FxPro secures lucrative presence with new Dubai office
Cyprus-based and FCA regulated platform FxPro has opened a new office in Dubai as it seeks to focus on providing customizable liquidity solutions to the region’s diverse clientele.
The addition of this coveted presence extends the group’s arsenal to include offices in London, Cyprus, Monaco and the Bahamas. It will also allow FxPro to provide its range of FX and CFDs products to retail and professional clients not only from the UAE but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa.
FxPro launched its operation in 2007 and is jointly regulated by the UK’s FCA and Cyprus’ CySEC. The firm is a former sponsor of Fulham and Aston Villa football clubs. Further, FxPro is an established broker that once was planning a potential initial public offering. Although the broker was hoping to follow the listing of its rivals, such as CMC Markets and IG, it had canceled float plans after the FCA introduced stricter rules for activities of firms selling CFDs to retail customers.
FxPro CEO Charalambos Psimolophitis comments: “This is an exciting milestone in the company’s history,” says. “The office helps us to meet the needs of our clients and partners in the region, who can attend meetings and stay up-to-date on all the latest trends and developments in the global financial markets. In the 16 years since its establishment, FxPro has gained the trust of hundreds of thousands of clients from across the globe,” Charalambos Psimolophitis asserts, “including many from the MENA region.”
“Our partners have come to enjoy even more favourable conditions for attracting clients who actively trade, regardless of initial deposit sizes,” the CEO explains.
Dubai Forex license is complicated
The Dubai International Financial Centre (DIFC) is a federal area that is financially-free, completely separated from the rest of the country and features its own legal system and courts.
The DFSA has been receiving increased interest from authorized firms and global brokers to offer FX trading to retail customers in or from the DIFC.
Within Dubai’s International Financial Centre, the DFSA is the regulatory authority that issues all Forex Broker licenses and regulates all financial and subsidiary services conducted.
However, the DFSA has very strict guidelines in place for obtaining a Dubai forex license, as well as for conducting forex business. Specifically, obtaining a Dubai forex license is a complicated procedure that involves many legal limitations that revolve around the country’s prohibitions on banking activity in the local currency as transactions in UAE Dirhams are strictly prohibited in the center.