75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.


Forex trading in India is illegal for non-professional traders, and the Securities Board of India (SEBI) tightly regulates professional Forex trading due to concerns over capital flight. Most Indian Forex traders use foreign “offshore” Forex brokers and fund their trading via online payment providers. For more information, click here.

AuthorAuthor: Jeffrey Cammack
Published: Oct 14, 2019
EditorEditor: Alison Heyerdahl
Updated: Aug 17, 2023
Last Updated On Aug 17, 2023
Jeffrey Cammack

The Cyprus Securities and Exchange Commission (CySEC) is the European regulator based in Cyprus. Following the ESMA policies, CySEC ensures that Forex brokers adhere to strict rules to ensure they treat their clients fairly. 

However, not all CySEC-regulated brokers are right for all traders. Some traders may be looking for a beginner-friendly option with low-risk accounts and good educational materials, while others want the lowest possible trading costs, or great trading tools. We have curated a list of the best CySEC brokers for a variety of traders with differing needs.

These are the best CySEC-regulated brokers for 2023 according to our testing and our research.

  • OctaFX - Lowest Trading Fees
  • XM - Best Education
  • HFM - Best Forex Analysis App
  • FP Markets - Fastest Trade Execution
  • XTB - Best Proprietary Platform
  • markets.com - Lowest Trading Fees
  • FxPro - Best Execution
  • FXTM - Best Broker for Beginners

The best CySEC regulated Forex brokers for 2023

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Broker
Overall Rating
Official Site
CySEC License
Min. Deposit
Max. Leverage (Forex)
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Compare
OctaFX
4.27 /5
Read Review
Visit Broker >
of retail CFD accounts lose money
372/18USD 25500:1Excellent0.60 pipsUSD 60.60 pips23235MT4, MT5
XM
4.35 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
120/10USD 51000:1Excellent0.70 pipsUSD 70.60 pips153957MT4, MT5
HFM (HotForex)
4.43 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
183/12USD 0500:1Excellent1.00 pipsUSD 100.10 pips123053MT4, MT5
FP Markets
4.30 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
371/18AUD 10030:1Excellent0.10 pipsUSD 70.10 pips1016270MT4, MT5, cTrader, IRESS
XTB
4.29 /5
Read Review
Visit Broker >
82% of retail CFD accounts lose money
169/12USD 030:1Excellent0.70 pipsUSD 70.70 pips521157xStation5
Markets.com
4.58 /5
Read Review
Visit Broker >
70.3% of retail CFD accounts lose money
092/08USD 10030:1Excellent0.70 pipsUSD 70.60 pips100956MT4, MT5, markets.com
FxPro
4.29 /5
Read Review
Visit Broker >
71.58% of retail CFD accounts lose money
078/07USD 100200:1Excellent1.40 pipsUSD 140.40 pips224170MT4, MT5, cTrader, FxProEdge
FXTM
4.27 /5
Read Review
Visit Broker >
81% of retail CFD accounts lose money
185/12USD 102000:1Excellent1.50 pipsUSD 150.00 pips180362MT4, MT5

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. 


Others Also Visit

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OctaFX
4.27 /5
Read Review
Visit
Exness
4.12 /5
Read Review
Visit
XM
4.35 /5
Read Review
Visit
AvaTrade
4.49 /5
Read Review
Visit
HFM (HotForex)
4.43 /5
Read Review
Visit

OctaFX – Lowest Trading Fees

Overall Rating
4.274.27 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

A CySEC-regulated ECN/DMA broker, OctaFX offers trading on multiple assets, including Forex, metals, energies, indices, cryptocurrencies, and shares. It offers two simple accounts on the MT4, MT5, and OctaTrader platforms, very low trading costs, no fees for deposits and withdrawals, and a great copy trading service.

All OctaFX accounts are market execution, and spreads are highly competitive, averaging at 0.6 pips (EUR/USD) with no commissions for Forex trading. The minimum deposit requirement across all accounts is only 100 USD, and it offers leverage of up to 500:1 on Forex pairs. OctaFX also offers a wide range of bonuses and promotions – a 50% deposit bonus for each deposit and demo contests with cash prizes are available.

