Exclusive: easyMarkets Closes Polish Branch 'Easy Forex Trading Sp Zoo'

CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term-regulated Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker easyMarkets has ‎announced that it will be exiting the Polish ‎market effective June ‎‎30, 2018, and will be withdrawing registration of its ‎Polish branch Easy Forex Trading Sp. Zoo., located at Warsaw Financial Center.‎

In an email sent to clients this morning, easyMarkets told traders in ‎Poland that its headquarters in Limassol, Cyprus will handle their trading ‎operations, including the reception and transmission of ‎orders, as of 31st of May 2018.‎

Back in December, the Polish Ministry of Finance has ‎submitted a draft of a new law that ‎introduces sweeping changes to its FX regulations, including the imposition of maximum ‎leverage on forex trading accounts to 1:50. ‎

The draft of new propositions, however, allows brokerage ‎firms to raise the maximum permitted leverage to 100:1 ‎only if the customer made at least 40 transactions during ‎the last 24 months.‎

Earlier in July, Polish authorities announced plans to cut the maximum leverage from the current 1:100, with a margin of 1 percent, to 1:25 with a margin of 4 percent.

The efforts reflected Poland’s ongoing clampdown on the ‎high-risk retail trading products. It also places the ‎country’s regulations on par with other European nations, ‎notably the UK’s FCA, which has proposed a maximum ‎of 50:1, and Cyprus’ CySEC, which has made similar ‎limitations but added a provision for experienced traders to ‎access higher leverage levels.‎

Recently, reports provided to the Polish Financial ‎Supervision Authority (KNF) by the nation’s regulated ‎brokers showed that 36.1 percent of clients investing in ‎currency derivatives made a profit, down from 39.5 ‎percent in the previous quarter. Reports provided to the ‎KNF last year showed that the percentage of investors ‎making money from trading in the OTC market averaged ‎‎20.7 percent in the period from 1 January 2016 to 31 ‎December 2016. But ultimately, 80 percent of the ‎profitable traders made losses in the long run.‎