The Lausanne-based blockchain company Trade.io has recently provided fresh updates about its FX trading brand, TIOmarkets, which was officially launched with the full capacity earlier this year.
One of its notable updates includes the appointment of Stefanos Mitsi, the former chief executive officer (CEO) of IronFX UK, as the Director of TIOmarkets’ FCA-regulated entity. Prior to assuming his new position, he has been consulting with the company in a non-executive role since May.
“I’ve had the honour of consulting the TIO Markets team since the company officially launched in May, 2019. With each week that passes, we’re experiencing growth in every category, and I expect to see continued exponential growth in the near to long term,” Stefanos told Finance Magnates.
Mitsi also served as CEO of FX & CFDs provider BDSwiss Holding Plc, based out of Vienna. He joined the CySEC-regulated brand after leaving IronFX Global UK Ltd, which was then rebranded to 8SAFE UK Ltd, just six months after being promoted as CEO. Mr. Mitsi was elevated to the rank of CEO two years after he originally joined IronFX UK in 2013, having come over from IG Group. Prior to this promotion, he worked as IronFX’s Head of UK Sales.
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FX trading using crypto assets
To help strengthen its regulatory footprint and presence in Europe, Trade.io entered into an agreement to acquire Primus Capital Markets, which is authorized by the UK financial regulator and offers brokerage services to professional investors. Primus Capital Markets then rebranded as TIO Markets and now is offering FX monthly subscription packages as a replacement for ad hoc trading fees and broker commissions.
The forex product by trade.io was introduced in two stages. At its initial stage in December 2018, Trade.io introduced trading on 130 forex and CFDs instruments including precious metals, oil, commodities, indices, and global equities. Furthermore, it allowed clients to choose between the MT4, MT5, and PAMM terminals.
At this stage, Trade.io clients were allowed to open their accounts through its St. Vincent and Grenadines entity ــ TIO Markets Ltd. Clients were also able to utilize Bitcoin and Ethereum along with trade.io’s native utility token, TIOx, to access the FX platform.
Meanwhile, the second stage brought an added option for clients to open their accounts with its FCA-regulated arm TIO Markets UK Ltd., depending on their geographic location.