INGOT Brokers Opens Cyprus Office, Expanding Footprint into the EU

INGOT Brokers has expanded into the European Union with the opening of a new office in Limassol, Cyprus. The move adds to the broker’s existing operations in Australia, Dubai, Jordan, and Kenya.

The company has not disclosed detailed plans for its European strategy. However, the Cyprus office suggests an intention to engage with the island’s established retail trading industry. INGOT does not currently hold a European regulatory licence.

INGOT is regulated in several jurisdictions, including Australia, Seychelles, Kenya, and Jordan, and holds a licence from Dubai’s Securities and Commodities Authority (SCA).

Cyprus has long served as a hub for the forex and contracts for differences (CFDs) industry, supported by a large pool of sector professionals and a well-established regulatory framework. Many brokers targeting European clients have traditionally established regulated entities on the island. More recently, the founders of prop trading firm The5ers entered the CFDs brokerage space through the launch of a Cyprus-based retail broker.

At the same time, Cyprus is facing increased competition from other jurisdictions, particularly the United Arab Emirates. Several brokers have reduced or closed their Cyprus operations in recent years while expanding in Dubai or offshore locations.

Squared Financial has begun the process of surrendering its Cyprus licence, while Orbex has already closed its Cyprus-based operations and now operates from offshore jurisdictions. BDSwiss followed a similar path, first ceasing retail services before returning its Cyprus licence in 2024.

Other established brands, including Exness, FXTM, IronFX, and RoboMarkets, have stopped onboarding retail CFD clients under their Cyprus licences and have shifted their focus toward offshore markets. Some continue to hold their Cyprus licences, while others have relinquished them.

Doo Group, which opened a second Cyprus branch last year, has since vacated its Limassol office. The group has also rebranded its UK and South African entities as RKX Financial.