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The Cyprus Securities and Exchange Commission (CySEC) is the financial regulator of the Mediterranean island of Cyprus. Central to CySEC’s regulatory policies are segregated bank accounts for client funds, insurance coverage against broker negligence, a compensation scheme of up to €20,000 per account, and a strict capital adequacy ratio requirement to prevent brokers from defaulting because of client’s trades. 

To test these brokers, we verified our live account and reviewed their CySEC regulatory status and complaints history. Beyond confirming the platform choice, minimum deposit, and trading desk type, our test focused on trading conditions, the overall trading cost for clients, withdrawal fees and other fee structures, so traders understand all costs associated with using any specific broker. These are the best CySEC regulated brokers for 2021 according to our testing and our research.

English

The best CySEC regulated Forex brokers for 2021

Last updated on 17 May 2021
Updated 17 May 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
HF Markets
Min. Deposit
GBP 100
4.084.08
Min. Spread
0 pips
Fx Pairs
50+
CySEC Licence
183/12
Platforms
Overall Rating
4.08/5
AlertAccepts UK Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA. 69.03% of traders lose money with this provider.
2
XM
Min. Deposit
GBP 5
4.384.38
Min. Spread
0.60 pips
Fx Pairs
57
CySEC Licence
120/10
Platforms
Overall Rating
4.38/5
AlertAccepts UK Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 77.19% of traders lose money with this provider.
3
Plus500
Min. Deposit
GBP 100
4.094.09
Min. Spread
0 pips
Fx Pairs
70+
CySEC Licence
250/14
Platforms
Overall Rating
4.09/5
AlertAccepts UK Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 30:1. Cryptocurrency availability subject to regulation. Islamic account available. Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS. All information presented is verified as of the date of the review. 76.4% of traders lose money with this provider.
4
XTB
Min. Deposit
GBP 5
4.144.14
Min. Spread
0.80 pips
Fx Pairs
49
CySEC Licence
169/12
Platforms
Overall Rating
4.14/5
AlertAccepts UK Clients. Average spread EUR/USD 0.50 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC CySEC, FCA and the IFSC. 82% of traders lose money with this provider.
5
FxPro
Min. Deposit
GBP 100
4.244.24
Min. Spread
0.60 pips
Fx Pairs
70+
CySEC Licence
078/07
Platforms
Overall Rating
4.24/5
AlertAccepts UK Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA. 77% of traders lose money with this provider.
6
IC Markets
Min. Deposit
GBP 200
4.464.46
Min. Spread
0.10 pips
Fx Pairs
60
CySEC Licence
362/18
Platforms
Overall Rating
4.46/5
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
7
IronFX
Min. Deposit
GBP 50
4.194.19
Min. Spread
0 pips
Fx Pairs
85
CySEC Licence
25/10
Platforms
Overall Rating
4.19/5
AlertAccepts UK Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA. 75.35% of traders lose money with this provider.
8
Tickmill
Min. Deposit
GBP 100
4.124.12
Min. Spread
0 pips
Fx Pairs
60+
CySEC Licence
278/15
Platforms
Overall Rating
4.12/5
AlertAccepts UK Clients. Average spread EUR/USD 0.20 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 73% of traders lose money with this provider.
9
eToro
Min. Deposit
GBP 200
3.693.69
Min. Spread
1 pips
Fx Pairs
52
CySEC Licence
109/10
Platforms
Overall Rating
3.69/5
AlertAccepts UK Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC. 67% of traders lose money with this provider.
10
Pepperstone
Min. Deposit
GBP 5
4.614.61
Min. Spread
0 pips
Fx Pairs
80+
CySEC Licence
388/20
Platforms
Overall Rating
4.61/5
AlertAccepts UK Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA. 79.3% of traders lose money with this provider.

How to compare 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 brokers can be considered safe. Still, some few CySEC-regulated brokers have a history of controversy, and the regulator has only taken limited action on behalf of clients and partners. But it is essential to look at the detail of each broker to find out what differentiates them from each other. When comparing CySEC regulated brokers consider:

Regulation: While your broker is CySEC regulated, your trading account may not be. It is increasingly common for CySEC regulated brokers to onboard clients onto a different license where trading conditions, like leverage, can be increased without the CySEC oversight. While this is not fundamentally bad, the trader should know their trading account is regulated and that CySEC will not enforce their regulations in overseas territories. If you value the regulatory oversight of CySEC, don’t trade that for adjusted trading conditions.

