If you have researched the best forex broker, you have noticed a lot of forex broker online that are based in Cyprus. If a lot of online forex broker are based in Cyprus, it is the Cyprus park offering a lot of benefit to the company; One of the advantages is the lowest tax rate on society in the EU. As a member of the European Union and Cysec financial operators, in compliance with the European MiFID Financial Harmonization Act. Here is a list of the best forex broker in Cyprus that offers very good quality service.
There’s so much you can expect to do in opening a trading account with XM. Besides forex, XM lets you trade different instruments like energies, CFDs, precious metals, and equity indices. This Cyprus-based forex broker is regulated by FCA in the UK, FSP in New Zealand, ASIC in Australia, and CySEC in Cyprus.
Beginners looking to explore the forex market briefly can open a Micro account with the broker and expect to face low risks whilst they generate small profits. However, for professional and more experienced traders, there’s a Standard account on offer. Both these accounts attract a minimum deposit of $5. Having successfully created a base for itself in the forex industry, XM, today boasts of having customers in excess of 300,000 belonging to different countries.
Markets.com is a popular Cyprus-based online forex broker that is registered with CySEC in Cyprus and FSB in South Africa. What is really good about Markets.com is that it trading leverages are really attractive at 200:1 and has competitive trading spreads, all of this and more for an initial minimum deposit of $100.
Creating an account with Markets.com is really easy, once you’ve uploaded all the necessary documents. In having one such trading account with the broker, you can access several trading instruments like currencies, CFDs, commodities, stocks, oil, gold, and equities. Like with other brokers, Markets.com will not charge you a commission on the trade you initiate but makes its profits through spreads that are generally as low as 1.7 on important pairs like GBP/USD, USD/JPY, and others.
HotForex is among those online forex brokers that provide a wide range of currency pairs and dynamic trading conditions. This Mauritius-based broker came into existence in 2010 and has grown tremendously since then. The broker’s website is made available to its users in 19 international languages to make it easy for them to access information whenever needed. With only $5 required opening a Micro account with HotForex and leverages in tune to 1:1000 for Micro Accounts and 1:400 for others, this is the broker you shouldn’t mind getting associated with.
The customer support of HotForex is available to you all through the forex trading hours and is transparent. For any queries you may have, it is possible to get in touch with them through e-mail, live chat, and phone.
Founded in 2003, easy-forex is one of the best service providers in the forex industry. It has its headquarters in Cyprus and customer support centers and FX trading rooms in over 160 countries. Traders, both novice and experienced, should feel comfortable trading with easy-forex as it is licensed with ASIC in Australia, MiFID in Europe, and CySEC in Cyprus. Setting up a trading account is easy with easy-forex, with traders having the liberty to choose an account that comes with the risk they’re willing to take at the moment.
With as little as $25 you can open a Standard account with easy-forex. There are additional two account types – Premium and VIP. However, these are more suitable for professional and advanced traders than a novice.
Regulated by FCA, MiFID, CFTC, ASIC, CySEC, and NFA, eToro is one of the leading online forex brokers in the world today that continues to serve more than 5,000,000 traders belongings to different countries. Headquartered in Cyprus and founded in 2007, this broker is growing quite rapidly and is already a recipient of several awards. Being a social trading platform, eToro gives every trader an opportunity to retrieve information online and combine it with their own personal experience to trade in the forex market.
A minimum deposit of $100 is required to open an account and start trading with eToro. Upon upgrading to a Premium account, you’re entitled to receive the services from a personal account manager; direct access to eToro’s trading room, a personal Payoneer credit card, and faster withdrawals.
Opened for forex business in 2008 in Russian, Exness has quickly grown to become one of leading players in the market today. Three different trading accounts are on offer through Exness – ECN accounts, the Classic, and the Mini, with all of them offering tight floating spreads. While the spread for the Mini account is 0.3, for the remaining accounts it is just 0.1. Also, Exness doesn’t limit the number of positions that can be held by a trader.
For beginners, there’s a demo account on offer that lets novice traders to practice their trade without any investment or risk involved. For replenishing the demo account, all the trader needs to do is fill out an online request form. The broker also provides a lot of educational resources on its website including textual guides, videos, and explanation for various financial terms.