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Plus500, a UK-based online forex group, announced on Monday it is discontinuing the provision of bonuses, in line with the regulatory requirements in Cyprus, where it is licensed.
Recently, the Cyprus Securities and Exchange Commission (CySEC) introduced, in addition to other restrictions, a ban of bonuses as a measure to attract retail clients. The regulatory changes were based on the recommendations of the European Securities and Markets Authority (ESMA). Last month, the CySEC published detailed list of what types of bonus incentives are not allowed. Cash rewards are completely forbidden.
In addition, Plus500 has asked affiliate partners to remove all reference to such of its previously-offered bonus schemes from their websites. Instead, the broker offers its partners additional information concerning its trading conditions.
Other Cyprus-regulated brokers have also changed their offering to meet the latest CySEC rules. Last month, FXTM and RoboForex added negative balance protection to all client accounts. Other that have also changed their trading conditions, prompted by the new regulatory rules, include Exness, HotForex, ActiveTrades, VinciCM, Invest.com and Alfa-Forex.
Plus500 offers trading in forex, options, contracts for difference (CFDs), commodities, indices, and exchange-traded funds (ETFs). It operates its own online trading platform for CFDs available in over 31 languages on desktop and Android, Windows and iOS mobile operating systems. The broker is regulated in five countries – the UK, Cyprus, Australia, New Zealand, and South Africa.