Platform choice: Traders have a wide range of industry platforms to choose from, each with pros and cons. When comparing brokers, always consider the platform options, as unique features or a wide variety of platforms could change your trading experience. 

Trading costs: Every broker will charge for their services, but each will have different pricing models and costs. While ECN brokers will charge a smaller spread combined with a commission based on volume, market maker brokers will charge a wider spread. We compare brokers by looking at what 1 lot of EURUSD costs to trade and would encourage traders to do the same in comparing costs. 

MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.

Minimum Deposit: The minimum deposit could change by account type, with higher minimum deposits often linked to better conditions. Always consider the minimum deposit specific to the account type you may open. 

Deposit and Withdrawal Methods: Most brokers accept credit cards and bank transfer payment, and many accept online payments through Skrill and Neteller, and some will also accept Bitcoin. Always check the withdrawal fees before making a deposit. 


  • HF Markets - Best Forex Analysis App
  • XM - Best Education
  • Plus500 - Best Unlimited Demo Account
  • XTB - Best Proprietary Platform
  • FxPro - Best Execution
  • IC Markets - Best Beginner-friendly Broker
  • IronFX - ECN Broker with the Most FX Pairs
  • Tickmill - STP/ECN Broker with Lowest Commission
  • eToro - Best Social Trading Platform
  • Pepperstone - Best ECN CFD Broker

HF Markets – Best Forex Analysis App

A CySEC-regulated ECN/STP broker, HF Markets offers trading on multiple assets including Forex, metals, energies, indices, and shares.  HF Markets offers full support for the MT4 and MT5 platforms in addition to numerous trading tools, including Autochartist, VPS services, Premium Trading Tools, and its proprietary HF App.  The HF App helps traders to understand the markets with trading tools and the latest news, updates, and financial analysis. 

The HF App’s analysis tools include Daily Market Analysis, which allows traders to stay on top of market events, a Trading Positions feature, which allows you to track how other traders are reacting to currency and commodity movements, and a Traders’ Board with information on currency movers and live charts of major pairs.  The HF App also allows traders to deposit and withdraw funds, apply technical indicators, copy trade, and create watchlists. 

Pros
  • Well regulated
  • Excellent market analysis
  • Copy trading accounts
Cons
  • Limited base currencies
AlertAccepts UK Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA. 69.03% of traders lose money with this provider.

XM – Best Education

XM is a CySEC-regulated market maker broker with an excellent repository of educational and market analysis materials.  XM’s educational content focuses on instruction in video format, which is aimed at traders of all experience levels – beginner, intermediate, and advanced.  XM also provides daily interactive instruction via webinars that are available daily from 08.30 – 16.00 GMT, Monday to Friday. Topics range from the basics of Forex trading, to learning how to use multiple time frame techniques with real-time simulated trading conditions.  All webinars are hosted by industry expert analysts.

XM also offers competitive trading conditions on four live accounts.  Minimum deposits start at 5 USD on its entry-level account with a spread of 1.6 pips on the EUR/USD, which is wider than other market makers.  Trading costs improve on its Zero Account, with spreads as tight as 0 pips in exchange for a commission of 7 USD round turn.  All accounts offer a maximum leverage of up to 30:1. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
AlertAccepts UK Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 77.19% of traders lose money with this provider.

Plus500 – Best Unlimited Demo Account

Plus500 is a CFD provider regulated by many top-tier authorities, including CySEC that only offers trading on its proprietary platform.  Available on both Android and iOS, Plus500’s platform is intuitive and easy-to-use and offers a number of useful features including advanced order types, sentiment indicators, and price alerts on the move. Plus500 offers an unlimited demo account, which means that it will never expire, available on both the mobile and desktop versions of the platform.  Customer service is also available 24/7 to help with the demo setup and any other technical or account questions. 

