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TigerWit forex trading platform gets Bahamas license

TigerWit, a China-based forex and CFD mobile social trading platform, has obtained a broker-dealer license from the Securities Commission of The Bahamas (SCB), the company announced in a statement.

 

It gives it permission to deal as agent and principle, arrange and advise in securities including CFDs in Forex, indices, commodities and metals to retail and wholesale clients on a global basis under the Bahamas' legislative and regulatory framework.

 

Among SCB's requirements are the segregation of client accounts, capital adequacy (at least $300,000 for a forex and CFD market maker), an office in the Bahamas, at least one local director of the company and staff including a local Chief Executive Officer and Compliance Officer.

 

TigerWit was established in 2015 and focuses on financial technology. So far it has been mostly active in Asia, but the Bahamas license will allow it to expand its global footprint.

 

"Receiving the Securities Commission of The Bahamasregulatory licence is a very important milestone for TigerWit Group and our clients”, said Summer Xu, CEO of TigerWit Group. “At TigerWit we aim to provide our clients with not only the best online and mobile trading service, but the appropriate protections so that they can be safe in the knowledge they are dealing with a well-regulated entity whose interests are aligned with theirs.”

 

TigerWit's mobile social trading platform allows clients to follow strategies and trade global forex markets, indices, commodities and metals. The company has offices in Beijing, Shanghai and Nassau.

 

TAGS: tigerwit  bahamas  license  scb 
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