Forex broker regulated in cyprus securities and exchange commission (CYSEC)

These days there are brokers that are regulated by CYSEC but do business all over the world. Can we trust these brokers? like FBS or OCTAFX specially when you are not from Cyprus.

Cysec can protect you if you are under European jurisdiction only. Brokers who are offering services all around the world might be regulated under that particular region’s regulations. Also, it is always best if the broker has 2-3 strong regulations like one being CySEC or FCA or ASIC. Have heard a lot about FBS, but never tried thou, so can’t be sure. Out of my experience, ICM or Fxpro would be a good choice. Another broker i have been hearing a lot about lately, fxview, will try them too their conditions seem good. You can give these a try too.
All the best!

As long as a broker is regulated, for sure it can be trusted. And Cysec is a national level regulatory agency, which comes under the purview of European MiFID financial laws. So your investments are totally safe with them. I myself am a stickler for security, so I trade only with regulated brokers like Fxview, XTB and IC Markets.

I think what makes a broker trustworthy is its transparency in policies and quick response to queries. I have been trading with Turnkey forex and Ameritrade, both regulated and non regulated brokers, and haven’t faced any issues as such.

CySEC is a legitimate and reliable regulatory authority that follows MiFID guidelines to regulate member firms and penalize brokers who don’t adhere to the rules. So, that means that brokers that have been regulated by CySEC are worthy of your trust. But you must always verify the broker you are choosing, to see if it is authentic and worth investing. I generally trade with Coinexx and IG for my trading requirements. Coinexx offers easy account setup with no verification required. Even with IG, there is no minimum deposit and no withdrawal fee, like Coinexx.

Yes CySec has improved recently, but 10 years ago it was awful since it harboured shady brokers and outright scams. At some point they realised they are killing themselves and their regulatory business so started to improve to not be associated with offshore jurisdictions.

Although CySec has been making efforts in improving itself, it still has a long way to go to be as reputable as the FCA and CFTC. But it is popular and continues to grow as a result of less stringent regulations.

I think that even regulation can’t protect anyone from scam. So, first of all, I would check trusted forums and ask people who tried their services, then I would try myself to get the experience of how the broker works. If there is no issue in withdrawals, and customer support is efficient, the broker responds in time, I would trust them. I’ve tried FXpro, but didn’t like it much. I’ve been using Octafx for quite some time, so far it’s been good.