The iFOREX Group, a provider of online foreign exchange and CFD trading services, announced on Wednesday that it would be changing its name, brand and URL to Vestle for its operations in Europe.
Vestle will be the new trading name of iCFD Ltd. (part of the iFOREX Group), which is regulated by the Cyprus Securities and Exchange Commission.
According to the company, the changeover to Vestle from iFOREX will occur in several stages starting from Sunday. Although the vestle.com site is already live.
The Netherlands, Germany, Greece, and English-speaking markets will be changed on July 1, 2018, and from July 15, 2018, the new brand name will be implemented in Spain, Poland, Italy, and France.
In each country, the company will take down its iforex.eu website once the changes take place. However, its website in Hungary, the Czech Republic and the Slovak Republic will remain the same.
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According to the statement, Vestle will also have the same features, trading tools and trading platforms as iforex.eu website. It will also offer CFD trading on instruments from numerous markets – shares, commodities, indices, currencies, ETFs and Bitcoin.
Rebranding for EU Regulations
It is not uncommon for companies to change their name. Only yesterday, Finance Magnates reported that ADS Securities has now rebranded its operations and will be henceforth known as ADSS.
However, the name change comes in the wake of strict EU regulations for brokers from the European Securities and Markets Authority (ESMA), and it could be an attempt from iFOREX to clearly separate its EU operations from its non-EU operations.
The new regulations were announced on March 27, 2018 with ESMA stating leverage limits for retail investors would be 30:1 for major FX pairs, 20:1 for non-major pairs, gold, and major indices, 10:1 for other commodities and non-major indices, 5:1 for stocks and 2:1 for cryptocurrencies.
To adhere to these regulations, the Vestle site will also have a Negative Balance Protection policy and offer leveraged trading within the new restrictions.