Plus500 offers a single commission-free account with a minimum deposit of 100 USD, leverage of up to 30:1, and spreads starting at 0.80 pips on the EUR/USD, which is tighter than other market makers.  There is no account choice at Plu500, which is unusual as most of its serious competitors have a number of account types with tighter spreads linked to higher deposit requirements. 

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
AlertAccepts UK Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 30:1. Cryptocurrency availability subject to regulation. Islamic account available. Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS. All information presented is verified as of the date of the review. 76.4% of traders lose money with this provider.

XTB – Best Proprietary Platform

XTB is a CySEC-regulated STP broker that offers trading on multiple trading instruments, including Forex, indices, commodities, stock CFDs, and cryptocurrencies.  Following a recent decision to move away from MT4, XTB only offers support for its proprietary award-winning proprietary platform, xStation 5.  It offers many of the trading features found in MetaTrader4, introducing sentiment data directly into the platform, powerful charting tools, one-click trading, and real-time performance statistics. 

XTB only offers trading on a single commission-free market execution account with no minimum deposit requirements, leverage of up to 30:1, and spreads that start at 0.80 pips on the EUR/USD which is tighter than other STP brokers. 

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts UK Clients. Average spread EUR/USD 0.50 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC CySEC, FCA and the IFSC. 82% of traders lose money with this provider.

FXPro – Best Execution

FxPro is a leading CySEC-regulated market maker broker with no dealing desk intervention.  With full support for the MT4, MT5, and cTrader platforms, FxPro provides low latency, fast execution on four account types.  Most trades are filled in under ten milliseconds, and trades are executed at one of FxPro’s Equinox Data Centres in either London or Amsterdam. 

At FxPro, each account type is associated with a different platform.  On the MT4 and MT5 accounts, spreads average at 1.84 pips and 1.65 pips on the EUR/USD, respectively which is higher than other similar brokers.  Spreads tighten significantly on the cTrader account, averaging at 0.31 pips on the EUR/USD in exchange for a commission of 9 USD round turn per lot traded.  FxPro also employs a dynamic leverage model which adapts according to the volume traded.   

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts UK Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA. 77% of traders lose money with this provider.

IC Markets – Best Beginner-friendly Broker

IC Markets is a CySEC-regulated beginner-friendly ECN broker offering trading on a wide range of assets, including Forex, commodities, stocks, indices, digital currencies, bonds, and futures.  It provides a welcoming environment for beginner traders with a well-structured and in-depth education section.  All material is developed by an in-house team of expert analysts and includes video tutorials, various articles, frequent webinars, and IC Markets’ WebTV.  IC Markets also provides excellent customer support, available 24/7 to help with platform setup and other technical questions. 

IC Markets offers trading on two live market execution accounts and a Standard Account on the MT4, Mt5, and cTrader platforms.  Spreads average at 0.1 pips (EUR/USD) on the Raw Spread account, which is one of the tightest spreads in the world, but traders are charged a commission of 7 USD (round turn) per lot on the MT4 platform, and 6 USD (round turn) per lot on the cTrader platform. 

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

IronFX – ECN Broker with the Most FX Pairs

An ECN/STP broker, IronFX is regulated by many top-tier authorities, including CySEC.  It offers a wide range of tradable assets, including metals, indices, commodities, futures, shares, and over 80 Forex pairs.  With a wide variety of account types and execution choices, traders can decide on the spread/commission structure that bests suits their strategy.   

Spreads start at 0 pips on the EUR/USD on the absolute zero accounts in exchange for a high commission of 18 USD per lot traded.  Traders can also choose to trade on the Fixed Spread accounts, which offer spreads starting at 2.2 pips on the EUR/USD, but with no commissions.  Leverage is up to 30:1 on all accounts, and all accounts offer trading on IronFX’s wide range of currency pairs. 

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts UK Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA. 75.35% of traders lose money with this provider.

Tickmill – STP/ECN Broker with Lowest Commission

Tickmill is an STP/ECN broker with regulation from numerous authorities, including CySEC.  It offers trading on multiple assets, including Forex, stock, oil, precious metals, and bonds.  Tickmill has won many awards for its excellent trading conditions, especially its low commissions.  

