Xtrade Russia Ltd, a subsidiary of Xtrade group, a global online forex trading provider which features sister companies in Australia, Belize and Cyprus, today has received membership into Russia’s self-regulatory body, National Association of Forex Dealers (NAFD), previously known as CRFIN, according to a NAFD statement.
Finance Magnates reported last week when Russia’s SRO previously famous as CRFIN announced that it has rebranded as National Association for Forex Dealers (NAFD). The change in name was not the only news, as the association has also revealed that its board of directors was revamped.
NAFD’s membership does provide some level of recognition for approved firms as broker members are expected to follow the group’s standards.
According to the new “On the Securities Market” law in Russia, the Central Bank of Russia has become the only regulator of forex brokers’ activity in the country. Since the 1st of January 2016, all the brokerages registered in Russia have to apply to the self-regulatory organization NAFD and obtain a central bank licence.
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In terms of XTrade, the broker is operated by XFR Financial Ltd and it has offices in five continents. In addition to NAFD’s membership, Xtrade is regulated by the Cyprus financial watchdog CySEC (under Xtrade Europe), the Belize’ IFSC, as Xtrade.BLZ, and holds a licence from the Australian watchdog ASIC. Earlier in May, XF Financial Limited has decided to consolidate its offering and phase out the older brand, XForex, and now officially operates under Xtrade Group.
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The news is part of the firm’s global expansion where it is aiming to be viewed as a global forex brokerage. XTrade made headlines earlier in March after the company tapped the four-time Golden Boot winner football star Cristiano Ronaldo as its official ambassador.
Commenting on the news, Tara Mor, Vice President Business Development and Compliance of XFR Group, said to Finance Magnates reporters: “We’re happy that the National Association of Forex Dealers Council made a decision to accept Xtrade Russia Ltd Company as a member of NAFD.”
“National Association of Forex Dealers (NAFD) is one of the most reputable self-regulated organizations in Russia that monitors activity of companies in the Forex market. Xtrade has once again proved that we are one of the leading brokerage companies. Only companies with impeccable reputation that guarantee safe and secure cooperation to their customers can be licensed with NAFD and we are happy that we fully meet its strict requirements,” she added.
Last time Finance Magnates reported on XTrade was last week when the British Columbia Securities Commission (BCSC), a provincial financial regulator in Canada, added xforex, the previous brand of XFR Financial Ltd., to its to its list of companies not to do business with.