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AvaTrade Obtains CySEC Forex License

Jun 27 2013
By
Forexbrokerz.com

Despite the slightly unstable economical situation in Cyprus, this little island remains one of the world's most popular forex hubs, along with Australia, New Zealand, and the United Kingdom. Of course, embracing Cyprus as a favorite location for setting up a forex brokerage is no accident – the country is a member of the European Union, and offers the combo flexible conditions for registering a financial company + strict but fair regulation

 
This said, we were not even a tad surprised when RoboForex applied for a license from the Cyprus Securities and exchange commission (CySEC), the country's financial regulator, and received it last month. For the New Zealand based company that was an excellent stepping stone to the European market, become MiFID-compliant, and solicit customers from the entire European Union. 
 
This week it became clear that yet another brokerage is to follow RoboForex's example: AvaFX, which recently rebranded into AvaTrade, has just been granted a CySEC license.   
 
The broker still doesn't have designated website for its Cypriot doings, so I'm guessing these will be carried out through its general page, which currently services AvaTrade's operations in Ireland, Australia, France, Italy, etc. (the only location that has its designated website is AvaTrade Japan). 
 
What is interesting to note here is that unlike RoboForex, which was not represented in Europe, AvaTrade is headquartered in Ireland and works in compliance with MiFID, which – as we already mentioned – enables it to spread its services across the entire EU. This means that the reasons for Ava setting up offices in Cyprus are to be sought elsewhere. The broker already holds authorizations from the Central Bank of Ireland, the Australian Securities and Investments Commission (ASIC), and the Financial Services Authority (FSA) in Japan, so I am guessing that the broker is simply seeking to increase the level of customer protection it offers to its investors. Along with overseeing the work of the companies, CySEC mandates all its registrants to become members of the Investors Compensation Fund, which refunds each trader for losses of up to EUR 20,000 in case their broker is not able to meet its obligations any more. So there's the reasons for landing in Cyprus – a reasonable regulator, additional client protection, and yeah – a much, much better weather. 
 
 

About AvaFX

 
Ava Capital Markets Ltd is an Ireland-based broker, founded in 2006. Through its subsidiaries, it is regulated in the European Union, Australia, Japan, and the British Virgin Islands. Ava's proprietary trading platform, the Ava Trader leverages the power of the world’s leading banks and financial institutions, while providing consumers with an easy-to-use yet functionally rich trading environment. AvaTrade has received numerous awards for maintaining the highest standards in customer service, trade executions, pricing transparency, and advanced trading tools. AvaTrade has offices in many of the major financial centers in the world including New York, Tokyo, Dublin, Paris, Frankfurt, Milan and Sydney.
TAGS: AvaFX  AvaTrade  forex  forex broker  forex trading  forex license  ASIC  CySEC  FSA Japan 

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