Forex brokerage AvaTrade unit gets license in South Africa

Forex brokerage AvaTrade unit gets license in South Africa

AvaTrade, a forex broker regulated in several different countries, said on Tuesday it has obtained, through its subsidiary Ava Capital Markets Pty Ltd., a license from South Africa’s Financial Services Board (FSB). The South African subsidiary was recently set up to be in charge of the AvaTrade group’s local operations.

As part of its expansion in South Africa, the broker has opened an office in Johannesburg, the country’s largest city. AvaTrade now operates a total of 11 international offices, of which three were opened within the past year.

The move is in line with the group’s strategy for expansion in the African markets. The broker opened an office in Nigeria’s Lagos last year and intends to further expand in the region in the near future.

“South Africa is a leading country on this vast continent to build and expand AvaTrade’s African experience from”, said AvaTrade CEO Daire Ferguson. “AvaTrade is dedicated to its customers, providing them an innovative and trusted trading environment, and we are happy to extend our services to the African traders and will continue to expand in this important and exciting region”.

AvaTrade, set up in 2006, offers online trading in more than 200 financial instruments, including forex, contracts for difference (CFDs), stocks, indices, commodities, precious metals, energies, and others. It supports the industry leading MetaTrader 4 (MT4) trading platform, as well as its two  proprietary platforms – AvaTrader for trading in forex, commodities, indices, equities and bonds, and AvaOptions for binary options trading.

The group is headquartered in Ireland’s Dublin and has offices globally. It consists of Ireland-licensed Ava Trade EU, Australia-licensed Ava Capital Markets Australia, Ava Trade Ltd., which is licensed in the British Virgin Islands, and Japan-regulated Ava Trade Japan K.K., and the newly-licensed Ava Capital Markets Pty.

Source: Business Wire

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