prices
- Account opening from as little as $5
- Huge liquidity pool due to a vast array of forex liquidity providers
- Offers the highly recommended MetaTrader 4 & MetaTrader 5 trading platforms
- Strictly regulated by multiple regulatory authorities
- Zero requotes (no slippage) and zero rejections on the XM Group Zero account
- Flexible leverage options for all forex traders
- Excellent 24/7 live chat support
Cons:
- Standard account spreads are expensive compared to industry leaders
- Average spreads are not published for the commission-based XM Zero account
- XM Group doesn’t offer any proprietary trading platforms
Overall, XM Group is a solid choice for forex traders looking for a reliable broker with competitive fees and a wide range of trading instruments. Its MetaTrader platforms are highly recommended and provide clients with quick and easy access to the forex market. However, its standard account spreads are expensive compared to industry leaders, and it doesn’t offer any proprietary trading platforms.
IC Markets
IC Markets is an Australian forex and CFD broker that was founded in 2007. It is regulated by top-tier financial authorities, including the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
IC Markets offers a wide range of trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies. It provides its clients with demo and real accounts to trade forex online.
Pros:
- Low forex fees
- Easy and fast account opening
- Free deposit and withdrawal
- Offers standard and raw spread accounts
- Regulated by several important regulators
- In addition to MetaTrader 4 and 5, cTrader can also be used as an external platform
- Depending on your trading type, you can choose from three types of accounts (with varying commissions)
- Trading options include social trading (through Zulu Trade) and algorithmic trading (using programming to streamline your investment process)
- Opening an account, depositing, or withdrawing funds are all free
Cons:
- Limited product selection
- Slow live chat support
- No investor protection for non-EU clients
- The only thing you can trade is CFDs
- IC Markets is not your best choice if you invest in tangible assets such as stocks or ETFs
Overall, IC Markets is a solid choice for forex traders looking for a reliable broker with competitive fees and a wide range of trading instruments.
Its MetaTrader platforms are highly recommended and provide clients with quick and easy access to the forex market. However, its product portfolio is limited mostly to CFDs, so those interested in other asset classes may want to look elsewhere.
Fortrade
Fortrade is a UK-based derivatives brokerage firm that offers customers two trading platforms for trading forex and Contracts-for-Difference (CFDs). Fortrade traders have a choice between the broker’s proprietary Fortrader platform and the popular MetaTrader 4 (MT4) platform.
Pros:
- Trustworthy broker (we scored Fortrade 80/100 in our broker trust rating)
- ‘Getting Started’ tutorial to help you get started with the platform
- Islamic accounts available and run in accordance with Sharia law (these require a min. deposit of $2,000, however)
- Support and website available in multiple languages
- 12-hour customer support via email, live chat and phone between 9 am and 9 pm GMT Monday Friday
- Regulated by several organizations, including the Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), and the Financial Conduct Authority (FCA)
Cons:
- Withdrawals can take up to 15 business days for debit/credit cards
- Platform may be too basic for some traders but the MT4 platform is also supported by Fortrade
- Fortrade currently doesn’t offer cryptocurrency CFDs
Overall, Fortrade is a solid choice for traders looking for a reliable CFD and forex broker with competitive fees. It offers a scalable platform and is regulated by top international regulatory bodies. However, its platform may be too basic for some traders, and it currently doesn’t offer cryptocurrency CFDs.
FxPro
FxPro is a well-established forex and CFD broker that has been in operation since 2006. It is regulated by several top-tier financial authorities, including the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the South African Financial Sector Conduct Authority (FSCA), and the Securities Commission of The Bahamas (SCB).
Pros:
- FxPro offers a wide range of trading instruments, including forex, shares, spot indices, futures, spot metals, and spot energies.
- The broker provides multiple trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and its own proprietary platform, FxPro Edge.
- FxPro has a solid reputation for customer service and is available 24/7 via live chat, email, and phone.
