Galactus Ltd., the parent of the forex broker Fx88, has obtained a license from the Cyprus Securities and Exchange Commission (CySEC) as a Cypriot investment firm.
According to the publication on the regulator’s site, the license was issued on April 25, 2017.
The company has permissions for reception and transmission of orders in relation to one or more financial instruments, execution of orders on behalf of clients and dealing on own account. The ancillary services offered by Galactus are safekeeping and administration of financial instruments, including custodianship and related services and foreign exchange services where these are connected to the provision of investment services.
Fx88 is a forex broker offering trading in forex and silver and gold. The maximum leverage is 1:50 and the minimum deposit to open a live trading account is $100. Trading is done on the popular MetaTrader 4 (MT4) platform with floating spreads.
The CySEC provides two types of CIF licenses – limited, under which the financial company can execute orders on behalf of clients, but not on its own account, and full license, which allows an entity to act on both its own behalf and that of clients.
Cyprus is a preferred regulation destination by many brokers. On one hand the CySEC license allows brokers operate throughout the entire EU, but on the other the regulator’s requirements are somewhat less strict than those of other European regulators like UK’s FCA.