Tickmill offers three live accounts in addition to a demo account. Spreads start at 1.6 pips on its commission-free Classic Account, which a wider than other STP/ECN brokers, but tighten to 0.1 pips on its Pro Account in exchange for a small commission of 2 USD per side per lot.  Minimum deposits are reasonable, starting at 100 USD, and traders are offered leverage of up to 30:1.  Tickmill only offers support for the MT4 platform, but it offers lightning-fast execution and low latency trading. 

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
  • Wide range of assets
Cons
  • MT4 only
AlertAccepts UK Clients. Average spread EUR/USD 0.20 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 73% of traders lose money with this provider.

eToro – Best Social Trading Platform

A market maker, eToro is a CySEC-regulated broker offering trading on multiple assets, including Forex, stocks, commodities, ETFs, indices, and over 96 cryptocurrency pairs – one of the largest sets in the industry.  eToro is popular for its unique crowd trading platform which allows clients to follow expert traders and market strategies.  The innovative trading platform is designed for both web browsers and mobile devices, making the trading experience smooth and simple. 

eToro offers one commission-free live account with floating spreads starting at 1.0 pips on the EUR/USD, which is in line with other market makers.  While eToro’s platform does not offer the sophistication and features available on the MT4/MT5 or cTrader, it makes both social trading and copy trading an easy process. 

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
AlertAccepts UK Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC. 67% of traders lose money with this provider.

Pepperstone – Best ECN CFD Broker

Pepperstone is a leading CySEC regulated ECN/STP broker offering trading on over 180 assets, including Forex, indices, shares, commodities, cryptocurrencies, and currency indices.  Pepperstone offers full support for the MT4, MT5, and cTrader platforms which provides high-speed execution and low latency trading.

Pepperstone’s trading conditions are among the most competitive in the industry, with two live accounts on offer, a Standard commission-free account with spreads averaging at 1.09 pips on the EUR/USD, and a Razor Account with spreads that average at 0.09 pips in exchange for a reasonable commission of 7 USD (round turn) per trade.  Pepperstone also provides award-winning customer service, available 24/7, and an excellent educational repository, making it a good choice for beginner traders. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
    AlertAccepts UK Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA. 79.3% of traders lose money with this provider.

    Why Trade with a CySEC Regulated Forex Broker?

    There are few genuinely strong regulators in the world; the UK’s Financial Conduct Authority is one, the Australian Securities and Investments Commission is another, and most would agree that CySEC is also a member of this group. After a shaky start as a regular, in recent years CySEC has built a reputation for guaranteeing trader security and dealing harshly with bad brokers, especially since the tightening of ESMA restrictions across the EU. We will talk about those restrictions in more detail below, but first, let’s look at the current benefits of trading with a CySEC-regulated broker.

    • Segregated Funds: All trader funds are kept in a segregated trust account which the broker cannot access. This prevents the broker from using trader funds for operational purposes. It also ensures that in the case of broker bankruptcy, trader funds can be refunded.
    • Capital Adequacy: CySEC requires all regulated brokers to hold enough capital to meet the capital adequacy ratio requirement. This decreases the likelihood of broker failure in the event of significant losses.
    • Reports and Auditing: Because brokers are required to submit regular financial compliance reports to CySEC, it is very difficult for brokers to hide any wrongdoing. Similarly, because these brokers are also subject to independent audits and visits from CySEC investigators, any wrongdoing will be exposed.
    • Compensation Fund: All CySEC-regulated brokers are required to join the Investor Compensation Fund Scheme. Under this scheme, traders are liable for compensation up to 20,000 EUR in the case of broker bankruptcy.
    • Insurance Coverage: CySEC demands that all licenced brokers maintain insurance coverage of at least 1.5 million EUR for losses resulting from negligence.
    • Transparency: CySEC expects to have a complete overview of all products that a broker is planning to offer, and that these products are the same as the products provided to clients.

    These protections are enshrined in regulatory law and brokers who are found to be in contravention are penalised and can even have their operating licence removed altogether.

    A useful resource for traders, CySEC hosts an up-to-date list of brokers that are legally allowed to operate in their jurisdiction, if you are concerned that a broker may be operating illegally, check CySEC’s regulated entities list.

