In the advent of forthcoming potential regulatory oversight for social trading platforms which has been spearheaded by the Financial Conduct Authority (FCA)’s internal discussions as to whether trade leaders should be regulated as financial advisers, Myfxbook has taken pre-emptive steps by becoming regulated by Cypriot regulatory authority CySec, placing it in alignment with the plethora of retail FX firms based in Cyprus, as well as allowing the firm to provide its services to a pan-European audience should regulations evolve to include social and copy trading.
Having been granted its CIF license by CySec with the number 332657, Myfxbook has been included in CySec’s list of regulated brokerages, therefore allowing the firm to offer brokerage services in addition to copy and social trading facilities.
This stands the firm in good stead to develop itself further, with many social trading companies having taken the opportunity to evolve their services away from providing third party social trading into offering full enterprise solutions, as exemplified by Tradency, which launched an end to end brokerage solution in the summer this year, and Darwinex, which provides full brokerage facilities in an environment in which traders can share their strategies.
For the full list of CySec regulated brokers, click here.