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FXOpen on UK Land: FSA License

New Zealand-based forex brokerage, FXOpen, announced earlier today that it's now fully licensed by the Financial Services Authorities (FSA) in the UK and has the right to operate in the country.
 
For those of you who do not remember, last year FXOpen reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC) where the company agreed to pay $140,000 in penalty for having illegally solicited American citizens to participate in foreign exchange. Although FXOpen was the largest company being sued for infringement of CFTC laws, the commission went after 24 other brokers as well. Some of them ignored the accusations, others ceased to accept US clients but left the issue unresloved and yet others like FXOpen managed to settle and close this page in the company's history for good. Otherwise an FSA license was going to be less of a viable future prospect.
 
But dealing away with this problem seems to have triggered a rapid development for FXOpen in a much more positive direction. In mid-July last year, the firm received its first major regulatory license from the Australian Securities and Investments Commission (ASIC) and launched services in the Australian market as well. With the announcement from today, FXOpen now has the chance to compete with giants in the industry like FXCM or Forex.com which are also registered both with ASIC and FSA.
 
“Authorisation by the FSA represents important recognition of our commitment to the strict regulatory and financial standards that more and more clients come to expect from brokers,” says FXOpen's CEO, Alexey Stepanov. “We look forward to launching our award winning services in the coming months allowing new customers in the UK and Continental Europe to benefit from FXOpen's worldwide experience and leading product offering combined with the transparency of a regulated broker.”
 
Setting their eyes on the UK rather than Cyprus – up until recently, the other major brokers hub in Europe – begs no question why. Quite clearly, a place where up to 80% of your clients deposits can be confiscated no longer represents an option.
 
But a European expansion does look like a natural continuation of what they've started. Ever since it was removed from Mauritius, the reason for which remains unknown, the company has experienced exponential growth, hitting more than $100 billion in trading volume over its ECN platform in a month. FXOpen was, in fact, the pioneer in bringing pure ECN trading over MT4 and still continues to be one of the largest MT4 brokers out there. 
 
TAGS: fxopen  uk  fsa  license  asic  broker  forex  trading  trader  clients  foreign exchange 

More news about FXOpen

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK, Bulgaria FCA, FSC Web €29 Review Website
Australia ASIC MT4, MT5,
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Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
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UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
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Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
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PrimeTrader
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