Swissquote, a leading Swiss financial services provider renowned for its trading services, has made its inaugural step into the digital banking world with the introduction of two daily banking packages, namely 'Bright' and 'Light'.
The foray into this new business avenue comes in response to the growing demand for comprehensive digital banking services that blend the conveniences of daily banking with a multi-currency and crypto-friendly debit card. These cards will be issued by Mastercard, further cementing broker's partnership with the card giant.
Detailing the company's newest offering, Jan De Schepper, Chief Sales and Marketing Officer at Swissquote, remarked, "Our novel banking and debit card packages have been meticulously crafted to cater to an evident demand that has resonated strongly with our client base – a desire for a multi-currency, crypto-accepting, wholly digital banking solution."
The 'Bright' package, dubbed by the broker as the "most complete banking package", encompasses both physical and digital debit cards. This offering, however, is subject to a monthly fee of CHF 6.9 post its initial six-month free service period. In contrast, the 'Light' package, free of any charges, extends only a virtual debit card, though it does not skimp on any of the banking services.
Further sweetening the 'Bright' package are perks like cost-free transactions across 13 currencies and up to five complimentary ATM withdrawals each month. Remarkably, its Mastercard debit card also accommodates payments made in popular cryptocurrencies, such as Bitcoin, Ethereum, and Ripple. The broker also alluded to their intentions to broaden this crypto repertoire in the foreseeable future.
Another unique incentive, the Trading Credit cashback program, is set to benefit Swissquote's banking clientele. Users earn Trading Credits upon their spending, which can subsequently be leveraged for trading activities at a discounted rate. The credit percentages vary, with 'Bright' users reaping 1 percent on regular card transactions, and 'Light' users gaining 0.5 percent on crypto-based payments.
This ambitious move into digital banking underscores Swissquote's vision to constantly evolve and cater to the dynamic demands of the contemporary financial landscape.
In a continued effort to protect investors and regulate financial activities, Italy’s Companies and Exchange Commission (CONSOB) has instructed internet service providers to block five unauthorized investment websites.
The targeted sites are:
Ether Arena Ltd (website www.orionusdeal.com and related page www.clientzone.orionusdeal.com);
“Fx-vita” (website www.fx-vita.com, and related pages www.panel.fx-vita.com and www.trading.fx-vita.com);
“Keysreim” (website www.keysreim.io, and related pages www.client.keysreim.io and www.webtrader.keysreim.io);
“Bitbinx.ltd” (website www.bitbinx.ltd and related page www.trade.bitbinx.ltd).
These actions stem from the powers vested upon CONSOB by the “Decreto crescita” (Growth Decree; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). This law empowers CONSOB to direct service providers to block access from Italy to platforms operating without the requisite financial authorizations.
Since the provision took effect in July 2019, CONSOB has sanctioned the blackout of 935 such fraudulent financial intermediary sites.
However, it's worth noting that the actual process of blocking access to these websites is currently underway. Due to technical complexities, the complete blackout could take several days to be effective.
In light of these measures, CONSOB has taken the opportunity to emphasize the significance of due diligence among investors. It urges individuals to exercise caution and make well-informed investment decisions. A pivotal part of this precaution involves verifying the authorization status of financial service providers and ensuring the publication of a prospectus for financial product offerings.
For added investor safety, CONSOB offers a "Watch for Scams!" section on their official website, www.consob.it. This resource aims to educate investors and help them identify potentially harmful financial schemes.
EverFX, a forex broker has become an official sponsor and global partner for Sevilla FC. The company's logo will appear on the front of the first team's shorts from this Saturday at the Santiago Bernabéu. EverFX signed a deal until the end of the current football season in Europe with an option to extend the validity into next year.
Sevilla FC and EverFX, a FOREX company, have reached an agreement for the company, who has its headquarters in Cyprus, to become an official sponsor of the team. Sevilla is Europa League’s winningest team and one of Spain’s most successful football clubs.
EverFX is a trade name of ICC Intercertus Capital Limited. ICC Intercertus Capital Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). EverFX is a broker of CFDs on forex, metals, commodities and more, offering retail and professional traders the liquidity and state-of-the-art platforms to trade derivatives over the internet.