 

Pros
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited range of assets
  • Restrictive account types
AlertAccepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC and SVG FSA.

XM – Best Education

Overall Rating
4.354.35 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.  Industry expert analysts host all webinars.

XM also offers competitive trading conditions and a low minimum deposit on all of their trading 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 Ultra Low, with spreads as tight as 0.6 pips and no commission.  All accounts offer a maximum leverage of up to 500:1. 

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

HFM (Formerly known as Hotforex) – Best Forex Analysis App

Overall Rating
4.434.43 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

A CySEC-regulated ECN/STP broker, HFM offers trading on multiple assets including Forex, metals, energies, indices, and shares.  HFM 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
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

FP Markets – Fastest Trade Execution

Overall Rating
4.304.30 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FP Markets is a leading CySEC-regulated CFD broker offering trading on both the MT4, MT5, and newly added cTrader trading platforms.  In addition to providing super-fast execution speeds over a dedicated fibre-optic line, it offers versions of the platforms for alternate operating systems, including Mac OS and WebTrader.  Traders also have access to institutional-grade liquidity from multiple execution venues, with no price manipulation, no dealing desk intervention, and no requotes or rejections.

Trading conditions at FP Markets are generally excellent, with tighter than average spreads on two live accounts.  The commission-free Standard Account offers spreads starting at 1.0 pips on the EUR/USD and spreads as tight as 0 pips (EUR/USD) on its Raw Account in exchange for a commission of 6 USD (round turn) per lot. 

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts Indian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

XTB – Best Proprietary Platform

Overall Rating
4.294.29 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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 500:1, 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 Indian Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSC

Markets.com – Lowest Trading Fees

Overall Rating
4.584.58 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Markets.com, a leading Forex broker, operates under the strict regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC), ensuring transparency and accountability in its operations. The company’s dedication to maintaining the highest standards of regulatory compliance has been evident since it first received its CySEC license in 2008.

In terms of cost-effectiveness, Markets.com distinguishes itself with its low-cost trading account. Market.com’s Basic Account tier has a minimum deposit requirement of 100 USD, making it accessible to most traders, while its highest tier account (the Platinum tier) is accessible to traders with a 50,000 USD deposit. Spreads are much tighter than other brokers across all account tiers, with spreads that start at 0.8 pips (EUR/USD) on its lowest account tier and lower still on its Platinum Account.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.

FXPro – Best Execution

Overall Rating
4.294.29 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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 Indian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA

FXTM – Best Broker for Beginners

Overall Rating
4.274.27 / 5
🏦  Min. DepositUSD 10
🛡️  Regulated By
💵  Trading Cost 
USD 15
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FXTM is the best CySEC-regulated broker for beginner traders.  FXTM provides a world-class education section available for free in 22 languages, in addition to a comprehensive market research and analysis unit.  All materials are well-structured and in-depth and comprise several components, including various guides, e-books, articles on Forex trading strategies, educational videos, seminars, and webinars. 

FXTM also offers three account choices, including a Micro Account with instant execution, and two ECN accounts that execute orders directly to the market.  Spreads start at 1.5 pips (EUR/USD) on the Micro Account, which is wider than other similar brokers, but the minimum deposit requirement is only 50 USD.  Spreads tighten to 0 pips on its Advantage Account in exchange for a commission of 4 USD (round turn) and a minimum deposit requirement of 500 USD.  All accounts offer leverage of up to 1000:1, and traders can use both the MT4 and MT5 platforms. 

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Indian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

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.

How CySEC protects Forex traders

Most Forex brokers in Europe are based in Cyprus and are subject to CySEC’s regulations, so it follows that many millions of Forex traders are directly impacted not only by CySEC’s rules but also by how well they enforce them. The most important regulatory benefits for customers of a CySEC-regulated broker are as follow:

  • 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 returned.
  • 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 malfeasance 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 offered 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 important to check here if you are concerned.

CySEC and ESMA: Restrictions on Trading Conditions

In March 2018, the European Securities Markets Authority (ESMA – a 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 traders and brokers were unhappy with the restriction on leverage, industry experts 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 organizations.

