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VIDEO from Cyprus: What does the FX brokers´ Mecca look like?

9 Jan 2018,

It’s been a few months since I went to Cyprus with my colleague. We were visiting Roboforex brokerage and the owner took us around Cyprus and showed us the headquarters of different brokers. So, you have a unique opportunity to see how does Cyprus actually looks when it comes to forex brokers. It’s a real brokerage paradise.


Check it in the video. Under the video, you can find my review of different brokers and my experience with them.


Prior FX

I have no experience with this broker, so I can not say anything about it😊


It is an interesting broker if you have the VIP conditions.

Roboforex (today Robomarkets)

Good broker. I know the owner personally, they have the fair approach. References are good, moreover, for standard accounts, the broker does not act as a market maker. They act as a market maker only for nano lot accounts, where there is hardly any other possibility.


A couple of friends have been trading there, and their experiences were good.


I had been trading with this broker for a very long time, and I have never encountered a single problem.


I consider this brokerage a scam. Avoid it if you can. I know that a huge number of people have problems with money withdrawals.


Binary options are a scam, so there is no need to comment it.


I have no experience with this broker. However, it is very suspicious that they have a Swiss name, and speaking with their own words they have nothing to do with Switzerland :).

Spotoption Xchange

Again, binary options, so avoid it.

How to find a good broker?

In Cyprus, as everywhere else, we can find good and bad companies. Keep up with proven and quality brokers who have respect for their clients and business in general. A good broker behaves with respect, without being puzzled. This was one of the reasons why I had avoided IronFX from the very beginning – they made it very clear that they were the best in the world, etc. And the reality is that they are in such a loss that they are not able to pay their clients’ money (they simply do not have it). On the other hand, Exness is very transparent and respectful. And I never had a problem with them. So, look at how the broker is communicating, respect is very important here.

There is one more thing you should focus on when you have a quality broker and this point is more related to a trader. Trade only strategies that have a chance to work. I often see traders who try to trade with a planned profit of 2 pips (take profit), and that is something that cannot work at all. You must trade good quality strategies that go for reasonable profits, then you can earn money on forex in the long run.

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