    CySEC also publishes warnings on unregulated brokers operating illegally; many illegal brokers will often disguise themselves as regulated brokers, so it is crucial to check here if you are concerned.

    Broker Regulation and Why it’s Important

    Regulators are essential in all financial markets because they set the rules that guarantee a level playing field. They also enforce those rules by requiring members to submit regular reports and have independent audits. Most good regulators will also have an investigations department and will conduct unannounced visits to regulated companies to ensure day-to-day operations are compliant. Regulators also have the power to impose penalties on members, including fines, sanctions, and even revoking a company’s operating licence, thereby putting them out of business.

    What is interesting about the Forex market is that there is no legal requirement for brokers to be regulated. CFD Forex trading is an Over the Counter (OTC) derivatives market – this means that there is no central exchange and no overall regulator with oversight for the market.

    Having a wholly unregulated market is a bad idea and leads to massive consumer fraud, as happens on a smaller scale in regions with poorly regulated local Forex industries. Instead of having a single regulator, countries and regions regulate the brokers who reside in their territory. As each regulator has different abilities and priorities, Forex regulation is not uniform, and brokers must abide by different rules depending on which country/countries they are legally resident.

    What is CySEC?

    CySEC is the financial regulatory agency of Cyprus. It was founded in 2001 and when Cyprus joined the EU in 2004 CySEC became part of the pan-European MiFID (Markets in Financial Instruments Directive). MiFID is an EU law the harmonises regulation for financial services across the member states, allowing for financial firms registered in one state to essentially have a “passport” to operate in all the other EU states.

    In terms of the Forex industry, this means that any Forex broker registered in Cyprus can market to, and accept business from, all EU citizens.

    As the Cyprus financial regulator, CySEC has many crucial obligations in the financial sector – most of them outside the Forex industry – these are:

    • To review applications for and provide operating licenses to supervised financial companies – and revoke these if necessary.
    • To supervise and regulate the operation of and all transactions on the Cyprus Stock Exchange
    • To carry out all necessary investigations in view of the exercise of its duties under the law as well as on behalf of other foreign competent Authorities.
    • To impose administrative and disciplinary sanctions provided by the law.
    • To issue regulatory Directives and Decisions.
    • To cooperate and exchange data and information with foreign supervisory authorities.

    CySEC and ESMA: Restrictions on Trading Conditions

    In March 2018, the European Securities Markets Authority (ESMA – an EU taskforce which examines EU-wide financial risk) announced new regulations on all CFD trading in the EU; these regulations were a directive at the supranational level – meaning that all EU members were required to abide by the regulations and enshrine them in domestic law.

    Cyprus, as an EU member state, must also abide by this new set of regulations and all CySEC-regulated brokers will have the following restrictions as a result:

    • Leverage Restriction: Maximum leverage of 30:1 on major currency pairs, 20:1 on all other pairs, 5:1 on equities, 2:1 on cryptocurrencies
    • Negative Balance Protection: All brokers must guarantee negative balance protection for all traders
    • No Bonus: All bonuses, promotions or any other type of trading incentive are banned
    • Margin Call: Brokers will be required to close a client’s open positions when the account equity reaches 50% of the required minimum margin by all open positions.
    • Risk Warning: All brokers will be required to display a standard risk warning showing what percentage of clients lose money with them.

    While many traders and brokers were unhappy with the restriction on leverage, many people in the Forex industry agree that the new ESMA regulations protect traders from making huge losses without critically damaging broker profits.

    CySEC vs FCA

    The Financial Conduct Authority is the United Kingdom’s financial regulator and is generally upheld as the best and strictest national regulatory authority in the world. Most good brokers will be regulated either by CySEC, the FCA or sometimes both.

    On paper, there is little difference between CySEC or FCA regulation – though the licencing fee for CySEC brokers is only 7,000 EUR, compared to 25,000 GBP for the FCA. Aside from that, both regulators require segregated accounts, membership of a compensation fund and have high capital adequacy standards. All brokers regulated by both authorities will have the same leverage restrictions and other constraints required by the ESMA regulation – though whether this continues to remain the case once the United Kingdom leaves the EU remains to be seen.