- The minimum deposit required to open an account with FxPro is relatively low at $100.
- FxPro has won numerous awards for its services, including Best FX Provider 2021, Most Trusted Broker (Global) 2021, and Best Broker (UK) 2021.
Cons:
- FxPro’s spreads are higher than those of other brokers.
- There have been mixed reviews of FxPro’s customer service.
- FxPro charges an inactivity fee if you do not use your account for six months or more.
Overall, FxPro is a reputable broker with a long history of operation. It offers a wide range of trading instruments and platforms and has a solid reputation for customer service. However, its spreads can be higher than those of other brokers, and it charges an inactivity fee if you do not use your account for six months or more.
Admirals
Admirals, formerly known as Admiral Markets, is a global forex and CFD broker that offers trading on currency pairs, shares, stock indices, commodities, ETFs, and bonds. The company is regulated by several financial authorities, including the top-tier UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
Pros:
- Admirals is regulated by several top-tier financial authorities .
- The company offers a wide range of trading instruments, including forex, CFDs on indices, commodities, cryptocurrencies, shares, ETFs, and bonds .
- Admirals provides access to the popular MetaTrader 4 and MetaTrader 5 trading platforms ⁵.
- The company offers competitive spreads on forex and CFDs .
- Deposits and withdrawals are fast and mostly free .
Cons:
- There is an inactivity fee of €10 per month after 2 years of inactivity .
- The minimum deposit for most account types is $100 .
Overall, Admirals has a strong reputation as a reliable and well-regulated broker with competitive trading conditions. However, traders should be aware of the inactivity fee and the minimum deposit requirements.
Tickmill
Tickmill is a low-cost forex and CFD broker that has low forex and non-trading fees. Account opening is fast, easy, and fully digital. You can use many options for deposit and withdrawal, and they’re all free of charge.
On the negative side, trading platforms provided by MetaTrader come with an outdated design and a poorly-structured news feed.
Pros:
- Low forex fees
- Fast and easy account opening
- Free deposit and withdrawal
- Regulated in one tier-1 jurisdiction and two tier-2 jurisdictions, making it a safe broker (average-risk) for trading forex and CFDs
- Offers the full MetaTrader suite available, as well as platform add-ons – putting it in close proximity with the best MetaTrader brokers
- Pricing for Tickmill’s Pro and VIP account is highly competitive
Cons:
- Outdated platform design and functions
- Basic news feed
- Limited range of tradeable assets compared to the best forex brokers in our Offering of Investments category
- Pricing for Tickmill’s Classic account is not as competitive
Overall, Tickmill is a solid choice for forex traders due to its low forex fees. However, this broker is not great for investors as stocks, funds, and bonds are not available.
Pepperstone
Pepperstone is a forex and CFD broker that has been in operation since 2010. It is regulated by multiple top-tier authorities, including the FCA, BaFin, and ASIC. The account opening process is fast and fully digital, and customer service is great, providing lightning-fast and relevant answers.
Pros:
- Pepperstone offers a wide range of deposit and withdrawal methods, including Visa, Mastercard, bank transfer, PayPal, Neteller, Skrill, and Union Pay.
- There is no minimum deposit or inactivity fee.
- Pepperstone offers competitive spreads and low commissions on forex trading.
- Pepperstone offers a range of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and TradingView.
- Pepperstone has won multiple prestigious awards from Investment Trends, Deloitte and Compare Forex Brokers for consistently exceptional customer service, excellent trading conditions and value for money.
Cons:
- International bank transfers can come with costly fees. International bank withdrawal can incur a minimum charge of $20.
- Pepperstone does not have an exclusive platform but offers the full MetaTrader and cTrader suites.
- The lack of assets outside forex/CFD may deter some traders.
Overall, Pepperstone is a great choice for forex and CFD trading. It offers competitive pricing, a range of trading platforms, and excellent customer service.
