The Bahamas Institute of FX & CFD Issuers (BIFCI) has announced that Israel based online broker Plus500 (LON:PLUS) has become its latest member.

BIFCI was established earlier this year by Pepperstone, Capital.com, and Trade Nation, with IC joining earlier this month.

As the Bahamas has increasingly become a popular offshore jurisdiction for online brokers, BIFCI was established as a not-for-profit alliance of licensed Forex and CFD firms operating in The Bahamas. BIFCI works in collaboration with the Securities Commission of The Bahamas (SCB) to promote consumer protection, fair competition, and high industry standards. Its purpose is to foster a thriving local industry by engaging with market participants, creating local employment opportunities, and encouraging innovation that enhances market efficiency and investor confidence.

BIFCI put out the following note on social media about its latest member.

BIFCI continues to grow.

We’re delighted to welcome Plus500 as the newest member of the Bahamas Institute of Forex & CFD Issuers (BIFCI).

The addition of another leading global trading provider to our membership is a strong reflection of the depth of the Forex & CFD industry that has developed in The Bahamas and of the opportunity we have to work collectively to strengthen it further.

BIFCI brings licensed firms together around a shared objective: to collaborate, exchange industry knowledge and engage constructively with regulators, government and other stakeholders on the continued development of our sector.

With Plus500 joining our growing membership, we’re building an increasingly strong industry voice and look forward to working together to further enhance The Bahamas’ position as a leading international financial centre.

Welcome to BIFCI, Plus500!