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Screenshot of a breaking news alert e-mail from Q2 2017
Retail FX brokerage OctaFX has been granted a regulatory license by the Financial Conduct Authority (FCA) in Britain, just two months after LeapRate reported that the firm was planning the establishment of an office in London.
The company, which until now registered its entire operations in St Vincent & the Grenadines, has been issued FCA license number 679306, effective from April 14 this year.
Maintaining a license from the FCA will require the firm to have established an office in the United Kingdom, however the company is very much focused on the Asia Pacific market, with many of its clients located in Malaysia, Indonesia and China, all of which are regions in which retail traders hold British business ethic and FCA regulation in high esteem.
OctaFX established itself as a “micro-broker” with mass appeal to beginning traders, only a $5 opening account requirement. It is unknown whether this policy will change being that the company will have to incur some higher operating costs having a UK based office. With a clean navigational website, MT4 and cTrader platform offerings along with engaging weekly trader competitions, OctaFX will be looking to shake up the London FX brokerage scene.
OctaFX is a sponsor of Indonesian soccer team Mitra Kukar ISL, as sports sponsorship is popular among FX firms wishing to gain a substantial presence among clients in the Asia Pacific region.
By joining the realms of the FCA regulated firms in Britain, OctaFX positions itself in the largest financial center in the world, among the giants of the industry.