    The differences between the two regulators are mainly anecdotal, while the FCA is seen as unimpeachable when it comes to protecting consumers and being tough on brokers, many traders complain that CySEC is too broker-friendly and that it gives away operating licences too easily. CySEC also has a history of being easy on badly behaved brokers, with industry commentators noting that fines being levied by CySEC tended to be smaller than those handed out by other EU regulatory organisations.

    But since 2016, CySEC has made sweeping changes to both the registration and regulation processes of all registered entities. Changes include more transparency regarding existing listed entities, harsher fines and regular unannounced onsite visits from CySEC investigators to check compliance. This has led to a surge in broker suspensions and license revoking, and CySEC is gradually losing its image as a light-touch regulator.

    All CySEC Brokers

    This is our list of all CySEC regulated brokers we have reviewed. They are ordered by their overall rating, placing the best overall broker at the top of the list. 

    Scroll for more detailsPreviousNext
    Overall Rating
    CySEC Licence
    Regulators
    Beginner Friendly
    Platforms
    Min. Deposit
    Cost of Trading
    Fees
    No. of FX Pairs
    Compare
    Official Site
    4.61 /5
    Read Review
    388/20
    Excellent
    GBP 5
    USD 7.90
    From 7 USD / lot - Razor Account
    80+
    Visit Broker >
    Your capital is at risk
    4.54 /5
    Read Review
    319/17
    Excellent
    Capital.com
    USD 20
    USD 6
    Fees Included in Spread
    166
    Visit Broker >
    Your capital is at risk
    4.49 /5
    Read Review
    092/08
    Excellent
    GBP 250
    USD 7
    Fees Included in Spread
    50+
    Visit Broker >
    Your capital is at risk
    4.46 /5
    Read Review
    362/18
    Excellent
    GBP 200
    USD 8
    7 USD / lot - True ECN account
    60
    Visit Broker >
    Your capital is at risk
    4.38 /5
    Read Review
    120/10
    Excellent
    GBP 5
    USD 16
    7 USD / lot - XM Zero Account
    57
    Visit Broker >
    Your capital is at risk
    4.37 /5
    Read Review
    185/12
    Excellent
    GBP 10
    USD 15
    4 USD / ECN Accounts
    59
    Visit Broker >
    Your capital is at risk
    4.32 /5
    Read Review
    199/13
    Excellent
    GBP 100
    USD 15
    Fees Included in Spread
    50+
    Visit Broker >
    Your capital is at risk
    4.24 /5
    Read Review
    201/13
    Excellent
    MT Supreme
    GBP 25
    USD 5
    1.8 - 3 USD per lot
    40+
    Visit Broker >
    Your capital is at risk
    4.24 /5
    Read Review
    078/07
    Excellent
    FxProEdge
    GBP 100
    USD 14
    9 USD / lot
    70+
    Visit Broker >
    Your capital is at risk
    4.23 /5
    Read Review
    371/18
    Excellent
    IRESS
    GBP 100
    USD 7
    6 USD / lot - RAW Accounts
    60+
    Visit Broker >
    Your capital is at risk
    4.19 /5
    Read Review
    25/10
    Excellent
    GBP 50
    USD 11
    Zero Accounts
    85
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    259/14
    Standard
    GBP 100
    USD 12
    8 USD / lot - Raw Account
    38
    Visit Broker >
    Your capital is at risk
    4.14 /5
    Read Review
    169/12
    Excellent
    xStation5
    GBP 5
    USD 5
    Fees Included in Spread
    49
    Visit Broker >
    Your capital is at risk
    4.14 /5
    Read Review
    138/11
    Standard
    USD 1
    USD 7.80
    $5 per 1 lot
    80
    Visit Broker >
    Your capital is at risk
    4.13 /5
    Read Review
    392/20
    Standard
    NinjaTrader
    GBP 50
    USD 13
    5 USD / lot
    40
    Visit Broker >
    Your capital is at risk
    4.12 /5
    Read Review
    278/15
    Excellent
    GBP 100
    USD 6
    4 USD / lot - Pro Account
    60+
    Visit Broker >
    Your capital is at risk
    4.12 /5
    Read Review
    093/08
    Excellent
    USD 50
    USD 10
    10 USD / lot - ECN Account
    56
    Visit Broker >