The CEO of EverFX, Georgios Karoullas, has commented on the deal: “This is an agreement we’re equally proud and excited about. From scouting players and nurturing young talent to winning on the highest level, Sevilla FC have set the standard for excellence both on and off the football pitch. EverFX wants to share and amplify everything this great football club stands for and we’re happy to embark on this journey with such an elite team.”
Sevilla FC's website states that the team and the broker operates under the same values of justice, transparency and competition, so it was the perfect choice to collaborate with.
OANDA makes its leadership stronger with new appointments
Online multi-asset trading services and currency data and analytics company, OANDA Global Corporation has further strengthened its leadership team with two key appointments designed to help the firm execute its aggressive growth plans in the near future.
Mark Chesterman has been named Head of Trading, responsible for leading the global trading team, quantitative analytics and research groups from the firm’s London office. He has an extensive background in global capital markets and foreign exchange. A 14-year veteran with IG Markets, Chesterman held a variety of positions throughout his tenure including Head of FX and Futures, however most recently he served as Chief Operating Officer with Stater Global Markets.
Chesterman will report directly into Kurt vom Scheidt, who has accepted the newly-created role of Chief Operating Officer. Originally hired as Chief Product Officer earlier this year, vom Scheidt will now lead the Trading, Product Management, Financial Risk, Business Operations and Solutions for Business teams, playing a pivotal role in supporting OANDA’s continued growth in his expanded capacity.
Chief Executive Officer, Gavin Bambury commented, “A seasoned professional with more than 30 years’ experience in the financial services sector – not to mention first-hand experience of working at OANDA – Kurt was an obvious choice for the role of Chief Operating Officer. He is perfectly placed to help drive product improvements, oversee the trading infrastructure and manage financial risk.”
Bambury continued, “Over the course of the coming months, we will continue to strengthen the OANDA team with a series of strategic hires designed to help accelerate business performance, improve our customer trading experience and fuel company growth. OANDA has an exciting year planned for 2020, and we’re fully committed to making sure we have the best possible talent in place to help us achieve our goals.”
OANDA is a technology-driven, a financial services corporation founded in 1996.Company’s regulations are divided by geographical region of the company presence: OANDA Europe Limited – authorized by FCA (UK), OANDA Asia Pacific Pte Ltd – authorized by MAS (Singapore), OANDA Australia Pty Ltd – authorized by ASIC (Australia), OANDA (Canada) Corporation ULC is regulated by the IIROC. You can read our full OANDA review here.
ETFinance announces a sponsorship with Real Madrid Basketball
European online investment platform, ETFinance has announced its official partnership with Real Madrid's Basketball Club. This three-year sponsorship was announced at Real Madrid's facilities in Valdebebas.
The round table event was attended by Borja Vilar, regional general manager of ETFinance, a leading company in online investments in Europe; and Pablo Laso, Sergio Llull and Rudy Fernández, on behalf of the Whites' team.
Borja Vilar has commented on the sponsorship with ETFinance: "a platform for investors from those just starting out to the highly experienced. For the beginners, we have all types of tools to help you learn how to invest and understand the market. And for the experienced investor, we have the tools for analysis. For us, it is highly important to provide the type of tools that help everyone focus on their financial well-being. It is a way to give people the power to control their own money. In addition, we have mobile and desktop applications and hundreds of assets that you can invest in."
Vilar Martos has added that this partnership represents the common values at a global level. ETFinance wants to promote the values that they have as a company and of everyone that works there. That is why choosing the Real madrid was a natural fit.
"Real Madrid is perfect, not just for their global reach but because of their togetherness and the whole club family that they represent."
ETFinance offers its traders a unique trading experience that focuses on equipping them with all the tools and knowledge they need to build their financial future. Its platforms offer traders the ability to trade CFDs on a wide range of financial assets (equities, indices, currencies and commodities).
Austria’s FMA warns against OmegaFX and Crypto Trust Consulting
The Austrian Financial Market Authority (FMA) warns the public against the activities of two forex brokers OmegaFX and Crypto Trust Consulting. These companies have been offering investments without complying with Austrian financial legislation. According to the official statements, OmegaFX and Crypto Trust Consulting are not entitled to carry out banking transactions in Austria that require a licence.
The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.
Are these brokers legit?
