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PriorFX: New Forex Broker to Emerge in Cyprus

The Forex market is tough place to be, as competition and regulation of the sector are on the rise across the globe: this is why we are happy every time when a new company decides to join this industry. And we were excited to get to know that there is a new Forex broker on its way to pop out in Cyprus: PriorFX.


In December 2013, PriorFX Ltd obtained a license as a Cyprus Investment Firm (CIF) from the island's watchdog – the Cyprus Securities and Exchange Commission (CySEC). And for lovers of formalities, here is some data: the license number is 221/13, while the registration number is 321360. However, as with all companies that secure CIF licenses, some time will pass before the activation of the license and the official launch of the new company's operations. The website is still under construction and promises that the new company will begin its operations soon.


Of course, as any trader, you'd like more particulars about the new business: according to reports in Chinese media (such as this one), the founders of PriorFX include people with extensive experience in retail and institutional Forex. Amid them is  Viktor Virszta, who has substantial background in Forex – to mention at least one key position he held, let's note his experience as sales executive at Hantec Markets, the UK broker. 


Virszta says that the new company will seek to grow in the European retail FX market – that's not a surprise, given that the broker has gotten a Cypriot license. This piece of paper allows it to provide its services across the continent – more precisely, in any European country where MiFID – the financial markets directive, is in place. 


Even more interestingly, PriorFX's co-founder visited China in the summer of 2013 to explore the opportunities that the country offers to Forex brokers. He said that the new broker will seek to offer its services to Chinese clients and there are plans for representative offices in China. Rather ambitious, right?


Indeed, plenty of Forex brokers see China as an important market, but there is a handful of companies that indeed provide their services to Chinese clients, with the number of companies having premises in China even smaller. Pepperstone, the Australian FX broker is among the few brokers that have actually set up their foot in China – the company opened an office in Shanghai in February 2013. Other brokers prefer to offer their services to Chinese clients from Hong Kong, as FXCM Asia does, for example. Hence, there's nothing unusual if PriorFX also chooses to reach out to Chinese clients from an office outside of mainland China. 


Virszta promises that PriorFX will start operations in 2014. 


TAGS: priorfx  priorfx forex broker  priorfx cyprus  forex market  forex license  cif license  cysec  cypriot forex broker  retail forex  china forex  cyprus forex 
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