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, tougher 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
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
Excellent
USD 0
USD 6
From 7 USD / lot - Razor Account
70
Visit Broker >
75.8% of retail CFD accounts lose money
4.58 /5
Read Review
092/08
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Excellent
markets.com
USD 100
USD 7
Fees Included in Spread
56
Visit Broker >
70.3% of retail CFD accounts lose money
4.53 /5
Read Review
ASIC Regulated Forex Brokers
Vanuatu
Securities Commission of the Bahamas
FCA Regulated Brokers
CySEC Regulated Brokers
Excellent
AUD 100
USD 7
7 USD / lot
55
Visit Broker >
N/A of retail CFD accounts lose money
4.49 /5
Read Review
347/17
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
Central Bank of Ireland
Financial Regulatory Services Authority
Excellent
Avatrade Social
AvaOptions
USD 100
USD 9
Fees Included in Spread
55
Visit Broker >
76% of retail CFD accounts lose money
4.48 /5
Read Review
278/15
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Dubai Financial Services Authority
Excellent
USD 100
USD 4
4 USD / lot
62
Visit Broker >
72% of retail CFD accounts lose money
4.43 /5
Read Review
183/12
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority
Excellent
USD 0
USD 10
6 USD / lot - Zero Account
53
Visit Broker >
72.90% of retail CFD accounts lose money
4.36 /5
Read Review
362/18
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Securities Commission of the Bahamas
Excellent
USD 200
USD 8
7 USD / lot - Raw Spread Account
64
Visit Broker >
77% of retail CFD accounts lose money
4.35 /5
Read Review
120/10
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
International Financial Services Commission
FSCA Regulated Forex Brokers
Excellent
USD 5
USD 7
Fees Included in Spread
57
Visit Broker >
75.33% of retail CFD accounts lose money
4.30 /5
Read Review
371/18
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Excellent
IRESS
AUD 100
USD 7
6 USD / lot - RAW Accounts
70
Visit Broker >
79% of retail CFD accounts lose money
4.29 /5
Read Review
169/12
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
Komisja Nadzoru Finansowego
Excellent
xStation5
USD 0
USD 7
Fees Included in Spread
57
Visit Broker >
82% of retail CFD accounts lose money
4.29 /5
Read Review
078/07
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Excellent
FxProEdge
USD 100
USD 14
9 USD / lot
70
Visit Broker >
71.58% of retail CFD accounts lose money
4.27 /5
Read Review
372/18
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Authority – St. Vincent & the Grenadines
Excellent
USD 25
USD 6
Fees Included in Spread
35
Visit Broker >
of retail CFD accounts lose money
4.27 /5
Read Review
185/12
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Commission
Capital Markets Authority
Excellent
USD 10
USD 15
From 4 USD / ECN Accounts
62
Visit Broker >
81% of retail CFD accounts lose money
4.23 /5
Read Review
331/17
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
Excellent
USD 1
USD 7
6 USD / lot - ECN Account
37
Visit Broker >
76% of retail CFD accounts lose money
4.18 /5
Read Review
201/13
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Jordan Securities Commission
Excellent
MT Supreme
USD 100
USD 8
1.8 - 3 USD per lot
50
Visit Broker >
76% of retail CFD accounts lose money
4.18 /5
Read Review
629628
FSCA Regulated Forex Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
CySEC Regulated Brokers
Financial Services Agency
Excellent
ThinkTrader
USD 0
USD 12
7 USD / lot - ThinkZero Account
46
Visit Broker >
71.89% of retail CFD accounts lose money
4.18 /5
Read Review
392/20
FCA Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Bermuda Monetary Authority
Standard
TradeStation
USD 50
USD 13
None
45
Visit Broker >
70% of retail CFD accounts lose money
4.14 /5
Read Review
138/11
CySEC Regulated Brokers
Finansinspektionen
Bundesanstalt für Finanzdienstleistungsaufsicht
The Seychelles Financial Services Authority
Standard
USD 1
USD 7.80
None
80
Visit Broker >
83.57% of retail CFD accounts lose money
4.11 /5
Read Review
261/14
CySEC Regulated Brokers
Vanuatu
Standard
USD 15
USD 15
8 - 10 USD / lot - PRO Account
