OctaFX has elevated its Head of Trading, Nikolas Charalampous, to the role of Head of Dealing, which saw the expansion of his day-to-day responsibilities and oversight.
Charalampous has been a mainstay at OctaFX for more than two years, having originally joined the FX broker back in 2018. For the bulk of his time at OctaFX, he oversaw demand from retail and professional investors for the group’s products.
However, his promotion comes at a time when the company grapples with a sector-wide regulatory crackdown, prompting dramatic changes in the retail business and sometimes hurting revenues.
This was a key reason for elevating Charalampous to an expanded role as OctaFX opted for an experienced and steady hand to foster its scope and penetration into existing and emerging markets.
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Prior to landing at OctaFX, Charalampous was employed as a Dealer at FXPRIMUS. Additionally, he spent five years at the UK trading technology provider, TechFinancials, where he held several roles across the Broker / Dealing room / Back Office departments, according to his Linkedin profile.
Back in 2019, OctaFX acquired a license from CySEC, which allowed the firm to operate an EU-based subsidiary and onboard clients from across the continent.
Founded in 2011, OctaFX had been operating via a St. Vincent and Grenadines subsidiary. While that provided the firm with flexibility on leverage and bonuses to clients, the hardships of the industry in the offshore payments space prompted firms to look for more stringent regulatory jurisdictions.
We last reported about the brokerage firm earlier this month when Malaysia’s financial regulator said a fraudulent clone platform has been posing as OctaFX. Although the firm is heavily regulated in Europe, such authorisations do not entail passporting rights to promote their products in Malaysia.