Brokerage in Polish currencies, XTB launched its operations in the Middle East region, just nine months after receiving the required approvals from the country’s regulators.
Called “XTB MENA Limited”, the new branch was licensed by the Dubai Financial Services Authority (DFSA) after incorporating its new branch at the Dubai International Financial Center (DIFC) in January.
According to a company press release, XTB MENA will provide traders in the region with over 1900 instruments, including Forex and CFDs, available through its proprietary trading platform, xStation, and the popular MetaTrader.
“XTB MENA plays a strategically important role in our overall global development strategy. The absolute trust of our clients is paramount to the company, and we are extremely proud to operate under multiple regulatory authorities in the region and the world, providing a secure online trading experience to our clients regionally and globally ” , said Omar Arnaout, global CEO of XTB.
Earlier in August, XTB also acquired an FSCA license in South Africa and is now licensed locally as a financial services provider. The addition of this coveted license expands the group’s regulatory arsenal to regulated companies licensed by CySEC in Cyprus, KNF in Poland, DFSA in Dubai and FCA in the UK.
XTB recently announced its intention to expand its brokerage business to meet its growth targets for 2021. The listed brokerage wants to onboard an average of 30,000 new clients each quarter in 2021. The average number of active clients on the platform is form was 40,623, because of the second quarter of 2021, well below the 67,231 customers that it integrated in the previous quarter.
The Dubai license allows XTB to provide its range of FX and CFD products to retail and professional clients not only in the UAE, but also to expand the offering to other GCC states, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa. .
The Dubai International Financial Center (DIFC) is a federal area that is financially free, completely separate from the rest of the country, and has its own legal system and courts.
The DFSA has generated increased interest from licensed firms and global brokers to offer foreign exchange trading to retail clients in or from the DIFC.
“With XTB MENA, we aim to provide a local outlet for our clients in the MENA region to build confidence, while providing superior technology solutions and support to help them achieve their investment goals. Through our regional office, our clients will have access to several CFD stocks to expand their portfolio and educational support to make informed decisions, ”added Achraf Drid, Managing Director of XTB MENA.