The contracts for differences (CFD) brokerage unit backed by the founders of The5ers has received a new Seychelles licence, Finance Magnates has learned. The Trade Set Go brand has recently initiated a “soft launch” and begun onboarding clients under the new entity.
Two Licences to Cover a Wider Market
The new offshore licence has been acquired in addition to the Cyprus licence that the brokerage previously received.
The Cyprus licence has enabled the broker to offer services across the European bloc, while the latest Seychelles licence is better suited to onboarding traders from emerging markets.
While the Cyprus entry was made by taking a minority stake in an existing brokerage on the island, the company established the Seychelles business from “the ground up, ensuring a completely clean slate with no prior history”.
“The entire process, from initial application to final regulatory approval, took over a year and a half,” a representative of the brokerage told Finance Magnates.
Although the offshore business is branded Trade Set Go, the Cyprus business is registered under the acronym TSG.
Read more: What Do Exness, IronFX, FXTM, and RoboMarkets Have in Common?
“We are about to initiate the approval process with the Cyprus Securities and Exchange Commission (CySEC) to officially update and align the corporate name in Cyprus, ensuring a unified global brand identity across all jurisdictions,” the representative added. “Trade Set Go is a registered trademark.”
Despite the establishment of the Seychelles business, its headquarters will be in Cyprus. Its Seychelles office will oversee local operations. The group currently has two offices globally and a team of 10 employees.
- The5ers Launches Futures Prop Offerings Worldwide
- “We Don’t Sell Dreams. We Don’t Drive Lamborghinis”: The5ers Founder
Backed by The5ers, but Independent
Gil Ben Hur, founder of The5ers, earlier clarified to Finance Magnates that the prop and brokerage units will operate separately and independently. The company is, in fact, clearly separating the two brands.
“It is increasingly natural, and even inevitable, for prop firms and brokers to sit side by side on the same shelf,” Ben Hur said, adding that the two models are “complementary” to each other. “For retail traders, the combination of these two models represents the next evolution in the trading landscape.”
Both brokers and prop firm operators have seen the benefits of the other side. Usually, brokers were the ones adding a prop trading unit, and brands such as Hantec, Axi, IC Markets, ATFX, and many others now operate a separate prop trading business.
However, FTMO broke the trend by opening a brokerage unit and then acquiring OANDA. Several other prop firms have also obtained offshore brokerage licences, but only a few are offering brokerage services.
