The UK arm of forex brokerage MahiFX Group has received a full license from the UK Financial Conduct Authority (FCA), according to data published on the regulator’s website. The license, which came into effect on 16 March, 2017, allows the broker to act as agent and principal.
The broker was registered in the UK in mid-2016. This is MahiFX’ first and so far only license within the European Economic Area (EEA). Now it is authorized to provide investments in forex, contracts for difference (CFDs), futures, options, commodity futures, commodity options, and spread betting to retail clients in Europe.
The broker has already included information on its website about the new license. In addition, it is licensed by the Australian Securities and Investment Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA).
MahiFX UK Ltd. and MahiFX Ltd. make up the MahiFX Group, which was set up in 2010. The brokerage offers its own platform, MFX Compass, as well as trading costs analytics tool MFX Vector and e-platform MFX Trade.
The UK is the world’s largest forex hub, accounting for more than a third of the world’s forex trading volumes. An FCA license grants access to the rest of the markets in the EEA, or at least for now. The country decided earlier in 2016 via a referendum to leave the EU and it is not certain whether it would retain single market passporting rights.