Mitrade Secures CySEC License, Enhancing EU FinTech Landscape
SquaredFinancial has unveiled a new Social Trading feature for the MetaTrader 4 (MT4) platform, enhancing its trading solutions suite. This tool allows users to mirror strategies of top traders across both MT4 and MT5 platforms, offering a seamless cross-server experience. MT4 users, regardless of their experience level, can now follow and replicate successful trading strategies while maintaining full control over their positions.
This launch follows SquaredFinancial’s recent updates, including a refreshed mobile app and an enhanced partnership program offering lucrative incentives. The company has also strengthened its compliance and risk management frameworks to address financial misconduct in the trading sector. Social trading's popularity among retail investors is rising, driven by the desire to leverage the expertise of seasoned traders, with SquaredFinancial’s latest offering poised to meet this growing demand.
FXOpen has expanded its integration with TradingView to include mobile applications, allowing users to trade through FXOpen via TradingView mobile apps. This move offers traders greater flexibility and access to FXOpen's features on the go. By connecting their FXOpen accounts to TradingView's mobile app, users can trade with instant execution through multiple liquidity providers and access real-time prices.
The integration, initially established in December 2022, positioned TradingView as a fourth trading platform option for FXOpen customers, alongside MetaTrader 4, MetaTrader 5, and TickTrader. This partnership enhances customer access to TradingView's extensive charting tools and social network, fostering engagement with a community of over 30 million monthly users.
Gary Thomson, COO of FXOpen UK, and Rauan Khassan, VP of International Growth at TradingView, both emphasized the significance of this collaboration in enhancing trading experiences and solidifying TradingView’s role as a comprehensive live trading platform.
Mitrade, an innovative online investment platform, has been granted Investment Firm authorization by the Cyprus Securities and Exchange Commission (CySEC). This milestone facilitates Mitrade's strategic expansion into the European Union, allowing it to offer comprehensive online trading services for a broad range of Contracts for Differences (CFDs).
Andreas Jacovides, Mitrade’s General Manager in Cyprus, expressed enthusiasm about the new opportunities in the EU market. He emphasized the company’s commitment to transparency, fair trading conditions, and strong client relationships. Jacovides stated, "We are thrilled to embark on this new journey and seize the growth opportunity the EU market presents."
Mitrade's entry into the EU is expected to bring significant value, promoting innovation and healthy competition within the European FinTech sector. The platform’s user-friendly design, available on web, desktop, and mobile applications, ensures seamless access for investors. Mitrade’s trading platform features advanced tools such as dynamic charting, economic calendars, and real-time news updates, enhancing the trading experience.
Highly rated on Apple's AppStore and Google Play, Mitrade’s platform has received several awards in 2023, including Best Client Fund Security Global and Most Transparent Broker. These accolades highlight Mitrade’s dedication to secure and transparent trading.
With its robust platform and client-centric services, Mitrade aims to strengthen ties with EU investors, solidifying its position in the European financial landscape and laying a strong foundation for future growth.
The UK's Financial Conduct Authority (FCA) has imposed restrictions on London Capital Group Ltd (LCG), a retail forex and CFDs broker owned by the bankrupt FlowBank. This follows the intervention by Swiss regulators, who initiated bankruptcy proceedings against FlowBank. LCG has engaged an independent firm to assess its financial status and has applied to the FCA for certain operational restrictions. Founded by former LCG CEO Charles-Henri Sabet, FlowBank acquired LCG in 2018, separating it from the troubled London Capital Group Holdings. In 2020, Sabet launched FlowBank, and LCG later transitioned to an introducing broker for IG.
Effective from June 13, 2024, the FCA has restricted LCG from onboarding new clients, accepting new client funds, or conducting regulated activities. The regulator has also imposed asset restrictions, preventing LCG from disposing of its assets or customer funds. LCG has advised existing clients to withdraw their funds, which are held in ring-fenced accounts. Clients using LCG’s introducing broker services remain unaffected. LCG's Bahamas-licensed entity shows no regulatory restrictions. FlowBank's majority shareholder criticized the Swiss regulator's actions as rights violations and hinted at potential legal action.
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