PRESS RELEASE: Cyprus Based Forex Broker FXTM Gets Regulatory License in Mauritius

Forex broker FXTM which has regulatory licenses from CySEC, the FCA and FSCA has announced that it got a license from Mauritius as well. The company has been following its massive expansion plans to move out of Europe and find newer markets with friendlier regulatory regimes to work in.

International expansion continues

The retail broker announced on Friday that the Financial Services Commission (FSC) of Mauritius had licensed it to operate in the country. The Cyprus-based broker has already received licensing from the Cyprus Securities and Exchange Commission, the Financial Conduct Authority of the UK and the South African Financial Sector Conduct Authority.

The brand is focusing on building a wider international presence while maintaining the quality of service available on its platform. Commenting on their new beginnings in Mauritius, an FXTM spokesperson said,

“Mauritius is fast becoming an internationally recognized financial supervisor with a strong legal framework, providing protection to the public in non-banking financial products.”

The spokesperson also noted that international customers would get a chance to receive services via the newly regulated platform.

A move away from Europe

FXTM is quickly moving to greener pastures under the leadership of Alpari co-founder Andrey Dashin. Several European brokers are reporting a consistent loss of trading volumes. According to Integral, the total average daily volume was $33.3 billion in February 2019, down by 4% month-on-month. In contrast, January’s volume was $34.7 billion. The volatility in these markets is low, and the volumes have been down since the European Securities and Markets Authority decided to cap leverage in August 2018.

The leverage caps by the authority was part of its mission to bring fresh regulatory structures in the market, forcing several firms to look for new markets to expand their business. ESMA suggests that these measures were taken to offer greater investor protection to people across the EU. The idea behind the step was to ensure that people don’t lose more money than what they have put in. Though these measures were put in for three months, ESMA was given the power to review them every three months.

South Africa and Bahamas are becoming hotspots for the European firms for getting licenses as they are providing high leverage to their clients. Mauritius is another interesting jurisdiction attracting European operators. Vanuatu is also becoming popular amongst the brokerage as they have a competent financial regulator and provides easier access to banking solutions that these companies may need.

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