Cyprus-based IronFX Global Limited (IronFX), the company behind the growing number of entities under the IronFX brand, continues its global expansion spree with its latest location announced in Greece’s most populous city – Athens, the country’s capital, according to an official press release dated April 28, 2014.
The announcement described that IronFX is “Unstoppable in its determination to extend the world’s best trading environment to clients all around the world,” a mission statement that apparently has been working to drive the growing number of new offices it has recently established in a short amount of time, to help drive and cater to its growing business.
Regulatory License via MiFID Passport to Greece, Via CySEC Status in Cyprus
The addition of Athens brings the number of operations the company has to 55 offices worldwide, and more than 1,200 employees providing support in over 45 different languages, as described in the announcement.
Forex Magnates confirmed that the Athens office was set up as a representative office (rep office) through Iron FX’s Cyprus entity IronFX Global Limited, via MiFID passport, and is an office for promoting and marketing the brand, and not a branch to offer investment services, as explained to Forex Magnates by persons close to the company’s legal matters.
Forex Magnates opines that the Greek market for retail Forex has considerable room for development despite the economic conditions the country is still struggling to push through, with newbie traders often quick to become sophisticated as a result of initial skepticism towards trading followed by detailed due diligence before participating in an investment offer.
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However, this conservative approach can also make the sales process more challenging, as clients need hand-holding, thus a local office can be key in meeting clients and having presence nearby, and supporting prospective and existing customers.
A growing number of sophisticated FX traders also exist in the region, as new entrants come to market, and Greek securities brokers and banks cater to the overall segment of investors as part of the country’s financial services sector, and several FX brokers have already set up in Athens in order to best position themselves within the Hellenic Republic – as prospects in the country try to improve amid recent challenges, and with regards to retail Foreign Exchange. IronFX is the latest to join this trend, with its Athens rep office now operational. Forex Magnates has compiled extensive research into Greece, in a report that is still available online.
The news follows the company’s recent office established in a high-end property in the center of Madrid [corrected: original article incorrectly said Barcelona), after it sponsored Spain’s national soccer team FC Barcelona for nearly 3 Million Euros.
Considering the number of new offices and the speed in which they have been announced relative to each launch, it is not surprising that the company had a minor challenge in setting up its Columbia office, as the regulatory landscape can often differ significantly throughout the world, and/or be overly complex to understand while trying to comply with the initial administrative processes or interpreting the applicability of any such rules as it may apply to applicants.
Nonetheless, the company has come a long way since Forex Magnates covered its inaugural headquarters that was relocated at Cyprus Limassol last year, attended by the president of the country – who had also recently attended a celebration held by a different FX broker on the island country, as the government’s interest in Foreign Exchange was displayed as a means of improving public relations in Cyprus.
Forex Magnates will co-organize the upcoming iFX EXPO with Conversion Pros and looks forward to the third successful event in Limassol at the end of May, as FX Industry professionals from around the world will meet to catch up on the latest developments affecting market participants and the trends and future expectations of things to come for Foreign Exchange.