Finding the best forex broker in Cyprus is not much different from choosing the right broker in general. Aside from making sure that the forex broker is available for client registration from Cyprus, you need to check its regulation, minimum deposit, spread, leverage, payment methods, and other trading-related aspects that may affect your strategy. Furthermore, make sure that the broker has a good credibility and reliable customer support.
The list in this page can be a good reference if you look to trade with in Cyprus. We have sorted specific forex brokers that accept clients from Cyprus, so you can choose one of the brokers by comparing their minimum deposit, regulation, leverage, and rating. If you are interested to learn further about a certain broker, feel free to click the review button.
If you are a beginner and looking for the right broker to trade forex in Cyprus, some aspects that you need to pay attention to are the low minimum deposit, demo account, and educational features. Apart from that, it's also better to make sure that the broker has good customer service because as a beginner, you may need to consult about broker services that still seem incomprehensible to you.
The CySEC, also known as the Cyprus Securities and Exchange Commission, is a government-owned financial regulatory body based in Cyprus. Since Cyprus is a member state of the European Union, all states listed as members of the European Union recognize financial companies licensed by CySEC.
CySEC might happen to be the largest government-owned regulatory agency of forex and binary options brokers in the world. The agency is responsible for granting as well as monitoring operation licenses to brokerage firms.
CySEC is widely recognized to have a weak ability to keep an eye on things and give out light punishments. Forex brokerage firms that CySEC usually regulates only have to pay the penalty to stay regulated. CySEC does not handle refunds, so when there's a loss or the broker goes out of business, traders would have to reach the broker on their own.
The following are the obligations that fall under the Securities and Exchange Commission of Cyprus:
Control and direction of all business dealings and other activities carried out in Cyprus.
The Stock Exchange, in addition to all the businesses and brokerages listed there.
Control and management of licensed investment firms, funds, and other financial institutions
Consult firms and businesses specializing in financial management.
Grant licenses to brokerages dealing in foreign exchange, financial consultants, and investment enterprises.
Impose fines and other punishments on businesses that, under its legislation, are supposed to be in violation of the rules, terms, and conditions.
Help with submitting the authorizing applications for the acquisition of venture administration, including obtaining authorization to act as forex brokers.
Manage the company's internal audits.
Educate employees on all relevant administrative issues through training.