ETX Capital has received a new regulatory license from the South African Financial Sector Conduct Authority (FSCA), the London-based forex and CFDs broker announced on Tuesday.
The new license will allow the broker to start offering trading services in South Africa. ETX also confirmed that its clients in the country will receive instant execution, tight spreads and low commissions on CFDs.
The broker added the South African license as a part of the move to expand its services globally, especially beyond Europe. The South African license seems to be a strategic move of the broker as the country remains a significant trading market in Africa.
“Achieving this important milestone is paramount to our expansion plans and is yet another feather in the ETX cap,” Nandik Barbhaiya, ETX Capital’s Chief Marketing Officer, said on the new license.
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“We are committed to strengthening our relationship with traders in the region, and in upcoming weeks we will be working behind the scenes to welcome our South African clients onto our new license.”
Expansion of Services and Reach
Currently, ETX Capital runs its operations with its Financial Conduct Authority (FCA) license and offers trading services with more than 5,000 CFD instruments. In addition, it offers financial spread betting services in the United Kingdom.
Recently, ETX started offering commission-free services for some of the top traded stock CFDs, Finance Magnates reported.
Last October, Swiss private equity firm, Guru Capital acquired ETX Capital and later bought ETX Cyprus, the Cypriot business of the group. The Swiss parent, which operated both the British and Cypriot entities, further acquired the UK-based fintech, Oval Money, through ETX Capital, intending to expand its presence in the financial services industry.