Best Cyprus Forex Broker – IronFX
IronFX have been awarded the best Cyprus forex broker award for leading the pack in online forex trading. They offer their clients 10 trading platforms to choose from including the award winning MT4 platform, as well as the opportunity to trade over 200 markets across forex, metals, futures, indices and various commodity markets. They serve both retail and institutional customers from over 180 countries.
IronFX have a truly global presence in the Cyprus forex broker realm, with over 8 offices worldwide where staff provides forex trading support in over 45 different languages. Clients can benefit from a dedicated 24/5 customer support coverage from trained staff. When you need someone, they’re there for you. The customer-centric model that they adopt, combines bespoke trading functionality through its platforms with the widest suite of products to offer the best pricing, execution and liquidity. Daily forex market news feeds and insightful research give clients access to the best information and data to make informed forex trading decisions.
Highlighting the size of the IronFX Group as a whole, they were until recently partnered with FC Barcelona, one of the biggest and most successful football clubs in the world. IronFX are a global leading forex broker and deserve your consideration when applying for your own forex trading account.
Cyprus Forex Broker Regulation
The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of Cyprus. As an EU member state, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law. Notably a significant number of overseas retail forex and binary options brokers have become a Cyprus forex broker by obtaining registration from CySEC.
CySEC was launched in 2001, as a public corporate body. When Cyprus became a member of the European Union in 2004, CySEC simultaneously became a part of the European MiFID regulation, giving firms registered in Cyprus access to all European markets. However, joining the EU and adopting the Euro significantly changed the financial regulatory framework that CySEC policed for what had been previously considered a tax haven.
The responsibilities of CySEC most importantly includes the power to grant operation licences to investment firms, including investment consultants and brokerage firms, including Cyprus forex brokers. They conduct the supervision and operation of the Cyprus Stock Exchange and the transactions carried out in the Stock Exchange, its listed companies, forex brokers and brokerage firms. It also has the responsibility of supervising and controling Licensed Investment Services Companies, Collective Investment funds, investment consultants and mutual fund management companies. Finally, CySEC has the power to impose administrative sanctions and disciplinary penalties to any Cyprus forex broker who falls under the provisions of the regulatory body.
The question of whether forex traders can trust Cyprus forex brokers is addressed in our blog.