    Your capital is at risk
    4.10 /5
    Read Review
    322/17
    Standard
    GBP 200
    USD 10
    6 USD / lot - GoPlus+
    50+
    Visit Broker >
    Your capital is at risk
    4.09 /5
    Read Review
    250/14
    Standard
    Plus500
    GBP 100
    USD 8
    Fees Included in Spread
    70+
    Visit Broker >
    Your capital is at risk
    4.08 /5
    Read Review
    183/12
    Excellent
    GBP 100
    USD 10
    50+
    Visit Broker >
    Your capital is at risk
    4.00 /5
    Read Review
    118/10
    Standard
    GBP 5
    USD 6
    6 USD / lot
    60+
    Visit Broker >
    Your capital is at risk
    3.98 /5
    Read Review
    079/07
    Standard
    GBP 25
    USD 18
    Fees Included in Spread
    103
    Visit Broker >
    Your capital is at risk
    3.92 /5
    Read Review
    357/18
    Standard
    GBP 100
    USD 7
    Fees Included in Spread
    70
    Visit Broker >
    Your capital is at risk
    3.83 /5
    Read Review
    383/20
    Standard
    USD 50
    USD 15
    Fees Included in Spread
    50
    Visit Broker >
    Your capital is at risk
    3.70 /5
    Read Review
    202/13
    Standard
    Sirix
    GBP 250
    USD 40
    Fees Included in Spread
    48
    Visit Broker >
    Your capital is at risk
    3.69 /5
    Read Review
    109/10
    Standard
    etoro
    GBP 200
    USD 10
    Fees Included in Spread
    52
    Visit Broker >
    Your capital is at risk
    3.64 /5
    Read Review
    268/15
    Standard
    Sirix
    GBP 500
    USD 24
    Fees Included in Spread
    63
    Visit Broker >
    Your capital is at risk
    3.60 /5
    Read Review
    127/10
    Standard
    USD 100
    USD 20
    50
    Visit Broker >
    Your capital is at risk
    3.58 /5
    Read Review
    204/13
    Standard
    USD 250
    USD 17
    Fees Included in Spread
    48
    Visit Broker >
    Your capital is at risk
    3.53 /5
    Read Review
    209/13
    Standard
    USD 10
    USD 20
    0,007% / Trade - Zero Account
    33
    Visit Broker >
    Your capital is at risk
    3.49 /5
    Read Review
    261/14
    Poor
    GBP 100
    USD 15
    10 USD / lot - ECN Account
    43
    Visit Broker >
    Your capital is at risk
    3.49 /5
    Read Review
    344/17
    Standard
    WebTrader
    USD 500
    USD 16
    Fees Included in Spread
    41
    Visit Broker >
    Your capital is at risk
    3.42 /5
    Read Review
    227/14
    Standard
    Sirix
    GBP 100
    USD 40
    Fees Included in Spread
    55
    Visit Broker >
    Your capital is at risk
    3.32 /5
    Read Review
    266/15
    Standard
    GBP 1
    USD 30
    Fees Included in Spread
    110
    Visit Broker >
    Your capital is at risk
    3.28 /5
    Read Review
    247/14
    Standard
    IQ option
    GBP 10
    USD 50
    Fees Included in Spread
    57
    Visit Broker >
    Your capital is at risk
    3.07 /5
    Read Review
    121/10
    Standard
    USD 100
    USD 20
    None
    28
    Visit Broker >
    Your capital is at risk

    Conclusion

    As the regulator with the most EU registered brokers, CySEC has a critical role in the Forex industry, and millions of traders rely on their ability to ensure a fair trading environment.

    While in the past, this ability has been questioned, currently CySEC is seen as a leader in the Forex regulatory world and brokers with CySEC regulation should be considered safe and secure places for trading.

    Forex Risk Disclaimer

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

    Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

    Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

    Our Methodology

    Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

    With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

    In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

    All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

    Featured Brokers

    Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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