Retail brokerage firm RoboForex Group told Finance Magnates on Monday that it has received a regulatory license from the National Bank of the Republic of Belarus.
RoboForex Group currently operates two brands – RoboForex is licensed in Belize and RoboMarkets is based and regulated in Cyprus.
According to a statement released by the brokerage group, the two firms worked together and ultimately decided to use the RoboForex brand for the new Belorussian entity.
The group said that this was due to RoboForex’s existing popularity in Belarus and other countries that make up the Commonwealth of Independent States.
“Receiving the license of the National Bank of the Republic of Belarus is a very important step of our expansion in CIS countries,” said Andrei Dziarnovich, the chief executive officer of RoboForex BY.
“Our key priority is to lead the industry whilst providing quality services on global financial markets, attractive trading conditions, and reliable protection of our clients’ interests.”
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Not the first to arrive in Minsk
RoboForex’s new Belarusian brand will offer trading via MetaTrader 4. Traders from Belarus will also be able to trade in a mix of foreign exchange and contracts for difference.
The company is the second major broker to receive a regulatory license from the National Bank of Belarus in a month.
In mid-April, Capital.com announced that it had received a license from authorities in the eastern European country.
The move to Belarus on the part of the two brokers reflects a broader trend in the retail trading market.
With new regulatory measures, introduced by the European Securities and Markets Authority last year, putting pressure on the market, firms are looking outside of Europe to pursue new avenues of growth.
Aside from Belarus, Equiti Group has opened a new brokerage in Kenya, and several have firms have received a regulatory license in South Africa.