HotForex awarded FX broker license in Kenya

abdelaziz Fathi

HotForex, a multi-regulated foreign exchange and CFD platform, has been granted an FX brokerage license in Kenya.

HotForex joins a handful of non-dealing online foreign exchange brokers that were licensed by the Capital Markets Authority (CMA) over the last two years. The notable entrants into the African forex scene includes EGM Securities Ltd (FXPesa), which received its first license in 2018, followed by SCFM Ltd (Scope Markets) in 2019, and Pepperstone in 2020. Exinity Capital East Africa Limited, which was founded by Andrey Dashin, owner of brokerage companies Alpari and FXTM, also secured a similar approval less than two years ago.

This brokerage license allows HFM Investments Limited, which operates under license number 155, to provide its clients with access to currency markets but without being engaged in market-making or managed accounts activities.

A spokesperson for HotForex commented, “This new license marks a new milestone in the steady growth of HotForex, which has become a truly global and multi-regulated brand over the past ten years. It also demonstrates the continued success of the HF Markets Group, made possible by our clients, partners and the dedicated efforts of the HotForex team to offer the safest trading environment possible to millions of traders around the world.”

Oversight of Online FX brokers Came under CMA

The addition of this coveted license extends the group’s regulatory arsenal to include regulated companies authorised by the Financial Sector Conduct Authority (FSCA) of South Africa, the Financial Services Commission (FSC) of Mauritius, the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Dubai Financial Services Authority (DFSA).

Applicants seeking a forex license in Kenya must be a company limited by shares, have a minimum capital of 30 million Kenya shillings ($277,000), and maintain the minimum capital at plus 5 percent of liabilities owed to customers in excess of this amount. In addition, the firm has to ensure that 80 percent of its capital is in form of cash or equivalents.

The applicants that operate as a subsidiary of a regulated foreign forex firm are required to provide proof to confirm the existence of such a relationship. Additionally, its parent entity must provide a letter from that regulator confirming that it is not only licensed but also in good standing and that there is no objection to operate in Kenya.

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<