OmegaFX is an online trading service offering investment and trading products, from CFDs (contract for differences), to FX and Cryptocurrencies. The company claims to be operated by Energy Capital Group EOOD, and registered in Bulgaria. Also, there is information on the website that OmegaFX is regulated in Estonia. However, there are no mentions about this company in regulators' registers. Obviously, all the broker's regulatory details are false.
Crypto Trust Consulting was founded in 2018 and provides Crypto and Forex trading services. The company claims to be located and regulated in the UK. However, there is no proof of its regulation from the side of the UK's Financial Conduct Authority. In fact, according to the terms and conditions found on the website, the company is actually registered in Vanuatu. As we kept on warning our readers, investing with the offshore broker means zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.
BDSwiss Fundamental Analyst on German Elections 2021
The veteran fundamental analyst and Head of Investment Research at BDSwiss Marshall Gittler has shared his insights, views and projections on the upcoming German Elections Report and its impact on the EUR forex pairs. As the German Elections are getting closer, traders are already attempting to identify the biggest potential winners and losers in the forex and EU stock markets.
German Election in the Focus
The German federal election will take place on Sep. 26th. This is the first such election in 16 years that won’t have Angela Merkel on the ballot. As Germany is the pivotal economy in Europe its future strongly influences the continent and the currency. So everyone wants to know if there will be a drastic change after 16 years under Merkel.
Due to specifics of the Germany’s electoral system, it is difficult for any one party to form a government on its own, meaning that coalition governments tend to be the rule.
The polls show the CDU/CSU is leading, but with the Greens, rather than the SPD, in second place. As usual, no party is likely to be in a position to govern by itself. The focus, therefore, is on what parties might form a coalition and how they need to compromise in a coalition that might affect their policies.
Currently, the only two-party coalition possible seems to be the CDU/CSU and the Greens (the so-called “black/green” coalition). Gittler believes that it is the most likely outcome of the election now.
According to Gittler, these two parties have similar views on infrastructure investment, social policies, and climate change, although the Greens are more aggressive on the latter issue. But there are also big differences in some of the aspects of the parties. The CDU/CSU doesn’t want any tax hikes and wants to keep the debt brake and balanced budget target, while the Greens on the other hand want a wealth tax, higher taxes for the top income earners, want to make the debt break more flexible, and support a common EU fiscal policy and reform of the SGP.
At the moment, US fiscal policy is making a bigger contribution to growth there than EU fiscal policy is, but in coming years as the US winds down its extraordinary policies and the EU’s NGEU fund continues to disburse funds, the EU’s fiscal contraction should be less acute than the US’. That may be one-factor supporting EUR/USD. If however, Germany goes back to ploughing the furrow of Teutonic rectitude, EU growth could slow and EUR/USD move still lower.
Visit bdswiss.group to access Marshall Gittler’s full German Elections Report and get a complete breakdown of what we can expect from the markets before and after the elections.
🛡️ Is CySEC Broker Offshore or Top-tier Jurisdiction?
Top-tier
🔒 Is Top-tier Jurisdiction safe to trade?
Yes
What is CySEC?
Cyprus Securities and Exchange Commission (CySEC) was launched in 2001 as an interdependent public corporate body to regulate leveraged foreign exchange transactions and investment services market in the Republic of Cyprus (Read our article about Cyprus Brokers). As of 2004 Cyprus participate in the European Union, therefore CySEC became a respected part of European MiFID regulation.
Besides the fact that Cyprus has an ideal location, it is also a tax haven with its lower tax rates, as well significant background in the financial business. In addition, the MiFID harmonization law allows Cyprus-registered investment firms and brokerages to access all European markets.
In particular, establishing the Cyprus securities market as one of the safest and most attractive investment destinations a significant number of Forex Brokers, as well as a vast of Binary Options firms obtained CySEC licenses and establish their operational offices in Cyprus.
Cyprus is a known hub of Binary Brokers, as many firms found their benefits from the CySEC authorization since most other European jurisdictions and regulators strictly prohibit binary trading. However, a significant move happened in 2012 once the board made an announcement regarding binary options classification and categorize them as a financial instrument. All binary options providers were obliged to restructure offerings and clearly state to every customer the highest risk in binary trading as well as to operate fairly towards the traders. Yet, Cyprus remains as first and one of the leading trading centres that proclaimed binary options as an investment instrument and give access to the Eurozone. (Beware of Binary Options Scams)
Considering the essential growth of the industry, CySEC's role becoming even more valuable, as authority ensures investor protection and healthy development of the trading offer through its effective supervision of the securities market.
