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Screenshot of a breaking news alert e-mail from Q2 2017
Valutrades runs on the MT4 and Tradable app platforms, soon adding binary options.
LeapRate has learned that Indonesia retail forex broker Monex (not to be confused with Monex Group of Japan, an unrelated company) has rebranded its UK operation as Valutrades.
As we reported back in October, Monex Indonesia had set up a UK subsidiary — Monex Capital — gained an FCA license, hired a team of ex-CMC Markets and London Capital Group executives, and launched a London-based forex and binary options brokerage.
A point of interest is that despite the company’s interest in garnering a client base via its UK operations, parent company Monex Indonesia had established a facility in Cyprus in May 2013, with a CIF license from CySec, which has not yet been activated.
Certainly a license from the FCA carries considerable ability for FX companies to instill peace of mind among clients, however by standing itself out aside from its parent company in name, and sidelining the Cyprus subsidiary. Just two weeks subsequent to Monex Indonesia having launched its London office in October, British news source the Financial Times reported that many established UK-based, FCA-regulated brokers had expressed concern with regard to the growing number of MiFID ‘passport’ brokers from other EU countries setting up shop in London.
Such companies are able to attract business from within the UK, via their CySec license, however with an increasing number of companies opting to exercise patience over convenience by waiting the necessary 15 months to gain authorization (or not) from the FCA, along with the variable cost of applying for such a license, it could be that the solidity and reputation of the FCA as a credible regulatory authority worldwide is continuing to make London a worthwhile choice of jurisdiction for overseas and domestic brokers alike.