Traze, a sister contracts for differences (CFDs) broker brand of ZFX, has strengthened its presence in the Middle East by securing an SCA First Category Licence from the UAE’s Securities and Commodities Authority (SCA), the company announced today (Wednesday).
A New Licence to Enter the UAE
The new licence now allows the broker to offer a wide range of financial services, including brokerage, portfolio management, and advisory services to both retail and institutional investors in the UAE and “the broader region”.
“This regulatory milestone allows us to continue our aim of making investing more accessible and helping traders with the tools and education they need to succeed,” said Erkin Kamran, CEO of Traze.
In addition to the new UAE licence, Traze also holds an operational licence in South Africa. It is part of the Zeal Group, which also runs the ZFX brand from the United Kingdom and Seychelles. While the offshore entity of ZFX serves retail clients, the UK unit only offers trading services to professionals and institutions.
Finance Magnates recently reported that the UK unit of Zeal ended its financial year on 30 June 2024 with revenue of £802,437, showing a drop of 81 per cent. Meanwhile, the company’s net profit rose by 41 per cent to £213,344, up from £151,408 in the previous year. The company’s entire revenue came from its brokerage services to clients in the United Kingdom.
Dubai Turns into a CFDs Hub
The SCA licence has become very popular among brokers entering the UAE market. ICM.com, Plus500, CPT Markets, INGOT Brokers, STARTRADER, and Kama Capital are some of the well-known firms that obtained the SCA licence this year. BDSwiss is another broker that received an SCA licence last year, before its Cyprus licence was suspended by the regulator.
“With the SCA First Category Licence, we are in a strong position to provide a secure and clear trading environment that meets top regulatory standards,” added Osama Al Saifi, Managing Director for MENA at Traze.
This article was written by Arnab Shome at www.financemagnates.com.
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