Why Trade with a CySEC-regulated Broker?
Given the fact that the Forex market is an OTC market, which has no specific regulations or jurisdiction, it is necessary to understand who is a trustful broker and who is not, to protect investors, as well as to control the market to function smoothly. And that is the purpose why responsible Regulators were established by various jurisdictions.
In turn, the responsibilities of CySEC include the issuance of licenses to brokers operating in the foreign exchange and stock markets, their subsequent control and audit to ensure compliance with the laws, detection of violations with further imposes of penalties, disciplinary actions or case processing through the state bodies.
In recent years, CySEC became a very active authority in terms of inspection of Forex Brokers and suspicious activities, as there were issues and cases in operational history with some of the Cyprus-regulated brokers. The latest announces were issued for non-compliance with the applicable laws, e.g. include suspend and withdrawal of AnyOption broker and Fenix Capital Markets Trading licenses or imposing a fine of a total €130.000 the InstaForex and ForexMart. Therefore, CySEC has been changing its position so now acting more sharply towards the brokers whose service does not meet reporting requirements and breaches obligatory policy. The imposing of sanctions for violations includes announcements of the CIF license withdrawal, slapping fines and more frequent check-ups to make sure compliance with new measures.
In the scenario and unlikely event that a CySEC regulated Broker goes insolvent, the clients are covered by the Investor Compensation Fund for IF Clients (“ICF”). The purpose of the ICF is to secure the claims of covered clients against the ICF members through the payment of compensation if the necessary preconditions are fulfilled with the maximum amount of compensation of up to €20,000 per client.
Apart from the main role to regulate and supervise forex brokers, CySEC accurately reviews and amends the new products offered, such as current trends around Cryptocurrencies, Binary Trading, etc. The Cyprus Authority when necessary updates investment advice, undertakes training to prevent fraud and financial abuse (Read more about Forex Trading Scams), including checking issues of money laundering and other threats, as well as educates publicity through regular courses and publications.
CySEC Brokers Requirements and Regulation
To become a licensed broker regulated by CySEC (Cyprus Securities and Exchange Commission), certain requirements need to be met. These requirements are in place to ensure the integrity, transparency, and stability of the financial markets. Here are some key requirements for CySEC brokers:
The grant of license and before any forex company becomes an official CIF (Cyprus Investment Firm) a broker should comply with the set of standards that diverts to the company's history and its business model of operation. The CySEC will examine the application while the broker should have a physical office in Cyprus, operate at least for 3 years, have the specified type of activities and financial service, as well properly enable customer protective tools through fund segregation, join schemes and more.
The minimum initial capital requirement for CIFs depends on the services provided, ranging from €50,000 to €1,000,000. Additional capital requirements may apply based on the broker's activities and risk profile. The broker should also establish a high operation fund subject and depending on the content of an application, thus the STP applicant capital requirement is at least €200,000, while the Market Maker brokerage model has to confirm its capital adequacy ratio of at least €1 million.
The individuals who hold key positions within the broker's organization, such as directors, senior management, and shareholders with significant influence, must meet the "Fit and Proper" criteria. This means they should possess integrity, competence, and sound financial standing.
Brokers must have robust systems and controls in place to ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) requirements. They should establish appropriate policies and procedures to detect and prevent money laundering and terrorist financing activities.
Brokers must maintain accurate and up-to-date records of their activities, transactions, and financial statements. They should submit regular reports to CySEC and comply with their reporting obligations.
CySEC-regulated brokers have ongoing obligations, including regular reporting, risk management, compliance monitoring, and internal audit. They must also cooperate with CySEC during inspections and provide any requested information promptly.
Once the broker is an official CySEC Regulated Broker the firm then can operate in the stock, forex and CFD markets and what is important mandatory follows all the guidelines set by MiFID (the Markets in Financial Instrument Directive). Besides that, the CySEC continues to work closely with every regulated broker and inspects operations daily.
