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IronFX Obtains Forex Licenses in Russia and New Zealand

Aug 07 2013
By
Forexbrokerz.com

IronFX announced an ambiguous piece of information about obtaining licensing in two more countries – Russia and New Zealand. To a greater degree the new announcement has probably been made because of CySEC's latest rule CI144-2013-22 that mandates all investment intermediaries, including forex brokers based in Cyprus to acquire additional authorization if they want to offer services in non-EU countries. The deadline for this has been set for October 2013. This is the third large service provider, after Mayzus and XEMarkets, that has chosen such to go with this logical strategy. Obviously, the intention of IronFX  is not to be closer to the customers but rather to get authorization in jurisdictions where regulation is not that strict at all. 

 
Of course, expansion is another possibility for the broker to go that way. In June IronFX opened a new office in Vietnam (link) and later on acquired a license from the FCA in the UK. 
 
Signing up for regulation in Russia seems a bit weird at first but we dig deeper, we can see thats as a member of the non-profit Center for Regulating OTC Financial Instruments and Technologies (CRFIN) in Russia, the company tries to send a signal to its Russian customers – and that signal is that it would like to stick to a certain level of customer protection and transparency of operations.
 
Currently, Russia is a completely uncharted territory when it comes to forex regulation, so a CRFIN license seems a bit futile – however this is likely to change this fall when the Russian government is expected to vote on a new legislative framework for regulating OTC trading. At that point, stricter rules will be imposed upone brokerages and CRFIN's license will actually matter. 
 
What's more, there's the possibility that the Russian Duma rules to close the Russian forex market, just like it was previously done in the USA, Japan or Turkey – and then IronFX will be able to continue operating on that market. Maksim Vassin from the Russian National Rating Agency outed clearly that the new regulation could end up pushing about 100 smaller forex brokers out of that market, and IronFX will have a great opportunity to expand its customer base.
 
When it comes to New Zealand, a new subsidiary of the brokerage will be set up: IronFX NZ. Like the expansion to Russia, this one has a strategic function. Should CySEC decide to go after companies which don't comply with its new rule, IronFX will have yet another safety net to fall on, together with its recently obtained FCA authorization – only this one will come with a more liberal and “light” regime. 
 
 

About IronFX

 
IronFX is a Cyprus-based broker, regulated by CySec and specializing in Forex, CFDs on US and UK stocks, commodities, spot metals and binary options. The company was established in 2010 by an experienced team of Forex specialists and software experts aiming to create and offering an online trading environment with “One Account, Ten Platforms” trading functionality. Using the Meta Trader 4 (MT4) platform as a trading platform basis, combined with substantial in-house development, IronFX offers full access to strong liquidity, fast execution and a wide range of trading instruments, with spreads starting from 0 pips.
TAGS: IronFX  forex  forex broker  forex legislation  forex license  forex authorization  CySEC  FSP New Zealand  Russia  Cyprus 

More news about IronFX Global

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
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 MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

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