Forex Brokers in Cyprus
Cyprus is a popular destination for forex and CFD brokers. Forex brokers primarily choose Cyprus as their preferred broker location in Europe due to its EU membership, low business costs, and the ability to cater to the entire European Union through the EEA agreement. Before any forex broker in Cyprus can accept forex traders as clients, they need to be regulated by the Cyprus Securities and Exchange Commission (CySEC), which is the financial regulatory body in Cyprus.
Best Cyprus forex brokers
To find the best forex brokers in Cyprus, we created a list of all CySEC regulated forex brokers, then ranked them by their overall rating. Below is our list of the top forex brokers for Cyprus.
CySEC forex brokers in Cyprus
Any trading broker that is offering services to traders in Cyprus should be authorised and regulated. Using a regulated broker can give investors some protection that unregulated brokers cannot. Many experts and professional traders would only trade forex with a regulated broker.
Trading online in Cyprus is popular among residents. Whilst there are many internationally regulated brokers who can accept clients from Cyprus, it is an additional benefit if the broker is regulated and authorised by the Cyprus Securities and Exchange Commission, better known as CySEC, which is the financial regulatory body in Cyprus. As an EU member state, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law.
The Cyprus Securities and Exchange Commission (CySEC) is the independent public supervisory Authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus and the collective investment and asset management sector. CySEC’s mission is to exercise effective supervision to ensure investor protection and the healthy development of the securities market.
The CySEC was established in accordance with section 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001 as a public legal entity. The operation of the CySEC is governed by the Laws regulating the Structure, Responsibilities, Powers, Organization of the Cyprus Securities and Exchange Commission and Other Related Matters (N73(I)/1009).
How to verify CySEC regulated brokers
CySEC is a tier 2 financial regulatory agency from Europe. They are a modern and well-funded organization and often the first to make regulatory changes needed to protect would-be traders and maintain fairness in the CFD industry. Generally speaking, CySEC-regulated forex brokers can be considered safe.
To identify if a forex broker is licensed to operate in Cyprus, the first step is to identify the regulation number from the disclosure text at the bottom of the brokers homepage. Next, you can look up the brokerage with the CySEC to validate if the brokers regulation is legitimate.
Is forex trading legal in Cyprus?
Yes, it is allowed to trade forex in Cyprus, which has a population of about 1,215,584 potential traders. The financial regulatory agency in Cyprus is called the Cyprus Securities and Exchange Commission (CySEC), which also acts as the nation’s regulating body for foreign exchange trading. Due to its low tax rates, Cyprus has become a popular location for many offshore companies. Since shipping, financial services, and tourism make up a sizable portion of the economy, currency exchange is necessary for a business to operate properly.
In addition to conventional forex trading, Islamic forex trading is also permitted and accessible in the nation. While the majority of Turkish Cypriots identify as Sunni Muslims, the majority of Greek Cypriots identify as Greek Orthodox. In actuality, the whole population of Cypriots is about 25% Muslim. With over 10,000 residents in Cyprus identifying as Muslims, Islam is one of the smallest minorities in the country. To trade in conformity with Sharia Law, local Muslim investors must pick a forex broker that offers both conventional and Islamic forex trading accounts.
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