INGOT Brokers, a global brokerage firm, has made a notable advancement in its expansion plans by acquiring a license from the Securities and Commodities Authority (SCA) in the United Arab Emirates (UAE).
This follows the company’s earlier announcement regarding the approval from the Capital Markets Authority (CMA) in Kenya, which granted INGOT Africa Ltd. a license to operate as a non-dealing online forex broker in Kenya. The platform in Kenya is already active, offering forex and contracts for differences (CFDs) on indices, stocks, commodities, and exchange -traded funds (ETFs).
INGOT Brokers Secures SCA License, UAE
The SCA license allows INGOT Brokers to introduce and promote financial products and services in the UAE, furthering its strategy to expand its global presence. The UAE is known for its established financial markets, and INGOT Brokers aims to serve traders in this region with a variety of financial instruments, advanced trading platforms, and professional support.
The SCA ensures that firms comply with industry standards. The company’s entry into the UAE market is part of its broader effort to build a trusted, transparent, and secure trading environment for clients globally.
According to the firm, this move reflects INGOT Brokers’ focus on establishing a presence in key financial hubs and providing traders with the necessary resources to navigate global markets.
Receives Licenses in Kenya, Seychelles
The Kenyan regulator issued the license just a few months after INGOT Brokers received similar approval from South Africa’s Financial Sector Conduct Authority (FSCA).
In July 2022, the broker further expanded its global presence by obtaining a license from the Financial Services Authority (FSA) in Seychelles. The company also set up offices in South Africa and Seychelles. Founded in 2006, INGOT Brokers is regulated in Australia and Jordan.
INGOT Brokers Appoints Former BDSwiss Executives
Meanwhile, INGOT Brokers has appointed two former BDSwiss executives: Andreas Andreou as Chief Sales Officer and Marios Morfakis as Head of Business Development. Both individuals left BDSwiss during a period when many other employees also departed.
Following his departure, Andreou co-founded a proprietary trading platform, where he currently serves as co-CEO. He confirmed to Finance Magnates that he will continue in this role while taking on his new responsibilities at INGOT.
