Best CySEC Regulated Forex Brokers for 2024
Knowing how to recognise the Best CySEC Regulated Forex Brokers in an overcrowded online space can be quite a challenge, which is why the FX Trust Score team has done the difficult work for you. We took the time to research, review and evaluate a number of brokers and shortlisted those who met important criteria.
By opting for a company that is fully regulated by the Cyprus Securities and Exchange Commission (CySEC), traders can rest assured that their funds are secure, allowing them to invest with peace of mind.
CySEC was established in 2001 and is responsible for overseeing investment services, securities transactions and collective investment schemes in Cyprus. It exists to ensure investor protection and the efficient functioning of the market, while also ensuring that brokerages adhere to strict policies and procedures.
Take a look below to see who made it to our Top 5 CySEC Forex Brokers for 2024.
Overview of CySEC Regulated Forex Brokers
Broker Name: IC Markets
Established: 2007
Cyprus Office: Limassol
Minimum Deposit: $200
Accepts EU Clients: Yes
Copy Trading: Yes
Negative Balance Protection: Yes
Pros & Cons
✅ Very low average spreads
✅ Wide range of tradable symbols
❌ High minimum deposit
Broker Name: Exness
Established: 2008
Cyprus Office: Limassol
Minimum Deposit: $10
Accepts EU Clients: Yes
Copy Trading: Yes
Negative Balance Protection: Yes
Pros & Cons
✅ Low minimum deposit
✅ Strong fund security
❌ Higher than average leverage
Broker Name: HF Markets
Established: 2010
Cyprus Office: Larnaca
Minimum Deposit: $5
Accepts EU Clients: Yes
Copy Trading: Yes
Negative Balance Protection: Yes
Pros & Cons
✅ Strong copy trading platform
✅ Good educational resources
❌ Higher than average fees
Broker Name: Pepperstone
Established: 2010
Cyprus Office: Limassol
Minimum Deposit: $0
Accepts EU Clients: Yes
Copy Trading: Yes
Negative Balance Protection: Yes
Pros & Cons
✅ Extensive range of trading tools
✅ Good choice of trading platforms
❌ High trading fees
Broker Name: XM
Established: 2009
Cyprus Office: Limassol
Minimum Deposit: $5
Accepts EU Clients: Yes
Copy Trading: Yes
Negative Balance Protection: Yes
Pros & Cons
✅ Covers all bank withdrawal fees
✅ Good educational resources
❌ No proprietary platform
FX Trust Score Comparison of CySEC Regulated Forex Brokers
| Broker | CySEC Regulation | Cyprus Office | Trading Platforms | Average EUR/USD Spread | Customer Support |
| IC Markets | Licence number: 362/18 | 86 Franklin Roosvelt, 4th floor, Office 401, Omonoia, 3011, Limassol | cTrader, MT4, MT5 | 0.1 pips | 24/7 |
| Exness | Licence number: 178/12 | Porto Bello, 1 Siafi Street, Office 401, 3042, Limassol | MT4, MT5, Exness Terminal | 0.6 pips | 24/7 |
| HF Markets | Licence number: 183/12 | Spyrou Kyprianou 50, Irida 3 Tower 10th Floor, 6057, Larnaca | HFCopy, MT4, MT5 | 0.8 pips | 24/5 |
| Pepperstone | Licence number: 388/20 | 95, Makarios III Avenue, Neocleous House, 3030, Limassol | TradingView, cTrader, MT4, MT5 | 1.1 pips | 24/5 |
| XM | Licence number: 120/10 | 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042, Limassol | MT4, MT5 | 1.7 pips | 24/5 |
The FXTS Verdict – Which are the Best CySEC Regulated Forex Brokers?
This review analysed a selection of the best CySEC regulated forex brokers for 2024 by taking a closer look at their trading platform offerings, customer support hours, average EUR/USD spreads, and much more. Each of the CySEC brokers listed above were checked for their official licence numbers and whether they have an office based in Cyprus.
On the whole, IC Markets and Exness can be categorised as two of the best and most prominent CySEC regulated brokers, with both companies having a uniquely strong presence on the island. That said, all of the brokers featured above present their own unique advantages to traders, from strong educational resources to extensive trading tools. It is simply a case of closely examining their product offerings, trading conditions, and account types before determining whether it is a suitable fit for your specific trading needs.
FAQs
CySEC, or the Cyprus Securities and Exchange Commission, is the financial regulatory authority in Cyprus, overseeing the investment services market and transactions in transferable securities carried out in the country. A CySEC licence is crucial because it ensures the broker complies with EU financial regulations, providing traders with a level of financial security and operational transparency.
You can verify a broker’s CySEC licence by checking their registration number on the official CySEC website, where they maintain a list of all regulated entities. Legitimate brokers typically display their CySEC licence number prominently on their website.
Benefits include the security of funds through adherence to stringent regulatory requirements, participation in the Investor Compensation Fund (ICF) which protects investors’ funds up to a certain limit in case of broker insolvency, and adherence to fair trading practices.
Consider the range of trading instruments offered, the competitiveness of spreads and fees, the quality of customer support, the trading platform options (such as MetaTrader 4/5 availability), and additional features like educational resources, trading tools, and market analysis.
CySEC enforces regulations through regular audits, on-site inspections, and reviews of brokers’ operations. In case of disputes, traders can file a complaint directly to CySEC, which will then investigate the matter. CySEC also works closely with other national regulatory bodies within the EU to ensure cross-border regulatory adherence.
Yes, CySEC regulations influence trading conditions such as leverage limits (which are capped to protect retail traders), mandatory negative balance protection (ensuring traders cannot lose more money than they have deposited), and strict guidelines on marketing and promotional offers to ensure they are not misleading.
