Exclusive: OctaFX Acquires a CySEC License to Launch EU Domain
- The company went through the CySEC’s licensing process to expand its services across Europe
While some EU-regulated brokers and clients are flying offshore, OctaFX is bucking the trend. The company has just confirmed to Finance Magnates that it acquired a new license from the 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. The permit will allow the firm to operate an EU-based subsidiary and onboard clients from across the continent.
OctaFX is at present operating via a St. Vincent and Grenadines subsidiary. While that is providing the firm with flexibility on leverage and bonuses to clients, the recent hardships of the industry in the offshore payments space is prompting firms to look for more stringent regulatory jurisdictions that can accommodate a wider base of clients.
While the EU market has become more difficult in recent months due to changes in the regulatory environment, companies continue to invest in the region. Client acquisition costs have increased materially over the past couple of quarters, reflecting a shifting marketplace.
Competitive Landscape
The new license which OctaFX is acquiring reflects a strong commitment to continue building the company’s business. While some brokers in the industry have been facing difficult months, especially since the start of 2019, as volatility across multiple asset classes collapsed, others appear to be determined to weather the storm.
The new regulatory framework introduced in August 2018 is reshaping the retail forex brokerage industry as a whole. With every new change in the market, some firms adapt better than others and squeeze out competitors.
According to the license details of OctaFX on the CySEC’s website, the company is planning to launch a new domain to service its clients in the EU. The www.octafx.eu website is at present showing an Under Construction message. The company appears to be planning to roll out its new website in the coming weeks.
After Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term, the Cypriot regulator has once again become the preferred place to set up brokerage operations in the EU. With uncertainty still looking over the UK's exit from the block, that stance is unlikely to change anytime soon.
While some EU-regulated brokers and clients are flying offshore, OctaFX is bucking the trend. The company has just confirmed to Finance Magnates that it acquired a new license from the 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. The permit will allow the firm to operate an EU-based subsidiary and onboard clients from across the continent.
OctaFX is at present operating via a St. Vincent and Grenadines subsidiary. While that is providing the firm with flexibility on leverage and bonuses to clients, the recent hardships of the industry in the offshore payments space is prompting firms to look for more stringent regulatory jurisdictions that can accommodate a wider base of clients.
While the EU market has become more difficult in recent months due to changes in the regulatory environment, companies continue to invest in the region. Client acquisition costs have increased materially over the past couple of quarters, reflecting a shifting marketplace.
Competitive Landscape
The new license which OctaFX is acquiring reflects a strong commitment to continue building the company’s business. While some brokers in the industry have been facing difficult months, especially since the start of 2019, as volatility across multiple asset classes collapsed, others appear to be determined to weather the storm.
The new regulatory framework introduced in August 2018 is reshaping the retail forex brokerage industry as a whole. With every new change in the market, some firms adapt better than others and squeeze out competitors.
According to the license details of OctaFX on the CySEC’s website, the company is planning to launch a new domain to service its clients in the EU. The www.octafx.eu website is at present showing an Under Construction message. The company appears to be planning to roll out its new website in the coming weeks.
After Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term, the Cypriot regulator has once again become the preferred place to set up brokerage operations in the EU. With uncertainty still looking over the UK's exit from the block, that stance is unlikely to change anytime soon.