XTrade, a forex broker regulated in Cyprus, Belize and Australia, has joined the Russian self-regulatory organization (SRO) NAFD, formerly known as CRFIN.
According to the statement on the SRO’s website, the broker, which is already present in Russia, but on a small scale, will expand its activities in the country and is planning to apply for a forex license from the Bank of Russia.
Currently NAFD has 16 members, which hold about 70% of Russia’s forex market. Among them are three of the four largest forex brokers in the country – Alpari, Forex Club and Alfa Forex. Recently the organization admitted VTB24 Forex and elected a new board of directors.
XTrade holds licenses from the Cyprus Securities and Exchange Commission (CySEC) as Xtrade Europe, the Belize International Financial Services Commission (IFSC) as Xtrade.BLZ and the Australian Securities and Investments Commission (ASIC) as Xtrade.AU.
Xtrade offers trading in forex, commodities, indices, shares and CFDs on its proprietary platform Xtrader Pro. Its European head office is in Cyprus, but the contact numbers are from the UK. It is active in some of the EU countries, the Middle East and Southeast Asia.
XTrade is one of the forex brokers that advertise through sport, namely has a contract with the footballer Cristiano Ronaldo who also has contracts with Coca-Cola, internet betting sites, Nike, Emirates, etc.
Not long ago Xtrade got in the trouble with the ASIC over suspicions of improper handling of client money and with the British Columbia Securities Commission (BCSC) for accepting as clients British Columbia residents, without having the proper license to do so.