Boutique brokerage Cresco Capital Markets (UK) Limited has garnered a license to operate in the UK from the country’s Financial Conduct Authority (FCA). The development is a keystroke for Cresco that had been looking to grow its UK operations and strengthen its market presence in the country.
The company trades under the brand CrescoFX, which is an offshoot of Cresco Capital Markets (UK) Limited and part of the broader Cresco Group. The group has been licensed in Malta since 2013, with its foray into the UK market representing its largest move to date in growing its client base.
The new license follows on the heels of its strategic shift earlier this year, which saw the group relocate its headquarters to London. Indeed, “after moving our headquarters to London earlier this year, this was the natural step in the growth of our global trading services, so we are pleased to announce that Cresco is now a FCA-regulated broker,” explained Cresco founder Derek Mayne.
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Per the new license, UK traders will gain access to Cresco’s online trading platforms, including MetaTrader 4 (MT4) and Cresco Trader – this includes the possibility to trade with a FIX API. Additionally, UK clients can choose between Standard, Gold, Platinum, and VIP accounts on Cresco’s trading portal.
Furthermore, clients will also be able to tap into asset manager services via CrescoVIP, offered through sister company and Bermuda-domiciled, CrescoCap. According to Mr. Mayne: “As a boutique Forex broker committed to best-in-class customer service, we knew London was the ideal location for our headquarters and continued trading growth.”
As one of the largest and most developed industries globally, procuring an FCA license is a big step for Cresco, who will gain access to its largest trading base yet. “We look forward to providing more clients with cutting-edge services and multi-asset trading from a single account,” explained Mr. Mayne.