Brokers News

XM acquires a FCA license, commences operations in the UK

In order to better serve its UK and European clients, forex brokerage XM commences a UK office. According to an announcement on the brokerage’s website, XM UK officially starts business on Tuesday. The news is not surprising, as the UK unit of the brokerage got license from the Financial Conduct Authority (FCA) in June this year.

Although the Cypriot brokerage is entitled to provide its services in UK and any other country that is a Member State of the European Union under the MiFID regulations, XM decided to go all the way. It applied for a license with the UK’s FCA in March this year, got approved, and now officially starts business.

UK regulation is famous for applying strict requirements to brokerage firms. Licensed companies are obliged to hold at least €730 000 in order to prove their financial stability and are required to comply with certain rules and procedures covering client funds, order execution, regular report filing, etc. More importantly, FCA-regulated companies fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person, in case the company goes bankrupt or ceases trading.

“Over the past four years, we have been recording steady double-digit growth, which is considered as an achievement on its own, but we remain humble, focused and dedicated to our values,” the brokerage said in the official announcement. “We want to ensure that we achieve a healthy growth and we develop at a solid pace, a pace which we can adhere to and handle without compromising our values, brand and product.”

Obviously, the launch of XM UK is part of a global expansion plan of the company. Earlier in October, XM applied for a license with South Africa’s FSB.

XM is a brand of Trading Point Holdings Ltd., a company regulated by the Cyprus Securities and Exchange Commission (CySEC). Apart from its units in Cyprus and UK, it also has an Australian subsidiary, which holds a license from the Australian Securities and Investments Commission (ASIC). Furthermore, the XM group is registered with the relevant authorities in several other European countries, including the Germany, Spain, Italy, Finland, and France.

The brokerage provides its services to customers in nearly 200 countries, offering trading in more than 50 currency pairs, along with Silver and Gold.
 

TAGS: xm  fca  forex license  license  uk 

More news about XM

Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
US, UK, Australia CFTC/NFA, FCA, ASIC MT4, Web,
Mirror Trader,
Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA MT4, Web,
ProRealTime,
2Dealer
$1 Review Website
UK, Cyprus FCA, CySec MT4 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, Web,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Seychelles FinaCom MT4 $10 Review Website
UK, Bulgaria FCA, FSC Web $150 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySEC MT4, MT5 $300 Review Website
New Zealand FMA MT4 $1000 Review Website
Belize IFSC MT4, Web $500 Review Website

More Forex Brokers News

Fibo Group launches trading account with gold as a base currency

Feb 17 2017 09:38:07

Forex brokerage Fibo Group has added yet another option to its extensive offerings: its clients can now choose gold (GLD) as a base currency for their MT4 accounts. Read more

FXCM’s Jan metrics: trading volumes up 18% MoM, US operations making up less than 20%

Feb 15 2017 14:42:05

Major forex broker FXCM (NASDAQ:FXCM) reported its trading metrics for January. Read more

Client feedback is driving the development of IG’s new web platform

Feb 15 2017 09:05:36

In a note to its clients, IG, one of the largest forex, CFD and spread betting providers, announced some key features of its new web platform, as well as tools which are currently in development. Read more

FXCM pays $650 K CFTC fine for 2015 undercapitalization

Feb 14 2017 13:13:17

FXCM's woes see no end. After last week's shocking regulatory actions against it that forced it to exit the US forex market, where it was the leader, this week the broker took action to resolve another old regulatory issue and pay a $650 000 fine. Read more

FXCM expects its US exit to trigger international growth

Feb 13 2017 10:10:07

A couple of days after the news about FXCM [NASDAQ:FXCM] leaving US forex market and selling its client base to peer Gain Capital broke, the top forex broker announced key metrics for the nine months, ended 30 September, 2016. According to the data disclosed, FXCM generated a net loss of $13. Read more

Forex.com reports 40% annual drop in January volumes

Feb 13 2017 09:06:16

Forex.com, the OTC retail forex brand of the US brokerage Gain Capital, has posted a 40.1% drop of its average daily volume in January 2017, compared to last January. According to the company report, it amounted to $9. Read more

Gain Capital to pay up to $500 for each FXCM client, conditions apply

Feb 10 2017 08:49:12

Following the regulatory penalties and dramatic exit of the largest US forex broker FXCM from the country and the subsequent announcement that Gain Capital is buying off FXCM's retail forex clients, new details are emerging about the deal. Read more

IG offers Snapchat CFD as grey market trading ahead of eventual March IPO

Feb 09 2017 14:05:32

IG, one of the largest forex, CFD and spread betting (UK only) brokers, announced it is launching CFD trading and spread betting on the eventual IPO of the technology company Snap Inc. that stands behind the Snapchat mobile application. Read more

Plus500 gets South African license

Feb 09 2017 08:18:23

Plus500, one of Europe's leading forex and CFD brokers, obtained a license from South Africa's non-banking financial companies regulator, the Financial Services Board (FSB). It allows Plus500 to operate an online trading platform for retail customers to trade CFDs in South Africa. Read more

It's finalized: Gain Capital gets FXCM's US retail forex clients

Feb 08 2017 08:46:16

Just a day after FXCM – the largest retail forex broker in the US – lost its NFA and CFTC licenses and got fined $7 million for misleading clients and misinforming the regulators, its main competitor Gain Capital confirmed it is acquiring FXCM's US retail clients. Read more