Exclusive: Prop Firm FundedNext to Become “Real” Broker, Seeks Dubai and Mauritius License

FundedNext, a proprietary trading firm launched in 2022, is officially entering the brokerage space with the launch of FNmarkets today (Tuesday). The brokerage brand is currently authorised in Comoros; however, it has already applied for licences in Mauritius and from the Dubai Financial Services Authority (DFSA), FinanceMagnates.com has learned.

It is expecting to receive the authorization from the Mauritius Financial Services Commission (FSC) in early Q3 2025.

A Comoros-Registered CFDs Broker

Abdullah Jayed, the CEO of FundedNext, will also head the brokerage arm as Chief Executive. Selim Mahmud, who is currently the Vice President of at the prop firm, has taken the role of Head of FNmarkets.

A company spokesperson confirmed to FinanceMagnates.com that FundedNext and FNmarkets operate as entirely separate entities within the FN ecosystem, adding that “there is no risk transfer or shared operational framework between them.”

According to the registry of the Mwali International Services Authority, which regulates financial services companies in Comoros, FNmarkets obtained its licence in November 2024. It has also registered itself at St. Lucia, a jurisdiction that does not have any effective licensing regime for financial services firms.

It is not the only prop firm to seek a licence from Comoros, an island nation off the east coast of Africa. City Traders Imperium, Holaprime, FundingPips, and Goat Funded Trader are some of the others authorised in Comoros, but only to obtain a MetaTrader licence rather than to operate as a broker.

Interestingly, Comoros’s licensing regime has also attracted its share of controversy.

Meanwhile, FNmarkets also plans to obtain a licence in Cyprus but has not yet formally applied. A Cyprus licence would allow the firm to operate across the European Economic Area (EEA). “We do plan to pursue a CySEC licence, but our approach is phased,” the representative added. “We are committed to continuously pursuing licenses in key global jurisdictions.”

The most notable entry of a prop firm into the brokerage industry remains the acquisition of OANDA by Czech Republic-based FTMO.

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Emerging Markets Are the Target

The FNmarkets brand aims to offer brokerage services to traders in emerging markets across Asia, Africa, Middle East, Oceania, and Latin America. It will primarily target traders in some of the big emerging markets like India, the Philippines, South Africa, Morocco, Kenya, Brazil, Mexico, and the UAE.

At launch, the brokerage brand will offer about 84 CFDs instruments, including forex, metals, global equities, and commodities. It will also provide round-the-clock trading in major cryptocurrency CFDs.

The launch of the brokerage is a continuation of FundedNext’s global expansion efforts. FinanceMagnates.com earlier reported on the firm’s re-entry into the United States with a futures prop platform, which is also available globally. However, its legacy CFDs prop products remain unavailable to traders based in the US.