CySEC-regulated and leading online broker FBS has started offering online trading services in Australia under a new Aussie subsidiary. The Tuesday announcement follows FSB obtaining the Australian Financial Services License (AFS) from the Australian Securities and Investments Commission (ASIC).
The local subsidiary, which is operating under the www.fbaustralia.com domain, will target and serve both retail and professional traders. Furthermore, under the subsidiary, FBS is offering over 124 Contract for difference (CFDs) financial instruments. They range from forex, commodities, stocks, and cryptocurrencies.
Commenting on the AFS license approval, FSB says that ASIC’s AFS license is under high esteem in the trading community.
“It ensures that the broker complies with Australia’s strict financial laws and guidelines.”
The AFS license also protects clients’ funds and ensures that online brokers offer secure and transparent financial operations.
The FBS news comes ahead of a recent announcement by the ASIC to revise restrictions on retail leverage and marketing. The retail sector is coincidentally the primary client base for FBS.
According to ASIC, leverage will be restricted to 30:1 from the usual 400:1 from March 2021. The decision followed the need to protect Australian retail traders from huge losses and exploitation by online traders.
The move is likely to reduce the trading volume in the market, but Aussie brokers have received the news positively. According to the CEO of TRAction, Quinn Perrott, the ASIC was right to enforce the retail traders’ protective measures.
“It is well within regulator rights and aligning ASIC with global regulations was essential as a de-facto obligation.”
FBS is an internationally-known and reliable online broker with millions of trusted clients across the globe. Moreover, it is regulated by the International Financial Services Commission (IFSC) and the Cyprus Securities and Exchange Commission (CySEC).
Founded in 2009, FSB is now present in over 190 countries, including Europe, Asia, Latin America, and the MENA region. The AFS licensing will help FBS to further expand its global presence from its headquarters in Belize.
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