Lucro Capital, a holding firm operating HiWayFX, received regulation under Cyprus’ main financial watchdog, the Cyprus Securities and Exchange Commission (CySEC). 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. 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.
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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.