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- 1. Compare the 7 best CySEC regulated forex brokers in 2023
- 2. Best 7 CySEC regulated forex brokers overall
- 3. What are the best CySEC regulated brokers?
- 4. Top 7 CySEC regulated forex brokers, reviewed
- 5. What is CySEC regulated broker?
- 6. Benefits of using a CySEC regulated forex broker
- 7. How to check if a forex broker is regulated by CySEC
- 8. How should I choose a CySEC regulated broker?
- 9. Should I use a CySEC regulated broker?
- 10. Methodology: How did we choose the best CySEC regulated platforms?
- 11. FAQs
Compare the 7 best CySEC regulated forex brokers in 2023
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79% of retail CFD accounts lose money
CySEC is the financial authority of Cyprus and regulates all forex brokers operating in the EU. Our forex trading experts have investigated and reviewed the leading CySEC regulated brokers and you can find the best platforms for all levels of experience on this page.
Best 7 CySEC regulated forex brokers overall
- eToro: Best for beginners, copy-trading & demo-account
- Exness: Best for tight spreads and a pro-style trading experience
- OANDA: Best for trading with live market data
- Capitality: Best for trading like a pro
What are the best CySEC regulated brokers?
You can find our experts’ selections below. All of these forex brokers are regulated by CySEC and are the best ranked platforms to use to trade the FX market. Click on any of the links to register an account in a few minutes, or keep scrolling to learn more about each one.
Top 7 CySEC regulated forex brokers, reviewed
1. eToro. Best for beginners, copy-trading & demo-account
1500
No. assets
$10
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.
2. Exness. Best for tight spreads and a pro-style trading experience.
...
No. assets
...
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love Exness because it offers tight spread trading and a bespoke trading experience. Exness offers including 100+ forex pairs, including all major and minor pairs alongside a large range of exotic pairs.
Exness offers a great range of pro-style trading tools and a variety of account types to suit all experience levels. Beginners can take advantage of a free demo account or micro-lots for low minimum trades, while more experienced traders can use the Exness terminal or plug it into the MetaTrader software and trade from there.
The fees: Standard accounts aren’t charged a commission but are charged through the spread. Spreads start from 1 pip on major forex pairs. Overnight fees apply on some assets (exc. swap-free accounts).
3. Oanda. Best for trading with live market data
1500
No. assets
$10
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love Oanda because its user-friendly trading platform has been built for reliability and speed. Oanda is a CFD broker where you can trade over 70 forex markets, including majors and minors. The platform is suitable for all levels of experience, has powerful analysis tools and a wide selection of educational videos.
Oanda is an award-winning broker and integrates with both the Metatrader4 and TradingView platforms. That’s in addition to its fully customisable proprietary mobile and desktop app. Oanda has been operating for over 25 years and holds regulatory licences in the UK, Europe, Asia, and Australia.
The fees: Oanda does not charge any commissions on trading. It makes it money from the Bid/Ask spread which starts at 0.7 pips. Swap charges are applied for keeping positions open overnight and vary depending on size. There is also an admin fee for swap charges starting at 1%. A £10 fee is applied to accounts inactive for 12 months.
4. Capitality. Best for trading like a pro
...
No. assets
...
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs.
The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.
The fees: Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.
What is CySEC regulated broker?
It’s a forex broker that is regulated by the Cyprus Exchange and Securities Exchange Commission (CySEC). CySEC regulates all brokers operating in the European Union and is a tier-2 authority. It follows guidelines set out by the European Securities and Markets Authority (ESMA).
CySEC’s main purpose is to ensure European trading firms adhere to strict guidelines while protecting retail investors and traders.
Benefits of using a CySEC regulated forex broker
The main benefit of using a CySEC regulated forex broker is the protection against unscrupulous and unlicensed platforms. Even when choosing one, it’s important to make an informed decision and only choose the best CySEC regulated forex brokers. Here are some of the key benefits of using a forex broker regulated by CySEC.
- Security. Forex brokers regulated by CySEC must comply with strict rules to ensure the safety of client funds. This means that your trading funds will be kept in a segregated bank account, separate from the broker’s account. Segregated accounts provide an extra layer of protection and mean if the broker goes out of business, your funds will be secure.
- Transparency. When you use a CySEC regulated broker, you will be provided information about its services, including fees and charges. Brokers must also provide information about their trade routing model, such as if they’re operating as a market maker or an ECN.
- Fair trading practices. One of the most important benefits of using a CySEC regulated forex broker is the trading conditions available. To obtain a licence, brokers must ensure traders have access to accurate and up-to-date market information and must execute orders promptly and fairly.
