Multi-asset broker FXTM has enriched its portfolio of regulated entities with a license from the Financial Services Commission (FSC) of the Republic of Mauritius.
The award-winning broker is already regulated and authorised by various regulatory bodies such as FSCA, CySEC, FCA and IFSC.
International growth strategy
The latest license is a result of FXTM’s monumental growth and continued international expansion.
“Mauritius is fast becoming an internationally recognised financial supervisor with a strong legal framework, providing protection to the public in non-banking financial products. International customers will now have the opportunity to receive services through (the newly regulated entity). Clients will continue to enjoy the same great service they have come to expect from FXTM,” said a spokesperson for FXTM.
The move comes after several European brokers reported a long period of declining trading volumes. To remind ourselves, the European and Securitues and Markets Authority (ESMA) implemented leverage caps and marketing restrictions for a number of financial instruments in the retail trading space. Those restrictions have impacted brokerages operating in this sector, which made Mauritius a preferred destination for those interested in operating an offshore brokerage.
About FSC Mauritius
The Financial Services Commission is a regulatory body that monitors all financial services in Maurtius, with the exception for global business and banking related transactions. It was established in 2001, and its vision is “to be an internationally recognised Financial Supervisor committed to the sustained development of Mauritius as a sound and competitive Financial Services Centre”.
Operating as a brokerage in Mauritus comes with various benefits such as low capital requirements of about €17,000, limited setup costs, and a favorable tax regime. However, recently it has become troublesome to obtain a forex license in Mauritius, which just proves the quality of FXTM as a broker.
Many providers are now opting for Belize instead of Mauritius, despite the higher capital requirements and more expensive fee structure.