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Forex Broker IronFX Now Operating Under FCA License

Jun 19 2013
By

After successfully putting down roots in the Asian market and opening up a new office location in Vietnam, it looks like Cyprus-based Forex broker IronFX is now ready to shift the focus of its attention back to Europe. The company has just announced it has acquired a license from the UK's Financial Conduct Authority (FCA).

 

Until now, IronFX was regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered with the UK Financial Services Authority (FSA). However, after the abolition of the FSA on April 1 this year and its replacement by two separate regulatory bodies, brokers wishing to legally operate in the UK were required to apply for FCA-issued licenses. Though this may come at quite a cost, with application fees as high as £25,000 (not to mention the hefty annual fees), the effort is definitely worth it. 

 

After seeing (and sometimes falling victim to) numerous examples of unlicensed companies leading their clients to rack and ruin, traders have become significantly more cautious when choosing where to put their trust and money. Being regulated in a particular country or by a certain authority gives brokers a definite edge when trying to attract potential customers. As Markos Kashiouris, the company's CEO, stated in the official IronFX press release: “The main criteria when selecting a trading company is to identify one which is regulated and that adheres to financial regulations at all times. When trading with a regulated company, clients should feel confident that the proper security measures have been taken and that the company has maintained the transparency and integrity needed to allow them to carry out their daily transactions. Having received the FCA stamp of approval gives the clients that needed confidence and reassurance." 

 

Mr. Kashiouris is certainly right about that last part. The FCA not only protects customers from fraud, it also guarantees a specific amount of their investment in case of broker bankruptcy. Thanks to the regulator's Financial Services Compensation Scheme (FSCS), all traders can receive 100% of the first £30,000 they invested, plus 90% of the next £20,000. This is definitely quite an incentive when choosing a broker – which may explain why Forex companies have been in such a rush to become FCA-licensed lately. Just yesterday, Admiral Markets got its license, and before that we saw eToro do the same. Judging by all this, it sure looks like client confidence is becoming one of the top priorities for Forex brokers in Europe.

 

 

About IronFX

 

IronFX is a Cyprus-based broker, regulated by CySEC and FCA 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 offer 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  fca  license  fca license 

More news about IronFX Global

Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 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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