AvaTrade, a part of the Ava Group, recently received a license to work as a forex broker in the Middle East. The license was issued by the Financial Regulatory Services Authority (FRSA) of the Abu Dhabi Global Markets (ADGM).
AvaTrade to start afresh in the Middle East
The forex and contracts for difference (CFD) trader’s local arm, AvaTrade Middle East Ltd, acquired a full Category 3A license to operate in Abu Dhabi. The firm noted that it is the first broker to be issued a full Category 3A license by the ADGM. This license will allow it to offer services to professionals as well as retail clients. Ava Group has now received nine licenses to operate its operations around the globe.
With the new license, AvaTrade will be able to create a strong foothold in the United Arab Emirates and the broader Middle Eastern region. They have created a new office in Abu Dhabi Global Market Square. The company’s operations will be led by Mohamed Ahmed, their Senior Executive Officer.
The company’s CEO Daire Ferguson said that they are delighted to work in the Middle East and talked about providing their client base innovative technologies, Islamic accounts, state-of-the-art mobile applications, and great trading conditions. He also talked about providing lucrative affiliate programs in the region.
Using regulation to their advantage
The group has decided to work with regulatory setups. According to Ferguson, embracing regulatory changes is a strategic objective of the company. As the industry is constantly changing, the company aims to provide a safe space for its clients to trade. Ferguson added, “Our license under the ADGM is a further demonstration of this commitment to providing our clients with the safest and most secure trading environment everywhere on the planet.”
Ferguson praised Abu Dhabi’s office executive Ahmed and said that his experience in the financial field would provide a valuable asset to the company and its local clientele. He then added that it only fits for the Abu Dhabi-based global Manchester City FC partner to be based in the same region. This will serve the long-term strategic goals of the company as well.