A new Cyprus-based Retail FX broker is planning to launch its operations this month under the brand name of ‘UGL Exchange.’ The new brokerage is an investment firm licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and specializes in providing foreign exchange currency trading.
One thing is certain, succeeding as a Cypriot retail forex broker in 2018 and beyond is no easy task anymore. Just yesterday, CySEC has confirmed that the application of ESMA’s new limitations is not limited to clients who are based within the EEA. Demetra Kalogerou, Chairwoman of the Cypriot regulator, explained that the MiFID II/MiFIR regime does not discriminate on the basis of the location of clients, but rather it applies to services provided by investment firms which are authorized in the EEA.
Cyprus has long positioned itself as a jurisdiction that is well-regulated and is ideal for international FX providers that are looking for a stamp of European approval.
The introduction of the new service comes at a time when some clients are experiencing challenges in finding a reliable broker or are facing increased trading costs in a constrained market.
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UGL Exchange’s new service enables margin trading across FX, precious metals, cryptocurrencies, and CFDs. The broker says its offering will meet client demand for a platform that has a good balance between new features, speed, and stability using tried and tested technology.
The firm is operating in Cyprus under the CySEC license 349/17, which allows it to offer retail clients a more secure trading environment. Their Limassol office is located at AgiouIoanniProdromou 31, Yioupis Tower, 3rd Floor, Office 301, 4002.
The new brokerage will try to develop a coherent image of the company that combines high quality and superb customer service as a top priority. UGL Exchange intends to differentiate itself as its technology providers allow the company to have a very flexible trading technology architecture.
Olga Lampadaridou, executive director of UGL Exchange Ltd., commented: “We care about transparency and flawless execution. We believe clients are already tired of unpleasant surprises. Based on that premise, we decided to hire some of the best professionals in the field, people that clients know and can trust with their money. At the end of the day, as any other business, it’s all a matter of trust.”
She continued: “We’re equipped with cutting-edge technology, a high level of client support, while always up-to-date on the markets’ global expansion. UGL Exchange provides new opportunities and well-rounded solutions for personal and institutional investors.”