WikiFX report: Eurotrader obtains South Africa FSCA license to promote global expansion

Eurotrader Group announced that it has obtained approval from South African regulators for its locally established entity Eurotrade SA (Pty) Ltd as the broker is promoting further expansion.

Eurotrader's license was issued in 2012 under FSP number 44351 and registration number 2017/223774/07. According to the information available on the South African regulator's register, the approval allows private companies to act as over-the-counter derivatives suppliers, and therefore allows the initiation, issuance, sale or establishment of over-the-counter derivatives markets under the normal characteristics of their business.

Founded in 2015, Eurotrader is a foreign exchange brokerage company under Eurotrade Global Limited. The company is headquartered in Limassol, Cyprus and is approved to provide online trading products and services.

As part of the rebranding process, the company also acquired new domain names for entities regulated by CySEC: eurotrader.com and eurotrader.eu .

Services under the new entity will be provided through the newly acquired eurotrader.com domain. Obtaining new licenses and acquiring domain names is accompanied by the rebranding efforts of the brokerage company.

Eurotrader executive director Sergei Grigoriev said in a statement: “Eurotrader's focus is to meet the needs of individual traders and those who wish to explore copy trading or account management systems.”

In addition, the company has attracted two industry veterans to expand its senior leadership team.

Eurotrader has appointed Patrick Murphy as head of global compliance, and he has recently served as head of consumer compliance for payment giant Paysafe. It also appointed Nick Whitehead (former Barclays Digital Products-Head of Investment and Wealth) as its head of product.

Expansion of retail-centric services

The broker provides foreign exchange, cryptocurrency, index, commodity and stock contract for difference (CFD) trading services. Due to its industry-leading pricing and low fees, Eurotrader is quickly becoming one of Europe's preferred brokers.

In addition, it has increased its issuance by increasing the stocks of American, British and European companies, and will allow fractional stock trading to attract retail traders.

Grigoriev added: “In addition to providing the industry's lowest foreign exchange spreads, Eurotrader customers will also have the opportunity to trade stocks and futures on the world's leading exchanges. Obtaining direct market access for such products will enable our customers to invest in listings. company.”

“Eurotrader has also lowered the financial barriers to investing in its more budget-conscious traders, including fractional shares.”

South Africa's foreign exchange brokers are supervised by the Financial Sector Conduct Authority FSCA, which approves platforms that can operate within its jurisdiction. Powerful regulatory agencies are responsible for handling the issuance of licenses and can sanction companies that violate the country's dual regulatory system guidelines.

South Africa has a strong and well-organized financial market, so it has become a popular destination for brokers seeking to expand. It is one of the top ten capital markets in the world and has thousands of investors. The country itself is a diversified market, largely without market saturation in other jurisdictions such as Europe.