Best CySEC Regulated Forex Brokers of 2023 Reviewed

Cyprus is home to some of the world’s largest forex brokers as well as the Cyprus Securities and Exchange Commission (CySEC). Traders around the world rely on the best CySEC regulated forex brokers to buy and sell currencies on a daily basis.

In this guide, we’ll review the 11 best CySEC regulated forex brokers and help traders choose the right forex broker for them. Read on to find the top rated CySEC forex broker and start trading today!

Best CySEC Regulated Forex Trading Platforms Reviewed

Now that we’ve presented our top CySEC regulated brokers list, it’s time to dive deeper into each of these forex brokers and what makes them stand out. We’ll cover all the top features forex traders need to know about.

1. eToro – Overall Best CySEC Regulated Broker for Forex Copy Trading

eToro is another one of the top CySEC regulated forex brokers in 2023. This trading platform offers nearly 50 major and minor currency pairs through CFDs. There are no commissions on forex CFD trades and spreads start from just 0.9 pips.

eToro has its own proprietary trading platform that offers traders advanced charts, technical analysis tools, price alerts, and more. It’s not quite as flexible or comprehensive as software like MetaTrader, but it’s much easier to learn. The platform also offers a forex news feed and in-depth market analysis from professional traders.

What really sets eToro apart is its copy trading feature. With this copy trading platform, traders can mimic the moves of more experienced forex traders automatically. It allows traders to be active in the market without putting in the time and effort normally required to identify trades.

Traders can see a copy trader’s performance and recent trades when deciding whether to invest with them. eToro only requires users to invest $200 with each trader they want to copy.

Check out our full eToro review for more details.

What We Like:

Your capital is at risk. 79% of retail investor accounts lose money when trading CFDs with this provider.

2. Plus500 – Highly-Rated CySEC Broker with 0% Commission and Tight Spreads

Plus500 is regulated by various financial authorities around the world and one of them is CySEC.

It was important for this CFD provider – that bosts 23 million-plus clients – to feel that Plus500 has their best interest at heart when managing their money.

On the platform, forex traders can open positions on more than 60 currency pairs and use 1:30 leverage to increase the size of their positions.

Traders can limit their losses and lock in profits by using the platform’s guaranteed stop order feature – Plus500 also provides price alerts, notifying traders when currencies have reached certain exchange rates.

To get started, traders need to fund their accounts with at least AU$ 200 – Plus500 enables traders to do that via bank wire, debit/credit cards, Paypal, Google Pay, Apple Pay, Paypal, and several other options, and traders won’t incur deposit fees.

Withdrawal fees are also free, but international transactions are likely to incur fees.

Plus500 charges additional fees for having opening positions overnight, currency conversions, and for implementing the guaranteed stop order, while traders who haven’t logged into their accounts for three consecutive months will be charged $10 monthly.

Traders can use technical and fundamental indicators to optimize their strategies, with Plus500 providing market insights and news, as well as risk management tools.

Free access is available to educational videos, an economic calendar, and a demo account, while the broker also provides trading education via its academy.

The platform’s FAQ and insights section provide key information traders want to know. Alternatively, the 24/7 support center responded to queries.

What We Like:

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing money. Plus500UK Ltd authorized & regulated by the FCA Plus500CY Ltd authorized & regulated by CySEC.

3. XTB – Top CySEC Forex Broker for Margin Trading

XTB is a CySEC regulated forex broker that offers CFD trading on 48 major and minor currency pairs. There are 2 key features that set this forex broker apart. First, it offers 0% commissions on all forex trades and spreads starting from just 0.1 pips – far below the industry average. Second, XTB offers extremely high leverage – up to 500:1 for professional forex traders and up t0 100:1 for retail traders. So, XTB is a suitable option for traders who want to take big positions with relatively small accounts.

XTB offers its own custom trading platform, called xStation 5, instead of common platforms like MetaTrader 4 or cTrader. We think that xStation 5 is easier to use, particularly for newer traders. It comes packed with charting features and technical studies, although it’s not as customizable as MetaTrader 4 when it comes to using expert advisors or automated trading strategies. xStation 5 is currently available for the web and for iOS and Android mobile devices.

XTB doesn’t require a minimum deposit to open a new trading account. It also offers an unlimited demo account with $100K in paper money that traders can use to practice trading with high leverage.

What We Like:

Your capital is at risk. 76% of retail investor accounts lose money when trading CFDs with this provider.

4. Pepperstone – CySEC Regulated Forex Broker with No Minimum Deposit & Spread Betting

Pepperstone is one of the only CySEC regulated forex brokers we’ve seen that doesn’t require traders to make a minimum deposit. That’s a significant benefit for new forex traders who are just dipping their toes into the world of trading.

Pepperstone offers both standard and ECN accounts with different pricing structures. The standard account offers pips starting from 0.6 pips and no commission on trades. The ECN account offers spreads from 0 pips and commissions of $4 per lot.