FXOpen
FXOpen is a well-established forex broker that has been offering online trading to over 1 million clients across the globe since 2005. They are an ECN broker that has tight spreads, reliable execution speeds, and competitive commissions. FXOpen can cater to both retail and institutional traders with services including retail trading accounts and PAMM accounts.
FXOpen uses some of the biggest liquidity providers, including Barclays Capital, Bank of America, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST and GOLDMAN. In addition to forex trading, the broker also provides access to trades cryptocurrency, commodities, stocks, and more.
Pros:
- FXOpen is a regulated broker with low risk.
- The minimum deposit is very low at only $1.
- Good technology and platform selection.
- Good analysis tools and excellent support.
- FXOpen offers a wide range of trading instruments that includes the trading of Currency Pairs, Indices, Commodities, Shares, and Cryptocurrencies.
- FXOpen provides traders with the MetaTrader 4 and MetaTrader 5 platforms that are developed by MetaQuotes.
Cons:
- The education section with trading videos or webinars is not so rich.
- FXOpen charges an inactivity fee of $10 per month after 90 days of inactivity.
- FXOpen does not offer negative balance protection for non-EU clients.
- FXOpen does not offer a proprietary trading platform, only the MetaTrader 4 and MetaTrader 5 platforms.
- FXOpen does not offer a wide range of educational resources for beginner traders.
Overall, FXOpen is a reputable forex broker that has been in operation since 2005. The broker offers a range of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms.
FP Markets
FP Markets is an Australian CFD and forex broker that is regulated by the top-tier ASIC. It offers low forex fees, and both account opening and deposits are super easy and fast. There are several excellent educational tools, such as demo accounts and e-books.
However, the product lineup at FP Markets is limited to forex, CFDs (equities, indices, metals) and cryptocurrencies. MetaTrader 4’s web and desktop trading platforms have an outdated design. The quality of research tools is uneven, especially when it comes to fundamental data, news or charting.
Pros:
- Low forex fees
- Easy/fast account opening and funding
- Great education tools
- No inactivity fee charged
- Free withdrawal
Cons:
- Limited product portfolio
- Outdated web and desktop platform
- Imperfect research tools
- High fee for international bank withdrawals
Overall, FP Markets is a solid choice for CFD traders because this broker provides a great variety with over 10,000 CFD products. However, funds, bonds, options and futures are not available, so investors looking for a wide product portfolio might be disappointed.
Conclusion
In conclusion, there are many forex platforms available for traders in Cyprus, each with its own unique features and benefits.
These platforms offer a range of trading instruments and tools to help traders make informed decisions. It’s important to carefully consider your individual needs and preferences when choosing a forex platform.
When choosing the right forex platform out of the ones mentioned, it’s important to consider several factors. Here are some tips to help you make an informed decision:
- Regulation: Make sure the forex platform is regulated by a reputable financial authority, such as the Cyprus Securities and Exchange Commission (CySEC) or the UK’s Financial Conduct Authority (FCA). This will provide you with some protection and recourse in case of any issues.
- Fees: Compare the fees charged by different forex platforms, including spreads, commissions, and any other charges. Look for a platform that offers competitive fees to help maximize your returns.
- Trading instruments: Consider the range of trading instruments offered by each platform, including currency pairs, CFDs, stocks, indices, commodities, and cryptocurrencies. Choose a platform that offers the instruments you are interested in trading.
- Trading platforms: Look at the trading platforms offered by each forex company, including their features and ease of use. Some popular trading platforms include MetaTrader 4, MetaTrader 5, and cTrader.
- Customer service: Check the quality of customer service offered by each forex platform, including their availability and response times. Choose a platform with good customer service to help you resolve any issues that may arise.
- Reputation: Research the reputation of each forex platform by reading reviews and feedback from other traders. Choose a platform with a good reputation in the industry.
By considering these factors and doing your own research, you can choose the right forex platform for your needs.
