Cyprus-based multi-asset brokerage firm EXness has been awarded a regulatory license by the FSCA to operate in South Africa.
EXness stated in an official statement with Finance Magnets that the Financial Sector Conduct Authority (FSCA) approved its licensing request. The authorisation will enable the brokerage firm to provide services to traders and partners in the region under a securely-regulated environment. EXness has a strong presence in South Africa, consisting of loyal customers, professional traders and strategic partners.
EXness Director for the Sub-Saharan African region Paul Margarites said that the approval is of paramount importance to the firm.
“This is a very important milestone for EXness as Africa is instrumental in our strategic expansion plans.”
Margarites added that EXness is fortunate enough to already have partnered with some of the best traders in the region. EXness is now looking forward to offering high quality trading services in the region and working with its partners.
EXness Commends FCSA’s High-Quality Regulatory Environment
Margarites also said that the FSCA aims to enhance and support integrity and efficiency of financial markets in South Africa. Regulation protects traders and investors by ensuring that financial institutions practice professionalism and fairness in service delivery.
Many international brokerage firms have been targeting South Africa as one of the continents emerging markets with enormous potential. In the last ten year, South Africa has experienced rapid economic growth due to increased domestic production and foreign investments.
This has attracted many international finance companies who want to enter the region to explore new and exciting business opportunities. By acquiring an FSCA license, EXness has expressed its plan to expand its brand in the country.
EXness was founded in Cyprus in 2018 by various finance and fintech professionals with a similar goal. It has since become one of the world’s leading online forex brokers and offers some of the best trading conditions. On EXness, traders can execute some trades with unlimited options. The firm strives to offer reliable and trustworthy customer-focused trading experience in a secure and transparent trading environment.
In related EXness news, the broker announced its historically highest annual trading volume of $6.11 billion in 2020. The firm practices transparency by providing periodic reports and key performance indicators on its websites. In 2020, EXness reported a total of $593 million and $100 million in client and partner withdrawals respectively.