Exclusive: JFD acquires offshore broker ZumaMarkets, rebrands website
ZumaMarkets is formally domiciled in Seychelles, but is run mainly from Panama and Venezuela, focusing on the LATAM markets.
Offshore FX brokers are websites which offer retail clients trading in forex pairs, CFDs and often cryptocurrencies, while located in one of many “offshore” locations. These include brokers which are licensed by small island and nation-states with the more popular ones being Belize, Seychelles, Mauritius, Saint Vincent and the Grenadines, the British Virgin Islands (BVI), and the Bahamas. Other offshore FX brokers are fully unlicensed, and operate with no regulatory oversight of any kind.
Offshore brokers typically can offer more risky terms to clients than can properly licensed, onshore brokers (such as those located in Europe, Australia, or North America), such as high leverage and volume-related deposit bonuses. However when things go wrong, clients of these offshore brokers typically have no recourse, and no real regulator to turn to,
ZumaMarkets is formally domiciled in Seychelles, but is run mainly from Panama and Venezuela, focusing on the LATAM markets.
The raisefx.com website is technically being operated by a company called RaiseGroup LLP, which is registered in Kazakhstan.
Marios Antoniou was previously the Executive Director of CySEC licensed broker EverFX, which recently rebranded to Axiance.
Rahul Sodhy was Vice President of the offshore arm of Cyprus based FXPrimus from 2009 to 2016.
Sheer Markets is one of the first financial institutions to launch live streaming of NDFs for retail traders through the MT5 trading platform.
Some internal management changes are afoot at global Retail and Institutional multi-asset broker Equiti Group
The offshore Fxview arm will be managed by Rahul Bansal, AVP Business Management at Fxview who will act as Director of Charlgate SVG LLC.
SGT is also employing the Centroid24 risk management suite to assist in managing the risks associated with running a multi-asset broker.
easyMarkets recently signed a deal to become the Official Online Trading Partner of popular Spanish football club Real Madrid.
The FCA banned 24option from the UK last year, in a first-of-its-kind move against EU passporting brokers.