The Cyprus Securities and Exchange Commission (CySEC) announced it has lifted the partial suspension of the license of the forex broker XTrade and the registration of the company is reinstated.
According to the official statement of June 26, the decision was taken on June 19, after CySEC was satisfied by the corrective measures taken by XTrade. Now the information in the broker’s marketing materials are fair, clear and not misleading and the company has introduced procedures in compliance with CySEC’s requirements.
We remind you that the Cyprus regulator has imposed a partial suspension of XTrade’s license in the end of May, forbidding it to take in new clients over misleading marketing information and lack of procedures and policies ensuring fair and clear information. Back then CySEC gave the broker one month to comply with the requirements, which it obviously did.
XTrade offers trading in forex, commodities, indices, shares and CFDs on its proprietary platform Xtrader Pro. Its European head office is in Cyprus, but the contact numbers are from the UK. It is active in some of the EU countries, the Middle East and Southeast Asia. The broker also has a South African license.