Top and The Best Forex Brokers In Cyprus Regulated By CySEC
Cyprus securities and Exchanges Commission (CySec) is one of the most important regulatory authorities in the world. The agency has a regulatory framework for supervising the activity of online trading institutions and affiliated companies that establish operations in Cyprus. Since establishment in 2001, CySec has become a main financial trading activity watchdog of MiFID, the main regulatory institution operating within the confines of the European Union. CySyc supervises activity of all Cyprus forex brokers.
CySec is always at the forefront when it comes to establishing top-notch regulatory standards and enforcing authority over financial market activity. Many forex companies have established operations in Cyprus due to favorable business climate and positive investor sentiment. Activities of companies headquartered in Cyprus are overseen by CySec in compliance with MIFID guidelines. Failure to comply with the requirements set by regulatory authorities might result in legal repercussions, which might include but not limited to severe fines and license revocation.
The vide acceptance and popularity of CySec regulated brokers is largely connected to the fact that CySec has light entry barriers and makes it easy for companies to start operating under its umbrella. As such, CySec removes the bureaucratic hindrances from the license acquisition process which makes it attractive for Forex business to set up there. Add to this that Cyprus was a tax haven before becoming a part of European Union in 2004 and you get an assortment of solid factors favoring registration within this jurisdiction.
Top Forex Companies in Cyprus
Tasked with creating a transparent trading environment for EU residents, CySec became a member of MiFID to ensure that all entities operating under CySEC provide safe, secure and trustworthy services to their clientele. CySec however does not process customer complaints directly. The client is first expected to settle the disagreement with the broker and transfer to CySec only if no viable solution was reached between both parties. In case of the latter, the client may contact the Financial Ombudsman on Cysec recommendation. Understanding if the Cyprus regulated forex broker is authentic is fairly easy – each company operating within this regulatory framework must display a 5-digit license number on their website at the right place. Double-checking this information is easy as well as this information can be confirmed through regulatory agency’s official website. The CySEC also issues updates, circulars and warning notices to bring to the notice of the general public as to which of the members have been fined or their licenses revoked in view of any financial wrongdoings.
Having shed some light on how the regulation is being enacted by CySec, below is the list of forex brokers in cyprus whom you can work with and stay assured in the security of your funds and personal information.
Spread: From 1 Pips
Min Deposit: $5
Regulated: ASIC, CySEC, FCA (UK), BaFin, CNMV
XM.com, a trade name of Trading Point Holdings Ltd, is owned as well as operated by Trading Point of Financial Instruments Ltd, which is regulated by CySEC. It is also European Union-registered forex broker. XM has its headquarters in Limassol, Cyprus.
Spread: The Spread can be as low as 0.01%” (0.01% = spread for EUR/USD)
Min Deposit: €100
Regulated: ASIC, CySEC, FCA (UK)
Plus 500 is a reputable forex company provided by Plus500CY Ltd, a Cyprus-based company headquartered in Limassol. This broker has full authorization to operate in EU area and is in full compliance with CySec guidelines.
Spread: From 3 Pips
Min Deposit: $200
Regulated: NFA, FCA, CySec
eToro is one of the Big players in the industry, offering traders opportunity to trade with a variety of financial instruments including Forex, commodities and contracts for difference. The company is providing services to customers from 170 countries and is especially renown for its social and copy trading capabilities.
Spread: From 0 Pips
Min Deposit: $1
Regulated: CySEC, FSP, BaFin, CRFIN
Exness Group is one of the biggest companies in the world with a trading volume of over $180 billion and in excess of 15,000 new trading accounts registered on a monthly basis. At time of writing Exness has more than 120 financial instruments available for trading. Also, read our article about best Uk(FCA) regulated forex brokers.