INGOT Brokers Enters Europe with New Cyprus Office after Obtaining CySEC License

INGOT Brokers has entered the European Union by opening a new office in Limassol, Cyprus. The new office adds to INGOT’s existing presence in Australia, Dubai, Jordan, and Kenya.

Bigger Plans for Europe?

Although INGOT’s plans for Europe remain unclear, the new office indicates an intention to tap into the existing retail trading industry in Cyprus.

INGOT is regulated in multiple jurisdictions, including Australia, Seychelles, Kenya, and Jordan. It has also received a licence from Dubai’s Securities and Commodities Authority (SCA). As of November 2025, INGOT obtained its CySEC licence but has yet to start operations.

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Cyprus has long been one of the preferred jurisdictions for forex brokers, mainly due to the large industry talent pool on the island and its regulatory framework. Brokers targeting European markets often set up a regulatory presence on the island.

Recently, the founders of The5ers, a prop trading firm, entered the contracts for differences (CFDs) brokerage industry by launching a Cyprus-based retail broker.

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Cyprus Is Facing Competition

Meanwhile, the island’s position is facing growing competition from the United Arab Emirates. While many brokers have set up offices and obtained licences in Dubai, some established brands have closed their operations in Cyprus.

Squared Financial, which ran most of its operations from Cyprus, formally began the process of surrendering its licence with the island’s regulator. Orbex is another broker that has already closed its Cyprus-based operations and now offers services only from offshore locations.

BDSwiss followed a similar path. The broker first stopped offering services to retail clients before fully returning its Cyprus licence in 2024.

Several other major Cyprus-based brands, including Exness, FXTM, IronFX, and RoboMarkets, have also stopped onboarding retail CFD traders under their Cyprus licence and are now focusing mainly on offshore markets. While some still hold their Cyprus licence, others have given it up.

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