Forex Magnates learned that Myfxbook has received a financial license from the Cyprus Securities and Exchange Commission (CySEC). As a forex portal providing analytics tools and trade reporting for traders, Myfxbook has evolved in becoming an active social network of traders. The firm expanded its offering last year to also include copy trading.
The license obtained by Myfxbook from the Cypriot regulator includes “portfolio management” and “reception and transmission of orders,” which are required for the company to provide its social trading services.
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The new licensing, which covers a new entity called Myfxbook Europe Ltd, follows a trend of platform providers to operate regulated entities themselves. Earlier this year, social trading platform, Tradeo, and mobile trading app provider, Trade Interceptor, both launched brokerage versions of their offering through partnerships with regulated brokers. Similarly, after merging with Mirus Futures, Ninjatrader announced the launch of Ninja Brokerage.
Myfxbook was assisted in its regulation process by Tal Ron, Drihem & co, and MAP S. Platis, the licensing thereof was the 13th Cypriot license issued in collaboration between the lawyer and consulting firm. Learning more about Myfxbook’s future plans, Forex Magnates will be following up with additional details on Myfxbook next week.