Traders at Pepperstone have access to a wide variety of trading platforms. The selection includes MetaTrader 4, MetaTrader 5, cTrader, TradingView, and Capitalise.ai. Using a combination of these platforms, traders can set up automated trading strategies, build custom technical indicators, and much more. Pepperstone also offers Autochartist and has its own daily market analysis webinar.

Check out our full Pepperstone review for more details.

What We Like:

Your capital is at risk. 74% of retail investor accounts lose money when trading CFDs with this provider.

5. FP Markets – Popular for CySEC Islamic Forex Trading Accounts

FP Markets is a capable and affordable forex broker regulated by CySEC. The platform offers trading on more than 60 forex pairs and gives traders access to MetaTrader 4, MetaTrader 5, and mobile apps to conduct trades. FP Markets doesn’t have its own trading platform.

One of the best things about FP Markets is that traders can choose from several different trading accounts. There’s a commission-free account with spreads from 1.0 pips. There’s also an ECN trading account with no spreads and commissions of $3 per side. Finally, FP Markets offers an Islamic forex trading account that’s completely halal for Muslim traders. We think it’s one of the best Islamic brokers available today.

FP Markets enhances trading with a few key tools. First, all accounts include access to a virtual private server (VPS) for ultra-fast trade routing and execution. In addition, FP Markets uses Autochartist to help traders identify and act on price patterns in popular forex pairs. The platform also offers an economic calendar and news feed.

What We Like:

6. HF Markets – MetaTrader 5 Forex Broker with CySEC Regulation

HF Markets is our top pick for traders who want to trade with MetaTrader 5 while enjoying the benefits of CySEC regulation. This forex broker offers both MT4 and MT5 platforms for web, desktop, and mobile. Traders can integrate VPS hosting and Autochartist, making these trading tools even more powerful.

HF Markets offers both standard and ECN accounts. The standard account charges spreads from 1.0 pips, but offers a minimum deposit of just $5 and leverage up to 1,000:1 even for non-professional traders. The brokerage also supports copy trading, although there’s no way to see the traders available to copy before opening an HF Markets account.

This MT5 broker has several other features, including educational courses for new traders, an economic calendar, and a forex news feed. There’s also a loyalty program that offers cash in return for trading, which can be a benefit for highly active forex traders.

What We Like:

7. FXCC – CySEC Regulated ECN Broker

FXCC is one of our top-rated CySEC forex brokers for traders who want ECN trading. This ECN broker charges spreads from 0.1 pips instead of commissions and doesn’t require a minimum deposit. Notably, FXCC offers a 100% deposit match bonus on a trader’s first deposit to the platform.

FXCC has more than 70 forex pairs available to trade and traders can apply leverage up to 500:1 on a wide variety of major and minor forex pairs. The only trading platform available is MetaTrader 4, which can be a drawback for traders who prefer a different platform.

On the plus side, FXCC has a built-in economic calendar, daily market analysis, and professional technical analysis. FXCC also offers 24/5 customer support by phone and live chat.

What We Like:

8. IC Markets – Best Low Spread CySEC Broker

IC Markets competes as one of the best low-spread forex brokers that’s regulated by CySEC. The brokerage charges spreads from just 0.6 pips on its standard account (with no commission) and from 0 pips on its ECN account (commission of $3.5 per lot). Out of the best CySEC-regulated forex brokers we reviewed, only eToro can compete with these low fees.

IC Markets offers several different trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader. Traders also have access to a VPS and numerous MT4 add-ons, including a trading terminal, correlation matrix, and alarm manager, making this one of the best MT4 brokers. IC Markets even offers weekly trading webinars and market analysis.

IC Markets offers trading on more than 60 forex pairs. The $200 minimum deposit is somewhat high, but achievable for most traders. The brokerage offers 24/7 customer support by phone and email.

What We Like:

9. Legacy FX – Best CySEC Regulated Forex Broker for Large Accounts

Legacy FX is a forex trading platform built on top of MetaTrader 5. The platform offers around 40 forex pairs and charges variable spreads from 1.0 pips, putting it in the middle of the pack when it comes to fees and offerings.

What makes Legacy FX stand out is that it’s very simple for beginners to use. The platform doesn’t charge hidden fees or require users to pick between multiple account options. Support is available by phone and email 5 days a week.

Legacy FX is particularly suitable for traders with large accounts. The platform requires a minimum deposit of $500 to get started, and the brokerage unlocks additional features for users with minimum first deposits over $5,000. These extra features include access to a dealing desk, premium trade ideas, and one-on-one mentoring.

What We Like:

10. FxPro – CySEC Regulated Forex Company with Fastest Trade Execution

FxPro takes a different approach to forex trading than most top CySEC-regulated forex brokers. Instead of passing trades through a dealing desk or ECN, the platform sends trades directly to the market for execution. The result is that most forex trades at FxPro are executed in less than 14 milliseconds and the broker has some of the lowest slippage rates in the industry.

