Colmex becomes sixth forex broker to get Israeli license

Colmex becomes sixth forex broker to get Israeli license

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Colmex Israel becomes the sixth forex broker to obtain a trading arena license from the Israeli Securities Authority (ISA), shows a publication on the regulator’s site from the weekend.

According to the watchdog, the license will be activated on December 7.

“Colmex is glad for receiving the ISA license,” said Tzach Druker, Chairman of the Board of Colmex Israel, quoted by the site Finance Magnates. “After a long and meticulous process the ISA approved the firm and thus expanded the product range the group’s Israeli clients can enjoy beyond Wall Street stocks. The group will continue to offer its thousands of clients on Israel the best service as it has done so far.”

Colmex joins other five forex brokers that now have licenses to operate in Israel: FXCM Israel, Plus500, Atrade (a branch of AvaTrade), Real Forex and First Index. The new regulation requirements for forex brokers in Israel came into effect earlier this year and banned trading in binary options.

Other two – Protrade and iTrader are still awaiting ISA’s decision on their applications, while another six:  eToro, FCIG Capital, Agm Markets Limited, Easy Trade, Iforex Israel and General Trade have withdrawn their applications.

Colmex Israel offers trading in forex and CFDs with a leverage of up to 1:100 for forex and 1:20 for stocks. The trading platform is MetaTrader 4 and there are four types of accounts: forex, indices, commodities and demo. The broker is a branch of the Cyprus-regulated forex broker Colmex Pro.

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