Forex social trading broker eToro has announced the receiving of UK financial regulation from the Financial Conduct Authority (FCA). As a pioneer in developing social trading, and having the largest active social network, even as its product is broker-specific, as opposed to rival offerings which are cross-broker, the firm continues to see growth for their product. According to eToro, the appeal of social trading is that it “opens up the market to people who are interested to experience a new investment alternative”. On this point, eToro expressed “this recognition of eToro by the FCA as a UK regulated company adds a seal of confidence for investors who would like to explore the simple, engaging and exciting world of social investing.”
In addition to the license, eToro will be shortly opening a UK office. Explaining the role of the office, Avi Sela, COO at eToro told Forex Magnates that “The UK office will operate some of the group flow and will work closely with our operation in Cyprus to make sure all our clients gets the best level of service.” eToro also expressed to us that the UK licensing is by no means any indication of ceasing or contracting its Cyprus operations, with the UK business solely working alongside the broker’s main operations.
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Commenting on the news in firm’s prepared statement , Yoni Assia, Founder and CEO of eToro said “getting our social investment network FCA regulated is a major milestone for eToro.” He added “as the innovation leader in social investing, we are pursuing a clear vision: to give our users the opportunity to invest and trade the markets in a simple and transparent way. As such we take transparency and user protection very seriously and have implemented a long list of self regulation rules to ensure everyone in our investment network is treated equally. Having the FCA stamp of approval makes it official.”