CySEC Education
CySEC also provides education and training programs related to financial markets and regulatory compliance. CySEC offers various educational initiatives and resources to promote an understanding of financial markets and enhance the knowledge and skills of professionals operating within the regulated sectors. These initiatives may include:
Training seminars and workshops: CySEC organizes training events, seminars, and workshops on topics such as regulatory compliance, risk management, investment services, and market supervision. These events aim to educate professionals and enhance their understanding of the regulatory framework.
Online resources: CySEC provides educational materials, guidelines, and publications on its website, which are freely accessible to the public. These resources cover a wide range of topics, including investor protection, financial reporting, and legal obligations.
Certification programs: CySEC may establish certification programs that aim to recognize and validate the competence of individuals working in the financial industry. These programs can provide participants with a comprehensive understanding of regulatory requirements and best practices.
Even though the Cyprus Securities and Exchange Commission does not have restitution powers and therefore does not investigate individual complaints, if you have a complaint, it is best to first ask the CIF involved to put things right, while CIFs are required to respond in writing within five days. The traders also recommended checking the issue with the office of the Financial Ombudsman, if not satisfied with the firm’s response, they rejected your complaint or you do not have the answer. The Financial Ombudsman is an independent service for settling disputes between CIF and their clients.
What is also precisely, the complaints received from clients about unscrupulous brokers or fraud companies will be resolved by the Commissions as soon as possible. At the same time, the CySEC publishes its official listing of warnings, a list of non-approved domains that help to prevent scams, while the information about unprincipled brokers is open and transferred to other financial regulators.
List of Regulated Forex Brokers
To help traders to verify information about CySEC forex broker license, the official website publishes a list of regulated entities. The CySEC broker's website also displays on the footer or regulation page its CySEC license number, which consists of 5 digits in the format 111/11. Here you can see TriumphFX CySEC authorized broker
As well, you can always check on CySEC Broker Reviews with updates and news from the broker. Currently, Cyprus regulated brokers' list on our website includes 50 CySEC Regulated Brokers and growing. While in total there are more than 200 investment firms regulated by the Cyprus Securities and Exchange Commission.
Of course, CySEC has much potential to become at the level of a reputable authority like the UK’s FCA and implement the more strict requirements to set up financial investment or trading companies (Read Why Trade with UK FCA Regulated Brokers). Yet, Cyprus itself continues its growth and remains a popular Forex Broker destination. There are many more regulated forex brokers in Cyprus rather than in any other European or even world jurisdictions.
Since the majority of Europe’s Forex brokers are regulated by the CySEC, the imposed authority along with the MiFID guidelines and European control establish a strong impact on the industry and of course traders’ protection. The transparent and fair manner of operation acts towards traders as the contractual obligations fulfilled by the regular reporting, along with the constant eye on the broker’s operation, as the financial company may impose a risk to have sanctions and penalties, which are not that rare among CySEC brokers.
CySEC has suspended the CIF licence of AFX Capital Markets Ltd
The Cyprus Securities and Exchange Commission has announced that the authorisation of the Cyprus Investment Firm AFX Capital Markets Ltd. is suspended in whole, as there are suspicions of an alleged violation due to the company’s possible non-compliance at all times with the authorisation, regarding the safeguard of clients’ funds.
The above decision was reached as the aforementioned alleged violation causes concern and risk relating to the protection of the company’s clients or of the investors and constitutes a threat to the orderly operation and integrity of the market.
Within ten (10) days, the AFX Capital Markets Ltd. has to take actions in order to comply with the aforementioned provisions.
For as long as the suspension of the authorisation is in force, the company is not permitted to provide/carry out investment services/activities as well as enter into any business transaction with any person and accept any new client. It is also not allowed to advertise itself as a provider of investment services.
However, the broker provided this is consistent with the wishes of its existing clients, may proceed with completing all its own transactions and those of its clients which are before it, in accordance with client instructions. Also, it should return all funds and financial instruments which are attributable to its clients.
The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of Cyprus. It supervises and controls the operation of the Cyprus Stock Exchange, grants operation licenses to investment firms, including investment consultants, brokerage firms, and brokers, impose administrative sanctions and disciplinary penalties. There are brokers that violate CySEC's policies, meanwhile, there are also safe and reliable brokers to trade with such as TriumphFX which is regulated by CySEC. You can read the detailed article about the Cyprus Securities and Exchange Commission here.
