Multi-regulated FX and CFDs retail online brokerage XTrade recently let go of about sixty employees from its Israeli call center operated by IDI Ventures, Finance Magnates has learned.
It appears that the likely reason for the move is the international and local pressure put on Israeli call centers to stop marketing abroad. The majority of the cuts have been made from the European conversion and marketing departments (English, Spanish, Italian, French, Hungarian and Polish language desks).
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The company recently opened a new office in Macedonia, which could be the new hub for marketing inside Europe. XTrade has thus essentially outsourced much of its European conversions and marketing operations out of Israel.
Xtrade is regulated by the Cypriot financial watchdog CySEC under the name Xtrade Europe, the IFSC of Belize as Xtrade.BLZ, and also holds a licence from the Australian watchdog ASIC.
Back in October 2016 CySEC announced that it imposed a fine of €225,000 on XFR Financial Ltd, owner of XTrade, for a series of non-compliance issues in connection with the provision of trading services.
Finance Magnates reached out to XTrade for a comment, and we will update the article when one is forthcoming.