Salma Markets Companies Corp., operating under the brand SalmaMarkets, has become the latest forex broker to obtain a license from the International Financial Services Commission (IFSC), according to data published on the regulator’s website.
According to the broker’s website, the license was granted on 7 February and is effective until the end of the year. The IFSC re-issues licenses each year.
The broker operates via the website www.salmaforex.com, where it offers trading in a wide range of products, including forex currencies, cryptocurrencies, and contracts for difference (CFDs). Clients pay no commission and can use a leverage of up to 1,000:1 and rebates of up to 50%. The broker’s offering consists of a sole trading platform – the MetaTrader 4 (MT4) in its versions for desktop and mobile devices.
SalmaMarkets offers programs for introducing brokers (IBs), under which its partners can ear commission of $12 per standard lot.
SalmaMarkets is a full Straight Through Processing (STP) broker and utilizes a market order execution model. The broker says it had some 700,000 real accounts opened in 2016 alone.
Belize is usually known as an offshore destination with very lax supervision over authorized financial service providers. The regulator rather relies on self-regulation by licensees. Nevertheless, a broker license is attractive to traders as it brings them a feeling of confidence and security when choosing a broker. The latest retail forex brokers to receive IFSC licenses include BCM, UWNZ, Brifin, Arvis FX, GQFX, HeartForex, FX88, and TahoeFX.