FxPro offers this style of direct trading on more than 70 forex pairs. Traders can access leverage up to 200:1 and there are no commissions on forex trades. Spreads start at 1.2 pips, which is slightly higher than the average among CySEC forex brokers.

Another benefit to FxPro is that the broker offers access to several popular trading platforms. Traders can choose between MetaTrader 4, MetaTrader 5, cTrader, and FxPro’s custom-built trading platform. We especially like the FxPro platform for mobile trading – it’s available on iOS and Android devices.

What We Like:

11. Skilling – Best CySEC Forex Broker for cTrader

Skilling is one of the best CySEC forex brokers for using cTrader. The platform’s cTrader integration is excellent and makes it easy to set up automated trading strategies.

Of course, there’s much more to Skilling than just cTrader. This brokerage also offers traders access to MetaTrader 4 and its own Skilling Trader platform. All of the trading platforms are available on mobile, which is great for forex traders on the go.

Skilling offers trading on more than 70 forex pairs and traders can choose between a standard commission-free account or an ECN account that charges commissions of $3 per lot. Spreads on the standard account start at 0.7 pips and leverage is available up to 500:1. All Skilling accounts also include negative balance protection.

Notably, Skilling also offers copy trading. This requires a separate trading platform, so it’s not as convenient to use as the copy trading features from forex brokers like eToro.

What We Like:

Top CySEC Regulated Forex Trading Platforms Compared

Want to compare the beCySEC-regulatedted forex brokers directly? We’ve put together the table below to see how our top 11 picks stack up.

How We Select the Best CySEC Regulated Forex Brokers

There are a lot of factors to consider when choosing the best CySEC regulated forex brokers. Here are some of the key things we looked for in our reviews.

Regulation

All CySEC regulated brokers are regulated by CySEC, but many are regulated in other jurisdictions as well. More regulation is generally good for traders, who benefit from fairer fee structures and safety rules.

Range of Forex Pairs

The best forex brokers offer trading on all of the major and minor forex pairs, plus a selection of exotics. eToro stands out here because it offers trading on more than 60 forex pairs.

Fees

Spreads and commissions can make a big difference when choosing between forex brokers that offer similar trading pairs and similar trading platforms. Here’s how spreads compare for standard commission-free trading accounts at the 11 best CySEC regulated brokers for forex:

Analysis Tools

Most CySEC regulated brokers offer access to trading platforms like MetaTrader 4, MetaTrader 5, cTrader, and TradingView. Some also offer their own platforms as well as daily market analysis and webinars. These analysis tools can significantly differentiate forex brokers for serious traders.

Minimum Deposit

The minimum deposit at forex brokers we reviewed ranges from $0 to $500. Traders who are just starting out in forex can benefit from brokerages that don’t require a large cash outlay to get started.

Demo Account

Many CySEC regulated forex brokers offer demo accounts so traders can test out their platforms and features. Look for free demo accounts that can be reset at any time.

Mobile App

Forex traders need to monitor the market around the clock, even when they’re on the go. Most forex brokers offer mobile apps through MT4, MT5, or their own custom trading platform. The best forex trading apps should be easy to use and offer access to the same range of forex pairs as the broker’s desktop app.

Payment Methods

Most forex brokers accept bank transfers, and many also accept credit and debit card payments and e-wallets. Watch out for deposit and withdrawal fees, which some brokers charge for certain deposit methods.

Customer Service

The forex market operates 24/6, so forex brokers should be available to their customers on a similar schedule. The best CySEC regulated brokers for forex offer customer support 24/5 or 24/7, usually by phone, email, or live chat.

How to Start Trading Forex with a CySEC Regulated Broker

Ready to start trading with the best CySEC regulated forex broker in 2023? We’ll walk through the steps to begin trading with eToro, our top-rated pick.

Step 1: Sign Up for eToro

Head to eToro.com and click Trade Now to create a new trading account. A new trader must enter their email address and a password, then fill in details including their name, address, and phone number. Traders can also sign up with Google or Facebook.

Step 2: Deposit Funds

eToro requires a minimum initial deposit of $10. There are no deposit fees and traders can pay with a bank transfer, credit card, debit card, or e-wallet. Accepted e-wallets include PayPal, Apple Pay, Google Pay, Neteller, Skrill and more.

Step 3: Trade Forex

Head to the eToro trading platform and enter the forex pair to trade. Click Trade to open an order form. Choose whether to buy or sell the forex pair, enter the size of the trade, and select how much leverage to apply. When ready, click Buy to complete the trade.

Conclusion

The best CySEC regulated forex brokers offer strong regulatory protection for customers while providing access to dozens of forex pairs with low fees. We think eToro is the overall best CySEC broker in 2023 thanks to its low spreads, huge selection of forex pairs to trade, and powerful trading platform. Check out eToro to start trading currencies today!

79% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

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