ETX Capital, the UK-based FCA-regulated FX and CFD broker, has announced that it has received the regulatory license from the South African Financial Sector Conduct Authority (FSCA), which controls licensing of trading services in South Africa.
By getting this license, the company will now be able to provide trading services for its clients in South Africa as a fully regulated entity. So far, it had the trading license only from the Financial Conduct Authority (FCA) in the UK through which it operated and grew its broking services, With the acquisition of this license, it would now be able to expand its horizons and offer trading services beyond Europe as well and it would hope that it would also open its door for entry into the trading market in the whole of Africa.
“Achieving this important milestone is paramount to our expansion plans and is yet another feather in the ETX cap,” said ETX Capital’s Chief Marketing Officer Nandik Barbhaiya. “We are committed to strengthening our relationship with traders in the region and in upcoming weeks we will be working behind the scenes to welcome our South African clients onto our new license.”
ETX Capital was acquired by the Swiss firm Guru Capital in the year 2020 and it looks as though plans are afoot within the company to continue growth and expansion over and above what the UK’s FCA licensing regime offers it. The broker offers a choice of over 5000 instruments that its users can choose to trade with and it has been doing well within the UK as well.
The company would continue to offer excellent execution, tight spreads, and low commissions on all its instruments for the South African traders as well, the company said. The company also offers spread betting services within the UK but it has not specified whether it would be offering similar services to traders outside the UK as well. These are highly risky instruments and it is better than the company educates its users about the risks involved before it decides to throw it open to traders outside the UK.
The company also has social copy trading integrated into its platform and it would hope that these new features would be attractive for its traders as it begins to spread its wings.