- Compensation. All CySEC regulated trading platforms contribute to a compensation fund. This protects traders if a broker cannot meet its financial obligations. So if you’re CySEC FX broker goes out of business, you may be able to recover some or all of your funds.
How to check if a forex broker is regulated by CySEC
You can check if a broker is regulated by CySEC very easily; the process takes just a few minutes. Here’s how to do it.
Step1. Visit the broker’s website
Go to the broker’s website and look at its homepage. Here you’ll be able to see what services it offers and other important information.
Step 2. Find its CySEC licence number
Now you have to find the broker’s CySEC regulation number. This is usually located on its homepage footer or in its ‘about us’ section.
Step 3. Cross-reference with the official CySEC website
Enter the broker’s number to the official Cyprus Exchange and Securities Exchange Commission (CySEC) website. You’ll be able to see if the broker is regulated and what type of licences it holds.
How should I choose a CySEC regulated broker?
Different features will be important to you and will depend on your experience level and what type of trader you are. If you’re a beginner, you may want a platform with access to education, while if you’re a scalper, for example, low spreads may be the most important factor. Here are a few tips to help you choose the best CySEC FX broker.
Choose a platform with low fees
You’ll usually have to pay fees such as spreads, commissions, or payment charges when you trade forex. The best CySEC regulated forex brokers have low fees, ensuring your costs are kept down. Low trading fees are especially important if you plan on making lots of trades, as charges can quickly eat into your profits.
Use a broker that has a good trading platform
The most popular trading platform for retail forex traders is MT4, although more and more brokers are now integrating with TradingView. When you’re choosing a broker, check which platforms it has available. Some may offer multiple platforms, so you’ll have a few options to choose from.
Check the broker’s reputation before joining
It is easy to find out what type of reputation a broker has by reading online reviews from other customers. There are several review websites where you can find out how a broker treats its customers. You should always go with an FX platform with more positive than negative reviews.
Make sure it has the type of account you want
Forex brokers usually offer different types of trading accounts, so you’ll need to make sure you find out what is on offer before registering an account. The most common types of forex accounts are ECNs and standard accounts. If you plan on trading a lot, then an ECN may be best due to its low spreads. Standard accounts usually have higher spreads but a suitable for most.
Should I use a CySEC regulated broker?
If you live in the European Union, then yes, using a CySEC regulated forex broker is recommended. Several benefits are available with using a properly regulated platform, such as negative balance protection, which means your trading account will never go below zero.
You can also access compensation schemes, the best and fairest trading conditions, and more. However, there are some downsides to using a CySEC broker, which includes limited leverage available as the max is 30:1. You also won’t have access to bonuses or other promotions. However, the benefits far outweigh the disadvantages.
What are the risks of using a CySEC regulated broker?
The main risk of using a CySEC regulated FX broker is losing your money; however, this is generally down to losing trades, as opposed to the broker. Here are a few pros and cons of using a CySEC regulated trading platform.
Benefits
- Your funds are kept in a separate account
- You have access to compensation schemes
- Negative balance protection
- You can start with as little as £10
Risks
What are the fees for using a CySEC regulated forex broker?
Each forex broker will have its own fee schedule, varying from platform to platform. Generally, brokers will charge spreads, commissions, or a combination of both. Other fees may include payment charges or access to advanced tools such as indicators or trading platforms.
Methodology: How did we choose the best CySEC regulated platforms?
Our team of forex experts tested each platform on our list for various aspects. These included fees, markets available, spreads, commissions, customer service, and the payment process. In addition to our testing of services, we also cross-referenced each platform with the official CySEC website to ensure they were regulated.
Our evaluation was not solely based on our findings but also considered online reviews and research. You can find an in-depth analysis of each of the brokers we have included in our comparison guide. Our rankings are not influenced by any broker, however, we may receive a commission if you register an account using a link on this page.
Please visit our full review process page for further information about our methodology
FAQs
More of the best forex rankings
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Navigation
- 1. Compare the 7 best CySEC regulated forex brokers in 2023
- 2. Best 7 CySEC regulated forex brokers overall
- 3. What are the best CySEC regulated brokers?
- 4. Top 7 CySEC regulated forex brokers, reviewed
- 5. What is CySEC regulated broker?
- 6. Benefits of using a CySEC regulated forex broker
- 7. How to check if a forex broker is regulated by CySEC
- 8. How should I choose a CySEC regulated broker?
- 9. Should I use a CySEC regulated broker?
- 10. Methodology: How did we choose the best CySEC regulated platforms?
- 11. FAQs