CySEC(Cyprus) Registered Forex Brokers
- About Cyprus
- Cyprus is an island country and a major tourist destination in the Mediterranean.
- Cyprus has a high-income economy and a very high Human Development Index
- About CySEC
- CySEC (English: The Cyprus Securities and Exchange Commission)(Greek: Επιτροπή Κεφαλαιαγοράς), is the financial regulator of Cyprus.
- CySEC was launched in 2001. When Cyprus became a member of the European Union in 2004, CySEC became a part of the European MiFID regulation, giving companies registered in Cyprus access to European markets(European Economic Area).
- CySEC’s financial regulations comply with the European MiFID financial harmonization law.(MiFID = The Markets in Financial Instruments Directive, is a European Union law that provides harmonised regulation for investment services across the 31 member states of the European Economic Area)
- A lot of retail forex/cfd brokers and binary options brokers have obtained registration from CySEC. Some of the biggest brands in retail forex industry are also regulated by CySEC.
- Why many forex brokers are in Cyprus?
- Lower Corporation Tax compared to many other countries in Europe.
- Access to European Market. Forex Brokers regulated in Cyprus are allowed to offer their service to all residents in the European Economic Area(EEA), because Cyprus is a member of European Economic Area and European Union. And Based on the passport principle of a European Union law, a company regulated in a EEA country can offer its services to residents of other EEA countries.