Jordanian Forex Broker INGOT Opens Office in Limassol, Cyprus

Jordan-based forex and CFD broker INGOT Brokers has established a new office in Limassol, Cyprus, marking its first foray into the European market. The office is staffed with local professionals, including former BDSwiss executives Andreas Andreu (sales director) and Marios Morfakis (head of business development).

While INGOT has not publicly disclosed its EU expansion strategy, the Cyprus office signals intentions to enter European markets. INGOT is regulated across multiple jurisdictions including Australia, Seychelles, Kenya, Jordan, and holds a Dubai SCA licence. The company has not yet obtained a formal European licence, suggesting it may be in the process of securing CySEC approval.

Historically, Cyprus has been a preferred jurisdiction for forex brokers due to its regulatory environment and professional workforce. However, competition from the UAE has increased, with some brokers relocating operations from Cyprus to Dubai. Examples include BDSwiss leaving Cyprus in November 2024 and SquaredFinancial reportedly winding down its European retail business in late 2025.