Offshore forex brokerage Forex4you said on Wednesday it has received a licensed brokerage status with the Ministry of Finance (MF) of Luxembourg. This will allow the broker to operate in any contuntry of the European Economic Area (EEA).
The MF granted license to E-Global Trade & Finance Luxembourg SA on 17 November, 2016, the broker said. The Luxembourg company will operate under a new brand and will offer trading in contracts for difference (CFDs) on forex, commodities, indices, stocks and other instruments.
“This licence allows our new company to implement the new corporate structure with the European Holding, which in turn would enable all structures of E-Global to operate within one Holding,” Forex4You said.
Forex4you also holds a license in the British Virgin Islands by the Financial Services Commission (FSC) under the name of E-Global Trade & Finance Group Inc. The company operates via two brands – Forex4you and Share4you.
The broker said its clients will be able to choose whether to open an account under the jurisdiction of the BVI or that of Luxembourg.
In Luxembourg, forex brokers are generally licensed and authorized by the Commission de Surveillance du Secteur Financier (CSSF). No data regarding Forex4you’s authorization was available on the authority’s website. We could not confirm that the information provided by the broker is reliable.