Melborne-based broker GO Markets has expanded in the MENA region and secured a broker license from the UAE Securities & Commodities Authority (SCA), Finance Magnates has learned.
The license was awarded to the company’s UAE subsidiary, GO Markets MENA DMCC, according to market sources.
Go Markets MENA DMCC was established last year in the economic ‘free zone’ of the Dubai Multi Commodities Centre (DMCC). At the time GO Markets MENA DMCC also obtained membership with the Dubai Gold and Commodities Exchange (DGCX).
“I’m extremely proud and excited, the ESCA licence is a critical part of our MENA region expansion plans. We’ve worked hard on establishing ourselves as a reputable brand and provider in the region, and I’m very happy to see it all coming together,” GO Markets MENA CEO Sherif Sanad said in an interview.
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Sanad took on his CEO role at the firm in January 2019. He had worked at Exclusive Capital, Velocity Trade, RG Markets and One Financial Markets earlier.
“It has been our priority to facilitate the same level of confidence and security to our clients in the Middle East region. SCA License is a major milestone in our broader efforts to become a truly multi-jurisdictional provider,” GO Markets MENA director Khim Khor added.
GO Markets MENA noted that it will offer all available products under the DGCX, and it will expand its product range to include further products with regulatory approval.
Founded in 2006, GO Markets is a financial services provider of online FX trading services, offering margin FX, CFD trading, cryptocurrencies and binary options trading to individuals and institutional clients.
The firm successfully introduced Meta Trader 4 to retail traders in Australia.