43
Visit Broker >
64.54% of retail CFD accounts lose money
4.07 /5
Read Review
357/18
CySEC Regulated Brokers
The Seychelles Financial Services Authority
Excellent
Skilling Trader
EUR 100
USD 8
6 USD round turn commission
73
Visit Broker >
69% of retail CFD accounts lose money
4.02 /5
Read Review
259/14
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Finansinspektionen
Bundesanstalt für Finanzdienstleistungsaufsicht
Cayman Islands Monetary Authority
Financial Services Authority – St. Vincent & the Grenadines
Standard
USD 100
USD 12
8 USD / lot - Raw Account
70
Visit Broker >
74% of retail CFD accounts lose money
3.92 /5
Read Review
079/07
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
British Virgin Islands Financial Services Commission
Standard
USD 25
USD 18
Fees Included in Spread
63
Visit Broker >
74% of retail CFD accounts lose money
3.87 /5
Read Review
093/08
CySEC Regulated Brokers
Financial Services Authority – St. Vincent & the Grenadines
Excellent
USD 50
USD 19
10 USD / lot - ECN Account
56
Visit Broker >
81% of retail CFD accounts lose money
3.83 /5
Read Review
155/11
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Finansinspektionen
Labuan Financial Services Authority
Capital Markets Authority
Financial Services Commission
Standard
USD 50
USD 14
3 USD / lot
66
Visit Broker >
72% of retail CFD accounts lose money
3.78 /5
Read Review
121/10
CySEC Regulated Brokers
Standard
USD 0
USD 6
None
71
Visit Broker >
66% of retail CFD accounts lose money
3.77 /5
Read Review
383/20
CySEC Regulated Brokers
The Seychelles Financial Services Authority
Standard
USD 50
USD 15
Fees Included in Spread
50
Visit Broker >
63.15% of retail CFD accounts lose money
3.70 /5
Read Review
202/13
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Finansinspektionen
Bundesanstalt für Finanzdienstleistungsaufsicht
Standard
Sirix
USD 250
USD 40
Fees Included in Spread
48
Visit Broker >
69.7% of retail CFD accounts lose money
3.60 /5
Read Review
CySEC Regulated Brokers
British Virgin Islands Financial Services Commission
Labuan Financial Services Authority
Standard
USD 5
USD 5
None
49
Visit Broker >
of retail CFD accounts lose money
3.60 /5
Read Review
127/10
CySEC Regulated Brokers
Standard
USD 100
USD 20
50
Visit Broker >
79.74% of retail CFD accounts lose money
3.58 /5
Read Review
204/13
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Standard
NAGA Web App
USD 250
USD 17
Fees Included in Spread
47
Visit Broker >
74.48% of retail CFD accounts lose money
3.58 /5
Read Review
268/15
CySEC Regulated Brokers
Financial Services Commission
Dubai Financial Services Authority
Standard
USD 100
USD 24
Fees Included in Spread
63
Visit Broker >
73.6% of retail CFD accounts lose money
3.54 /5
Read Review
25/10
CySEC Regulated Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
Standard
USD 50
USD 22
On select STP/ECN Accounts
83
Visit Broker >
75.35% of retail CFD accounts lose money
3.53 /5
Read Review
209/13
CySEC Regulated Brokers
Vanuatu
Standard
USD 10
USD 20
0,007% / Trade - Zero Account
33
Visit Broker >
66.67% of retail CFD accounts lose money
3.52 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
Standard
USD 500
USD 7
5 USD / lot
42
Visit Broker >
76% of retail CFD accounts lose money
3.50 /5
Read Review
118/10
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Finansinspektionen
British Virgin Islands Financial Services Commission
Financial Services Commission
Standard
USD 0
USD 6
6 USD / lot
43
Visit Broker >
58% of retail CFD accounts lose money
3.43 /5
Read Review
344/17
CySEC Regulated Brokers
Vanuatu
Standard
USD 500
USD 16
Fees Included in Spread
49
Visit Broker >
68% of retail CFD accounts lose money
3.42 /5
Read Review
227/14
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Standard
Sirix
USD 100
USD 19
Fees Included in Spread
55
Visit Broker >
71.36% of retail CFD accounts lose money

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: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. 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 about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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