Forex brokers in Cyprus are regulated by the ‘Cyprus Securities and Exchange Commission’ (CySEC), the sole supervisory and regulatory authority of the country established in 2001, which supervises and grants licenses to Forex brokers to ensure the conformity of their operations to the laws. Cyprus is a member of the European Union which enables all CySEC Forex brokers to expand their services throughout the European countries; therefore, they must adhere to European MiFID financial guidelines. Under CySEC laws, traders’ funds must be kept in segregated accounts, completely separate from Broker’s funds, at top-tier European banks for extra protection. Moreover, Cyprus brokers are a member of ICF (Investor Compensation Fund) which ensures clients’ funds up to 20,000 Euro. Below you can find the complete list of CySEC Regulated Forex Brokers.
|1||FxPro||2006||CySEC, FCA, FSB, DFSA, SCB|
|2||FIBO Group||1998||FSC, CySEC, FCA|
|3||FXTM||2011||CySEC, FCA, IFSC|
|4||XM||2009||ASIC, CySEC, IFSC|
|5||XTB||2002||BaFin, CNMV, CySEC, FCA, IFSC|
|6||Admiral Markets||2001||ASIC, CySEC, FCA, MiFID|
|7||Marketscom||2008||ASIC, CySEC, FCA, FSCA|
|8||BDSwiss||2012||CySEC, FSC, NFA|
|9||HYCM||1977||CySEC, FCA, MiFID, DFSA, SFC|
|10||HotForex||2010||CySEC, FSC, FSB, FCA, BaFin, DFSA|
‘Cyprus Securities and Exchange Commission’ the non-governmental public financial supervisory body, is in charge of overseeing the registered retail Forex brokers, financial service providers, financial advisors, investment services, as well as any other financial activities in the Republic of Cyprus. The organization first emerged in 2001, in agreement with section 5 of the Securities and Exchange Commission, and subsequently in 2004 its laws and regulations integrated with the European ‘MiFID’ financial laws allowing all its members to extend their business interests all over Europe.
To identify if a forex broker is regulated by CySEC, the first step is to identify the name of the entity from the disclosure text on the broker's homepage. For example, here's the key disclosure text from FxPro's website.
FxPro holds a banking license issued by its supervisory authority the CySEC.Next, look up the firm on the list of supervised institutions listed on CySEC's website to validate the firm's current regulatory status. Here is the official CySEC page.
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