Eurotrade sets up South Africa subsidiary, announces new hires

abdelaziz Fathi

CySEC-regulated broker Eurotrade has unveiled a new South African-licensed entity in a bid expand its brokerage business in Africa, or possibly to offset the impact of sluggish economic conditions and regulatory restrictions in its core markets.

africa

Interestingly though, Eurotrade’s licence was issued in 2012 under FSP No 44351 and registration number 2017/223774/07. According to information available on South African regulator’s register, the approval allows the privately-held firm to act as an OTC derivative provider and therefore is permitted, under regular features of its business, to originate, issue, sell or make a market in OTC derivatives.

Commenting on the news, Sergei Grigoriev, Eurotrader’s executive director said: “Eurotrader’s focus is to accommodate the needs of individual traders as well as those looking to explore copy trading or account management systems. In addition to offering the industry lowest forex spreads, Eurotrader clients will have the opportunity to trade on shares and futures on the world’s leading exchanges. Having direct market access to such products will enable our clients to invest in publicly listed companies.”

Founded in 2015, Eurotrader is a forex brokerage firm owned by Eurotrade Investments RGB Ltd., which is headquartered in Limassol, Cyprus, and licensed to provide online trading products and services.

Part of a rebranding process, the company has also acquired new domains: eurotrader.com, and eurotrader.eu for the CySEC-regulated entity. Furthermore, the company has lured two industry veterans to expand its senior leadership team.

Eurotrader has appointed Patrick Murphy, who until recently was Head of Consumer Compliance at payment giant Paysafe as Head of Global Compliance. It has also named Nick Whitehead (formerly Head of Digital Product – Investments & Wealth at Barclays) as Head of Product.

Forex brokers in South Africa are overseen by the financial sector conduct authority, FSCA, which approves the platforms that can operate within the jurisdiction. The powerful watchdog handles the issuance of licenses and can sanction companies that violate guidelines of the nation’s dual regulation system.

South Africa enjoys a strong and well-organized financial market and therefore has become a popular destination for brokers looking to expand. It is one of the world’s top ten capital markets and boasts thousands of investors. The country itself is a diverse market that is largely devoid of the market saturation seen in other jurisdictions such as Europe.

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<