Cypriot Regulator Approves Lucro Capital aka HiWayFX as an Authorised Provider of FX

Lucro Capital, a holding firm operating HiWayFX, received regulation under Cyprus’ main financial watchdog, the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term). The firm has become the latest provider of financial derivatives to find abode in the island nation. Cyprus has established a full ecosystem that supports the needs of financial services firms looking for a tax efficient region to establish their company.

CySEC announced on its website that Lucro Capital has been authorised as a Cyprus Investment Firm, the register only providing the company's name and address, a search on the said address signifies that the firm is operating under the HiWayFX.com website and name. The main website is currently registered to Kent Riboe, however on the website footer, a South American address is listed (HiWay Capital Ltd. Registration number 21980 IBC 2014

Trust House, 112 Bonadie Street, Kingstown, POB613 Saint Vincent and the Grenadines). This signalling that prior to gaining Cypriot regulation the firm had been providing services through a LATAM firm.

The firm has launched with standardised products and services, including the popular MT4 platform, competitive pricing and flexible Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term. However on a positive note, the firm has invested in its client-back office portal. The dashboard has a number of account management tools, including balance and account history retrieval, deposit and withdrawal and promotion details. The firm allows users to set up accounts quickly, without submitting documents, in addition, it has a function for depositing money without submitting ID and address verification documents.

The firm has been marketing its products and services prior to gaining regulation, its Facebook page showing an inception date of December 2013, furthermore, its staff members have been discussing the firms services on popular online forums since the summer of 2014.

Details of the owners or directors are unavailable on the CySEC page, however, Kent Riboe’s LinkedIn page states that he is the CTO and that Mr. Riboe had previously worked at FX provider Mayzus. Further data from LinkedIn shows that other employees who joined HiWayFX were previously employed at Mayzus.

The company was unavailable for comment.

The FX brokerage sector continues to find new entrants looking to find their feet in the decade-old industry. The post credit crisis era has impacted the broking space with a number of high-level mergers and acquisitions taking place, most recently, one the UK’s most established financial spread betting providers, City Index, was acquired by listed provider, GAIN Capital.