HF Markets, which is also commonly known by its trading name HotForex, has revealed exclusively to Finance Magnates that it has expanded its operations to the United Arab Emirates.
The newly-launched operations in the country follow HotForex, a foreign exchange (forex) and contracts for difference (CFD) brokerage, acquiring a Dubai Financial Services Authority (DFSA) license (F004885) on December 12, 2018.
HF Markets (DIFC) Ltd, the official name of the group’s operations in UAE, is located in Dubai’s Index Tower. According to the statement, HotForex is now ready to offer its retail and professional trading services to clients in the Middle East and North Africa region.
Commenting on the launch, George Koumantaris, the Chief Executive Officer (CEO) of HF Markets Group said: “this is an important milestone for HF Markets. The UAE and the GCC offer very promising business prospects and we look forward to great success.”
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“The DIFC, through its reliable and strong governance, compliance and transparent structure, will strongly support our new entry to the region.”
HF Markets (DIFC) Ltd, is part of HF Markets Group, which is more commonly referred to by its two trading names HotForex and HF Markets. The group is a conglomerate, including global and regulated multi-asset brokers. The group has operations in the United Kingdom, Cyprus, South Africa and more.
“HF Markets offers a broad range of financial products and invests heavily in educational seminars and workshops. We are very confident that through our newly acquired DFSA License, and our competitive pricing and state of the art technology, HF Markets will expand further into positioning itself as a market leader in the region,” added Andreas Lazarou, the CEO of HF Markets (DIFC).
Brokers eye the Middle East
In recent years, more and more European and UK-based brokers are popping up in the UAE and the Middle East in general. This is largely because the GCC (Gulf Cooperation Council) region is wanting to make their economies less dependant on oil.
This has put the UAE at a turning point in its economic evolution, paving the way for trading opportunities within the retail sector.